Uspap SET| 152 QUESTIONS| WITH COMPLETE SOLUTIONS

The appraiser could accept the assignment (as a new assignment) correct answer: as long as proper disclosure is made regarding the prior assignment & any confidential in formation is handled appropriately. in a deed being used in a purchase transaction, who is the grantee? correct answer: The party receiving title - "purchaser" is known as the grantee. Any services provided by an appraiser, other than an appraisal or appraisal review, would be appraisal practice w/ no applicable standards. this includes recommendations that occur as a result of an appraisal or appraisal review. correct answer: For those services, the scope of work rule & the record keeping rule do not apply. When an appraiser arrives for his inspection of residential property, the property owner gives the appraiser an appraisal report previously performed by another appraiser. in light of uspap, what should the appraiser do? correct answer: Make certain that information relied upon in the other appraiser's report is not in error or fraudulent. USPAP requires the appraiser to analyze market conditions as part of: correct answer: The development process. An appraiser completed an appraisal report yesterday & today he is going to provided his client with the report. the appraiser needs to make a couple of minor revisions before hand. for this appraisal report. he must correct answer: change the date on the report & the certification to the date revisions. all are part of the ethics rule except correct answer: Confidential information can never be disclosed. when valuing a life estate for a potential sales transaction of that particular interest, what must the appraiser do? correct answer: Project future value at the termination of the life estate & discount to present value. if a jurisdictional exception has been justifiably applied in an assignment, what else must be included in the appraisal report? correct answer: Disclosure of the part(S) of uspap that was disregarded & the legal authority justifying the appraiser's actions. appraisers are sometimes called upon to perform a service referred to by some as an evaluation. According to uspap advisory opinion 13, when is an evaluation an appraisal. correct answer: when performed by individual acting as an appraiser. all are part of the ETHIcS rule except: correct answer: Confidential information can never be disclosed. which is a true regarding competency in a appraisal assignment? correct answer: the appraiser should disclose a lack of knowledge before accepting the assignment. uspap requires every appraisal report to clearly stat