Mckissock USPAP Chapter 8 Exam Questions With 100% Correct Answers

Mckissock USPAP Chapter 8 Exam Questions With 100% Correct Answers In reporting the results of a real property appraisal, an appraiser must communicate each analysis, opinion, and conclusion in a manner that is not misleading. - answerStandard 2 States... Any communication, written or oral, of an appraisal or appraisal review that is transmitted to the client upon completion of an assignment. - answerReport STANDARD 2 sets forth minimum content requirements for written and oral real property appraisal reports. - answerWhat does standard 2 do? Each written or oral real property appraisal report must: (a) clearly and accurately set forth the appraisal in a manner that will not be misleading; (b) contain sufficient information to enable the intended users of the appraisal to understand the report properly; and (c) clearly and accurately disclose all assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions used in the assignment - answerStandard Rule Reporting requirements The appraiser is not required to include sufficient information so that anyone other than intended users can understand the report. - answerSufficient information Requirement Each written real property appraisal report must be prepared under one of the following options and prominently state which option is used: Appraisal Report or Restricted Appraisal Report. - answerStandard Rule 2-2 -Appraisal Report -Restricted Appraisal Report - answerTwo real property reporting options defined in USPAP The level of detail - answerWhat is the difference between an appraisal report and a restricted appraisal report?