USPAP Progress Exam Questions and Answers

An Appraiser must retain a workfile for" Any assignment that is covered by standard rules. 5 years after preparation or at least 2 years after final disposition of judicial proceedings in which testimony was given, whichever period expires last. According to STANDARD 3, an appraiser performing an appraisal review must do all of the following except: The review appraiser may be asked to develop his or her own opinion of value as part of the review assignment, but the primary purpose of appraisal review is to form an opinion about the quality of another appraiser's work. An appraiser who commits a series of small errors that affect the credibility of the assignment results has violated the rule against rendering services in a careless or negligent manner. Evan is preparing the appraisal of a single-unit dwelling. The family room requires extensive repairs due to water damage. The client, a lending institution, has given instructions to Evan to utilize a hypothetical condition and report the value of the subject property as if repairs had already been made. Evan has only worked on "as is" assignments. While working on the sales comparison approach, Evan finds comparable sales that are in the same condition as the subject property pre-repairs. He uses these sales, but does not make adjustments to reflect the hypothetical condition. This results in an "as repaired" value that is nearly the same as the "as is" value. When Evan reports his findings to the client, the client is surprised at the relatively low "as repaired" value and sends the appraisal out for an independent peer review. The reviewer notes the missing condition adjustments and the subsequent impact on value Competency Rule Six Steps of USPAP Appraisal Process The six steps are: 1)define the problem 2)identify scope of work 3)perform data collection 4)apply the approaches to value 5)reconcile 6) report. According to USPAP, every appraisal report must contain two dates. They are the: According to Standards Rule 2-2(vi), the appraiser must state the effective date of the appraisal and the date of the report.