Mckissock USPAP Chapter 8 Exam
Questions and Answers 100% Pass
Standard 2 States... - ✔✔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.
Report - ✔✔Any communication, written or oral, of an appraisal or appraisal review
that is transmitted to the client upon completion of an assignment.
What does standard 2 do? - ✔✔STANDARD 2 sets forth minimum content
requirements for written and oral real property appraisal reports.
Standard Rule Reporting requirements - ✔✔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;
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, (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
Sufficient information Requirement - ✔✔The appraiser is not required to include
sufficient information so that anyone other than intended users can understand the
report.
Standard Rule 2-2 - ✔✔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.
Two real property reporting options defined in USPAP - ✔✔-Appraisal Report
-Restricted Appraisal Report
What is the difference between an appraisal report and a restricted appraisal report? -
✔✔The level of detail
Who is responsible for determining which reporting option to use? - ✔✔The appraiser
is responsible for the decision regarding which reporting option to use
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Questions and Answers 100% Pass
Standard 2 States... - ✔✔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.
Report - ✔✔Any communication, written or oral, of an appraisal or appraisal review
that is transmitted to the client upon completion of an assignment.
What does standard 2 do? - ✔✔STANDARD 2 sets forth minimum content
requirements for written and oral real property appraisal reports.
Standard Rule Reporting requirements - ✔✔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;
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, (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
Sufficient information Requirement - ✔✔The appraiser is not required to include
sufficient information so that anyone other than intended users can understand the
report.
Standard Rule 2-2 - ✔✔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.
Two real property reporting options defined in USPAP - ✔✔-Appraisal Report
-Restricted Appraisal Report
What is the difference between an appraisal report and a restricted appraisal report? -
✔✔The level of detail
Who is responsible for determining which reporting option to use? - ✔✔The appraiser
is responsible for the decision regarding which reporting option to use
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