Appraisal - USPAP

Question 1

Retrospective Appraisal

Answer 1

an appraisal before the fire

Question 2

Work File

Answer 2

documentation necessary to support an appraiser’s analysis, opinions, and conclusions

Question 3

Update of an appraisal

Answer 3

new appraisal assignment

Question 4

Standard 6

mass appraisal

Answer 4

mathematical expression of how supply and demand factors interact in a market

Question 5

Standard 3

Answer 5

Review appraisal - the most recent market data available as of the effective date of the work being reviewed

Question 6

Competency rule

Answer 6

requires appraisers to identify the problem to be solved

Question 7

ASB

Answer 7

improves USPAP

Question 8

Jurisdictional Exception

Answer 8

when it applies, it must be disclosed

void part of the USPAP, not whole

Question 9

Standard 1

Answer 9

all exposure time must be identified if it is a component of the definition of value in the assignment

Question 10

An appraisal review is best described

Answer 10

opinion of the quality of another appraiser’s work

Question 11

Problem identification

Answer 11

identify assignment condition

Question 12

Appraiser teaching appraisal

Answer 12

appraisal practice with no applicable standards

Question 13

Modify scope of work

Answer 13

when find out property is not owner-occupied but investment property (intend use is for the use of property)

Question 14

Violation of the Ethic rule

Answer 14

client instruct appraiser to report a specific property value as a condition of the assignment

Question 15

Fee disclosures

Answer 15

in the certification and any transmittal letter, management section

Question 16

An appraiser affixes his signature

Answer 16

certify recognition and acceptance of USPAP responsibilities

Question 17

Acceptable fee arrangement

Answer 17

fee based on the volume of total business from a particular client

Question 18

Discounting

Answer 18

Convert rents and other future benefits at a specific yield rate

Question 19

Value

Answer 19

NOI / rate

Question 20

Operating expenses reserves

Answer 20

only short-lived building component

Question 21

Short-lived items

Answer 21

roofs, HVAC, water heater, parking lots,floor covering

Question 22

Long-live items

Answer 22

foundation, framing (rarely schedule for replacement), kitchen cabinet

Question 23

No Charge Appraisal

Answer 23

Report would need to conform to USPAP(standard 1 and 2 )

Question 24

Appraiser A research for Appraiser B

Answer 24

Appraiser A:
no scope of work, record keeping, or performance standard apply
only needs to observe the competency rule

Question 25

Work File Retention

Answer 25

The appraiser must have custody of the work file, or retention and retrieval arrangements with the party that does have custody

Question 26

Ethic Rule - appraised multiple times for a property

Answer 26

• Disclosure can be written or oral
• Disclosure in certification
• Disclosed at the time of the assignment

Question 27

When is the scope of work in an assignment acceptable?

Answer 27

When it meets or exceeds specified expectations and practices of others

Question 28

Hypothetical Condition

Answer 28

is something known to be false but consider as true in the analysis

Question 29

Extraordinary Condition

Answer 29

to be explain

Question 30

ASC

Answer 30

maintains a national registry of licensed/certified appraisers

Question 31

Change of client and intended users

Answer 31

NO once the assignment is completed