Mckissock USPAP Chapter 8 Questions and Answers Already Passed
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Mckissock USPAP
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Mckissock USPAP
Mckissock USPAP Chapter 8 Questions and Answers Already Passed 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 appra...
Mckissock USPAP Chapter 8 Questions and Answers Already Passed 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 appraisa l 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 w ritten 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 prop erly; 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 o r 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 resp onsible for determining which reporting option to use? ✔✔The appraiser is responsible for the decision regarding which reporting option to use
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