MCKISSOCK USPAP CHAPTER 8 EXAM QUESTIONS WITH CORRECT ANSWERS
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Course
MCKISSOCK USPAP
Institution
MCKISSOCK USPAP
MCKISSOCK USPAP CHAPTER 8 EXAM QUESTIONS WITH CORRECT ANSWERS
When can a restricted report be used? - Answer-A Restricted Appraisal Report is for client use only, and may only be used when the client is the only intended user of the assignment results.
In an Appraisal Report, the appraiser m...
MCKISSOCK USPAP CHAPTER 8
EXAM QUESTIONS WITH CORRECT
ANSWERS
When can a restricted report be used? - Answer-A Restricted Appraisal Report is for
client use only, and may only be used when the client is the only intended user of the
assignment results.
In an Appraisal Report, the appraiser must, at a minimum: - Answer-state the intended
use of the appraisal.
The content of an Appraisal Report must, at a minimum: - Answer--summarize
information sufficient to identify the real estate involved in the appraisal, including the
physical, legal, and economic property characteristics relevant to the assignment.
-state the real property interest appraised.
-state the type and definition of value and cite the source of the definition.
-state the effective date of the appraisal and the date of the report.
-summarize the scope of work used to develop the appraisal.
-summarize the information analyzed, the appraisal methods and techniques employed,
and the reasoning that supports the analyses, opinions, and conclusions; exclusion of
the sales comparison approach, cost approach, or income approach must be explained.
-state the use of the real estate existing as of the date of value and the use of the real
estate reflected in the appraisal;
-when an opinion of highest and best use was developed by the appraiser, summarize
the support and rationale for that opinion;
The report content of an Appraisal Report must, at a minimum: - Answer-Clearly and
conspicuously:
state all extraordinary assumptions and hypothetical conditions; and
state that their use might have affected the assignment results
-Include a signed certification in accordance with Standards Rule 2-3.
When is a signed certification required? - Answer-A signed certification is required in all
written appraisal reports, regardless of the report option utilized.
What is the purpose of a signed certification? - Answer-A signed certification serves as
an appraiser's recognition of his or her ethical obligations.
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