USPAP 15 hr equivalent QUESTION WITH COMPLETE SOLUTION 100% CORRECT
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USPAP 15 hr
Institution
USPAP 15 Hr
USPAP 15 hr equivalent QUESTION WITH COMPLETE SOLUTION 100% CORRECTHypothetical Condition
An assumption made contrary to fact, but which is assumed for the purpose of discussion, analysis, or formulation of opinions.
"What if" scenarios
"As repaired"
Must be clearly and conspicuously disclosed ...
USPAP 15 hr equivalent QUESTION WITH COMPLETE SOLUTION 100% CORRECT
Hypothetical Condition - correct answersAn assumption made contrary to fact, but which is assumed for the purpose of discussion, analysis, or formulation of opinions. "What if" scenarios "As repaired" Must be clearly and conspicuously disclosed in the report.
required for legal purposes, reasonable analysis, for purpose of comparison
Extraordinary assumption - correct answersassumption as of the effective date regarding uncertain information used in an analysis, which if found to be false could alter the resulting opinion or conclusion. Has taken to be true or correct is uncertain.
only used if a reasonable basis for its use.
exposure time - correct answershappens before the effective date.
estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale retrospective opinion
market value - correct answershappens after the effective date. a type of value, stated as an opinion, presumes the transfer of a property, as of a certain date. the relationship,
knowledge, and motivation of the parties. terms of sale, conditions of sale.
clients name - correct answersnot required in a appraisal report.
effective date and date of the report - correct answersdates that must be included in both appraisal report.
Mass appraisal model - correct answersone large report not many small reports.
mathematical expression of how supply and demand factors interact in a market
Standard Rule 2-4 - correct answersOral real property report written summary must be added within a reasonable time after. any reports or testimony is communicated. must address the substantive matters of the report.
Standard Rule 2-2(b) - correct answers1. Any valuation approach must be explained. 2. Client is the only intended user.
State the type of value and cite the source Standard Rule 6 - correct answersMass Appraisal Report
1. only has one reporting option 2. can only be in written form, not an oral report
3. not intended to disturb an elected or appointed assessor's work plans or oaths in office
Appraisal subcommittee board - correct answersmaintaining the official national registry of state certified and licensed real property. Monitors the activities of TAF to determine if
policies and procedures are consistent with the title of XI of FIRREA
Appraisal qualifications board - correct answersestablishes minimum education, experience, and other criteria for real property appraisal certifications and licensing. defines, issues, and promotes such qualification criteria.
scope of work - correct answersThe type and extent of research and analysis in an appraisal and appraisal review assignment address only the development process.
Must be summarized.
Extent of inspection, property identification
(requires competency)
standard rules - correct answersidentifies applicable requirements and guidance.
Recertification of Value - correct answersis often used when an appraisal is done using plans and specs or when the house is partially complete. Is also used when an appraisal is subject to repairs or alterations. It does not change effective date.
Scope of work - correct answerstype and extent of research and analyses in an assignment.
must be summarized.
extent of inspection, property identification
1. problem identification 2. scope of work acceptability 3. disclosure obligations
If there is no client, can there be an assignment - correct answersNo
At the time of the assignment - correct answersthe appraiser identifies the intended use and the intended user.
Advocacy - correct answersis not permitted by an appraiser.
occurs when the appraiser is representing the cause or interest of another regardless if it is contrary to appraisers beliefs, opinions, conclusions, or recommendations
(not included in the USPAP definitions) Problem Identification - correct answersdetermines appropriate definition of market value to be used in the assignment. (Is not applied in all assignments specifying market value)
intended use of the appraisers opinions and conclusions beginning point of every assignment
What is the difference between an appraisal report and a restricted appraisal report? - correct answers1. The level of detail. (1 depends on 2) 2. How many intended users are involved
what is the final step in the appraisal process? - correct answersMust estimate a value of the subject property. During the final reconciliation process, the appraiser conducts a review of the whole appraisal including the accuracy of calculations, adjustments, and estimates.
Standard Rule Reporting requirements - correct answersEach written 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 properly; and
(c) clearly and accurately disclose all assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions used in the assignment
Sufficient information Requirement - correct answersThe appraiser is not required to include information so that anyone other than intended users can understand the report.
Who is responsible for determining which reporting option to use? - correct answersThe Appraiser
The content of an Appraisal Report must, at a minimum: - correct answersstate the identity of the client and any intended users, by name or type
In an Appraisal Report, the appraiser must, at a minimum: - correct answersstate the intended use of the appraisal.
Standard Rule 4-2 The content of an Appraisal Report must, at a minimum: - correct answers-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.
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