McKissock Liberty University -McKissock USPAP Chapter 8 questions with answers

McKissock Liberty University -McKissock USPAP Chapter 8 questions with answers Standard 2 States... - correct answer 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 - correct answer 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? - correct answer STANDARD 2 sets forth minimum content requirements for written and oral real property appraisal reports. Standard Rule Reporting requirements - correct answer 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; (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 answer The appraiser is not required to include sufficient information so that anyone other than intended users can understand the report. Standard Rule 2-2 - correct answer 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 - correct answer -Appraisal Report