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REE 4103 Final Review CH. 32 Questions with 100% correct answers | verified | latest update 2024
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REE 4103 Final Review CH. 32 Questions with 100% correct answers | verified | latest update 2024
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REE 4103 Final Review CH. 32Appraisal Review - ANS-Is an opinion about the quality of another appraiser's work,
where that work involved an appraisal or appraisal review. Performed to reinforce the
client's confidence in the credibility of the work and its conclusions.
Appraiser (in Appraisal Review) - ANS-The appraiser whose work is being reviewed.
Reviewer (in Appraisal Review) - ANS-The appraiser performing the appraisal review.
Subject of the Appraisal Review (in Appraisal Review) - ANS-The work being reviewed;
most often, the appraisal report prepared by another appraiser.
USPAP's Competency Rule & The Code of Professional Ethics of the Appraisal Institute
- ANS-Require the appraiser (or reviewer) to understand the problem to be solved in the
assignment and the competency level needed to solve it.
When an individual is "acting as an appraiser": - ANS-The client has engaged the
individual with the expectation that the individual has valuation expertise and is
independent, unbiased, and objective-professional standards apply to whatever service
is being provided.
Workfile: - ANS-Records. Must be retained for a minimum of 5 years. Or 2 in the case of
any judicial proceeding where the reviewer gave testimony relating to the assignment.
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