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USPAP Ch 8 Standard 2 (Real Property Appraising, Reporting) Questions & right answers.
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USPAP Ch 8 Standard 2 (Real Property Appraising, Reporting) Questions & right answers.
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USPAP Ch 8 Standard 2 (Real PropertyAppraising, Reporting) Questions & right
answers.
Standard Rule 2 (Real Property Appraising, Reporting) ANS - STANDARD 2 establishes requirements for
communicating (reporting) real property appraisal assignments.
This is Step 6 in the appraisal process.
Both written and oral reports are recognized in USPAP.
Report ANS - Any communication, written or oral, of an appraisal or appraisal review that is transmitted
to the client or a party authorized by the client upon completion of an assignment.
Content Only ANS - The Comment near the beginning of STANDARD 2 states:
-Comment: STANDARD 2 addresses the content and level of information required in a report that
communicates the results of a real property appraisal.
-STANDARD 2 does not dictate the form, format, or style of real property appraisal reports. The
substantive content of a report determines its compliance.
STANDARD 2 sets forth minimum content requirements for written and oral real property appraisal
reports.
USPAP does not dictate the use of any particular reporting form or format in an appraisal report.
STANDARD 2 consists of four Standards Rules.
Standards Rule 2-1 ANS - Standards Rule 2-1 is titled General Reporting Requirements. It addresses
both written and oral reports of real property appraisals.
,-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 user(s) 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.
Please note that the report must contain sufficient information for intended users to understand the
report properly.
The appraiser is not required to include sufficient information so that anyone other than intended users
can understand the report.
Standards Rule 2-2 ANS - Standards Rule 2-2 is titled Content of a Real Property Appraisal Report. It
begins:
-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.
USPAP requires an appraiser to select one of two reporting options, and then to make a prominent
statement in the report as to which option was used.
An appraiser may use any other label in addition to, but not in place of, the label set forth in this
Standard for the type of report provided.
Minimum Report Content ANS - The report content and level of information requirements in Standards
Rule 2-2 are minimums for each type of report. An appraiser is permitted to provide more information in
a report than what USPAP requires.
An appraiser must supplement a report form, when necessary, to ensure that any intended user of the
appraisal is not misled and that the report complies with the applicable content requirements. An
appraiser may not use the limitations of a form as an excuse for failing to include all of the minimum
report content requirements of USPAP.
, Written Report Options ANS - The written real property appraisal report options outlined in USPAP are:
-Appraisal Report
-Restricted Appraisal Report
The essential difference between the reporting options is the content and level of information provided.
The appropriate reporting option and level of information necessary are dependent on intended use and
intended users.
Advisory Opinion 38 ANS - Advisory Opinion 38 is titled Content of an Appraisal Report and Restricted
Appraisal Report. It is applicable in real property, personal property, and intangible property appraisals.
It answers a number of report content questions, including:
-Since USPAP allows flexibility in reporting assignment results, does this mean that for some
assignments an appraiser is permitted to be less thorough in developing an appraisal?
-Under what conditions does USPAP permit a Restricted Appraisal Report?
-What are the differences between the required content of an Appraisal Report and Restricted Appraisal
Report?
Advisory Opinion 38 also provides examples of "state" and "summarize."
Differences in the Appraisal Report Options ANS - -Each of the appraisal report options has reporting
rules that serve as a content outline.
-The reporting rules for the Appraisal Report for real property are Standards Rules 2-2(a)(i) through (xiv).
-The reporting rules for the Restricted Appraisal Report for real property are Standards Rules 2-2(b)(i)
through (xvi).
-The chart on the following two pages is from AO-38. It provides a side-by-side comparison of the
content for the two types of written reports.
-The specific differences between the report types are indicated in bold type.
Subsections of Standards Rule 2-2 ANS - Standards Rule 2-2 has two subsections:
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