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USPAP Ch 9 Standards Rule 3 (Appraisal Review, Development) questions with actual answers.
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USPAP Ch 9 Standards Rule 3 (Appraisal Review, Development) questions with actual answers.
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USPAP Ch 9 Standards Rule 3 (AppraisalReview, Development) questions with
actual answers.
Standards Rule 3 ANS -STANDARD 3 states an appraiser acting as a reviewer must:
-Identify the problem to be solved, determine the scope of work necessary to solve the problem, and
correctly complete research and analysis necessary to produce a credible appraisal review.
In STANDARD 3, the term "reviewer" is used to refer to an appraiser performing an appraisal review.
This STANDARD applies to all three property types (real, personal, and business/intangible).
Appraisal Review ANS -"the act or process of developing an opinion about the quality of another
appraiser's work (i.e., a report, part of a report, a workfile, or some combination of these) that was
performed as part of an appraisal or appraisal review assignment; (adjective) of or pertaining to an
opinion about the quality of another appraiser's work that was performed as part of an appraisal or
appraisal review assignment."
Subject of an Appraisal Review ANS -The definition of Appraisal Review states that the subject of an
appraisal review is another appraiser's work, and further states that work may be:
-a report, part of a report, a workfile, or some combination of these...
It is important to keep in mind that the subject of an appraisal review is not the property; rather, it is the
other appraiser's work.
Standards Rule 3-1 ANS -Standards Rule 3-1 elaborates on the requirements of the COMPETENCY RULE.
It addresses the obligations of an appraiser performing a review.
In developing an appraisal review, the reviewer must:
, a. be aware of, understand, and correctly employ recognized methods and techniques
b. not commit a substantial error of omission or commission
c. not provide services in a careless or negligent manner
Standards Rule 3-2 ANS -Standards Rule 3-2 is titled Problem Identification.
It describes the steps necessary in the development of an appraisal review.
a. identify the client and other intended users;
b. identify the intended use of the appraiser's opinions and conclusions;
c. identify the purpose of the appraisal review, including whether the reviewer's opinion of value or
review opinion of the work under review is part of the assignment;
d. identify the work under review and the characteristics of that work relevant to the intended use and
purpose of the appraisal review;
e. identify any extraordinary assumptions necessary in the assignment;
f. identify any hypothetical conditions necessary in the assignment; and
g. determine the scope of work necessary to produce credible assignment results.
Bias and Advocacy (Standard Rule 3-2(b)) ANS --The Comment to Standards Rule 3-2(b) states that a
reviewer must not allow the intended use of an assignment or a client's objective to cause the
assignment results to be biased.
-A reviewer must not advocate for a client's objectives.
Purpose of the Review (Standard Rule 3-2(c)) ANS -SR 3-2(c) requires an appraiser to:
-Identify the purpose of the appraisal review, including whether the assignment includes the
development of the reviewer's own opinion of value or review opinion related to the work under
review.
Comment:
-The purpose of an appraisal review assignment relates to the reviewer's objective; examples include,
without limitation, to determine if the results of the work under review are credible for the intended
user's intended use, or to evaluate compliance with relevant USPAP requirements, client requirements,
or applicable regulations.
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