While performing an appraisal review for a loan underwriting department, you need to contact the appraiser to discuss some issues. Which statement below is correct?
You need to be diplomatic in your communications with the appraiser.
You need to teach the appraiser the proper methodologies where ...
while performing an appraisal review for a loan un
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While performing an appraisal review for a loan underwriting department, you need to contact
the appraiser to discuss some issues. Which statement below is correct?
You need to be diplomatic in your communications with the appraiser.
You need to teach the appraiser the proper methodologies where he or she has erred.
You need to send the appraiser a letter detailing the required changes and let him or her know
you will withhold payment of fees until they are corrected.
You should not personally communicate with the appraiser because it will compromise your
objectivity. correct answers You need to be diplomatic in your communications with the
appraiser.
What did review appraiser Larry Anderson mean when he said that a review appraiser needed to
have a split personality?
The review appraiser must be both an appraiser and a review appraiser to be good at his job
The review appraiser can produce a review with or without his own value conclusion
The review appraiser has to be both a technician and a diplomat
The appraiser needs to be crazy to take on a review assignment correct answers The review
appraiser has to be both a technician and a diplomat
Assuming an appraiser lived and worked in a "mandatory" state (requiring that licensed or
certified appraisers perform all appraisal assignments), which of the following review
assignments would an appraiser need to refuse?
An appraisal in another state where the appraiser has never performed an appraisal
A Certified Residential Appraiser reviewing an appraisal of an office building
A Certified General Appraiser with only apartment and office experience reviewing an appraisal
of a gravel pit
A review assignment where the review is required to reach an independent value conclusion
correct answers A Certified Residential Appraiser reviewing an appraisal of an office building
Why must a review appraiser have good communication skills as well as good analytical skills?
His or her writing must be precise and unambiguous
He or she must be able to communicate in a positive manner with the appraiser who completed
the original report
A review appraiser may find herself being interviewed by the local news anchor about her report
He needs to be able to give clear instructions to the loan underwriting department so they will
use the appraisal properly correct answers He or she must be able to communicate in a positive
manner with the appraiser who completed the original report
The scope of work of an appraisal review assignment can involve:
Checking the mathematical accuracy
Determining regulatory compliance
Developing an opinion of value
All of the above correct answers All of the above
"Appraisal review is the __________________________ of the appraisal profession."
,Secondary revenue source
Designation approval process
Regulatory enforcement mechanism
Quality-control function correct answers Quality-control function
As a review appraiser, you are permitted to assist an attorney in litigation by:
Advising the attorney on matters of standards and professional ethics
Helping the attorney frame questions for interrogating the appraiser testifying for the opposition
Providing market data to the attorney and pointing out how that uncovers problems in the
appraisal he obtained from another appraiser
All of the above correct answers Advising the attorney on matters of standards and professional
ethics
Which of the following is NOT one of the four purposes of an appraisal review?
Quality control
Compliance
Due Diligence
Litigation support correct answers Due Diligence
Which STANDARD in USPAP governs the reporting of an appraisal review?
STANDARD 2
STANDARD 3
STANDARD 4
STANDARD 5 correct answers STANDARD 4
Which of the following parts of USPAP would the reviewer be in danger of violating if he
performed a technical review on an appraisal of a property type he has never appraised?
ETHICS RULE
COMPETENCY RULE
JURISDICTIONAL EXCEPTION RULE
CONDUCT RULE correct answers COMPETENCY RULE
A review appraiser accepted an assignment to review an appraisal of a ski resort, but the
reviewer had never appraised a ski resort. Which of the following would NOT be required of the
review appraiser?
She must decline the assignment
She must disclose the lack of experience to the client
She must take steps to gain the required competence
In her review report, she must describe the steps she took to gain competence correct answers
She must decline the assignment
Which of the following four "types" of appraisal reviews can be performed without an appraiser
license or certification, without violating USPAP?
Administrative
Technical
Desk
,Field correct answers Administrative
An accountant (not licensed as an appraiser) is reviewing an appraisal for a client. Which of the
following tasks would fall outside of his authority to perform an administrative review?
Checking the math calculations
Comparing the engagement letter requirements with the components of the appraisal
Evaluating the merits of the reconciliation analysis
Checking county records to verify the comparable sales dates correct answers Evaluating the
merits of the reconciliation analysis
You are reviewing an appraisal that had an effective date of January 15, 2005, for the "as is"
value and an effective date of January 15, 2006 for the prospective value. The report's date is
February 15, 2005. Which edition of USPAP will you use to guide you in the performance of
YOUR appraisal review?
2005 edition of USPAP
2006 edition of USPAP
2008 edition of USPAP
The current edition of USPAP correct answers The current edition of USPAP
What did review appraiser Larry Anderson mean when he said that a review appraiser needed to
have a split personality?
The review appraiser must be both an appraiser and a review appraiser to be good at his job
The review appraiser can produce a review with or without his own value conclusion
The review appraiser has to be both a technician and a diplomat
The appraiser needs to be crazy to take on a review assignment correct answers The review
appraiser has to be both a technician and a diplomat
You are asked to review an appraisal of a casino located on Native American lands. You have
never appraised this type of property, but decide to accept the assignment. Which of the
following would NOT satisfy the competency requirements in USPAP to perform this appraisal
review?
Joint venture the review assignment with an appraiser from Nevada who has appraised several
casinos
Take a seminar from a nationally-recognized education provider covering the appraisal of
gaming properties
Read and study literature dealing with casino property valuations
None, as competency is not an issue when simply performing an appraisal review correct
answers None, as competency is not an issue when simply performing an appraisal review
Complete the following statement taken from The Appraisal of Real Estate, 13th edition: "The
primary function of the appraisal reviewer is not to appraise the subject property but to examine
the contents of a report and form an opinion as to its ___________ and _______________."
form and content
readability and accuracy
adequacy and appropriateness
reliability and sufficiency correct answers adequacy and appropriateness
, In the case study, you were presented with a review assignment in a state in which you are not
licensed. Which of the following statements is true regarding this assignment?
You are unable to accept a review assignment on a property located in a state where you are not
licensed.
You will need to joint venture the review assignment with an appraiser licensed in the state
where the property is located.
You need not be concerned about the license issue, as you will perform your review entirely
from within your state where you hold your appraiser license.
You need to investigate the license requirements for appraisal reviews in the state where the
property is located. correct answers You need to investigate the license requirements for
appraisal reviews in the state where the property is located.
What does a lending institution's staff reviewer generally do when an appraisal report does not
comply with regulatory standards?
Reject the appraisal
Contact the appraiser, discuss the deficiencies, and suggest adjustments to be considered
Report the appraiser to the state licensing agency for discipline
Correct the mistakes in the appraisal and forward the corrected appraisal report to the client
correct answers Contact the appraiser, discuss the deficiencies, and suggest adjustments to be
considered
Which STANDARD in USPAP governs the development of an appraisal review?
STANDARD 4
STANDARD 3
STANDARD 2
STANDARD 1 correct answers STANDARD 3
Why must a review appraiser have good communication skills as well as good analytical skills?
His or her writing must be precise and unambiguous
He or she must be able to communicate in a positive manner with the appraiser who completed
the original report
A review appraiser may find herself being interviewed by the local news anchor about her report
He needs to be able to give clear instructions to the loan underwriting department so they will
use the appraisal properly correct answers He or she must be able to communicate in a positive
manner with the appraiser who completed the original report
An administrative review performed by an unlicensed employee of a financial institution would
be considered part of:
Valuation services
Appraisal practice
Appraisal or appraisal review
Appraisal activities correct answers Valuation services
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