A certification in a written appraisal report states, among other things, that the appraiser has:
Correct Answer
D) No present or prospective interest in the property and no bias toward the parties
Why this is correct: The certification includes statements about the appraiser's impartiality, lack of interest or bias, and that compensation is not contingent on the value conclusion, ensuring objectivity. Why the other choices are wrong: "Verified the physical condition of every concealed structural component" is false; appraisers are not inspectors. "Obtained the written consent of every party" is not required. "Guaranteed the property will sell within the stated exposure period" is incorrect; appraisers do not guarantee market outcomes. Exam tip: The certification is about the appraiser's conduct and independence, not property conditions or market results.
Why This Is the Correct Answer
Why this is correct: The certification includes statements about the appraiser's impartiality, lack of interest or bias, and that compensation is not contingent on the value conclusion, ensuring objectivity. Why the other choices are wrong: "Verified the physical condition of every concealed structural component" is false; appraisers are not inspectors. "Obtained the written consent of every party" is not required. "Guaranteed the property will sell within the stated exposure period" is incorrect; appraisers do not guarantee market outcomes. Exam tip: The certification is about the appraiser's conduct and independence, not property conditions or market results.
More USPAP Questions
Which type of appraisal report may contain the appraiser's analyses, opinions, and conclusions but is intended for use by the client only?
How long must an appraiser retain the workfile for an appraisal assignment under USPAP?
If an appraiser uses a hypothetical condition that the subject property is 10% larger than it actually is, this must be:
Under Standard 1, when developing a real property appraisal, an appraiser must:
An appraiser accepts an assignment to appraise a specialized industrial property but has never appraised this property type before. To comply with the Competency Rule, the appraiser:
According to the Scope of Work Rule, the scope of work must be appropriate to the:
According to Standard 1, when developing an opinion of market value, an appraiser must analyze:
A lender emails: 'We need at least $450,000 to make this loan work — can you take the assignment?' Accepting on that basis is:
An appraiser is developing an opinion of market value for a 20-unit apartment building. The appraiser finds three comparable sales with the following information: Sale 1: 18 units, sold for $1,800,000; Sale 2: 22 units, sold for $2,200,000; Sale 3: 24 units, sold for $2,280,000. What is the average price per unit for these comparables?
In developing a scope of work, an appraiser must consider all of the following factors EXCEPT:
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