A client requests an appraisal in two days for a complex property that normally requires two weeks. The appraiser should:
Correct Answer
A) Accept only if credible results remain achievable
Why this is correct: The USPAP's Credible Assignment Results rule requires that an appraiser accept an assignment only if they can perform the work competently and within a reasonable time. The key test is whether credible results are still achievable; the deadline itself does not change this standard. Why the other choices are wrong: Accepting and noting the time constraint as a limitation incorrectly suggests that simply disclosing an inadequate time frame makes the appraisal credible. Accepting and using an extraordinary assumption for the shortfall is wrong because an extraordinary assumption cannot be used to excuse insufficient analysis due to time pressure. Accepting, since deadlines are the client's prerogative, is wrong because the appraiser, not the client, is responsible for determining if credible work is possible. Exam tip: Credibility is the non-negotiable floor. A disclosed limitation cannot fix insufficient work.
Why This Is the Correct Answer
Why this is correct: The USPAP's Credible Assignment Results rule requires that an appraiser accept an assignment only if they can perform the work competently and within a reasonable time. The key test is whether credible results are still achievable; the deadline itself does not change this standard. Why the other choices are wrong: Accepting and noting the time constraint as a limitation incorrectly suggests that simply disclosing an inadequate time frame makes the appraisal credible. Accepting and using an extraordinary assumption for the shortfall is wrong because an extraordinary assumption cannot be used to excuse insufficient analysis due to time pressure. Accepting, since deadlines are the client's prerogative, is wrong because the appraiser, not the client, is responsible for determining if credible work is possible. Exam tip: Credibility is the non-negotiable floor. A disclosed limitation cannot fix insufficient work.
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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