A lender asks the appraiser to confirm that proposed work was completed as described. What is this assignment?
Correct Answer
D) A new assignment with its own effective date
Why this is correct: Confirming completion of work is a new assignment because it has a new effective date (the date of observation) and a different scope of work. It requires its own certification and compliance with USPAP for that assignment. Why the other choices are wrong: "A continuation of the original assignment" would incorrectly use the original effective date. "A property data collection engagement" is a type of assignment, but this is specifically an appraisal service (opinion on completion). "An appraisal review of the earlier report" evaluates the original report, not the current property condition. Exam tip: A new effective date = a new assignment under USPAP.
Why This Is the Correct Answer
Why this is correct: Confirming completion of work is a new assignment because it has a new effective date (the date of observation) and a different scope of work. It requires its own certification and compliance with USPAP for that assignment. Why the other choices are wrong: "A continuation of the original assignment" would incorrectly use the original effective date. "A property data collection engagement" is a type of assignment, but this is specifically an appraisal service (opinion on completion). "An appraisal review of the earlier report" evaluates the original report, not the current property condition. Exam tip: A new effective date = a new assignment under USPAP.
More emerging-appraisal-methods Questions
An appraiser consults a geographic information system for parcel boundaries. What limitation applies?
How does an alternative inspection method affect the appraiser's disclosure obligations?
A collector's photographs show a condition the appraiser believes needs specialist assessment. What is the appropriate step?
What responsibility does an appraiser retain for an error originating in a third-party database?
Under current USPAP guidance, what is the output of an automated valuation model before an appraiser analyzes it?
A lender's guidelines require an interior inspection, but the client asks for a desktop product to save time. What should the appraiser do?
How should an appraiser respond to a client requesting a shorter turn time than credible results allow?
Which assignment type still requires the appraiser to develop an opinion of value?
An appraiser relies on a published capitalization rate survey. What must be considered?
A model returns an estimate far from the appraiser's own conclusion. What is the appropriate response?
People Also Study
Valuation Principles & Procedures
25% of exam
Property Description & Analysis
20% of exam
Market Analysis & Highest/Best Use
15% of exam
Appraisal Math & Statistics
15% of exam
USPAP (Ethics & Standards)
15% of exam