An appraisal report that omits the effective date is:
Correct Answer
A) Deficient — the date anchors the entire opinion
Why this is correct: USPAP Standard 2 requires every written appraisal report to state the effective date of the appraisal. This date anchors the value opinion to a specific moment, making the report meaningful and compliant. Why the other choices are wrong: "Acceptable if the report date appears" is wrong because the effective date may differ from the report date. "Acceptable in restricted reports only" is incorrect; all report types require it. "Complete so long as the inspection date is clearly stated" is wrong because inspection date and effective date are distinct. Exam tip: The effective date is a mandatory USPAP element in every appraisal report, regardless of format or intended use.
Why This Is the Correct Answer
Why this is correct: USPAP Standard 2 requires every written appraisal report to state the effective date of the appraisal. This date anchors the value opinion to a specific moment, making the report meaningful and compliant. Why the other choices are wrong: "Acceptable if the report date appears" is wrong because the effective date may differ from the report date. "Acceptable in restricted reports only" is incorrect; all report types require it. "Complete so long as the inspection date is clearly stated" is wrong because inspection date and effective date are distinct. Exam tip: The effective date is a mandatory USPAP element in every appraisal report, regardless of format or intended use.
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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