An appraiser communicates an opinion of value by telephone. What obligation follows?
Correct Answer
C) A summary must be placed in the workfile
Why this is correct: Under USPAP, any communication of an appraisal opinion, including oral reports, is an appraisal report. The appraiser must maintain a workfile that documents the communication, such as a summary of what was communicated. Why the other choices are wrong: Oral reports are governed by USPAP standards, so 'None, since only written reports are governed' is false. There is no universal USPAP requirement that an oral report 'must be confirmed in writing' by the appraiser. The client is not required to record the conversation. Exam tip: Any form of value communication requires a workfile entry. Think 'document what you said.'
Why This Is the Correct Answer
Why this is correct: Under USPAP, any communication of an appraisal opinion, including oral reports, is an appraisal report. The appraiser must maintain a workfile that documents the communication, such as a summary of what was communicated. Why the other choices are wrong: Oral reports are governed by USPAP standards, so 'None, since only written reports are governed' is false. There is no universal USPAP requirement that an oral report 'must be confirmed in writing' by the appraiser. The client is not required to record the conversation. Exam tip: Any form of value communication requires a workfile entry. Think 'document what you said.'
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Which of the following is a written report option named in the current edition of USPAP?
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An appraisal report includes an addendum explaining the adjustment derivation. How does this affect compliance?
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