After delivering a real-property appraisal report, an appraiser confirms that a comparable’s sale price used in the analysis was recorded incorrectly. In reviewing this data error against USPAP 2024 SR 1-1(b) and SR 2-1(a)–(b), what must the evaluation address?
Correct Answer
C) Whether the error significantly affects the appraisal and misleads users
Assess whether the confirmed price error significantly affects the appraisal and whether the report remains accurate, understandable, and nonmisleading. A private workfile note does not correct an erroneous report used by intended users. Determine and make the needed correction using the actual impact; these rules do not create a universal notification timetable, unrestricted third-party disclosure permission, or an automatic change in effective date.
Why This Is the Correct Answer
Assess whether the confirmed price error significantly affects the appraisal and whether the report remains accurate, understandable, and nonmisleading. A private workfile note does not correct an erroneous report used by intended users. Determine and make the needed correction using the actual impact; these rules do not create a universal notification timetable, unrestricted third-party disclosure permission, or an automatic change in effective date.
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