An appraiser who signs a report but performed none of the work personally:
Correct Answer
D) Still accepts full responsibility for its contents
Why this is correct: USPAP's signature certification states the appraiser accepts full responsibility for the content of the report. Signing without performing the work is permissible only under a supervisory arrangement where the signing appraiser has adequately supervised and reviewed the work. Why the other choices are wrong: "Shares liability equally with the actual author" is wrong; the signing appraiser bears full responsibility. "Bears no responsibility for the analysis" is wrong; the signature certifies personal involvement and responsibility. "Must note that the signature is administrative" is wrong; there is no "administrative" signature; all signatures imply responsibility. Exam tip: Your signature on a report is a certification of personal responsibility for its content.
Why This Is the Correct Answer
Why this is correct: USPAP's signature certification states the appraiser accepts full responsibility for the content of the report. Signing without performing the work is permissible only under a supervisory arrangement where the signing appraiser has adequately supervised and reviewed the work. Why the other choices are wrong: "Shares liability equally with the actual author" is wrong; the signing appraiser bears full responsibility. "Bears no responsibility for the analysis" is wrong; the signature certifies personal involvement and responsibility. "Must note that the signature is administrative" is wrong; there is no "administrative" signature; all signatures imply responsibility. Exam tip: Your signature on a report is a certification of personal responsibility for its content.
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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