An appraiser's peers, for scope of work purposes, are:
Correct Answer
D) Appraisers performing similar assignments in the same market
Why this is correct: USPAP defines peers for scope of work as other appraisers performing similar assignments in the same market. This is a practical, relevant benchmark for what is reasonable. Why the other choices are wrong: Client reviewers are not the benchmark for professional practice. Not all state-certified appraisers nationwide perform similar work. Professional organization membership is not the defining criterion. Exam tip: 'Peers' means local practitioners doing comparable work, not a national or theoretical group.
Why This Is the Correct Answer
Why this is correct: USPAP defines peers for scope of work as other appraisers performing similar assignments in the same market. This is a practical, relevant benchmark for what is reasonable. Why the other choices are wrong: Client reviewers are not the benchmark for professional practice. Not all state-certified appraisers nationwide perform similar work. Professional organization membership is not the defining criterion. Exam tip: 'Peers' means local practitioners doing comparable work, not a national or theoretical group.
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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