If an unnamed research assistant did significant appraisal work on a report, Standard 2 requires the signing appraiser to:
Correct Answer
B) State the assistance and name those providing it in the certification
Why this is correct: USPAP Standard 2 requires the signing appraiser to disclose significant appraisal assistance in the certification and to name those who provided it. This ensures the report is not misleading about who developed the opinion. Why the other choices are wrong: The appraiser is not required to reduce the fee by the assistant's share. The assistant does not need to co-sign as a second appraiser. Keeping the assistance confidential is not an accepted practice; it would be a misleading omission. Exam tip: Significant assistance must be named. Hiding a contributor violates the requirement for a non-misleading report.
Why This Is the Correct Answer
Why this is correct: USPAP Standard 2 requires the signing appraiser to disclose significant appraisal assistance in the certification and to name those who provided it. This ensures the report is not misleading about who developed the opinion. Why the other choices are wrong: The appraiser is not required to reduce the fee by the assistant's share. The assistant does not need to co-sign as a second appraiser. Keeping the assistance confidential is not an accepted practice; it would be a misleading omission. Exam tip: Significant assistance must be named. Hiding a contributor violates the requirement for a non-misleading report.
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?
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In developing a scope of work, an appraiser must consider all of the following factors EXCEPT:
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