Which is an example of an assignment result?
Correct Answer
A) The appraiser’s developed opinion or conclusion for the assignment
Assignment results are the opinions and conclusions the appraiser develops in providing the assignment’s valuation service. They extend beyond the final value number and are distinct from raw physical-characteristic facts or the supporting workfile.
Why This Is the Correct Answer
Option A is correct because USPAP defines assignment results as an appraiser's opinions or conclusions, not limited to value, developed when performing an appraisal, appraisal review or other valuation service. The appraiser's developed opinion or conclusion for the assignment fits that definition. It can include conclusions beyond the final value number.
Why the Other Options Are Wrong
Option B: A raw measured physical characteristic of the property by itself
Option B is wrong because a raw measured physical characteristic of the property by itself is a fact, not an opinion or conclusion developed by the appraiser. Physical characteristics are not assignment results on their own.
Option C: The folder used to store supporting records
Option C is wrong because the folder used to store supporting records is part of the workfile system, not an opinion or conclusion. It holds support for the results but is not a result.
Option D: The engagement fee before any analysis
Option D is wrong because the engagement fee before any analysis is a business term of the assignment. It is not an opinion or conclusion the appraiser develops.
Results are reasoned opinions
If the appraiser had to reason to it and form an opinion or conclusion, it is an assignment result; a raw fact or a fee is not.
How to use: Use this to sort options into opinions or conclusions versus raw facts and business items.
Exam Tip
Assignment results are not limited to value. Look for the option describing an opinion or conclusion the appraiser developed.
Common Mistakes to Avoid
- -Thinking only the final value is an assignment result
- -Treating physical characteristics of the property as assignment results
- -Confusing the workfile with the assignment results
Concept Deep Dive
Analysis
This question tests the USPAP definition of assignment results. Assignment results are the appraiser's opinions or conclusions, not limited to value, developed when performing an assignment. Raw facts, storage folders and fees are not opinions or conclusions.
Background Knowledge
Assignment results matter for confidentiality and other USPAP obligations. They include any opinions or conclusions the appraiser develops, such as highest and best use or adjustments, not only the final value. Physical characteristics of the property are generally not assignment results.
Real-World Application
During an assignment, an appraiser concludes the highest and best use is continued residential use and develops a value opinion. Both conclusions are assignment results subject to confidentiality obligations. The measured square footage, on its own, is a physical characteristic rather than an assignment result.
More USPAP Questions
Under USPAP, what are assignment results?
The certification required by Standards Rule 2-3 must be signed by:
Under 2024 USPAP, which statement correctly combines the requirements for an oral real property appraisal report and its workfile?
An appraiser accepts an assignment involving a property type the appraiser has valued once before, years ago. Competency requires:
A Certified General appraiser is asked to value a specialized industrial property for the first time. The appraiser knows a competency gap exists before agreeing to the assignment. What is required if the appraiser proceeds?
Under 2024 USPAP Standard 1, which listed assignment element must be identified in developing a real property appraisal?
An appraiser provided an appraisal of the same property for another client 18 months ago. No confidentiality obligation prevents disclosing the fact of that service. Before agreeing to a new assignment, the appraiser must:
According to USPAP, what is the primary purpose of the Ethics Rule?
An appraiser is asked to determine 'fair market value' for an assignment. According to USPAP, the appraiser should:
Which list gives the sections of the 2024 USPAP Ethics Rule?
People Also Study
Real Estate Market
13.6% of exam
Property Description
11.8% of exam
Land or Site Valuation
4.5% of exam
Sales Comparison Approach
16.4% of exam
Cost Approach
13.6% of exam