Standards Rule 1-4 addresses:
Correct Answer
B) The approaches to value necessary for credible results
Why this is correct: Standards Rule 1-4 specifically addresses the development of the approaches to value. It requires the appraiser to develop the approaches necessary for credible results, not necessarily all three approaches. Why the other choices are wrong: 'The required retention period for the appraiser's workfile' is addressed in Standards Rule 1-5, not 1-4. 'The certification required in written reports' is governed by Standards Rule 2-3, not 1-4. 'The reviewer's obligations under Standard 3' is wrong; Standard 3 is for review appraisals, and SR 1 4 is part of Standard 1 for development. Exam tip: SR 1-4 is your go-to rule for questions about which valuation approaches must be developed.
Why This Is the Correct Answer
Why this is correct: Standards Rule 1-4 specifically addresses the development of the approaches to value. It requires the appraiser to develop the approaches necessary for credible results, not necessarily all three approaches. Why the other choices are wrong: 'The required retention period for the appraiser's workfile' is addressed in Standards Rule 1-5, not 1-4. 'The certification required in written reports' is governed by Standards Rule 2-3, not 1-4. 'The reviewer's obligations under Standard 3' is wrong; Standard 3 is for review appraisals, and SR 1 4 is part of Standard 1 for development. Exam tip: SR 1-4 is your go-to rule for questions about which valuation approaches must be developed.
More USPAP Questions
Which statement best defines a hypothetical condition under USPAP?
According to the Competency Rule, if an appraiser lacks the knowledge and experience to complete an assignment competently, which action is NOT acceptable?
An appraiser runs only the sales comparison approach on a standard tract home and omits the cost and income approaches. Under Standard 1 this is:
A value opinion for a subdivision as if fully built out two years from now is what kind of assignment, and what does it require?
A hypothetical condition differs from an extraordinary assumption in that a hypothetical condition:
An appraiser must disclose in the certification whether they have:
A client-imposed requirement — 'use only comps from our approved list' — is best described as:
Under Standard 1, when developing a real property appraisal, an appraiser must:
The certification required by Standards Rule 2-3 must be signed by:
According to Standard 1, when developing an opinion of market value, an appraiser must analyze:
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