Standards Rule 1-6 addresses the appraiser's obligation to:
Correct Answer
C) Reconcile the quality and quantity of data and the approaches used
Why this is correct: Standards Rule 1-6 requires the appraiser to reconcile the quality and quantity of data available and the applicability of the approaches used to arrive at a credible value conclusion. This is a development requirement, not just a reporting step. Why the other choices are wrong: "Retain the workfile for the required period" is covered by the Record Keeping Rule, not SR 1-6. "Deliver the completed report within the timeframe agreed with the client" is a client agreement issue, not a development standard. "Disclose the fee arrangement to intended users" is part of the Ethics Rule. Exam tip: Reconciliation (SR 1-6) is about weighing data and approaches during development, not just averaging numbers in the report.
Why This Is the Correct Answer
Why this is correct: Standards Rule 1-6 requires the appraiser to reconcile the quality and quantity of data available and the applicability of the approaches used to arrive at a credible value conclusion. This is a development requirement, not just a reporting step. Why the other choices are wrong: "Retain the workfile for the required period" is covered by the Record Keeping Rule, not SR 1-6. "Deliver the completed report within the timeframe agreed with the client" is a client agreement issue, not a development standard. "Disclose the fee arrangement to intended users" is part of the Ethics Rule. Exam tip: Reconciliation (SR 1-6) is about weighing data and approaches during development, not just averaging numbers in the report.
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?
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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:
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A client-imposed requirement — 'use only comps from our approved list' — is best described as:
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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:
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