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 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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