The certification required by Standard 2 must be signed by whom?
Correct Answer
B) Each appraiser who signs the report
Why this is correct: Under USPAP Standards Rule 2-3, the certification is a personal statement by each appraiser who signs the report, attesting to their own work, impartiality, and compliance with USPAP. Every signatory must sign the certification. Why the other choices are wrong: "The client and the appraiser jointly" is false; the client does not sign the appraiser's certification. "Only the supervisory appraiser present" is false; any signing appraiser, including trainees if permitted, must certify. "A reviewer at the state regulatory agency" is not involved in the original appraisal report. Exam tip: Certification is personal and required for every appraiser who signs the report.
Why This Is the Correct Answer
Why this is correct: Under USPAP Standards Rule 2-3, the certification is a personal statement by each appraiser who signs the report, attesting to their own work, impartiality, and compliance with USPAP. Every signatory must sign the certification. Why the other choices are wrong: "The client and the appraiser jointly" is false; the client does not sign the appraiser's certification. "Only the supervisory appraiser present" is false; any signing appraiser, including trainees if permitted, must certify. "A reviewer at the state regulatory agency" is not involved in the original appraisal report. Exam tip: Certification is personal and required for every appraiser who signs the report.
More USPAP Questions
Reconciliation of the approaches to value is best described as which activity?
Why should the reconciliation address the quantity of evidence as well as its quality?
How long must a report be retained compared with the workfile?
What distinguishes an appraisal review from an appraisal?
An appraiser reconciles to a value at the top of the indicated range because the client needs that figure. What has occurred?
What does it mean that a value opinion must be reasonable rather than merely arithmetically derived?
What should the reconciliation section explain to the reader?
How do the content obligations of the two report options differ with respect to the information analyzed?
The three approaches indicate $480,000, $495,000 and $610,000. What should the appraiser do first?
Three approaches indicate $1.02 million, $1.05 million and $1.04 million. How should this be reported?
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