Under Standard 4, a review report must clearly disclose:
Correct Answer
B) The scope of work performed in the review
Why this is correct: Standard 4 requires that a review report clearly disclose the scope of the review process. This includes what was reviewed (e.g., the report, workfile), the extent of verification, and the review procedures performed. Why the other choices are wrong: 'The reviewer's fee for the assignment' is wrong because fee disclosure is governed by the Management section of the Ethics Rule, not a specific Standard 4 requirement for the report content. 'The original appraiser's license number' is wrong because while the original appraiser must be identified, their license number is not a mandatory disclosure under Standard 4. 'The date the original report was ordered' is wrong because this is not a required disclosure for the review report. Exam tip: The review report must enable the reader to understand what the reviewer did and did not examine.
Why This Is the Correct Answer
Why this is correct: Standard 4 requires that a review report clearly disclose the scope of the review process. This includes what was reviewed (e.g., the report, workfile), the extent of verification, and the review procedures performed. Why the other choices are wrong: 'The reviewer's fee for the assignment' is wrong because fee disclosure is governed by the Management section of the Ethics Rule, not a specific Standard 4 requirement for the report content. 'The original appraiser's license number' is wrong because while the original appraiser must be identified, their license number is not a mandatory disclosure under Standard 4. 'The date the original report was ordered' is wrong because this is not a required disclosure for the review report. Exam tip: The review report must enable the reader to understand what the reviewer did and did not examine.
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?
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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:
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