Under Standards Rule 2-1, a written or oral report must:
Correct Answer
D) Clearly and accurately set forth the appraisal, not be misleading
Why this is correct: Standards Rule 2-1's core requirement is that each written or oral appraisal report must clearly and accurately set forth the appraisal in a manner that is not misleading. This encompasses clarity, sufficient information, and proper disclosure of assumptions. Why the other choices are wrong: "Include photographs of every comparable used" is not a universal USPAP requirement; it depends on intended use and client agreement. "Exceed a minimum page count set by the standards" is false; USPAP sets no page minimums. "Be formally reviewed and approved by a second appraiser before delivery" is not a USPAP requirement for every report. Exam tip: The three key report requirements under SR 2-1 are clarity, sufficiency, and prominent disclosure of extraordinary assumptions/hypothetical conditions.
Why This Is the Correct Answer
Why this is correct: Standards Rule 2-1's core requirement is that each written or oral appraisal report must clearly and accurately set forth the appraisal in a manner that is not misleading. This encompasses clarity, sufficient information, and proper disclosure of assumptions. Why the other choices are wrong: "Include photographs of every comparable used" is not a universal USPAP requirement; it depends on intended use and client agreement. "Exceed a minimum page count set by the standards" is false; USPAP sets no page minimums. "Be formally reviewed and approved by a second appraiser before delivery" is not a USPAP requirement for every report. Exam tip: The three key report requirements under SR 2-1 are clarity, sufficiency, and prominent disclosure of extraordinary assumptions/hypothetical conditions.
More USPAP Questions
Which statement best defines a hypothetical condition under USPAP?
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