What does it mean that a tool cannot comply with USPAP?
Correct Answer
B) Compliance is an obligation borne by the appraiser
Why this is correct: USPAP compliance is an obligation of the appraiser performing the service, not the tool. The appraiser is responsible for the credibility of the result and proper disclosure. Why the other choices are wrong: Tools are not barred; they can be used with proper oversight. Tools do not require formal certification. Tools need not be built by appraisers to be used. Exam tip: The appraiser, not the software, is bound by USPAP and signs the report.
Why This Is the Correct Answer
Why this is correct: USPAP compliance is an obligation of the appraiser performing the service, not the tool. The appraiser is responsible for the credibility of the result and proper disclosure. Why the other choices are wrong: Tools are not barred; they can be used with proper oversight. Tools do not require formal certification. Tools need not be built by appraisers to be used. Exam tip: The appraiser, not the software, is bound by USPAP and signs the report.
More Emerging Methods Questions
How does an alternative inspection method affect the appraiser's disclosure obligations?
A collector's photographs show a condition the appraiser believes needs specialist assessment. What is the appropriate step?
What responsibility does an appraiser retain for an error originating in a third-party database?
Under current USPAP guidance, what is the output of an automated valuation model before an appraiser analyzes it?
Which assignment type still requires the appraiser to develop an opinion of value?
A model returns an estimate far from the appraiser's own conclusion. What is the appropriate response?
An appraiser is asked to review an assignment where an AVM supplied the value. What does the review examine?
Why is the date a data extract was pulled worth recording in the workfile?
A desktop appraisal is best described as an assignment completed how?
How does the scope of work rule apply when a lender requests a desktop assignment?
People Also Study
Real Estate Market
13.6% of exam
Property Description
11.8% of exam
Land or Site Valuation
4.5% of exam
Sales Comparison Approach
16.4% of exam
Cost Approach
13.6% of exam