What must a report state about the appraiser's inspection of the subject property?
Correct Answer
B) The date and the extent of any inspection made
Why this is correct: USPAP requires the report to communicate the scope of work performed, which includes the extent of the appraiser's inspection (e.g., interior, exterior, or no inspection) and the date(s) it occurred. This allows intended users to understand the basis for the opinions and conclusions. Why the other choices are wrong: Stating that a complete interior inspection was performed is only required if one was actually performed; it is not a universal requirement. The names of everyone present is not a USPAP requirement. That the property was inspected within thirty days is a specific requirement for some federally related transactions but not a universal USPAP rule. Exam tip: Focus on the general USPAP principle: report what you did (extent and date), not what you didn't do or what a specific client guide might require.
Why This Is the Correct Answer
Why this is correct: USPAP requires the report to communicate the scope of work performed, which includes the extent of the appraiser's inspection (e.g., interior, exterior, or no inspection) and the date(s) it occurred. This allows intended users to understand the basis for the opinions and conclusions. Why the other choices are wrong: Stating that a complete interior inspection was performed is only required if one was actually performed; it is not a universal requirement. The names of everyone present is not a USPAP requirement. That the property was inspected within thirty days is a specific requirement for some federally related transactions but not a universal USPAP rule. Exam tip: Focus on the general USPAP principle: report what you did (extent and date), not what you didn't do or what a specific client guide might require.
More reconciliation Questions
An appraiser is told the property has no environmental contamination and cannot verify it. How should this be handled?
Reconciliation of the approaches to value is best described as which activity?
Significant appraisal assistance from a person who does not sign the report must be treated how?
In appraising a hotel as a going concern, what must be allocated?
What does it mean to say an approach is not applicable to an assignment?
Which of the following is a written report option named in the current edition of USPAP?
What distinguishes qualitative from quantitative analysis in the sales comparison approach?
Why should the reconciliation address the quantity of evidence as well as its quality?
An appraisal report includes an addendum explaining the adjustment derivation. How does this affect compliance?
An extraordinary assumption proves false after the report is delivered. What follows?
People Also Study
Valuation Principles & Procedures
25% of exam
Property Description & Analysis
20% of exam
Market Analysis & Highest/Best Use
15% of exam
Appraisal Math & Statistics
15% of exam
USPAP (Ethics & Standards)
15% of exam