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 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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