When an appraiser relies on the work of others in an assignment, the appraiser must:
Correct Answer
C) Take responsibility for that work in the results
Why this is correct: USPAP's ethics rule requires the signing appraiser to take responsibility for all work used in the assignment, including that performed by others. This ensures accountability for the final conclusions. Why the other choices are wrong: "Exclude that work from the certification" is wrong because the appraiser cannot disclaim reliance on the work; it is part of the analysis. "Name the other party as a co-client" is wrong because the client relationship is with the appraiser, not the third-party specialist. "Obtain the other party's signature on the report" is wrong; while the source may be cited, the appraiser's signature certifies the entire report. Exam tip: Remember, the appraiser's signature certifies the entire report's content, including any third-party work relied upon.
Why This Is the Correct Answer
Why this is correct: USPAP's ethics rule requires the signing appraiser to take responsibility for all work used in the assignment, including that performed by others. This ensures accountability for the final conclusions. Why the other choices are wrong: "Exclude that work from the certification" is wrong because the appraiser cannot disclaim reliance on the work; it is part of the analysis. "Name the other party as a co-client" is wrong because the client relationship is with the appraiser, not the third-party specialist. "Obtain the other party's signature on the report" is wrong; while the source may be cited, the appraiser's signature certifies the entire report. Exam tip: Remember, the appraiser's signature certifies the entire report's content, including any third-party work relied upon.
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?
A hypothetical condition differs from an extraordinary assumption in that a hypothetical condition:
An appraiser must disclose in the certification whether they have:
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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