Which of the following is a written report option named in the current edition of USPAP?
Correct Answer
D) The Restricted Appraisal Report
Why this is correct: USPAP's current reporting options (since the 2014-15 edition) are Appraisal Report and Restricted Appraisal Report. The Restricted Appraisal Report has specific use limitations and content requirements. Why the other choices are wrong: "The Summary Appraisal Report" and "The Self-Contained Report" are old terms retired under current USPAP. "The Limited Appraisal Report" was never a USPAP report option; 'Limited Appraisal' refers to the scope of work, not the report type. Exam tip: Only two report options exist now: Appraisal Report and Restricted Appraisal Report. Memorize these two names.
Why This Is the Correct Answer
Why this is correct: USPAP's current reporting options (since the 2014-15 edition) are Appraisal Report and Restricted Appraisal Report. The Restricted Appraisal Report has specific use limitations and content requirements. Why the other choices are wrong: "The Summary Appraisal Report" and "The Self-Contained Report" are old terms retired under current USPAP. "The Limited Appraisal Report" was never a USPAP report option; 'Limited Appraisal' refers to the scope of work, not the report type. Exam tip: Only two report options exist now: Appraisal Report and Restricted Appraisal Report. Memorize these two names.
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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