Written appraisal reports may be communicated in how many options under the current reporting structure?
Correct Answer
A) Two — the Appraisal Report and the Restricted Appraisal Report
Why this is correct: Under the current USPAP reporting structure (Standard 2), there are two written report options: the Appraisal Report and the Restricted Appraisal Report. The Restricted report has use limitations and requires the workfile for understanding. Why the other choices are wrong: 'Three — self-contained, summary and restricted use reports' describes the old, pre-2014 structure, which is no longer in effect. 'Four — one for each of the recognized property classifications' is incorrect; report options are not based on property type. 'One standard format, with permitted variations by property type' is wrong; there are two distinct report types. Exam tip: Know the two current report types: Appraisal Report and Restricted Appraisal Report.
Why This Is the Correct Answer
Why this is correct: Under the current USPAP reporting structure (Standard 2), there are two written report options: the Appraisal Report and the Restricted Appraisal Report. The Restricted report has use limitations and requires the workfile for understanding. Why the other choices are wrong: 'Three — self-contained, summary and restricted use reports' describes the old, pre-2014 structure, which is no longer in effect. 'Four — one for each of the recognized property classifications' is incorrect; report options are not based on property type. 'One standard format, with permitted variations by property type' is wrong; there are two distinct report types. Exam tip: Know the two current report types: Appraisal Report and Restricted Appraisal Report.
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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Which of the following is a requirement for achieving competency under USPAP when an appraiser lacks necessary knowledge or experience?
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