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USPAP CHAPTER 12 COMPLETE GUIDE SOLUTION Q&A An appraisal that takes into consideration the full effect of known environmental contamination would be considered: - Correct Answer-as-is which of the following statements best describes advisory opinions - Correct Answer-they are not part of USPAP but illustrate applicability and provide guidance T/F: the competency required to appraise subsidized housing extends beyond typical residential appraisal competency - Correct Answer-true in an appraisal report, the use of terms that reflect a scale such as "good" or "average" - Correct Answer-should include explanation that provides context An appraiser agrees to provide a market value appraisal for a client. Which statement is true about this situation? - Correct Answer-it is essential that the appraiser identify the source of the definition of value to be used An appraiser provides raw AVM output to a client. This is: - Correct Answer-not an appraisal, and no workfile is required. If a borrower attempts to engage an appraiser to complete an appraisal for a federally-regulated lending transaction, the appraiser should disclose: - Correct Answer-that the lender must engage the appraiser, and that the appraiser cannot later "readdress" the report Regulations and guidelines that apply to an appraisal for a federally-regulated lending transaction are: - Correct Answer-assignment conditions what does the effective date of an appraisal establish - Correct Answer-the context of the value opinion developing an opinion of value of a property as of a specified future date is - Correct Answer-a prospective appraisal According to AO-33, the results of discounted cash flow (DCF) analysis should: - Correct Answer-be tested and checked for errors and reasonableness what type of appraisal would be indicated by the phrase, "on september 10, 2012, the market value of the subject property was $200,000" - Correct Answer- retrospective 
