Partial preview of the text
Download USPAP CHAPTER 7 COMPLETE GUIDE SOLUTION Q&A and more Exams Economics in PDF only on Docsity!
USPAP CHAPTER 7 COMPLETE GUIDE SOLUTION Q&A which statement is false regarding standard 1 - Correct Answer-It covers real and. personal property appraisal development. T/F: the requirements of standard 1 can be used as a checklist by an appraiser who is developing a real property appraisal - Correct Answer-true When does a series of minor errors potentially result in a USPAP violation? - Correct Answer-when the series of errors affects the credibility of the results If a mortgage borrower receives a copy of an appraisal report from a mortgage lender as a result of disclosure requirements: - Correct Answer-this does not make the borrower an intended user An appraiser's client wishes to remain anonymous, and asks the appraiser not to include client's identity in an appraisal report. What should the appraiser do? - Correct Answer-omit the client's identity from the report but document the client's identity in the workfile exposure time is: - Correct Answer-An opinion developed by an appraiser which statement is true regarding exposure time - Correct Answer-It is always assumed to precede the effective date of the appraisal. when appraising a property with proposed improvements, what type of value opinion is permitted by USPAP? - Correct Answer-both current and prospective values what is the primary purpose of an appraiser making an inspection of the subject property - Correct Answer-to collect information about characteristics that are relevant to value An example of a relevant property characteristic that could affect a real property appraisal assignment would be: - Correct Answer-the fact that the subject property is affected by an casement when an appraiser provides a current value opinion on a proposed new building, he or she is utilizing a(an) _ that the proposed improvements are completed as of the effective date of the appraisal - Correct Answer-hypothetical condition an extraordinary assumption may be used in an assignment only if: - Correct Answer-required to develop credible results an unacceptable assignment condition would be a condition that: - Correct Answer-limits report content resulting in a misleading report, limits the scope of work to the extent that the value opinion is not credible, and precludes an appraiser's impartiality. when developing a sales comparison approach under USPAP: - Correct Answer- the appraiser must analyze such data as are available to indicate a value conclusion which statement is true regarding USPAP and the three approaches to value - Correct Answer-an assignment condition may require an appraiser to develop an approach that he or she would otherwise consider unnecessary 
