MCKISSOCK USPAP CHAPTER 8 EXAM QUESTIONS WITH CORRECT ANSWERS
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Course
MCKISSOCK USPAP
Institution
MCKISSOCK USPAP
MCKISSOCK USPAP CHAPTER 8 EXAM QUESTIONS WITH CORRECT ANSWERS
Standard 2 States... - Answer-In reporting the results of a real property appraisal, an appraiser must communicate each analysis, opinion, and conclusion in a manner that is not misleading.
/.Report - Answer-Any communication, wri...
MCKISSOCK USPAP CHAPTER 8 EXAM QUESTIONS
WITH CORRECT ANSWERS
Standard 2 States... - Answer-In reporting the results of a real property appraisal, an
appraiser must communicate each analysis, opinion, and conclusion in a manner that is
not misleading.
/.Report - Answer-Any communication, written or oral, of an appraisal or appraisal
review that is transmitted to the client upon completion of an assignment.
/.What does standard 2 do? - Answer-STANDARD 2 sets forth minimum content
requirements for written and oral real property appraisal reports.
/.Standard Rule Reporting requirements - Answer-Each written or oral real property
appraisal report must:
(a) clearly and accurately set forth the appraisal in a manner that will not be misleading;
(b) contain sufficient information to enable the intended users of the appraisal to
understand the report properly; and
(c) clearly and accurately disclose all assumptions, extraordinary assumptions,
hypothetical conditions, and limiting conditions used in the assignment
/.Sufficient information Requirement - Answer-The appraiser is not required to include
sufficient information so that anyone other than intended users can understand the
report.
/.Standard Rule 2-2 - Answer-Each written real property appraisal report must be
prepared under one of the following options and prominently state which option is used:
Appraisal Report or Restricted Appraisal Report.
/.Two real property reporting options defined in USPAP - Answer--Appraisal Report
-Restricted Appraisal Report
/.What is the difference between an appraisal report and a restricted appraisal report? -
Answer-The level of detail
/.Who is responsible for determining which reporting option to use? - Answer-The
appraiser is responsible for the decision regarding which reporting option to use
/.The content of an Appraisal Report must, at a minimum: - Answer-state the identity of
the client and any intended users, by name or type
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