Practice Test Geeks(CAR) Certified Appraisal Reviewer Practice Test
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Appraisal Reviewer Compliance & Standards Flashcards

7 cards from real CAR practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Appraisal Reviewer Compliance & Standards flashcards as text

  1. When reviewing a retrospective appraisal, the reviewer should evaluate the work using market conditions as of which date?

    Answer: The effective date of the original appraisal

    A retrospective appraisal must be reviewed in context of market conditions as of the original effective date, not the current date.

  2. Which type of review involves the reviewer developing their own value opinion independent of the subject appraisal?

    Answer: Technical review

    A technical review may involve the reviewer developing an independent value opinion, going beyond procedural compliance to assess value credibility.

  3. What does USPAP require regarding the confidentiality of assignment results in an appraisal review?

    Answer: Results must not be disclosed to anyone outside the client without consent or legal authority

    USPAP's Confidentiality section prohibits disclosure of assignment results to third parties without client consent or legal authority.

  4. Under USPAP Standards Rule 3-2, which of the following is NOT a development requirement for an appraisal review?

    Answer: Inspect the subject property personally

    USPAP does not require the reviewer to personally inspect the subject property — the scope of work is determined by the assignment.

  5. Which entity maintains the Appraisal Subcommittee (ASC) and oversees state appraiser regulatory programs?

    Answer: The Federal Financial Institutions Examination Council

    The Appraisal Subcommittee operates under the Federal Financial Institutions Examination Council (FFIEC) and monitors state appraiser programs.

  6. A reviewer discovers the original appraiser failed to analyze a prior sale of the subject within 3 years. Under USPAP Standards Rule 1-5, this omission is best characterized as:

    Answer: A significant USPAP Standards Rule 1-5 violation

    USPAP Standards Rule 1-5 requires analysis of prior sales within 3 years for the subject; omitting it is a violation that a reviewer must identify.

  7. In reviewing an appraisal for a non-residential property, which approach to value, if applicable, generally receives the most weight in an income-producing property review?

    Answer: Income capitalization approach

    For income-producing properties, the income capitalization approach typically receives the most weight as it reflects investor behavior in the market.