Appraisal Reviewer Report Analysis Flashcards
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Read the first 7 Appraisal Reviewer Report Analysis flashcards as text
When reviewing an appraisal report, what is the primary purpose of examining the scope of work disclosed by the appraiser?
Answer: To confirm the work performed was appropriate for the intended use and users
The scope of work must be appropriate for the assignment's intended use and intended users per USPAP Scope of Work Rule.
An appraisal review identifies that the subject property's gross living area (GLA) was measured using an atypical method not disclosed in the report. What is the reviewer's appropriate action?
Answer: Note a deficiency requiring the appraiser to disclose the measurement standard used
USPAP requires appraisers to disclose the measurement standard used; a reviewer must flag non-disclosure as a deficiency.
In a desk review, which type of data can the reviewer NOT independently verify?
Answer: Physical condition of the property interior
A desk review is conducted without a property inspection, so interior physical conditions cannot be independently verified.
A reviewer finds that the appraiser used five comparable sales but failed to include any listings or pending sales in a market with limited closed transactions. This most likely represents:
Answer: A scope of work deficiency in a market requiring additional market evidence
When closed sales are limited, USPAP and appraisal practice require consideration of listings and pending sales to adequately support the opinion of value.
When a field review appraiser observes that the subject property's condition is materially different from what was reported, what must the reviewer document?
Answer: The specific discrepancy, its potential value impact, and the basis for the reviewer's conclusion
A credible field review requires documenting the observed discrepancy, its nature, and the impact on the reviewer's conclusion.
Which USPAP Standard governs the development and reporting of an appraisal review?
Answer: Standard 3 and 4
USPAP Standards 3 (development) and 4 (reporting) govern appraisal review assignments.
An appraisal review report must clearly identify:
Answer: The work under review, the reviewer's scope of work, and the reviewer's opinion of the work quality
Per USPAP Standard 4, the review report must identify the work under review, the reviewer's scope, and the reviewer's opinion regarding the work reviewed.