Reporting Standards & Documentation Practices Flashcards
7 cards from real IACP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Reporting Standards & Documentation Practices flashcards as text
USPAP Standards Rule 2-1 requires that each written appraisal report contain sufficient information to:
Answer: Allow the intended users to understand the report properly
SR 2-1 requires that the report contain information sufficient for the intended users to understand it and not be misleading.
In an appraisal report, the reconciliation section serves to:
Answer: Weigh the approaches to value and support the final opinion
Reconciliation is where the appraiser weighs the results of each approach applied and explains the reasoning supporting the final value conclusion.
Which of the following is NOT typically required in the certification section of an appraisal report?
Answer: Names of all data sources consulted
While data sources should be documented in the report body, a list of all sources is not a required element of the USPAP certification itself.
If an appraiser uses an automated valuation model (AVM) as a tool in the appraisal process, the AVM output must be:
Answer: Disclosed and analyzed, not blindly adopted
AVM results are tools that must be disclosed and critically analyzed rather than uncritically adopted as the value conclusion.
A Restricted Appraisal Report may be distributed to parties other than the client only when:
Answer: The client authorizes expanded distribution in writing
Distribution of a Restricted Appraisal Report beyond the named client requires the client's written authorization.
Under USPAP, an oral appraisal report must:
Answer: Be documented in the appraiser's workfile
Oral reports are permissible but must be documented in the workfile to support the opinion expressed.
When an appraiser identifies a condition that may affect value but cannot be inspected (e.g., behind finished walls), the appropriate reporting action is to:
Answer: Note the condition and recommend a specialist inspection
The appraiser should disclose the observed condition, note the limitation, and recommend a qualified specialist for further evaluation.