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DO YOU LIKE QUIZS?

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Terry Russell

Thread Starter
Senior Member
Joined
Feb 24, 2002
Professional Status
Appraiser Trainee
State
Montana
Just another quiz True or false?


(1) "USPAP is enforced by The Appraisal Foundation."
(2) "The Appraisal Standards Board determines who has to comply with USPAP."
(3) "You can't appraise a property if you have an interest in the property or in the parties involved."
(4) "It's unethical to pay a fee in order to get an appraisal assignment."
(5) If you appraised a property before, you can't appraise it again because that would be a conflict of interest."
(6) If the borrower is going to get a copy of the report, that means they are the intended user."
(7) If Client A hired you to do an appraisal, you can't do a reappraisal for Client B unless you get a written release from Client A."
(8) If Bank A hired you to do an appraisal, and now Bank B wants to use it, you can go ahead and 'recertify' or 'readdress' it to them."
(9) If Bank A hired you to do an appraisal, and now Bank B wants to use it, there's nothing you can do to help Bank B."
(10) If an attorney tells you to do something, you can because you invoke the Jurisdictional Exception."
(11) If you do an appraisal for a government agency, USPAP doesn't apply because of the Jurisdictional Exception."
(12) "If a property is unique and there is no market for it, you have to estimate 'use value' instead of 'market value'".
(13)"If the client wants you to assume that Highest and Best Use is the current use, you can go ahead and do that; just make sure you disclose the assumption."
(14)"If you don't inspect the property, that's Departure and the appraisal is a limited appraisal."
(15) If you don't use the Cost Approach, that's Departure."
(16) its okay to provide a 'letter update' that states 'there has been no change in market conditions since the previous appraisal' so the previous appraisal is still current."
(17) No matter what, you have to follow all the Standards Rules in USPAP, or the appraisal will be worthless / the appraisal won't stand up in court / some reviewer is going to turn you in to the state."
(18) If you were hired to review an appraisal of a property, you can't be hired later to do an appraisal of that same property."
(19) If the appraisal is basically finished, and the report will be finalized and delivered to the client in a few days, you can go ahead and send the letter of transmittal today, since the report is to follow."
(20) You have to send the original, signed copy of the report to the client. Then in your workfile, you keep an unsigned copy. That way you can make additional copies with original signatures from the one in your workfile."
(21) "A real estate appraisal report has to have a 'Regional Description' section."
(22) If the attorney who hired you says to destroy your workfile on the appraisal, that's okay; USPAP has an exception for litigation."
(23) If you do tax appeal work, you can take a contingent fee as long as you disclose it."
(24) Its okay to make an appraisal based on a hypothetical condition as long as the client agrees."
(25) "You can use a hypothetical condition in an appraisal only if there is a reasonable probability that it will become reality in the near future."
26) USPAP requires you to provide an 'as is' value."
(27) An appraiser can do an Administrative Review."
(28) A review report done according to Standard 3 has to be a long, detailed document."
(29) Every appraisal report has to address both exposure time and marketing time."
(30) USPAP doesn't allow you to provide 'letters of opinion'."
(31) If you are both a broker and an appraiser, you are in violation of USPAP if you prepare a broker's price opinion (BPO)."
(32) Appraisers can never do price opinions."
(33) "If you give a report that says the value is at least a certain amount (say, $1 million), that's a consulting report and you don't have to comply with Standards 1 and 2."
(34) You can't give an appraisal report to a client if the report doesn't have a pinpointed value estimate."
(35) If you have an interest with respect to the parties involved in the property, that automatically means you have a conflict of interest, and you're biased."
(36) The client is the one who pays for the appraisal."
(37) You have to report any known, current offers on the subject."
(38) An appraisal is an estimate of value.
(39) USPAP makes it impossible for state licensed or certified appraisers and designated appraisers to provide services that non-appraisers can provide."
 

Terry Russell

Thread Starter
Senior Member
Joined
Feb 24, 2002
Professional Status
Appraiser Trainee
State
Montana
TIMES UP! PUT YOUR PENCILS DOWN. AND RELAX.

The answers are in the questions.

Terry
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Happy Holloween....

I love USPAP questions, they always show what a wormy
document it is. I can't think of any other profession that
has choosen to set rules that a competent lawyer would
run away from.

Here's how I see my business. I do single family
appraisals, normal ones. Whenever anything falls
outside of normal, I say, I can't do it. I take this
position because there are reviewers and board
members who are total nimrods, so I don't give
them a chance to get excited about some aspect
of USPAP that they think you've violated.

I've also found I don't make any more or less by
sticking my neck out or not sticking my neck out.

elliott
 

Frederick R. Ruffell

Senior Member
Joined
Jan 21, 2002
Professional Status
Certified General Appraiser
State
California
JUst when I thought I had all the answers and knew it all you have to come up with this ???? :evil:
 

Terry Russell

Thread Starter
Senior Member
Joined
Feb 24, 2002
Professional Status
Appraiser Trainee
State
Montana
Not to worry the answers are coming forth with and they will be supported by comments.

Terry
 
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