USPAP CH. 4 Flashcards | Quizlet An appraiser has been asked to complete an appraisal assignment The fee is to be paid only if the loan closes According to USPAP, may the appraiser accept the assignment under these conditions? No, the fee arrangement is an unethical contingency arrangement and violates the ethics rule
Which of these is NOT one of the steps required by USPAP when an . . . Final answer: Consulting with the client for guidance is not a step required by USPAP for appraisers who lack the necessary knowledge and experience for an assignment; instead, they should seek assistance from qualified appraisers and disclose their lack of knowledge to the client
Uniform Standards of Professional Appraisal Practice (USPAP) In an assignment where geographic competency is necessary, an appraiser who is not familiar with the relevant market characteristics must acquire an understanding necessary to produce credible assignment results for the specific property type and market involved
USPAP Q A - Appraiser. S USPAP Q A does not establish new standards or interpret existing standards USPAP Q A is not part of USPAP and is approved by the ASB without public exposure and comment
CH1 - CH12 FINAL REVIEW Flashcards | Quizlet (Y N) When performing an appraisal review, a reviewer finds information that was available to the original appraiser, but the original appraiser did not consider it when developing the appraisal under review
2020-2021 Uniform Standards of Professional Appraisal Practice . . . If an appraiser has agreed with a client not to disclose that he or she has appraised a property, the appraiser must decline all subsequent agreements to perform assignments that fall within the three-year period
Master the Essentials: 7 Key Rules of USPAP Every Appraiser Should Know Competency Rule: Appraisers are required to have the necessary knowledge and experience to perform an appraisal assignment competently If they lack the expertise in a particular area, they should disclose it to the client
USPAP REVIEW QUETSTIONS Flashcards by 62223 - Brainscape An appraiser agrees to provide a market value appraisal for a client Which statement is true about this situation? It is essential that the appraiser identify the source of the definition of value to be used All market value definitions are essentially the same; hence they are all interchangeable