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Name: Homework 2

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Instructions:  

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Question 1   Multiple Choice (1 points)
  Question: Identification of the real estate and the property rights, the date of the value estimate, the appraisal use, and the definition of value are all considered:
 
    superficial requirements
limiting conditions
necessary for public records
preliminary analysis
none of the above
 

 
Question 2   Multiple Choice (1 points)
  Question: The uniform standards of performance for an appraisal do NOT include which of the following?
 
    An appraisal assignment must be supported by written documentation.
An appraisal must disclose the reasons for omitting any standard information.
The primary appraiser and a review appraiser must certify the results of the appraisal.
The appraiser who signs the appraisal must include a statement regarding the purpose of the appraisal.
 

 
Question 3   Multiple Choice (1 points)
  Question: According to the Uniform Standards of Professional Appraisal Practice, which one of the following should and appraiser do if it is discovered during the course of an appraisal that he/she does not have the required knowledge or experience to complete the assignment?
 
    Do nothing since the appraiser will learn while preparing the appraisal.
Compensate by spending additional time on the appraisal.
Reduce the appraisal fee to compensate for the lack of knowledge.
Remedy the situation before continuing the appraisal.
 

 
Question 4   Multiple Choice (1 points)
  Question: Based on the Uniform Standards of Professional Appraisal Practice, which one of the following would be the most appropriate action for an appraiser to take if the appraisal assignment is located in a geographic area where he/she has had no recent appraisal experience?
 
    Prepare the appraisal because this situation will not affect the quality of the appraisal.
Proceed with the assignment since consideration of available hard data on sales and rentals will offset this factor.
Take sufficient pre-appraisal time to remedy the lack of area knowledge before beginning the appraisal.
You MUST always seek an affiliation with a qualified local appraiser who is familiar with the area.
 

 
Question 5   Multiple Choice (1 points)
  Question: The Uniform Standards of Professional Appraisal Practice include all but which of the following?
 
    mass appraisal
real property appraisal
business appraisal
all of the above are included in the Uniform Standards