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Homework 2

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  1. The USPAP requires that appraisers keep files and records of appraisal assignments for at least:
    (Check all that apply)
    a.  1 year
    b.  2 years
    c.  3 years
    d.  4 years
    e.  5 years
  2. Which of the following are legal under USPAP?
    (Check all that apply)
    a.  Payment of a fee to an appraiser of a home contingent upon the loan being approved.
    b.   Payment of a fee to an appraiser of an office building contingent upon a successful property tax assessment appeal.
    c.   Including in the appraisal assignment items of personal property.
    d.  Allowing a probable zoning change on the subject property to influence the value estimate reported.
    e.  The exclusion of the use of the sales comparison approach, the cost-depreciation approach, or the income capitalization approach when the data for such approach is very limited or unavailable.
  3. Under the USPAP definition of market value, which of the following are included as conditions:
    (Check all that apply)
    a.  buyer and seller are typically motivated.
    b.  both parties are well informed or well advised, and acting in what they consider their best interests.
    c.  a reasonable amount of time is allowed for exposure in the open market.
    d.  payment is made in terms of cash in US dollars or in terms of financial arrangements comparable thereto.
    e.  the price reflects the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.
  4. When appraising a single-family home, USPAP requires that the appraiser consider and analyze any prior sale within:
    (Check all that apply)
    a.  1 year.
    b.  2 years.
    c.  3 years.
    d.  4 years.
    e.  5 years.
  5. When appraising a shopping center, USPAP requires that the appraiser consider and analyze any prior sale within:
    (Check all that apply)
    a.  1 year.
    b.  2 years.
    c.  3 years.
    d.  4 years.
    e.  5 years.

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