Part 7 - Standard 1

Question 1

_____________ Time is the time leading up to the Effective Date that the property would have to be on the market

Answer 1

Exposure

104

Question 2

When appraising proposed improvements (hypothetical conditions) an appraiser must include documents/blueprints/sufficient documentation included in the _____________

Answer 2

Workfile

105

Question 3

T/F - All 3 approaches to value must be considered when appraising, but don’t have to be used if disclosed in the assignment results

Answer 3

True

107

Question 4

Standards Rule 1-5 states you have to go back and analyze and comment on all sales and transfers of the subject property over the past how many years?

Answer 4

Three

109

Question 5

Under Reconciliation the appraiser must reconcile the ___________ and __________ of data available and analyzed

Answer 5

Quality and Quantity

109

Question 6

Does USPAP require that an appraiser analyze the sales history of comparable sales?

Answer 6

No
Clients may require it but USPAP does not

Question 7

T/F - An example of a scope of work decision is the decision to exclude a valuation approach because it is not necessary to develop for credible results in a given assignment

Answer 7

True

113