Part 1

Question 1

If an appraiser receives a request to perform an appraisal and they are not competent enough to perform it, what 3 steps must the appraiser take?

Answer 1

1 - Inform the client
2 - Obtain competency before completing the appraisal
3 - Disclose competency issues and steps taken to overcome in the written report

1-13

Question 2

Property type
Market and the markets participants
Geographic location
Intended use
Laws, regulations and client requirements
Analytical methods and procedures

Are all factors that an appraiser may need to have ____________ in

Answer 2

Competency

1-12

Question 3

6 Elements of identifying the problem

Answer 3

Client
Intended use
Type and definition of value
Effective date of the valuers opinions and conclusions
Relevant characteristics
Assignment conditions

1-14

Question 4

Effective date can be one of three dates:
1
2
3

Answer 4

Retrospective
Current
Prospective

1-14

Question 5

Key words associated with SOW

Answer 5

“Type and extent”

1-14

Question 6

The most important element of Problem Identification is the ______________ use

Answer 6

Intended

1-15