Chapter 9 - Standard 3

Question 1

In STANDARD 3, the word “reviewer” means:

Answer 1

an appraiser who is performing an appraisal review

Question 2

The subject of an appraisal review assignment may be

Answer 2

another appraiser’s work that is completed as part of an appraisal or appraisal review assignment

Question 3

When developing an appraisal review, USPAP requires a reviewer to identify the appraiser who completed the work under review:

Answer 3

unless the identity has been withheld by the client

Question 4

A reviewer is performing an appraisal review on an appraisal report prepared on a residential property. The reviewer is required by USPAP to:

Answer 4

Identify whether it is necessary to develop his or her own value opinion as part of the appraisal review assignment

Question 5

In performing an appraisal review, a reviewer may use information that was not available to the original appraiser in the normal course of business, as long as the information:

Answer 5

is not used in the development of the reviewer’s opinion of the quality of the work under review

Question 6

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. Does USPAP permit the reviewer to use this information in developing an opinion of the quality of the work under review?

Answer 6

Yes

Question 7

An appraisal review can be a two-stage assignment, which includes both an appraisal review and a value opinion by the reviewer.

Answer 7

True

Question 8

Is a reviewer permitted to file a complaint with a state appraisal regulatory agency without the client’s consent?

Answer 8

Yes

Question 9

Which statement is TRUE regarding USPAP and the appraisal review process for real property?

• In an appraisal review assignment, the subject of the review is the appraiser who completed the work.
• In reviewing an appraisal, the reviewer is prohibited from developing or expressing an opinion of value.
• A reviewer is required to develop his or her own opinion of value if the reviewer feels the original value is not credible.
• If the reviewer develops his or her own opinion of value, it must be developed under the requirements of STANDARD 1.

Answer 9

If the reviewer develops his or her own opinion of value, it must be developed under the requirements of STANDARD 1.