Exam 16: Reporting Appraisal Opinions

All state licensed and certified appraisers must conform to USPAP regardless of the appraisal assignment.

Agencies of FIRREA are exempt from USPAP.

When properly prepared, the Uniform Residential Appraisal Report is acceptable for federally-related appraisals.

The appraiser may exclude any irrelevant value approach without mentioning it in so many words.

Under FIRREA, not every appraisal for a federally related transaction must comply with USPAP.

The form and general content of appraisal reports should be agreed on in advance between the appraiser and the client.

The narrative appraisal report is the most formal format.

A single-family appraisal report should include a sales history of the subject property, with details of any known sales transaction that occurred within the three years prior to the date of value.

Letter reports are well adapted to the Restricted Use Appraisal Report.

An appraisal may be reported with either a Self-Contained, Summary, or Restricted Use appraisal report.