McKissock 15hr National USPAP Practice Test

The main idea tested is the distinction between the standard formats used for a practitioner’s own value opinion and the reporting used for reviewing someone else’s work. USPAP recognizes three written appraisal report options for delivering your own valuation: an Appraisal Report, a Summary Appraisal Report, and a Restricted Appraisal Report. An Appraisal Review Report, however, is the document used when you are evaluating and reporting on someone else’s appraisal work. It is not one of the standard appraisal report formats you issue to convey your own value conclusion. So, the Appraisal Review Report is not a valid Appraisal Report option. The other three are the valid formats for presenting your own appraisal opinion.