Question

11. Michael accepted an assignment from a client who said that they would like an exterior only appraisal of a single- family home in his area. During the assignment Michael goes to the property and is viewing the home from the exterior when he sees the tenant he strikes up a conversation as it is a friend from college. During the discussion the tenant tells Michael that the property is divided up into five units. What should Michael do? a. Stay with the original scope of work and evaluate the property as a single-family home b. Develop an appraisal based on an interior inspection to determine that the house is actually divided up into five units c. Go back to the lender and let the lender know the information that has been discovered and let the lender adjust the scope of work d. Inform the lender that the scope of work has changed and determine the highest and best use for the property and prepare a valuation of the property using a hypothetical condition on the five units as well as the single-family property 12. John was assisting Michael in an appraisal assignment. In doing so John's support was exceptional and it saved Michael time completing the report. Michael stated in the appraisal report the John provided significant professional appraisal assistance in the assignment. Is this sufficient to meet the reporting requirements? a. No, Michael needs to have John sign the certification b. No, Michael needs to summarize the support John provided c. No, Michael should thank John for his support d. Yes, Michael fulfilled his requirement by stating John helped 13. Lisa has accepted an assignment in which the property owner, who is the client, has asked for an oral report of value. Lisa will need to prepare her workfile and process differently than if the assignment asked for a written report? a. True b. False

Answer 1

Answer for 11 is A

Since assignment is exterior only appraisal

Answer for 12 is D

Since assignment was accepted by the Michael it should be only signed by Michael and mentioning John's suport in report is sufficient

Answer for 13 is B

Since assignment was for valuation process should not be dependent on oral or witten report