PCV Murcor 2023 Annual Training Assessment

What is the USPAP definition of an appraisal?

The purpose of USPAP is to promote and maintain high levels of public trust in appraisal practice by establishing requirements for appraisers.

Standards Rule 1 generally requires that when an appraiser is developing a real property appraisal, he or she must identify the problem to be solved, determine the scope of work necessary to solve the problem, and correctly complete research and analyses necessary to produce a credible appraisal.

According to Advisory Opinion 26, USPAP allows an appraiser to “readdress” (transfer) a report by altering it to indicate a new recipient as the client or additional intended user when the original report was completed for another party.

Oregon Revised Statutes § 674.240 Appraisal Management Companies, Duty to Report Unethical or Unprofessional Conduct requires that any employee of an appraisal management company who has reasonable basis to believe that an appraiser has failed to comply with the Uniform Standards of Professional Appraisal Practice, is violating the law or is otherwise engaging in unethical or unprofessional conduct, shall notify the Appraiser Certification and Licensure Board if the appraisers conduct is likely to have a material effect on the value assigned to the real estate being appraised.

For each appraisal and appraisal review assignment, an appraiser must:

Why is it important to have a consumer complaint management policy?

Consumer Complaint Example: Which is a Consumer complaint?

The client dictates the frequency of when PCV Murcor will provide them with a report using the Complaint Log.

Which of The Following Should You Do As An Employee?

Training on the client’s complaint management process will NOT be provided to all employees that interact with the client’s consumers?

Compromising independence impacts the quality of appraisal reports adding risk for both consumers and lenders.

When communicating clarification requests to the appraiser, the QC department is allowed to ask the appraiser to:

Acts or practices that violate appraisal independence include:

An appraiser must not disclose confidential information or appraisal results to anyone other than:

The borrower insisted multiple times during the inspection that the value needed to come in between $220,000-$225,000. The borrower also tried to get the appraiser to include a bathroom in the basement that did not exist. What is the correct process?

All departments engaged in any aspect of the company’s appraisal management services must:

What steps do you take if you receive a complaint with potential UDAAP implications?

A representation, omission, act or practice is deceptive when:

What are four red flags of potential elder financial abuse?