Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental Financial Accounting Concepts

Authors: Thomas P. Edmonds

11th Edition

1260786587, 9781260786583

More Books

Students also viewed these Accounting questions