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Question: 2

When specifying, who is to provide the valuation services, the important distinction is whether the client is retaining the appraisal firm itself or the individual appraiser employed by the firm. The common practice is:

  1. To retain the individual appraiser rather than the firm
  2. To retain the firm rather than individual appraiser, even though the expert witnesses testify based upon their individual expertise and opinions
  3. To retain the individual since the firm is responsible for completing the assignment regardless of impairment the individual’s capability to perform the work
  4. To retain firm as such practice also tends to provide discontinuity in retention of working papers and related records, marking them accessible if they are needed months or even yearslater as they frequently are


Answer: B

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Question: 3

S corporations, limited liability corporations, limited liability partnerships, family limited partnerships, professional corporations, real estate investment trust, investment companies registered under the investment company act of 1940 and personal holding companies are the examples of:

  1. General and limited partnerships
  2. Cooperatives
  3. Entities’ structures giving rise to special legal or tax considerations (specified structure)
  4. Companies following valuation standards


Answer: C

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Question: 2

When specifying, who is to provide the valuation services, the important distinction is whether the client is retaining the appraisal firm itself or the individual appraiser employed by the firm. The common practice is:

  1. To retain the individual appraiser rather than the firm
  2. To retain the firm rather than individual appraiser, even though the expert witnesses testify based upon their individual expertise and opinions
  3. To retain the individual since the firm is responsible for completing the assignment regardless of impairment the individual’s capability to perform the work
  4. To retain firm as such practice also tends to provide discontinuity in retention of working papers and related records, marking them accessible if they are needed months or even yearslater as they frequently are


Answer: B

Question: 2

When specifying, who is to provide the valuation services, the important distinction is whether the client is retaining the appraisal firm itself or the individual appraiser employed by the firm. The common practice is:

  1. To retain the individual appraiser rather than the firm
  2. To retain the firm rather than individual appraiser, even though the expert witnesses testify based upon their individual expertise and opinions
  3. To retain the individual since the firm is responsible for completing the assignment regardless of impairment the individual’s capability to perform the work
  4. To retain firm as such practice also tends to provide discontinuity in retention of working papers and related records, marking them accessible if they are needed months or even yearslater as they frequently are


Answer: B