NACVA CVA Exam - Topic 4 Question 81 Discussion

Actual exam question for NACVA's CVA exam

Question #: 81
Topic #: 4

[All CVA Questions]

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:

ATo retain the individual appraiser rather than the firm

BTo retain the firm rather than individual appraiser, even though the expert witnesses testify based upon their individual expertise and opinions

CTo retain the individual since the firm is responsible for completing the assignment regardless of impairment the individual's capability to perform the work

DTo 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

Show Suggested Answer

Suggested Answer: B

by Rikki at Mar 10, 2024, 08:29 AM

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Nana

3 months ago

Retaining the individual can lead to issues if they leave the firm.

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Stephen

4 months ago

Wait, is it really common to retain the firm? Sounds off to me.

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Thomasena

4 months ago

Definitely the firm, they have the resources to back it up.

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Carylon

4 months ago

I disagree, individual appraisers have more personal accountability.

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Lorean

4 months ago

Most clients go for the firm, makes sense for continuity.

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Hyman

5 months ago

I recall that retaining the firm is common, but I can't quite remember the specific advantages we talked about in class.

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Silva

5 months ago

I’m a bit confused about whether it’s better to focus on the individual appraiser's expertise or the firm's overall responsibility.

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Antonio

5 months ago

I think we practiced a similar question, and I leaned towards retaining the firm because of the long-term access to records.

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Felice

5 months ago

I remember discussing how retaining the firm might be more beneficial for continuity, but I'm not sure if that's the main reason for this practice.

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Velda

5 months ago

I'm pretty confident on this one. The common practice is to retain the firm rather than the individual appraiser, even though the expert witnesses testify based on their individual expertise.

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Kenny

5 months ago

Okay, I've got a strategy here. I'll focus on understanding the implications of retaining the firm vs. the individual, and then select the option that aligns with common practice.

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Ryan

5 months ago

This is a tricky one. I'll need to think carefully about the distinction between retaining the firm vs. the individual appraiser.

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Anglea

5 months ago

Hmm, I'm a bit confused on this. I'll need to review the key differences between the two options to determine the common practice.

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Vince

5 months ago

Okay, I think I've got a strategy here. I'll carefully analyze the SQL statements and the possible outcomes, and then try to match that to the answer choices. Gotta love these tricky database questions!

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Carin

5 months ago

The merge code I would use is {{DRReadCase.CaseNumber}}. This allows me to access the CaseNumber node from the DataRaptor Extract Action and include it in the HTTP Action's URL.

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Shizue

10 months ago

Haha, I bet the individual appraiser is like, 'Hey, don't forget about me! I'm the one doing all the work here.' But yeah, B seems like the right answer.

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Roy

9 months ago

C) To retain the individual since the firm is responsible for completing the assignment regardless of impairment the individual's capability to perform the work

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Leota

9 months ago

B) To retain the firm rather than individual appraiser, even though the expert witnesses testify based upon their individual expertise and opinions

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Edmond

9 months ago

A) To retain the individual appraiser rather than the firm

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Lorrie

10 months ago

I'm going with C. Retaining the individual appraiser is important, as the firm is responsible for the work regardless of the individual's capabilities.

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Kate

9 months ago

That makes sense, it's important to focus on the individual appraiser's capabilities.

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Chaya

9 months ago

C) To retain the individual since the firm is responsible for completing the assignment regardless of impairment the individual's capability to perform the work

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Rebbecca

9 months ago

A) To retain the individual appraiser rather than the firm

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Dominque

11 months ago

Option D makes the most sense to me. Retaining the firm helps ensure continuity in the records and documentation, which can be crucial if the case goes to court later on.

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Jerry

9 months ago

I think it's best to retain the firm to ensure accessibility to documentation, especially for legal purposes.

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Sage

10 months ago

Yes, it's crucial to have access to working papers and related records if needed in the future.

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Pamella

10 months ago

Retaining the firm can provide a level of consistency that may be lacking if only the individual appraiser is retained.

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Lisbeth

10 months ago

It's important to have easy access to working papers and related records, especially if they are needed later on.

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Pete

10 months ago

Yes, it definitely helps with continuity in records and documentation.

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Brunilda

10 months ago

I agree, retaining the firm for valuation services is important for continuity in records.

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Leontine

10 months ago

I agree, retaining the firm for valuation services seems like the best option.

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Johnna

11 months ago

But retaining the individual ensures continuity in retention of working papers and related records.

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Yolando

11 months ago

I think B is the correct answer, as it's common practice to retain the firm rather than the individual appraiser. The firm is responsible for the work, even though the experts testify based on their individual expertise.

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