NACVA Exam CVA 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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Shizue

1 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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Edmond

1 days ago

A) To retain the individual appraiser rather than the firm

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Lorrie

1 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

14 days ago

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

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Chaya

15 days 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

16 days ago

A) To retain the individual appraiser rather than the firm

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Dominque

2 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

18 days ago

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

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Sage

28 days ago

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

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Pamella

1 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

1 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

1 months ago

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

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Brunilda

1 months ago

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

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Leontine

2 months ago

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

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Johnna

2 months ago

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

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Yolando

2 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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