Certified Valuation Analyst (CVA) Practice Exam

If an expert believes your report lacks Professional Reporting Standards, what can they do?

1. They may choose to ignore the report

2. Advise counsel to review but not subpoena records

3. Advise to subpoena records or disqualify you

4. Request a review without any repercussions

The correct answer is: Advise to subpoena records or disqualify you

The choice emphasizing the expert's ability to advise counsel to subpoena records or disqualify the report is correct because it highlights the authority an expert holds in evaluating the credibility and adherence of a valuation report to Professional Reporting Standards. When an expert identifies deficiencies in these standards, they have the responsibility to ensure that any legal or financial decisions made based on the report are sound. By advising counsel to subpoena records, the expert can seek additional documentation that may clarify or rectify the issues in the original report. Alternatively, if the report’s violations are severe enough, the expert might recommend disqualification of the report to prevent its use in court or other formal settings. This option underlines the importance of maintaining high professional standards and integrity in valuation work. Regular adherence to these standards is critical, as failure to comply can lead to a lack of trust in the valuation process and potentially unfavorable outcomes in legal or financial matters. The other choices fail to capture the expert's proactive role in addressing significant issues within the report. Ignoring the report undermines the responsibility the expert has to their profession and legal standards. Advising counsel without taking steps to rectify serious omissions does not address the core problem, and requesting a review without repercussions suggests a lack of accountability that is not realistic in