Under USPAP Standard Rule 2-3, the statements of fact contained in this report are true and correct.

Under USPAP Standard Rule 2-3, the statements of fact contained in this report are true and correct.

• A. False
• B. True and correct
• C. Inaccurate
• D. Stated as facts but not supported

Answer: (B)

The statement tests the distinction between factual content and opinion in USPAP reporting. Under USPAP Standard Rule 2-3, a report must present factual information that is true and correct, supported by data and verifiable as of the report date. The certification that the statements of fact in the report are true and correct is a direct way of asserting that those factual elements (such as property characteristics, dates, legal descriptions, and market data) have been checked and are accurate. If something cannot be verified or is based on an assumption, it should be disclosed as such with a qualifying condition rather than claimed as fact. Opinions about value or conclusions, while essential to the report, are not guaranteed to be fact and must be supported by the analysis rather than stated as indisputable facts. So the phrase is appropriate and true and correct when the factual statements have been verified and properly supported.

The statement tests the distinction between factual content and opinion in USPAP reporting. Under USPAP Standard Rule 2-3, a report must present factual information that is true and correct, supported by data and verifiable as of the report date. The certification that the statements of fact in the report are true and correct is a direct way of asserting that those factual elements (such as property characteristics, dates, legal descriptions, and market data) have been checked and are accurate. If something cannot be verified or is based on an assumption, it should be disclosed as such with a qualifying condition rather than claimed as fact. Opinions about value or conclusions, while essential to the report, are not guaranteed to be fact and must be supported by the analysis rather than stated as indisputable facts. So the phrase is appropriate and true and correct when the factual statements have been verified and properly supported.