USPAP Update 2022 QUESTIONS AND ANSWERS ALL CORRECT

USPAP Update 2022 QUESTIONS AND ANSWERS ALL CORRECT An appraiser completes an appraisal on residential real property for a client, who is a mortgage lender. The appraiser also identifies the buyer of the property as an intended user. A week after the report is transmitted to the client, the buyer contacts the appraiser and wants to discuss the appraiser's opinions and conclusions. Is the appraiser permitted by USPAP to disclose confidential information or assignment results to the buyer? Correct Answer: What is the best advice for a residential appraiser who is concerned about the potential for unconscious bias and wants to make sure that intended users and others have no perception of bias when reviewing the appraiser's work? Correct Answer: When is the ASB permitted to finalize a proposed change to USPAP? Correct Answer: When a new edition of USPAP is released, how is the effective date of this new edition determined? Correct Answer: An appraiser has agreed to perform an appraisal assignment for a mortgage lender client. At the time of the agreement to perform the assignment, the client requested the appraiser provide two street scene photos, a photo of the property located directly across the street, a photo of the view from the rear of the subject property, and an aerial photo from Google Maps or its equivalent. How would this request BEST be classified? Correct Answer: Which of these is an advantage to using the electronic version of USPAP, as opposed to the printed (paper) version? Correct Answer: Which of the following statements is true regarding appraisers and violations of the ETHICS RULE? Correct Answer: An appraiser values a three-unit residential property for a mortgage lender. After the lender reviews the appraisal report, the lender accuses the appraiser of violating a local fair housing law. The appraiser replies that there are so many state and local laws out there and they cannot be expected to know every single one of them. Who is correct in this situation? Correct Answer: How might a residential appraiser continually remind themselves of their ethical obligations, including their obligation to perform objectively and without bias? Correct Answer: An appraiser is valuing a property in an area where a significant amount of crime activity has recently been publicized. In the neighborhood description section of the report, should the appraiser use the term "high-crime area?" Correct Answer: According to the ASB, a systematic approach may be employed to use the USPAP publication to answer USPAP-related questions. The first step in this approach is: Correct Answer: A certified general appraiser specializes in appraising golf courses and recreation facilities. The appraiser agrees to perform an assignment on a golf course for an ad valorem assessment appeal. Who are the appraiser's peers in this assignment? Correct Answer: An appraiser is verbally providing value ranges for properties to potential clients before quoting appraisal fees and agreeing to perform assignments. The appraiser does not prepare workfiles for the value ranges provided to the prospective clients. The appraiser prepares a workfile only if and when a full inspection appraisal is ordered by the client. At what point is the appraiser required by USPAP to prepare a workfile for these assignments? Correct Answer: FAQs in the USPAP publication provide advice to appraisers regarding many different situations. According to the ASB, an appraiser who is concerned about minimizing the likelihood of appraisal workfiles being damaged or destroyed in a natural disaster should ___________. Correct Answer: Which of the following phrases is the best description of USPAP? Correct Answer: The ASB issues an exposure draft of proposed changes to USPAP. Which statement is correct regarding the ASB's handling of comments made by appraisers and other stakeholders? Correct Answer: Under the requirements of USPAP STANDARD 2, a report must: Correct Answer: Which of these actions by an appraiser would be considered a mitigating circumstance and would most likely result in a lesser sanction for performing an appraisal that did not comply with USPAP? Correct Answer: In which situation is an appraiser prohibited by USPAP from using or relying on SUPPORTED conclusions about protected classes (e.g., race, color, religion, ethnic origin, age, sex, etc.)? Correct Answer: An appraiser completes an appraisal for a client and an additional intended user who is identified by name. No state enforcement agency, other legal entity, or peer review committee is involved in this situation. To whom may the appraiser disclose confidential information or assignment results? Correct Answer: A new edition of USPAP has been released. Which statement is true regarding the effective date of this new edition of USPAP? Correct Answer: The ASB determines when the edition of USPAP will be effective. You are reading an Advisory Opinion in the USPAP publication. Officially, Advisory Opinions are considered: Correct Answer: Other communications, and not part of USPAP Which statement is most accurate regarding the ASB's analysis of comments to exposure drafts? Correct Answer: Each member of the ASB reads and considers all comments. The ASB releases an exposure draft of proposed changes to USPAP, and you wish to provide comments. At a minimum, you will have _______ to provide comments to the ASB. Correct Answer: 30 days As the terms are used by the ASB, what is the difference between a Discussion Draft and an Exposure Draft? Correct Answer: An Exposure Draft is a formal proposal to revise USPAP, while a Discussion Draft merely solicits feedback from industry participants. Changes to USPAP may only be made after: Correct Answer: Completion of the exposure process and discussion and adoption at a public meeting You want to participate in the USPAP revision process but are busy and prefer not to travel. What is your best option? Correct Answer: Register for ASB meetings and livestream them on your computer as they are happening. Fair housing laws would apply to an appraisal of _________, but not to the appraisal of ____________. Correct Answer: A duplex, a medical office Published stories alleging bias and discrimination by appraisers have appeared: Correct Answer: In news outlets across the country One common thread in news articles about appraisers is the allegation that the appraisal process is ________. Conversely, USPAP requires an appraiser to be ________. Correct Answer: Subjective, objective In which of these situations might it be appropriate for an appraiser to research the number of members of a protected class and use supported conclusions regarding members of this protected class in an appraisal assignment? Correct Answer: When appraising a unit in an age-restricted (55 and older) community When does USPAP prohibit an appraiser from using or relying on SUPPORTED conclusions about protected classes? Correct Answer: When such conclusions violate federal, state, or local laws An appraiser issues an appraisal report on a single-unit residence that understated the GLA by 20%. Which statement is most accurate about this situation? Correct Answer: The report is misleading, and may constitute a violation of USPAP. An appraiser is valuing a residential property in a divorce case. The appraiser develops an inclination that precludes his impartiality and objectivity in the assignment, yet he proceeds with the appraisal anyway. It can accurately be stated that the appraiser is Correct Answer: Biased An appraiser is valuing a four-unit residential property for a mortgage lender, and is accused by the lender of violating a state fair housing law in the performance of the appraisal. The appraiser responds angrily that there are thousands of laws out there and they cannot be expected to know every single law. Which statement is true regarding this situation? Correct Answer: The COMPETENCY RULE requires the appraiser to be aware of and comply with applicable laws. Which statement is true regarding the ETHICS RULE? Correct Answer: Violations of the ETHICS RULE are among the most serious, and usually result in significant sanctions by state enforcement agencies.