Exam (elaborations)
USPAP Practice Test Questions and Answers 2023 (Verified Answers by Expert)
- Course
- Institution
USPAP Practice Test Questions and Answers 2023 (Verified Answers by Expert)
[Show more]
Seller
Follow
Labsolution
Reviews received
Content preview
USPAP Practice Test 2023 Questions and Answers1. The PREAMBLE states the purpose of USPAP is to maintain public in
the appraisal practice by establishing requirements for appraisers.: >>>
trust
2. USPAP benefits providers of appraisal services and: users of
appraisal services.
3. Which is NOT considered significant real property appraisal
assistance?-
: >>> collecting employment data for use in analysis
4. A valuation service performed by an individual acting as an
appraiser requires the appraiser to: >>> inquire about the intended
user's expectations.
5. When an individual is performing valuation services outside of
appraisal practice, that individual must be careful to: >>> not
misrepresent his role.
6. When choosing to provide a valuation service as an appraiser or in
some other capacity, great care must be taken to: >>> maintain public
trust.
7. A real property appraiser teaching appraisal is engaged in: >>>
appraisal practice with no applicable Standards (1-10).
1/9
,8. A lender has telephoned an appraiser to determine the high and low
sales prices in the past year that took place in the Green Hills Subdivision.
No mention was made of a subject property by the lender. The appraiser
has supplied a list of all of the sales within the past year in the subdivision
and billed the lender for service. The service being provided by the
appraiser is: - appraisal practice with no performance standards or
record keeping requirements.
9. In accordance with USPAP, which is NOT an expectation when acting in
the role of an appraiser?: holding a state license or certification
10.Compliance with USPAP is required when obligated by: agreement,
law, or regulation.
11.When an appraiser is providing a service other than an appraisal
or appraisal review, which would NOT apply?: RECORD KEEPING
RULE
12.Zachary's client instructs him to report a specific property value as
a condition of the assignment. The assignment: is a violation of the
ETHICS RULE.
13.Which of these activities does the Conduct section of the ETHICS
RULE prohibit?: criminal conduct
14. Jack appraised a residential dwelling that is located across the street
from a factory that he determined is negatively affecting the value of the
subject property. Jack applied a location adjustment in his sales
comparison approach. However, the client asked that the factory not be
discussed in the
2/9
, appraisal report. Since Jack addressed the condition with an adjustment,
has he complied with USPAP?: no, omitting the discussion could produce
a misleading report
15.Anthony received an appraisal assignment for a property that was pre-
viously appraised by him. He understands that be must handle
confidential information appropriately. What else must Anthony do?:
make proper disclo- sure regarding the prior assignment
16.Marcus was hired to appraise a home that be had previously appraised
one year ago. May Marcus accept the assignment?: yes, as long as he
disclos- es the previous service on the property to the client and in the
subsequent report certification
17.A real property appraiser has paid a fee to procure an appraisal
assign- ment. According to the Management section of the ETHICS RULE,
where must the fee be disclosed?: in the certification and any
transmittal letter
18.Josh received an appraisal request from a lender-client who told him, to
immediately call if the value on the property is less than the amount stipu-
lated by the lender, as he doesn't intend to pay for an appraisal that won't
benefit his position. Will acceptance of this assignment be in compliance
with USPAP?: no, an appraiser may not accept an assignment with
unacceptable assignment conditions
19.Which of the following would NOT be considered an unacceptable fee
arrangement?: fee based on the volume of total business from a
particular client
3/9
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Labsolution. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72841 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now