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USPAP EXAM: QUESTIONS AND ANSWERS
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USPAP EXAM: QUESTIONS AND ANSWERS
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USPAP EXAM: QUESTIONS AND ANSWERSAPPRAISAL Correct Ans - (noun) act or process of developing an
opinion of value; an opinion of value
(adj) of or pertaining to appraising and related functions such as an appraisal
practice or appraisal services
APPRAISAL PRACTICE Correct Ans - valuation services performed by
an individual acting as an appraiser, including but not limited to appraisal and
appraisal review
ASSUMPTION Correct Ans - that which is taken to be true
Gramm-Leach-Bliley Act (Nov 1999) Correct Ans - some public
agencies have adopted privacy regulations that affect appraisers. As a result,
the FTC issued a rule focued on the protection of "non-public personal
information" provided by consumers to those involved in financial activities.
COST Correct Ans - the amount required to create, produce, or obtain
a property
EXPOSURE TIME Correct Ans - estimated length of time that the
property interest being appraised would have been offered on the market
prior to the hypothetical consummation of a sale at market value on the
effective date of the appraisal
EXTRAORDINARY ASSUMPTION Correct Ans - an assumption, directly
related to a specific assignment, as of the effective date of the assignment
results, which, if found to be false, could alter the appraiser's opinions or
conclusions
HYPOTHETICAL CONDITION Correct Ans - a condition, directly related
to a specific assignment, which is contrary to what is known by the appraiser
to exist on the effective date of the assignment results, but is used for the
purpose of analysis.
INTENDED USER Correct Ans - the client and any other party as
identified, by name or type, as users of the appraisal or appraisal review
, report by the appraiser on the basis of communication with the client at the
time of the assignment
JURISDICTIONAL EXCEPTION Correct Ans - an assignment condition
established by applicable law or regulation, which precludes an appraiser
from complying with a part of USPAP
PRICE Correct Ans - the amount asked, offered or paid for a property
VALUATION SERVICES Correct Ans - services pertaining to aspects of
property value
VALUE Correct Ans - the monetary relationship between properties
and those who buy, sell or use those properties
PHYSICAL CHARACTERISTICS Correct Ans - Are not assignment
results
INTENDENTE USE Correct Ans - The use or uses of an appraiser
reported appraisal or appraisal review assignment opinions and conclusions,
as identified by the appraiser based on communication with the client at the
time of the assignment
BIAS Correct Ans - A preference or inclination that precludes an
appraiser's impartiality, independence, or objectivity in an assignment
APPRAISAL REVIEW Correct Ans - The act or process of developing
and communicatig an opinion about the quality of an another appraiser's
Word that was performed as part of an appraisal or appraisal review
assignment
APPRAISER'S PEERS Correct Ans - Other appraisers Who have
expertise and competency in a similar type of assignment
CONFIDENTIAL INFORMATION Correct Ans - Information that is
either: identified by the client as confidential when providing it to an
appraiser and that is not available from any other source; or classified as
confidential or private by applicable law or regulation
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