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USPAP __ Questions With Correct Answers
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USPAP __ Questions With Correct Answers
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USPAP __ Questions With Correct AnswersAccording to USPAP, any appraiser who signs any part of an appraisal report
is required to: Correct Ans - sign the certification
When is identification of the intended use of an appraiser's opinions and
conclusions necessary in an appraisal assignment? Correct Ans - It is
necessary in all appraisal assignments
Which statement is FALSE regarding STANDARD 1? Correct Ans - It
covers real and personal property appraisal development
Which statement about appraisal trainees and workfile obligations is TRUE?.
Correct Ans - Under USPAP, trainees have the same workfile obligations as
licensed or certified appraisers.
"The monetary relationship between properties and those who buy, sell or
use those properties" is the definition of: Correct Ans - Value
By using a published cost manual, an appraiser determines that the
construction cost of a 2,500 square foot dwelling is $400,000. This figure
represents the dwelling's: Correct Ans - Cost
In USPAP, each Standard is composed of: Correct Ans - Standards
Rules
If an appraiser assumes a condition to be true, and evidence supports that
belief, although that fact is not certain, this is an example of: Correct Ans -
An extraordinary assumption
An appraiser is not permitted to be ____________ when performing an appraisal.
Correct Ans - An Advocate
What is the stated purpose of USPAP? Correct Ans - Promote and
maintain a high level of public trust in appraisal practice
When obligated by law or regulation, an appraiser ________ comply with USPAP.
Correct Ans - Must
, To which property types does USPAP apply? Correct Ans - Both
tangible and intangible property
The PREAMBLE states that USPAP is Correct Ans - For appraisers and
users of appraisal services
Which statement is TRUE regarding the relationship between valuation
services and appraisal practice? Correct Ans - Appraisal practice is a
subset of valuation services.
What could cause an appraiser to prepare an appraisal assignment in
conformance with USPAP? Correct Ans - Law or regulation, agreement
with the client, or voluntary choice by the appraiser
One of an appraiser's obligations with regard to user expectations is to:
Correct Ans - Identify the capacity in which he or she is performing
An individual is ______________ provide valuation services that involve advocacy
while acting as an appraiser. Correct Ans - Not permitted to
USPAP states that in a situation when an individual is not required by law,
regulation, or agreement to comply with USPAP: Correct Ans - The
individual should still comply when he or she is acting as an appraiser
Which statement regarding bias in an appraisal assignment is TRUE? If an
assignment involves a jurisdictional exception, what must an appraiser do?
Correct Ans - An appraiser is never permitted to perform an assignment
with bias.
The ethical obligations of USPAP apply to: Correct Ans - Individual
Appraisers only
Prior to accepting an assignment, an appraiser must disclose any service he or
she provided regarding the subject property for a period of _________.
Correct Ans - Three years
An appraiser has appraised a property multiple times within the prior three
years. He is asked by a prospective client tIf an assignment involves a
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