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USPAP: Questions With Correct Solutions
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USPAP: Questions With Correct Solutions
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USPAP: Questions With Correct SolutionsThe appraiser could accept the assignment (as a new assignment) Correct
Ans - as long as proper disclosure is made regarding the prior assignment
& any confidential in formation is handled appropriately.
in a deed being used in a purchase transaction, who is the grantee?
Correct Ans - The party receiving title - "purchaser" is known as the
grantee.
Any services provided by an appraiser, other than an appraisal or appraisal
review, would be appraisal practice w/ no applicable standards. this includes
recommendations that occur as a result of an appraisal or appraisal review.
Correct Ans - For those services, the scope of work rule & the record
keeping rule do not apply.
When an appraiser arrives for his inspection of residential property, the
property owner gives the appraiser an appraisal report previously performed
by another appraiser. in light of uspap, what should the appraiser do?
Correct Ans - Make certain that information relied upon in the other
appraiser's report is not in error or fraudulent.
USPAP requires the appraiser to analyze market conditions as part of:
Correct Ans - The development process.
An appraiser completed an appraisal report yesterday & today he is going to
provided his client with the report. the appraiser needs to make a couple of
minor revisions before hand. for this appraisal report. he must Correct
Ans - change the date on the report & the certification to the date
revisions.
all are part of the ethics rule except Correct Ans - Confidential
information can never be disclosed.
when valuing a life estate for a potential sales transaction of that particular
interest, what must the appraiser do? Correct Ans - Project future
value at the termination of the life estate & discount to present value.
,if a jurisdictional exception has been justifiably applied in an assignment,
what else must be included in the appraisal report? Correct Ans -
Disclosure of the part(S) of uspap that was disregarded & the legal authority
justifying the appraiser's actions.
appraisers are sometimes called upon to perform a service referred to by
some as an evaluation. According to uspap advisory opinion 13, when is an
evaluation an appraisal. Correct Ans - when performed by individual
acting as an appraiser.
all are part of the ETHIcS rule except: Correct Ans - Confidential
information can never be disclosed.
which is a true regarding competency in a appraisal assignment? Correct
Ans - the appraiser should disclose a lack of knowledge before accepting
the assignment.
uspap requires every appraisal report to clearly state both the effective date &
the date of the report. which best describe the date of the report Correct
Ans - date that is the prospective from which the appraiser is examing the
market.
which part of uspap suggest that the parties benefiting from uspap include
providers of appraisal services & user of appraisal services. Correct Ans -
PREAMBLE
when an appraiser is providing a value opinion using an effective date in the
past retrospective, when does the appraiser's competency apply? Correct
Ans - at the time of the assignment.
Apprraiser listed on the appraisal subcommittee's national registry include all
Correct Ans - licensed & certified real property appraisers.
uspap requires the appraiser to analyze market conditions as part of:
Correct Ans - the development process.
anthony & beth appraisers, Must anthony provide the copy of the report to
beth to comply with the court order. Correct Ans - yes to be complaint
with due process of law, a must provide the appraisal report copy.
, what level of participation does the client have defining the problem leading
to the scope of work decision? Correct Ans - Communication with the
client is important, but the appraiser alone determines the relevant property
characteristics.
An oral real property appraisal report must: Correct Ans - have a
signed certification in the workfile.
which question regarding disclosure years prior services within the past three
years is false? Correct Ans - Prior appraisal services performed, not
other services, must appear in the certification.
scope of work does not apply to: Correct Ans - additional
recommendations developed by an appraiser as a result of an appraisal.
the appraiser's inability to physically inspect site improvements, such as
underground utilities, might result in the appraiser. Correct Ans -
using an extraordinary assumption.
which action by an appraiser does the scope of work rule not apply?
Correct Ans - Additional recommendations developed by an appraiser as a
result of an appraisal.
during problem identification, determination of what element is a judgement
of the appraiser that requires competency for that type of assignment?
Correct Ans - Relevant property characteristics
which is used as a benchmark for credibility in an appraisal assignment?
Correct Ans - Intended use
The scope of work must produce credible results to the intended user in the
context of Correct Ans - intended use
which disclosure must be made in an appraisal report when an extraordinary
assumption has been used in an assignment? Correct Ans - the results
could change if the extraordinary assumption is found to be false.
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