Exam (elaborations)
USPAP EXAM ANSWERED CORRECTLY (Q’s & A’s)
- Course
- Institution
USPAP EXAM ANSWERED CORRECTLY (Q’s & A’s)
[Show more]
Seller
Follow
LeCrae
Reviews received
Content preview
USPAP EXAM ANSWERED CORRECTLY (Q’s & A’s)Which of the following establishes minimum criteria for real property
appraisers' certification and licensing? Correct Ans - D. Appraisers
Qualification board
The primary purpose of federal monitoring of state real estate appraisers'
licensing and certifying agencies is to determine whether? Correct Ans -
D. Policies and procedures are consistent with Title XI of FIRREA
Development of which of the following is NOT addressed by standards rule?
Correct Ans - D. Recommended list price
Which of the following best describes advisory opinions? Correct Ans -
D. They do not establish new standards or interpret existing standards but are
issued to illustrate the applicability of appraisal standards in specific
situations.
USPAP defines an appraiser as one who? Correct Ans - D. who is
expected to perform valuation services competently and in a manner that is
independent, impartial, and objective.
Under USPAP, confidential information is information that is classified as
confidential or private by law or regulation or information the appraiser?
Correct Ans - D. receives from the client and is identified by the client as
confidential and is not available from any other source.
The type and extent of research and analysis in an assignment defines?
Correct Ans - B. Scope of work
When an issue necessary to the development of the value of opinion is
uncertain as of the effective date of the assignment results of the appraiser
will use? Correct Ans - D. Extraordinary assumption
An intended user is? Correct Ans - D. A party who is identified by the
appraiser at the time of the assignment.
, Appraisal practice includes? Correct Ans - D. All valuation services
performed by an individual acting as an appraiser.
An appraiser provides an opinion of market rent for a property, this is an
example of? Correct Ans - A. an appraisal
An appraiser's peer are defined as other appraisers who? Correct Ans -
A. have expertise and competency in a similar type of assignment.
The scope of an appraisal review assignment may be? Correct Ans - D.
Any work completed as part of an appraisal or an appraisal review
assignment.
The Preamble states that the Appraisal Standards Board promulgates USPAP?
Correct Ans - C. For appraisers and the users of appraisal services.
Real estate brokers, appraisal reviews, and automobile appraisals are all
included in? Correct Ans - B. Evaluations services
If an appraiser agrees to perform an assignment to assist a client in pricing
property for sale, the assignment is? Correct Ans - C. a valuation
service to which USPAP applies.
An electronic signature maybe used only if the? Correct Ans - D.
appraiser applies it or authorizes its use for a specific assignment.
An appraiser was requested to assist an attorney in developing an opinion of
market value and advocate the interest in the client in litigation, this
assignment is? Correct Ans - D. Not permitted by USPAP.
If the subject property sold more than one time in the USPAP prescribed
period prior to the affective date of the appraisal, which of the sales must be
analyzed? Correct Ans - D. All sales in the time period prescribed in
USPAP must be analyzed.
The ethics rule states that the appraiser must? Correct Ans - A.
promote and preserve public trust inherent in the appraisal practice.
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 LeCrae. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now