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.
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.
