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USPAP 15-Hour Course Exam Questions with Solutions ( Update).
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USPAP 15-Hour Course Exam Questions with Solutions ( Update).USPAP 15-Hour Course Exam Questions with Solutions ( Update).
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USPAP 15-Hour Course Exam Questions withSolutions (2023-2024 Update)
1. The Preamble states that USPAP is - correct answer ✅for appraisers and
users of appraisal services.
2. The stated purpose of USPAP - correct answer ✅Promote and maintain a
high level of public trust in appraisal practice.
3. When obligated by law or regulation an appraiser must - correct answer
✅comply with USPAP.
4. USPAP applies to which types of properties? - correct answer ✅Tangible
and Intangible
DO NOT COPY
5. Valuation services - correct answer ✅is not a subset of appraisal practice.
6. An appraiser has the professional responsibility - correct answer ✅to
identify the capacity in which he or she is performing.
7. Reasons why an appraiser would prepare an appraisal assignment in
conformance with USPAP - correct answer ✅1. Agreement with client.
2. Law or regulation.
Voluntary choice.
8. An appraiser who provides an appraisal service that is not an appraisal,
appraisal review, or appraisal consulting assignment does not have workfile
obligations associated with the assignment. - correct answer ✅True
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,9. An individual is not prohibited from providing valuation services that
involve advocacy while acting as an appraiser. - correct answer ✅False
10.When performing valuation services outside of appraisal practice,
appraisers must be careful not to _________________ the client and other
intended users about their role. - correct answer ✅Mislead
11.USPAP states that in a situation when an individual is not required by law,
regulation, or agreement to comply with USPAP: - correct answer ✅The
individual should still comply when acting as an appraiser.
12.An appraiser is engaged to teach an appraisal course. What parts of USPAP
apply? - correct answer ✅The parts of USPAP that apply generally to
appraisal practice.
13.The Appraisal Practices Board (APB) was created when? - correct answer
✅2010
14.The APB is a(n) - correct answer ✅independent board.
15.Boards within The Appraisal Foundation (TAF) - correct answer ✅1. Board
of Trustees (BOT)
16.2. Appraisal Standards Board (ASB)
17.3. Appraisal Qualifications Board (AQB)
18.4. Appraisal Practices Board (APB)
19.APB is a - correct answer ✅private entity.
20.The APB has authority to enforce the requirements of USPAP. - correct
answer ✅False
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, 21.Who has the only jurisdiction and authority over appraisers? - correct
answer ✅States
22.ASB - correct answer ✅Develops, interprets, and amends USPAP.
23.Advisory opinions - correct answer ✅Not part of USPAP; reference material
only.
24.APB - correct answer ✅Guidance is voluntary.
25.ASC - correct answer ✅Maintains the official National Registry of state
certified and licensed appraisers.
26.State appraisal regulatory committees - correct answer ✅responsible for
issuing credentials to individual appraisers.
27.Responsibilities of ASC: - correct answer ✅• Establishes, improves, and
promulgates the USPAP
• Subject, content, and substance of USPAP and other communication
related to appraisal standards.
• Establishes standards of professional appraisal practice for the
guidance and education of appraisers and users of appraisal services.
• Maintains the official National Registry of state certified and licensed
appraisers.
28.Developing, amending, and interpreting USPAP is NOT a responsibility of -
correct answer ✅ASC
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