Exam (elaborations)
USPAP Update Questions & answers
- Course
- Institution
USPAP Update Questions & answers
[Show more]
Seller
Follow
EXAMQA
Reviews received
Content preview
USPAP UpdateAn appraiser completes an appraisal on residential real property for a client, who
is a mortgage lender. The appraiser also identifies the buyer of the property as
an intended user. A week after the report is transmitted to the client, the buyer
contacts the appraiser and wants to discuss the appraiser's opinions and
conclusions. Is the appraiser permitted by USPAP to disclose confidential
information or assignment results to the buyer? - CORRECT ANSWER-
What is the best advice for a residential appraiser who is concerned about the
potential for unconscious bias and wants to make sure that intended users and
others have no perception of bias when reviewing the appraiser's work? -
CORRECT ANSWER-
When is the ASB permitted to finalize a proposed change to USPAP? -
CORRECT ANSWER-
When a new edition of USPAP is released, how is the effective date of this new
edition determined? - CORRECT ANSWER-
An appraiser has agreed to perform an appraisal assignment for a mortgage
lender client. At the time of the agreement to perform the assignment, the client
requested the appraiser provide two street scene photos, a photo of the property
located directly across the street, a photo of the view from the rear of the subject
property, and an aerial photo from Google Maps or its equivalent. How would this
request BEST be classified? - CORRECT ANSWER-
Which of these is an advantage to using the electronic version of USPAP, as
opposed to the printed (paper) version? - CORRECT ANSWER-
Which of the following statements is true regarding appraisers and violations of
the ETHICS RULE? - CORRECT ANSWER-
An appraiser values a three-unit residential property for a mortgage lender. After
the lender reviews the appraisal report, the lender accuses the appraiser of
violating a local fair housing law. The appraiser replies that there are so many
, state and local laws out there and they cannot be expected to know every single
one of them. Who is correct in this situation? - CORRECT ANSWER-
How might a residential appraiser continually remind themselves of their ethical
obligations, including their obligation to perform objectively and without bias? -
CORRECT ANSWER-
An appraiser is valuing a property in an area where a significant amount of crime
activity has recently been publicized. In the neighborhood description section of
the report, should the appraiser use the term "high-crime area?" - CORRECT
ANSWER-
According to the ASB, a systematic approach may be employed to use the
USPAP publication to answer USPAP-related questions. The first step in this
approach is: - CORRECT ANSWER-
A certified general appraiser specializes in appraising golf courses and recreation
facilities. The appraiser agrees to perform an assignment on a golf course for an
ad valorem assessment appeal. Who are the appraiser's peers in this
assignment? - CORRECT ANSWER-
An appraiser is verbally providing value ranges for properties to potential clients
before quoting appraisal fees and agreeing to perform assignments. The
appraiser does not prepare workfiles for the value ranges provided to the
prospective clients. The appraiser prepares a workfile only if and when a full
inspection appraisal is ordered by the client. At what point is the appraiser
required by USPAP to prepare a workfile for these assignments? - CORRECT
ANSWER-
FAQs in the USPAP publication provide advice to appraisers regarding many
different situations. According to the ASB, an appraiser who is concerned about
minimizing the likelihood of appraisal workfiles being damaged or destroyed in a
natural disaster should ___________. - CORRECT ANSWER-
Which of the following phrases is the best description of USPAP? - CORRECT
ANSWER-
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 EXAMQA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.48. 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