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USPAP (Example Questions and Answers from the book). Questions & answers with Complete solutions | Latest edition
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USPAP (Example Questions and Answersfrom the book)
Different appraisal regulations among states. - CORRECT ANSWER-Which is
not one of the contributing factors that led to a need for regulation in the
appraisal profession?
Appraisal Subcommittee (ASC) - CORRECT ANSWER-Responsible for the
Federal oversight of state real estate licensing and certification
TRUE - CORRECT ANSWER-(T/F) The AppraisalSubcommittee monitors the
activities of TAF to determine if policies and procedures are consistent with title
XI of FIRREA
Appraisal Subcommittee (ASC) - CORRECT ANSWER-Which board maintains
the official National Registry of appraisers?
Appraisal Practices Board (APB) - CORRECT ANSWER-The board that
identifies and issues voluntary guidance relating to recognized methods and
techniques is the
TRUE - CORRECT ANSWER-(T/F) State agencies may impose appraiser
requirements above and beyond those required by the Appraiser Qualifications
Board and the Appraiser Standards Board.
State Regulatory Agencies - CORRECT ANSWER-Who is responsible for
enforcing USPAP?
Contains terms that have a specific meaning in USPAP - CORRECT
ANSWER-The definitions section of USPAP
Promote and maintain a high level of public trust in appraisal practice. -
CORRECT ANSWER-The preamble of USPAP sets the tone that the purpose of
USPAP is to
,A manner that is meaningful and not misleading. - CORRECT ANSWER-The
preamble of USPAP requires. Appraisers to communicate their analysis, opinions
and conclusions in
3. Disclose the scope of work in the report. - CORRECT ANSWER-The Scope of
Work Rule establishes three general requirements. 1. Identify the problem, 2.
Determine the appropriate scope of work and
Illustrate the applicability of USPAP in specific situations. - CORRECT
ANSWER-Shelia had concerns about an appraisal situation and she was
uncertain how to proceed. She consulted the USPAP Advisory opinions which
Advisory Opinions - CORRECT ANSWER-Which is NOT a part of USPAP?
Standard 2 - CORRECT ANSWER-Which USPAP Standard addresses the
reporting of an individual in a real property appraisal?
Problem identification - CORRECT ANSWER-The USPAP Appraisal Process
begins with
Reconciliation and final value opinion. - CORRECT ANSWER-In the USPAP
Appraisal Process, which is the final step in the development process?
All types of property. - CORRECT ANSWER-The USPAP Appraisal Process can
be followed for appraising what types of property?
Relationship to a previous appraisal or numerical benchmark. - CORRECT
ANSWER-An appraisal must be in a specific number, a range of numbers or a
Workfile - CORRECT ANSWER-The subject of an appraisal review could be all
or part of a REPORT, a___________________________, or a combination of
these
Do not - CORRECT ANSWER-USPAP definitions ____________________
specifically define the term "Market Value" that is consistently applied by the
appraiser when the type of value in the assignment is market value.
, An authorized representative of the lender - CORRECT ANSWER-In an
assignment for which the appraiser was hired by an appraisal management
company (AMC) the appraiser may consider the lender the client as long as the
AMC is
Opinions and conclusions - CORRECT ANSWER-Within USPAP, the appraisers
_______________________________ are (is) always specific to the intended
use
By name or type - CORRECT ANSWER-Intended users in a specific assignment
must be identified
Preference or inclination - CORRECT ANSWER-USPAP defines bias as a
________________________ that precludes an appraisers impartiality,
independence or objectivity in an assignment
Identify the problem - CORRECT ANSWER-In order to determine the scope of
work to perform in an assignment, what must the appraiser first do?
Assumption - CORRECT ANSWER-Craig, a real property appraiser is not an
expert in real estate law. In every assignment, he includes a disclosure stating
this fact and that in his conclusions, he is considering the property to have good
and marketable title. which best describes Craig's action?
Extraordinary Assumption - CORRECT ANSWER-Appraiser Linda could not
check the furnace to see if it is in good working order as the utilities are off. As
the home is relatively new and the furnace appears to be in good condition, Linda
believes it is in satisfactory working condition, but she is not sure. She bases her
conclusion on an
Hypothetical condition. - CORRECT ANSWER-Chad appraised a property that
had an inoperative air conditioner at the date of the appraisal. Chad considered
the air conditioner as if it was working in the analysis, thus basing his opinions
and conclusions on a
Price - CORRECT ANSWER-Considered factual once stated, this is the amount
asked, offered or paid for a property.
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