USPAP Practice Test
The PREAMBLE states the purpose of USPAP is to maintain public ___ in the
appraisal practice by establishing requirements for appraisers. - CORRECT
ANSWER-trust
USPAP benefits providers of appraisal services and - CORRECT
ANSWER-users of appraisal services.
Which is NOT considered significant real property appraisal assistance? -
CORRECT ANSWER-collecting employment data for use in analysis
A valuation service performed by an individual acting as an appraiser requires
the appraiser to - CORRECT ANSWER-inquire about the intended user's
expectations.
When an individual is performing valuation services outside of appraisal practice,
that individual must be careful to - CORRECT ANSWER-not misrepresent his
role.
When choosing to provide a valuation service as an appraiser or in some other
capacity, great care must be taken to - CORRECT ANSWER-maintain public
trust.
A real property appraiser teaching appraisal is engaged in - CORRECT
ANSWER-appraisal practice with no applicable Standards (1-10).
A lender has telephoned an appraiser to determine the high and low sales prices
in the past year that took place in the Green Hills Subdivision. No mention was
made of a subject property by the lender. The appraiser has supplied a list of all
of the sales within the past year in the subdivision and billed the lender for
service. The service being provided by the appraiser is - CORRECT
ANSWER-appraisal practice with no performance standards or record keeping
requirements.
In accordance with USPAP, which is NOT an expectation when acting in the role
of an appraiser? - CORRECT ANSWER-holding a state license or certification
, Compliance with USPAP is required when obligated by - CORRECT
ANSWER-agreement, law, or regulation.
When an appraiser is providing a service other than an appraisal or appraisal
review, which would NOT apply? - CORRECT ANSWER-RECORD KEEPING
RULE
Zachary's client instructs him to report a specific property value as a condition of
the assignment. The assignment - CORRECT ANSWER-is a violation of the
ETHICS RULE.
Which of these activities does the Conduct section of the ETHICS RULE
prohibit? - CORRECT ANSWER-criminal conduct
Jack appraised a residential dwelling that is located across the street from a
factory that he determined is negatively affecting the value of the subject
property. Jack applied a location adjustment in his sales comparison approach.
However, the client asked that the factory not be discussed in the appraisal
report. Since Jack addressed the condition with an adjustment, has he complied
with USPAP? - CORRECT ANSWER-no, omitting the discussion could produce a
misleading report
Anthony received an appraisal assignment for a property that was previously
appraised by him. He understands that be must handle confidential information
appropriately. What else must Anthony do? - CORRECT ANSWER-make proper
disclosure regarding the prior assignment
Marcus was hired to appraise a home that be had previously appraised one year
ago. May Marcus accept the assignment? - CORRECT ANSWER-yes, as long
as he discloses the previous service on the property to the client and in the
subsequent report certification
A real property appraiser has paid a fee to procure an appraisal assignment.
According to the Management section of the ETHICS RULE, where must the fee
be disclosed? - CORRECT ANSWER-in the certification and any transmittal letter
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