USPAP PRACTICE TEST
STANDARD 2 contains standards for:
a. Real property appraisal review assignments
b. Development and reporting of real property appraisals
c. Reporting the results of real property appraisals *
d. Development of real property appraisals - CORRECT ANSWER-Reporting the
results of real property appraisals
The DEFINITIONS in USPAP:
a. Are superseded by definitions in standard English dictionaries
b. Are all taken from legal dictionaries
c. Were established by FIRREA
d. Apply only in the context of USPAP - CORRECT ANSWER-Apply only in the
context of USPAP
The Comments in USPAP:
a. Are advisory materials for guidance only
b. Are extensions of the DEFINITIONS, Rules and Standards Rules
c. Are provided to link USPAP to other requirements
d. Cite specific administrative applications of USPAP - CORRECT ANSWER-Are
extensions of the DEFINITIONS, Rules and Standards Rules
The Appraisal Subcommittee is:
a. A government agency
b. A professional association for appraisers
c. A professional association of users of appraisal services
d. An education and research trust - CORRECT ANSWER-A government agency
Which of the following administers appraiser regulations per FIRREA?
a. The Appraisal Subcommittee
b. The Appraisal Foundation
c. State regulatory agencies
d. The Appraisal Standards Board - CORRECT ANSWER-State regulatory
agencies
The Appraisal Foundation is:
,a. A professional association for appraisers
b. A professional association of users of appraisal services
c. A government agency
d. An education and research trust - CORRECT ANSWER-An education and
research trust
The Dodd-Frank Act:
a. Replaced FIRREA
b. Repealed FIRREA
c. Added to the requirements of FIRREA
d. Is unrelated to FIRREA - CORRECT ANSWER-Added to the requirements of
FIRREA
The ASB considers suggestions for changes to USPAP from:
a. Appraisers only
b. Only employees of the federal government and banking regulatory agencies
c. Appraisers, users of appraisal services, regulators, and others
d. Appraisal regulators only - CORRECT ANSWER-Appraisers, users of
appraisal services, regulators, and others
When exposing proposed changes to USPAP, the ASB provides a minimum
________ comment period on exposure drafts.
a. 30-day
b. 90-day
c. 6-month
d. 2-year - CORRECT ANSWER-30-day
You want to provide comments on a proposed change to USPAP but the written
comment period expired last week. What can you do?
a. Provide oral comments at the ASB's public meeting
b. Nothing; you are out of luck
c. Submit a formal request for an extension of the comment period
d. Contact your elected representative in the U.S. House of Representatives -
CORRECT ANSWER-Provide oral comments at the ASB's public meeting
You submit a comment letter to The Appraisal Foundation regarding a proposed
change to USPAP. What will TAF do with the letter?
, a. Destroy it after the 5-year record retention period
b. Maintain it in a permanent file
c. Distribute it to Board members, who may read it at their discretion
d. Keep its contents strictly confidential - CORRECT ANSWER-Maintain it in a
permanent file
The ASB is considering public comment letters on one of its Exposure Drafts.
When considering these comments, the ASB's primary focus is:
a. The reasoning and insight presented in the letter
b. Whether or not the author of the letter is a member of a sponsoring
organization of the Foundation
c. The license level of the author of the letter
d. How many other commenters have the same opinion - CORRECT
ANSWER-The reasoning and insight presented in the letter
An appraiser is completing an appraisal for a property owner, the client. The
owner asks the appraiser to transmit the assignment results to his attorney
instead of him and the appraiser does so. Which statement is TRUE regarding
this situation?
a. The attorney is required by USPAP to transmit the report to the client.
b. The appraiser has transmitted a report as defined by USPAP.
c. The appraiser must add the attorney's name in the report as an additional
intended user.
d. The appraiser is required by USPAP to transmit the report directly to the
property owner/client. - CORRECT ANSWER-The appraiser has transmitted a
report as defined by USPAP.
May an appraiser prepare an appraisal review report and transmit it to a party
other than the client?
a. Yes, the report may be transmitted to a party authorized by the client
b. Yes, appraisal review reports are not confidential and therefore may be
transmitted to any party for any reason
c. No, if it is transmitted to a party other than the client, it is not a report
d. No, the appraiser must maintain strict confidentiality and may therefore not
transmit the report to anyone other than the client - CORRECT ANSWER-Yes,
the report may be transmitted to a party authorized by the client
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 TUTORSON. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
