USPAP Course Exam; Questions and Answers
(A+)
Does a "jurisdictional exception" allow an appraiser to disregard the requirements of USPAP?
Yes or No Answer-Yes
The JURISDICTIONAL EXCEPTION RULE provides for the situation in which parts of USPAP may
be precluded by law or regulation in certain...
USPAP Course Exam; Questions and Answers (A+) Does a "jurisdictional exception" allow an appraiser to disregard the requirements of USPAP? Yes or No Answer -Yes The JURISDICTIONAL EXCEPTION RULE provides for the situation in which parts of USPAP may be precluded by law or regulation in certain jurisdictions. The ______ Rule sets forth the requirements for integrity, impartiality, objectivity, independent judgement and ethical content. Answer -Ethics In the __________, data and analyses provided by a reviewer to support a different opinion must be consistent with the reporting standard. Answer -Appraisal Review Report An appraiser's opinions and conclusions developed specific to an assignment is called what? Answer -Assignment Results A month after you submit the appraisal to your client, he asks you to discount your fee because his loan did not close. Does USPAP allow this? Answer -No Is it acceptable to readdress or transfer a completed appraisal report? yes or no Answer -
No. Once a report has been prepared for a named client or clients, the appraiser cannot readdress or transfer the report to another party. Simply changing the client name on the report cannot change or replace the original appraiser -client relationship. Theref ore, this action is misleading. USPAP Course Exam; Questions and Answers (A+) However, you can consider the request as a new assignment. In so doing, you may establish a new appraiser -client relationship and appraise the property for this new client. Which of the examples below an example of "substantial error of omission? .*Omitting the Highest & Best Use. *An appraiser making a mistake on how many units are in an apartment complex he is valuing. *Not including the engagement letter in the addenda. *Including the wrong flood map. Answer -Omitting the Highest & Best Use. What Rule mandates that an appraiser must have a workfile in existence prior to the issuance of any report is contained in which part of USPAP? Answer -Record Keeping Rule The party or parties who engage, by employment or contract, an appraiser in a specificassignment is called a _____________. Answer -Client Is it true that Advisory Opinions are not part of USPAP? False or True Answer -True The Advisory Opinions, which are included in the same publication as the Rules, Standards, and Statements, are identified as a form of other communications issued by the Appraisal Standards Board (ASB). Just like Frequently Asked Questions, Advisory Opinio ns are published to illustrate USPAP Course Exam; Questions and Answers (A+) the applicability of appraisal standards in specific situations and to offer advice from the ASB for the resolution of appraisal issues and problems. I am currently working in an appraisal firm as a trainee. As part of my training I contribute significant real property appraisal assistance in appraisal assignments performed by other appraisers in the firm, but I do not sign the appraisal report or the c ertification. I understand that my name must be stated in the certification.Must the certification include a description of my assistance? Yes or No Answer -No. A description of your assistance or contribution to the assignment is not required in the certification. However, in accordance with Standards Rule 2 -2(a)(vii) and (b)(vii) the extent of the assistance must be summarized or stated (depending on the reporting option used) within the report. This required disclosure could be included within the certification, b ut it could also be included in some other section of the report When an appraiser makes a minor revision to a completed report that does not affect the value, what must he or she do with the effective date and the report date? Answer -Revise the report date but leave the effective date unchanged. I have been asked by a client to prepare a Restricted Appraisal Report that he plans to provide to another intended user. Does USPAP allow me to use this report option in such a circumstance?
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