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USPAP EXAM, FINAL EXAM, PRACTICE EXAM ,PROGRESS EXAM AND COURSE EXAM LATEST 2024/2025 ACTUAL EXAM TEST BANK QUESTIONS AND CORRECT DETAILED$15.99
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When an appraiser uses a Clearly and conspicuously state the use of the
hypothetical condition in an hypothetical condition in the report
appraisal, USPAP requires
the appraiser to:
Which term is defined as an Jurisdictional exception
assignment condition
established by applicable
law or regulation, which
precludes an appraiser from
complying with a part of
USPAP?
Which of these actions Research and selection of comparable sales
would be considered
significant appraisal
assistance when performed
by an appraiser?
An appraiser develops a Must state the reason for excluding the income
value opinion on a single- approach
unit dwelling and does not
develop the income
approach. In the Appraisal
Report prepared for the
assignment, the appraiser:
According to USPAP, what To gather information about the characteristics of a
is the primary reason for property that are relevant to its value
inspecting a property that is
the subject of an appraisal?
,Robert agrees to appraise a Robert should contact the client as soon as possible and
split-level home in a town explain that he lacks the knowledge and experience to
100 miles south of his office. complete the assignment competently. If he feels he can
While he is not generally obtain the required level of competency, and the client
familiar with that area, allows him, then Robert may proceed with the
Robert rationalizes: "I have assignment.
appraised houses like this
one for 20 years. How hard
could it be?"
When Robert pulls up to
the house, he notices the
subject is in a gated
community. Robert had
never appraised a property
in a gated community. As
Robert inspected the
interior of the subject he
noted several items and
finishes with which he was
not familiar: marble floor
coverings; upscale, built-in
freezers; and a wine cellar.
As Robert exits the back
door, he notices the subject
property fronts on a river.
While this river does not
connect directly with the
ocean, it does connect with
a network of streams that
do, ultimately lead to the
ocean.
Robert is quite concerned.
He has had no experience
appraising a house with
some of the features he has
seen; and he has never
appraised wat
,The SCOPE OF WORK The client and other intended users understand the
RULE states that an scope of work performed by the appraiser
appraisal or appraisal
review report must contain
sufficient information so
that:
You have reviewed the Do not sign the report, and explain that the review
appraisal of a house in a process is separate and distinct from the appraisal under
suburban area that was review
performed for an estate.
The effective date was the
date of inspection. You note
in your review report that
the proper effective date
should have been the date
of death of the deceased,
and submit the review to
your client. Two weeks later
the client calls you. They
thank you for the review,
and note that they cannot
reach the original appraiser.
They need the appraisal
very soon, and ask that, as
part of the review process,
you alter the appraisal
report under review to
change the effective date,
and then sign the report
certification. What should
you do?
, If an appraiser has agreed Three years
with a client to keep the
existence of an assignment
confidential, how long must
the appraiser wait before
agreeing to perform
another assignment on the
same property?
A trainee appraiser provides Summarize the extent of the assistance somewhere in
significant appraisal the report
assistance to a senior
appraiser. The trainee
appraiser does not sign the
certification, but instead the
trainee appraiser's name is
listed in the certification as
having provided significant
assistance. What else is the
senior appraiser required to
do in order to meet USPAP
requirements for disclosing
significant appraisal
assistance in an Appraisal
Report?
An individual is both a real The kitchen design service performed on the property
estate appraiser and a must be disclosed.
kitchen designer. He has
been asked to appraise a
property in which he
designed the kitchen one
year ago. Regarding this
situation, which statement is
TRUE?
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