MOCK EXAM USPAP QUESTIONS WITH CORRECT ANSWERS

MOCK EXAM USPAP QUESTIONS WITH
CORRECT ANSWERS

Prior iito iiaccepting iian iiassignment iior iientering iiinto iian iiagreement iito iiperform iiany
iiassignment, iithe iiappraiser iimust iihave iithe iiknowledge iiand iiexperience iito iicomplete
iithe iiassignment iior iithe iiappraiser iimust:


[] iiDisclose iithe iilack iioff iiknowledge iiand/or iiexperience iito iithe iiclient iibefore iiaccepting
iithe iiassignment


[] iiTake iiall iisteps iinecessary iior iiappropriate iito iicomplete iithe iiassignment iicompetently

[] iiDescribe iithe iilack iiof iiknowledge iiand/or iiexperience iiand iithe iisteps iitaken iito
iicomplete iithe iiassignment iicompetently iiin iithe iireport.


[] iiAll iiof iithe iiabove ii- iiCorrect iiAnswers ii-All iiof iithe iiabove

The iiappraiser iishould iiretain iihis/her iirecords iifor iian iiappraisal iifor iiat iileast: ii
[] ii2 iiyears
[] ii5 iiyears
[] ii7 iiyears
[] ii10 iiyears ii- iiCorrect iiAnswers ii-5 iiyears

The iiact iior iiprocess iiof iideveloping iian iiopinion iiof iivalue iior iian iiopinion iiof iivalue
iideveloped iiwithout iiinvoking iithe iiDEPARTURE iiRULE iiis iiconsidered:


[] iiA iiLimited iiAppraisal
[] iiA iiComplete iiAppraisal
[] iiA iiSummary iiAppraisal
[] iiA iiRestricted iiAppraisal ii- iiCorrect iiAnswers ii-A iiComplete iiAppraisal

The iiact iior iiprocess iiof iideveloping iian iiopinion iiof iivalue iior iian iiopinion iiof iivalue
iideveloped iiunder iiand iiresulting iifrom iiinvoking iithe iiDEPARTURE iiRULE iiis
iiconsidered:


[] iiA iiLimited iiAppraisal
[] iiA iiComplete iiAppraisal

, [] iiA iiRestricted iiAppraisal
[] iiA iiSummary iiAppraisal ii- iiCorrect iiAnswers ii-A iiLimited iiAppraisal

Which iiof iithe iifollowing iiare iitypically iiconsidered iilegally iicompetent iito iiconclude iithat
iithere iihas iibeen iia iiviolation iiof iiUSPAP?


[] iiAn iiindependent, iithird-party iireview iiappraiser
[] iiA iistate iilicensing/ iicertification iiagency
[] iiBoth iiA iiand iiB
[] iiNone iiof iithe iiabove ii- iiCorrect iiAnswers ii-A iiState iilicensing/ iicertification iiagency

Review iiappraisers iican iionly iiconclude iiand iireport iithat iithe iiappraisal iireport iiunder
iireview:


[] iiDoes iinot iicomply iiwith iithe iiRules, iirequirements iiand iispecifications iiof iiUSPAP

[] iiContains iino iireference, iimention, iior iicoverage iiof iirequired iiinformation iior
iidocumentation.


[] iiContains iino iievidence iior iisupport iifor iianalyses, iiopinions, iior iiconclusions iicontained
iiin iithe iiappraisal iireport iiunder iireview


[] iiAll iiof iithe iiabove ii- iiCorrect iiAnswers ii-All iiof iithe iiabove

A iicurrent iiversion iiof iiUSPAP iicontains iiten iiStatements iion iiAppraisal iiStandards ii(3 iiof
iiwhich iiare iiretired), iiwhich iihave ii_______ iiof/ iithan iia ii'Standards' iiRule.


[] iiFull iiWeight
[] iiLess iiWeight
[] iiNo iiWeight
[] iiNone iiof iithe iiabove ii- iiCorrect iiAnswers ii-Full iiWeight

Contains iia iiPreamble, ii5 iirules, iidefinitions, iiand ii_____ iiStandards.
[] ii5
[] ii6
[] ii10
[] ii12 ii- iiCorrect iiAnswers ii-10

The iifollowing iiis iitrue iiabout iiAdvisory iiOpinions

[] iiThe iiAdvisory iiOpinions iiare iia iipart iiof iiUSPAP iiand iicarry iias iimuch iiweight iias
iiStatements iion iiAppraisal iiStandards.


[] iiThe iiAdvisory iiOpinions iiare iinot iirelated iito iiUSPAP, iihowever iihave iithe iisame
iibinding iiweight iias iiStatements iion iiAppraisal iiStandards.