Exam (elaborations)
USPAP PRACTICE TEST QUESTIONS AND ANSWERS
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Exam of 17 pages for the course USPAP at USPAP (USPAP PRACTICE TEST)
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USPAP PRACTICE TESTSTANDARD ii2 iicontains iistandards iifor:
a. iiReal iiproperty iiappraisal iireview iiassignments
b. iiDevelopment iiand iireporting iiof iireal iiproperty iiappraisals
c. iiReporting iithe iiresults iiof iireal iiproperty iiappraisals ii*
d. iiDevelopment iiof iireal iiproperty iiappraisals ii- iiCorrect iiAnswers ii-Reporting iithe
iiresults iiof iireal iiproperty iiappraisals
The iiDEFINITIONS iiin iiUSPAP:
a. iiAre iisuperseded iiby iidefinitions iiin iistandard iiEnglish iidictionaries ii
b. iiAre iiall iitaken iifrom iilegal iidictionaries ii
c. iiWere iiestablished iiby iiFIRREA
d. iiApply iionly iiin iithe iicontext iiof iiUSPAP ii- iiCorrect iiAnswers ii-Apply iionly iiin iithe
iicontext iiof iiUSPAP
The iiComments iiin iiUSPAP:
a. iiAre iiadvisory iimaterials iifor iiguidance iionly
b. iiAre iiextensions iiof iithe iiDEFINITIONS, iiRules iiand iiStandards iiRules ii
c. iiAre iiprovided iito iilink iiUSPAP iito iiother iirequirements
d. iiCite iispecific iiadministrative iiapplications iiof iiUSPAP ii- iiCorrect iiAnswers ii-Are
iiextensions iiof iithe iiDEFINITIONS, iiRules iiand iiStandards iiRules
The iiAppraisal iiSubcommittee iiis:
a. iiA iigovernment iiagency ii
b. iiA iiprofessional iiassociation iifor iiappraisers
c. iiA iiprofessional iiassociation iiof iiusers iiof iiappraisal iiservices
d. iiAn iieducation iiand iiresearch iitrust ii- iiCorrect iiAnswers ii-A iigovernment iiagency
Which iiof iithe iifollowing iiadministers iiappraiser iiregulations iiper iiFIRREA?
a. iiThe iiAppraisal iiSubcommittee
b. iiThe iiAppraisal iiFoundation
c. iiState iiregulatory iiagencies ii
d. iiThe iiAppraisal iiStandards iiBoard ii- iiCorrect iiAnswers ii-State iiregulatory iiagencies
The iiAppraisal iiFoundation iiis:
a. iiA iiprofessional iiassociation iifor iiappraisers
b. iiA iiprofessional iiassociation iiof iiusers iiof iiappraisal iiservices
,c. iiA iigovernment iiagency
d. iiAn iieducation iiand iiresearch iitrust ii- iiCorrect iiAnswers ii-An iieducation iiand iiresearch
iitrust
The iiDodd-Frank iiAct:
a. iiReplaced iiFIRREA
b. iiRepealed iiFIRREA
c. iiAdded iito iithe iirequirements iiof iiFIRREA
d. iiIs iiunrelated iito iiFIRREA ii- iiCorrect iiAnswers ii-Added iito iithe iirequirements iiof
iiFIRREA
The iiASB iiconsiders iisuggestions iifor iichanges iito iiUSPAP iifrom: ii
a. iiAppraisers iionly ii
b. iiOnly iiemployees iiof iithe iifederal iigovernment iiand iibanking iiregulatory iiagencies ii
c. iiAppraisers, iiusers iiof iiappraisal iiservices, iiregulators, iiand iiothers ii
d. iiAppraisal iiregulators iionly ii- iiCorrect iiAnswers ii-Appraisers, iiusers iiof iiappraisal
iiservices, iiregulators, iiand iiothers
When iiexposing iiproposed iichanges iito iiUSPAP, iithe iiASB iiprovides iia iiminimum
ii________ iicomment iiperiod iion iiexposure iidrafts. ii
a. ii30-day
b. ii90-day ii
c. ii6-month ii
d. ii2-year ii- iiCorrect iiAnswers ii-30-day
You iiwant iito iiprovide iicomments iion iia iiproposed iichange iito iiUSPAP iibut iithe iiwritten
iicomment iiperiod iiexpired iilast iiweek. iiWhat iican iiyou iido? ii
a. iiProvide iioral iicomments iiat iithe iiASB's iipublic iimeeting
b. iiNothing; iiyou iiare iiout iiof iiluck ii
c. iiSubmit iia iiformal iirequest iifor iian iiextension iiof iithe iicomment iiperiod ii
d. iiContact iiyour iielected iirepresentative iiin iithe iiU.S. iiHouse iiof iiRepresentatives ii-
iiCorrect iiAnswers ii-Provide iioral iicomments iiat iithe iiASB's iipublic iimeeting
You iisubmit iia iicomment iiletter iito iiThe iiAppraisal iiFoundation iiregarding iia iiproposed
iichange iito iiUSPAP. iiWhat iiwill iiTAF iido iiwith iithe iiletter? ii
a. iiDestroy iiit iiafter iithe ii5-year iirecord iiretention iiperiod ii
b. iiMaintain iiit iiin iia iipermanent iifile
c. iiDistribute iiit iito iiBoard iimembers, iiwho iimay iiread iiit iiat iitheir iidiscretion ii
d. iiKeep iiits iicontents iistrictly iiconfidential ii- iiCorrect iiAnswers ii-Maintain iiit iiin iia
iipermanent iifile
The iiASB iiis iiconsidering iipublic iicomment iiletters iion iione iiof iiits iiExposure iiDrafts.
iiWhen iiconsidering iithese iicomments, iithe iiASB's iiprimary iifocus iiis: ii
a. iiThe iireasoning iiand iiinsight iipresented iiin iithe iiletter
b. iiWhether iior iinot iithe iiauthor iiof iithe iiletter iiis iia iimember iiof iia iisponsoring
iiorganization iiof iithe iiFoundation ii
, c. iiThe iilicense iilevel iiof iithe iiauthor iiof iithe iiletter ii
d. iiHow iimany iiother iicommenters iihave iithe iisame iiopinion ii- iiCorrect iiAnswers ii-The
iireasoning iiand iiinsight iipresented iiin iithe iiletter
An iiappraiser iiis iicompleting iian iiappraisal iifor iia iiproperty iiowner, iithe iiclient. iiThe
iiowner iiasks iithe iiappraiser iito iitransmit iithe iiassignment iiresults iito iihis iiattorney
iiinstead iiof iihim iiand iithe iiappraiser iidoes iiso. iiWhich iistatement iiis iiTRUE iiregarding
iithis iisituation? ii
a. iiThe iiattorney iiis iirequired iiby iiUSPAP iito iitransmit iithe iireport iito iithe iiclient. ii
b. iiThe iiappraiser iihas iitransmitted iia iireport iias iidefined iiby iiUSPAP.
c. iiThe iiappraiser iimust iiadd iithe iiattorney's iiname iiin iithe iireport iias iian iiadditional
iiintended iiuser. ii
d. iiThe iiappraiser iiis iirequired iiby iiUSPAP iito iitransmit iithe iireport iidirectly iito iithe
iiproperty iiowner/client. ii- iiCorrect iiAnswers ii-The iiappraiser iihas iitransmitted iia iireport
iias iidefined iiby iiUSPAP.
May iian iiappraiser iiprepare iian iiappraisal iireview iireport iiand iitransmit iiit iito iia iiparty
iiother iithan iithe iiclient? ii
a. iiYes, iithe iireport iimay iibe iitransmitted iito iia iiparty iiauthorized iiby iithe iiclient ii
b. iiYes, iiappraisal iireview iireports iiare iinot iiconfidential iiand iitherefore iimay iibe
iitransmitted iito iiany iiparty iifor iiany iireason ii
c. iiNo, iiif iiit iiis iitransmitted iito iia iiparty iiother iithan iithe iiclient, iiit iiis iinot iia iireport ii
d. iiNo, iithe iiappraiser iimust iimaintain iistrict iiconfidentiality iiand iimay iitherefore iinot
iitransmit iithe iireport iito iianyone iiother iithan iithe iiclient ii- iiCorrect iiAnswers ii-Yes, iithe
iireport iimay iibe iitransmitted iito iia iiparty iiauthorized iiby iithe iiclient
An iiappraiser iimust iinot iiuse iior iicommunicate ii_________ iiknown iiby iithe iiappraiser iito
iibe iimisleading iior iifraudulent. ii
a. iiConfidential iiinformation ii
b. iiMLS iior iipublic iirecord iiinformation ii
c. iiA iireport iior iiassignment iiresults ii
d. iiNon-public iipersonal iiinformation ii- iiCorrect iiAnswers ii-A iireport iior iiassignment
iiresults
An iiappraiser iiprovides iia iimarket iianalysis iifor iia iiclient, iiwith iino iispecific iisubject
iiproperty. iiThe iiappraiser's iiresults iifor iithe iiassignment iiare iimisleading, iibecause iithe
iiappraiser iiignored iifactors iiin iithe iimarket iithat iiwould iiindicate iian iioversupply iiof
iiproperties iion iithe iimarket. iiInstead, iithe iiappraiser iicommunicates iiconclusions iito iithe
iiclient iithat iiindicate iisupply iiand iidemand iiare iiin iibalance iiand iiare iiexpected iito iiremain
iias iisuch. iiWhat iipart iiof iiUSPAP, iiif iiany, iihas iithe iiappraiser iiviolated? ii
a. iiSTANDARDS iiRULE ii1-3, iiwhich iiaddresses iithe iirequirements iifor iimarket iianalysis
iiin iian iiappraisal iiassignment ii
b. iiThe iiETHICS iiRULE, iias iithe iiappraiser iicommunicated iiassignment iiresults iithat
iiwere iiknown iito iibe iimisleading
c. iiThe iiappraiser iihas iinot iiviolated iiUSPAP iiin iithis iisituation ii
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