Exam (elaborations)
USPAP Hour National USPAP Update Course Exam Questions and Complete Solutions Graded A+
- Course
- Institution
USPAP Hour National USPAP Update Course Exam Questions and Complete Solutions Graded A+
[Show more]
Content preview
USPAP 2024-2025 7 HourNational USPAP Update
Course Exam Questions
and Complete Solutions
Graded A+
An appraiser is developing a market value opinion on a property that may have environmental
contamination, although the contamination status is uncertain. The appraiser uses an extraordinary
assumption to value the property as if uncontaminated. In the appraisal report prepared for this
assignment, must the appraiser use the label "Extraordinary Assumption?" - Answer: USPAP does not
require the use of the label "extraordinary assumption" or "hypothetical condition," although the use of
such labels may be helpful in enabling intended user understanding.
The term "person(s)" which appears in the Nondiscrimination section of the ETHICS RULE, includes: -
Answer:
Which statement is TRUE regarding STANDARD 6, which addresses reporting of mass appraisals? -
Answer:
An appraiser makes a personal inspection of a property on February 11th, develops a value conclusion,
and provides an oral report of the property's value on March 5th. On March 10th, the appraiser writes
up a summary of the oral report and a certification and inserts them in the workfile. What is the date of
report for this assignment? - Answer:
JT is an appraiser and a consultant, and is engaged by an attorney to provide litigation support in an
advocacy role. JT has not been asked to perform an appraisal or appraisal review assignment; rather, the
attorney wants JT, as a consultant, to assist in framing questions for cross-examination of an appraiser.
What are JT's USPAP obligations when performing in this role? - Answer:
,Eleven months ago, an appraiser completed an appraisal of a commercial property, and the scope of
work for this assignment included a personal inspection. Today, the appraiser is engaged by a different
client to perform another appraisal on this property. The client tells the appraiser that the property has
not meaningfully changed during the last year and instructs the appraiser to use information from the
prior inspection and not make a new inspection of the property. Does USPAP permit the appraiser to
certify in the new assignment report that they made a personal inspection of the subject property? -
Answer:
An appraiser has been engaged to value a residential property for a large mortgage lender. The client
engaged a professional property inspector to visit the property. The inspector sent the appraiser a
detailed report that included a floor plan, video clips, and high-definition photographs of every room in
the dwelling. The appraiser reviews this material carefully and develops an opinion of value. In the
appraisal report prepared for this assignment, may the appraiser certify that they made a personal
inspection of the subject property? - Answer:
A property that is the subject of an appraisal assignment was gifted from grandparents to grandchild 30
months previously. Is the appraiser required to analyze this prior transfer of the subject property? -
Answer:
Appraiser D performs an appraisal for an attorney for use in litigation. After Appraiser D delivers the
report, the employing attorney forwards a copy of the appraisal report performed by the other side's
appraiser (Appraiser X) to Appraiser D. The attorney asks Appraiser D to read the report and find all the
holes and problem areas which will enable the attorney to discredit it on cross-examination. Is Appraiser
D permitted by USPAP to do this? - Answer:
The ASB added a Nondiscrimination section to the ETHICS RULE for 2024. What was the reason why the
ASB took this action? - Answer:
An appraiser is valuing a property that is zoned R-1 Residential. The appraiser decides to value the
property under the extraordinary assumption that the property is zoned to allow commercial use. May
the appraiser complete this assignment using this extraordinary assumption as planned? - Answer:
According to the PREAMBLE, USPAP is promulgated for: - Answer:
,An appraiser is valuing a residential property. As part of the scope of work, the appraiser personally
views the exterior of the dwelling from the street but does not actually set foot on the property. In their
appraisal report, should the appraiser certify that they made a personal inspection of the subject
property? - Answer:
An appraiser develops an appraisal on a property and provides an oral a report to the client. The client
records the oral report and later produces a transcription of the report. The client provides a copy of this
transcription of the oral report to a third party. Does that third party become an intended user as a
result of receiving this transcription? - Answer:
In developing an appraisal of a vacant land property, an appraiser uses an extraordinary assumption. In
the Appraisal Report prepared for the assignment, the appraiser clearly and conspicuously discloses the
use of the extraordinary assumption. Does USPAP require the appraiser to meet any additional reporting
requirements associated with the use of this extraordinary assumption? - Answer:
Appraiser A is valuing a property for a residential lending transaction, and the appraiser determines that
the Fair Housing Act and ECOA are applicable to the assignment. Under what circumstance would the
appraiser be permitted by USPAP to use or rely on an otherwise protected characteristic in the
development of this appraisal? - Answer:
An appraiser values a residential property for a mortgage lender. In accordance with federal law, the
lender provides a copy of the appraisal report to the borrower. Does the borrower become an intended
user as a result of receiving this report copy? - Answer:
Which of these federal laws is specifically referenced in the Nondiscrimination section of the ETHICS
RULE? - Answer:
A residential appraiser agrees to perform an appraisal on real property for mortgage lending, for an
FHA-insured loan. The appraiser is engaged by an appraisal management company (AMC). Who is
responsible for determining what antidiscrimination laws apply to the assignment? - Answer:
A non-appraiser sends a comment letter to the ASB regarding a proposed change to USPAP. What will
happen with this letter? - Answer:
, Effective Dates of USPAP - Answer: Between 2008 and 2020, USPAP was on a two-year revision cycle.
For appraisers who have entered the profession since 2008, it may be surprising to learn that this was
not always the case. Many editions of USPAP were only effective for one year; others were effective for
18 months.
Who determines the effective date for each USPAP - Answer: The ASB determines the effective date that
is most appropriate for each edition of USPAP it adopts. The length of time an edition is effective has
changed numerous times over the years.
The new edition of USPAP has been released. Which statement is true regarding the effective date of
this new edition of USPAP? - Answer: The ASB determines when the edition of USPAP will be effective.
The ending effective date for the 2024 edition of USPAP is: - Answer: To be determined
USPAP Advisory Opinions are considered by the ASB to be: - Answer: Other communications, and not
part of USPAP
Why and How Changes are Made - Answer: Changes to USPAP reflect the current standards of the
profession; improve the clarity, understanding, and enforceability of USPAP; and promote and maintain
public trust in appraisal practice.
The process of revising USPAP is regimented and transparent. There is ample opportunity for
stakeholders and the public to participate in the process and provide feedback.
Here is a general outline of the process. The ASB... - Answer: ...develops and releases drafts for public
exposure
...reads and analyzes the comments received
...adopts changes to USPAP
Exposure Drafts - Answer: All proposed changes to USPAP are published in documents called exposure
drafts; these are formal proposals by the ASB to revise USPAP. These drafts are posted on the
Foundation's website and notice is sent to appraisers and other interested parties.
The exposure period for a draft is never less than 30 days and is often 45-60 days after the distribution
date, unless the ASB specifies otherwise. For information on how to respond to an exposure draft, visit
the Foundation's website at www.appraisalfoundation.org.
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 YourExamplug. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80467 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now