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USPAP 15-hour Course Exam Questions with Complete Solutions Graded A+
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USPAP 15-hour Course Exam Questions with Complete Solutions Graded A+
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USPAP 15-hour CourseExam Questions and
Complete Solutions
Graded A+
The concept of public trust means that an appraiser must act: - Answer: in the public's interest
USPAP establishes standards that are applicable in the appraisal of: - Answer: real property, intangible
property, and personal property
Which statement is TRUE regarding The Appraisal Foundation and USPAP enforcement authority? -
Answer: The Appraisal Foundation does not have the authority to enforce the requirements of USPAP.
Which entity is responsible for establishing education and experience requirements for licensing and
certification of appraisers? - Answer: Appraiser Qualifications Board (AQB)
Qualification criteria for appraiser certification and recertification are disseminated to state appraisal
boards by the: - Answer: Appraiser Qualifications Board (AQB)
Which entity appoints members of the Foundation's independent Boards? - Answer: Board of Trustees
(BOT)
USPAP is developed, interpreted, and amended by the: - Answer: Appraisal Standards Board (ASB)
Advisory Opinions are best described as - Answer: Not part of USPAP, but included as reference material
,The ASB is considering comment letters written by members of the public regarding a proposed revision
to USPAP. When reviewing these comment letters, the ASB focuses on: - Answer: The reasoning and
insight presented in the letter
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - Answer: Developing, amending,
and interpreting USPAP
Who is responsible for issuing credentials to individual appraisers? - Answer: State appraisal regulatory
agencies
Under FIRREA, USPAP is enforced by: - Answer: State appraiser licensing/certification agencies
Which entity maintains the official national registry of state-certified and licensed appraisers? - Answer:
Appraisal Subcommittee (ASC)
In USPAP, the appraisal process is divided into two distinct types of activity: _________ and __________.
- Answer: development, reporting
Which step in the appraisal process involves communication of the appraiser's opinions and
conclusions? - Answer: reporting
The first step in the appraisal process is: - Answer: Identify the problem
A preference or inclination that precludes an appraiser's impartiality, independence, or objectivity is: -
Answer: bias
An appraiser is not permitted to be ____________ when performing an appraisal. - Answer: an advocate
conveys a mental state that does not favor one side over another at the outset of an investigation is
what? - Answer: impartiality
, representing the cause or interest of another, even if that cause or interest does not necessarily coincide
with one's own beliefs, opinions, conclusions, or recommendations is what? - Answer: advocacy
If an appraiser assumes a condition to be true, and evidence supports that belief, although that fact is
not certain, this is an example of: - Answer: an extraordinary assumption
If an appraiser assumes a condition to be true that does not exist for the purposes of analysis, this is an
example of: - Answer: hypothetical condition
The terms extraordinary assumption and hypothetical condition: - Answer: Have different meanings
within USPAP
By using a published cost manual, an appraiser determines that the construction cost of a 2,500 square
foot dwelling is $400,000. This figure represents the dwelling's: - Answer: cost
"The monetary relationship between properties and those who buy, sell or use those properties" is the
definition of: - Answer: value
Which of these statements is TRUE about the USPAP definition of client? - Answer: The client may
engage the appraiser through an agent.
Which statement about intended users is TRUE? - Answer: The client is always an intended user
Who makes the identification of the intended use in an assignment? - Answer: the appraiser
An intended user is: - Answer: A party who is identified by the appraiser based on communication with
the client at the time of the assignment
A real estate broker completes a Comparative Market Analysis (CMA) on a property that he wants to list
for sale. What would this be considered? - Answer: a valuation service
Which is the broader category of services? - Answer: valuation services
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