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Chapter 8 Uniform Standards of Professional Appraisal Practice questions with answers.
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Chapter 8 Uniform Standards ofProfessional Appraisal Practice
questions with answers.
Which entity develops the education and experience criteria used to establish state minimums for
appraiser license and certification credentialing? ANS - Appraiser Qualifications Board
When reporting real property appraisal assignment results, the appraiser must report the effective date
of the value opinion and what other date? ANS - date the completed report was transmitted to the
client
Advisory Opinions in the USPAP publication ANS - illustrate the applicability of USPAP in specific
situations.
An expectation to perform valuation services competently and in a manner that is independent,
impartial, and objective define ANS - an appraiser.
What assignment condition would initiate the use of a jurisdictional exception? ANS - a conflict
between the requirements of USPAP and an area's law or regulation
The SCOPE OF WORK RULE applies to ANS - appraisal and appraisal review assignments.
An appraiser has been asked to evaluate the quality and credibility of an appraisal review report that
included the reviewer's own opinion of value for the property in the original appraisal. What is the
subject of this assignment? ANS - an appraisal review report
What step in the valuation process requires the appraiser to consider the type and extent of research
and analyses the appraiser performs? ANS - scope of work
, Which assignment condition should be used when an appraiser encounters an assignment-specific
situation that involves uncertain information as of the effective date, which if found to be false, could
alter the appraiser's conclusions? ANS - extraordinary assumption
In an appraisal assignment an appraiser must take reasonable steps to safeguard access by unauthorized
persons to confidential information and what else? ANS - assignment results
Under what condition would an appraiser use an extraordinary assumption in an appraisal review
assignment? ANS - if it's required to properly develop credible review opinions and conclusions
A client is proposing to renovate an existing office complex and needs the appraisal to include the value
of the buildings as if the renovation is complete. In this assignment, what assignment condition must the
appraiser use for the renovated value of the buildings? ANS - hypothetical condition
What is true about the use of extraordinary assumptions and hypothetical conditions in an appraisal
assignment? ANS - The appraisal report must clearly and conspicuously disclose them.
Which entity is focused on developing, interpreting, and improving the Uniform Standards of
Professional Appraisal Practice (USPAP)? ANS - Appraisal Standards Board
The PREAMBLE states the purpose of USPAP is to ANS - promote and maintain a high level of public
trust in appraisal practice by establishing requirements for appraisers.
For a business value assignment involving an interest in a regional mall, which of the following is NOT a
characteristic of the subject that an appraiser must identify and analyze while developing a value
opinion? ANS - appropriate market area and time frame
What type of assignment requires a reasonable exposure time opinion to be developed by the
appraiser? ANS - when the value developed includes reasonable exposure time in its definition
What is always presumed in an assignment that requires an opinion of reasonable exposure time? ANS -
Exposure time precedes the effective date of the appraisal.
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