Exam (elaborations)
National Uniform Standards Of Professional Appraisal Practice: Q&A
National Uniform Standards Of Professional Appraisal Practice: Q&A
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National Uniform Standards Of ProfessionalAppraisal Practice: Q&A
Which entity is responsible for establishing education and experience
requirements for licensing and certification of appraisers? Correct Ans -
Appraiser Qualifications Board (AQB)
The guidance issued by the Appraisal Practices Board is considered:
Correct Ans - Voluntary
USPAP is developed, interpreted, and amended by the: Correct Ans -
Appraisal Standards Board (ASB)
The Appraisal Standards Board (ASB) develops, interprets, and amends
USPAP.
Advisory Opinions are best described as Correct Ans - not part of
USPAP, but included as reference material
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?
Maintaining a national registry of licensed and certified appraisers
Monitoring the practices, procedures, and activities of The Appraisal
Foundation
Monitoring each state's appraiser licensing and certification program
Developing, amending, and interpreting USPAP Correct Ans -
Developing, amending, and interpreting USPAP
Under FIRREA, USPAP is enforced by: Correct Ans - State appraiser
licensing/certification agencies
The responsibility of enforcing USPAP is provided to the individual state
appraiser licensing and certification agencies.
Which entity maintains the official national registry of state-certified and
licensed appraisers? Correct Ans - Appraisal Subcommittee (ASC)
,The Appraisal Subcommittee maintains a registry of all licensed and certified
appraisers in the United States. States submit the registry fees using funds
collected from appraisers.
Who is responsible for issuing credentials to individual appraisers?
Correct Ans - State appraisal regulatory agencies
State appraiser regulatory agencies are responsible for receiving and
processing applications for licensure and certification, and for issuing
credentials to qualified individuals.
The first step in the appraisal process is: Correct Ans - Identify the
problem
Which step in the appraisal process involves communication of the
appraiser's opinions and conclusions?
Receipt of fee from the client
Reporting
Determination of scope of work
Identification of the problem Correct Ans - Reporting
In USPAP, the appraisal process is divided into two distinct types of activity:
_________ and __________.
Opinion, conclusion
New, old
Development, reporting
Analysis, appraisal Correct Ans - Development, reporting
Currently, the boards within The Appraisal Foundation include: Correct
Ans - Appraisal Standards Board, Appraiser Qualifications Board,
Appraisal Practices Board, Board of Trustees
Which independent board was created within The Appraisal Foundation in
2010? Correct Ans - Appraisal Practices Board (APB)
Which statement is TRUE regarding The Appraisal Foundation and USPAP
enforcement authority?
,The Appraisal Foundation may take action against individual appraisers who
violate USPAP.
The Appraisal Foundation does not have the authority to enforce the
requirements of USPAP.
The Appraisal Subcommittee provides The Appraisal Foundation with the
authority to enforce USPAP. Correct Ans - The Appraisal Foundation
does not have the authority to enforce the requirements of USPAP.
The Appraisal Foundation is a private entity. TAF and its boards have no
enforcement authority in any jurisdiction.
A preference or inclination that precludes an appraiser's impartiality,
independence, or objectivity is: Correct Ans - Bias
An appraiser is not permitted to be ____________ when performing an appraisal.
Correct Ans - An advocate
An appraiser must be impartial and cannot advocate the cause or interest of
any party or issue.
If an appraiser assumes a condition to be true that does not exist for the
purposes of analysis, this is an example of: Correct Ans - A
hypothetical condition
A hypothetical condition is used to appraise a property under a condition
contrary to known fact.
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: Correct Ans -
An extraordinary assumption
The terms extraordinary assumption and hypothetical condition: Correct
Ans - Have different meanings within USPAP
These two terms are often misused by appraisers and users of appraisal
services. Sometimes the terms are (mistakenly) used interchangeably, but
they are not the same.
, 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: Correct Ans - Cost
Cost is the amount required to create, produce, or obtain a property. Cost is a
fact, or an estimate of fact.
"The monetary relationship between properties and those who buy, sell or
use those properties" is the definition of: Correct Ans - Value
Which of these statements is TRUE about the USPAP definition of client?
The client may engage the appraiser through an agent.
The client must personally engage the appraiser.
The client must be an individual, not a group or entity. Correct Ans -
The client may engage the appraiser through an agent.
According to USPAP, the party or parties who engage an appraiser in a specific
assignment defines the: Correct Ans - Client
Who makes the identification of the intended use in an assignment?
Correct Ans - The appraiser
Which statement about intended users is TRUE?
The client is always an intended user.
An appraiser may retroactively add an intended user after an assignment has
been completed.
The client must be the only identified intended user. Correct Ans - The
client is always an intended user.
A workfile must be maintained for: Correct Ans - All appraisal and
appraisal review assignments
Which is the broader category of services?
Valuation Services
Appraisal Practice Correct Ans - Valuation Services
In USPAP, each Standard is composed of: Correct Ans - Standards
Rules
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