Exam (elaborations)
USPAP EXAM: QUESTIONS & ANSWERS
USPAP EXAM: QUESTIONS & ANSWERS
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USPAP EXAM: QUESTIONS & ANSWERSIn the public's interest Correct Ans - The concept of public trust means
that an appraiser must act:
The Appraisal Foundation does not have the authority to enforce the
requirements of USPAP. Correct Ans - Which statement is TRUE
regarding The Appraisal Foundation and USPAP enforcement authority?
All of the listed property types Correct Ans - USPAP establishes
standards that are applicable in the appraisal of:
Appraiser Qualifications Board (AQB) Correct Ans - Qualification
criteria for appraiser certification and recertification are disseminated to state
appraisal boards by the:
Board of Trustees (BOT) Correct Ans - Which entity appoints
members of the Foundation's independent Boards?
Appraiser Qualifications Board (AQB) Correct Ans - Which entity is
responsible for establishing education and experience requirements for
licensing and certification of appraisers?
Appraisal Standards Board (ASB) Correct Ans - USPAP is developed,
interpreted, and amended by the:
not part of USPAP, but included as reference material Correct Ans -
Advisory Opinions are best described as
The reasoning and insight presented in the letter Correct Ans - 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:
Developing, amending, and interpreting USPAP Correct Ans - Which is
NOT a responsibility of the Appraisal Subcommittee (ASC)?
, Appraisal Subcommittee (ASC) Correct Ans - Which entity maintains
the official national registry of state-certified and licensed appraisers?
State appraisal regulatory agencies Correct Ans - Who is responsible
for issuing credentials to individual appraisers?
State appraiser licensing/certification agencies Correct Ans - Under
FIRREA, USPAP is enforced by:
Development, reporting Correct Ans - In USPAP, the appraisal process
is divided into two distinct types of activity: _________ and __________.
Cost Correct Ans - 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:
Value Correct Ans - The monetary relationship between properties
and those who buy, sell or use those properties" is the definition of:
Client Correct Ans - According to USPAP, the party or parties who
engage an appraiser in a specific assignment defines the:
The client may engage the appraiser through an agent. Correct Ans -
Which of these statements is TRUE about the USPAP definition of client?
A party who is identified by the appraiser based on communication with the
client at the time of the assignment Correct Ans - An intended user is:
The client is always an intended user. Correct Ans - Which statement
about intended users is TRUE?
The appraiser Correct Ans - Who makes the identification of the
intended use in an assignment?
Valuation services provided by an individual acting as an appraiser
Correct Ans - Appraisal practice includes only:
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