Exam (elaborations)
USPAP Exam: Questions With Verified Solutions
USPAP Exam: Questions With Verified Solutions
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USPAP Exam: Questions With Verified SolutionsAppraisers have broad _________ and significant _________ in determining the
appropriate scope of work in an assignment. Correct Ans - Flexibility,
responsibility
In order to determine the appropriate scope of work, the appraiser must
________ the problem to be solved. Correct Ans - identify
Identified by the appraiser on the basis of communication with the client
Correct Ans - Intended use
Examples of assignment conditions could include: (select the most complete
answer) Correct Ans - Laws and regulations
Extraordinary assumptions/ assumptions
Hypothetical conditions
jurisdictional assumptions
Identification of the intended use of an appraiser's opinions and conclusions
is: Correct Ans - Necessary for determining the appropriate scope of
work
Determining the scope of work requires: Correct Ans - Information
obtained through communication with the client
Exclusion of a valuation approach that is not applicable in a given assignment
is an example of: Correct Ans - A scope of work decision
The responsibility for the scope of work decision rests with the: Correct
Ans - appraiser
In an assignment, the scope of work is an ___________ process. Correct Ans -
ongoing
An appraiser must not allow client objectives to cause the assignment results
to be: Correct Ans - biased
, An appraiser's report must contain ____________ to allow intended users to
understand the scope of work performed. Correct Ans - sufficient
information
If a client's objectives result in an appraiser developing biased assignment
results: Correct Ans - The appraiser is solely responsible
true or false: Scope of work has no disclosure requirements. Correct Ans -
false
Exclusion of an approach that is not necessary for credible results in a given
assignment is a: Correct Ans - Scope of work decision
In reporting the scope of work under USPAP: Correct Ans - The report
must contain sufficient information so that intended users understand the
scope of work
An appraiser's peers are defined as other appraisers who: Correct Ans -
Have expertise and competency in a similar type of assignment
When a law or regulation precludes compliance with any part of USPAP,
appraisers must: Correct Ans - Comply with that law or regulation
What is the purpose of the JURISDICTIONAL EXCEPTION RULE? Correct
Ans - To preserve the balance of USPAP if compliance with a part of USPAP
is precluded by law or regulation
If an assignment involves a jurisdictional exception, what must an appraiser
do? Correct Ans - Identify the law, comply with the law, disclose in the
report the part of USPAP that is voided, and cite in the report the law that
caused the jurisdictional exception
As used in the JURISDICTIONAL EXCEPTION RULE, the term "law" includes
____________. Correct Ans - Constitutions, legislative and court-made law,
and administrative rules and ordinances
If a law or regulation precludes an appraiser with complying with a part of
USPAP: Correct Ans - A jurisdictional exception is automatically
created
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