Exam (elaborations)
USPAP EXAM __QUESTIONS/ANSWERS
USPAP EXAM __QUESTIONS/ANSWERS
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USPAP EXAM __QUESTIONS/ANSWERS1.) Which of the following establishes minimum criteria for real property
appraiser certification and licensing? Correct Ans - aqb
2.) USPAP is enforced by: Correct Ans - state regulatory agencies and
professional appraisal organizations.
3.) Why are Advisory Opinions issued? Correct Ans - To illustrate the
applicability of appraisal standards
4.) Which of the following best describes a Comment to a Standards Rule?
Correct Ans -
5.) Which one of the following is an assignment condition? Correct Ans -
Extraordinary assumption
6.) An appraiser has received an assignment to appraise several collections
where only one representative piece is available to be viewed for each
collection. The appraiser has been advised that the collections are complete.
The appraiser agrees to perform the assignment. The report MUST include the
disclosure of the use of: Correct Ans - confidential information.
7.) Appraisal practice is defined as: Correct Ans - only valuation
services that include an appraisal or appraisal review.
8.) Credibility is judged in the context of the: Correct Ans - competency
of the appraiser.
9.) Credible is defined as: Correct Ans - deserving of trust.
10.) The party or parties who engage an appraiser in a specific assignment
defines the: Correct Ans - client
11.) A tangible object that is NOT real estate is: Correct Ans - personal
property.
, 12.) Under USPAP, confidential information is information that is classified as
confidential or private by law or regulation or information the appraiser:
Correct Ans - receives from the client and is identified by the client as
confidential and is not available from other sources.
13.) That which is contrary to what is known by the appraiser to exist on the
effective date of the assignment results, but is supposed for the purpose of
analysis is: Correct Ans - a hypothetical condition.
14.) The purpose of USPAP is to: Correct Ans - promote and maintain a
high level of public trust.
15.) An appraiser is asked to submit an estimate of the cost of construction for
a proposed new house to a lender. This is: Correct Ans -
16.) An appraiser agrees to prepare a market study for a client. The study will
analyze supply and demand for a property but will not include a value
opinion. The assignment is: Correct Ans -
17.) An appraiser must perform assignments with: Correct Ans -
impartiality, objectivity, and independence without the accommodation of
personal interests.
18.) An appraiser has been asked to appraise a property. If the appraiser has
performed any service relating to the property within a three-year period
immediately preceding agreeing to perform the assignment, the appraiser
must: Correct Ans - disclose the prior service to the client and in the
report certification.
19.) The ETHICS RULE states that the appraiser must: Correct Ans -
promote and preserve the public trust inherent in appraisal practice.
20.) An electronic signature may be used only if the: Correct Ans -
appraiser applies it or generally authorizes another individual to apply the
signature for any assignment.
21.) Prior to agreeing to perform any appraisal assignment requiring specific
knowledge the appraiser lacks, the appraiser must: Correct Ans - d
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