Uspap quiz| 50 questions| with complete solutions

1.) Which of the following establishes minimum criteria for real property appraiser certification and licensing? CORRECT ANSWERS: aqb 2.) USPAP is enforced by: CORRECT ANSWERS: state regulatory agencies and professional appraisal organizations. 3.) Why are Advisory Opinions issued? CORRECT ANSWERS: To illustrate the applicability of appraisal standards 4.) Which of the following best describes a Comment to a Standards Rule? CORRECT ANSWERS: 5.) Which one of the following is an assignment condition? CORRECT ANSWERS: 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 ANSWERS: confidential information. 7.) Appraisal practice is defined as: CORRECT ANSWERS: only valuation services that include an appraisal or appraisal review. 8.) Credibility is judged in the context of the: CORRECT ANSWERS: competency of the appraiser. 9.) Credible is defined as: CORRECT ANSWERS: deserving of trust. 10.) The party or parties who engage an appraiser in a specific assignment defines the: CORRECT ANSWERS: client 11.) A tangible object that is NOT real estate is: CORRECT ANSWERS: 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 ANSWERS: 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 ANSWERS: a hypothetical condition. 14.) The purpose of USPAP is to: CORRECT ANSWERS: promote and maintain a high level of public trust.