Exam (elaborations)
USPAP Exam: Questions With Verified Solutions
- Course
- Institution
USPAP Exam: Questions With Verified Solutions
[Show more]
Seller
Follow
LeCrae
Reviews received
Content preview
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LeCrae. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80796 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now