UPDATED 2024 15-HR NATIONAL USPAP COURSE QUESTIONS WITH COMPLETEANSWERS ALREADY PASSED AND GRADED A+
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Course
Uspap
Institution
Uspap
2024 15-HR NATIONAL USPAP COURSE QUESTIONS
WITH COMPLETEANSWERS ALREADY PASSED AND
GRADED A+
Which Foundation board is responsible for USPAP? - CORRECT ANSWER
Appraisal Standards Board (ASB)
Appraisal Subcommittee (ASC)
Consumer Financial Protection Bureau (CFPB)
Appraiser Qualifications B...
2024 15-HR NATIONAL USPAP COURSE QUESTIONS
WITH COMPLETEANSWERS ALREADY PASSED AND
GRADED A+
Which Foundation board is responsible for USPAP? - CORRECT ANSWER
Appraisal Standards Board (ASB)
Appraisal Subcommittee (ASC)
Consumer Financial Protection Bureau (CFPB)
Appraiser Qualifications Board (AQB)
The Appraisal Foundation has the authority to enforce the requirements of USPAP.
T or F - CORRECT ANSWER false
The Appraisal Foundation is a private entity. The Foundation and its boards have no
enforcement authority in any jurisdiction.
Currently, the boards within The Appraisal Foundation include: - CORRECT ANSWER
Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
Bias is permitted in an appraisal as long as the bias is clearly disclosed in the report. -
CORRECT ANSWER False
In appraisal practice, advocating the cause or interest of any party or issue is: -
CORRECT ANSWER Not permitted
Under the ETHICS RULE, an individual acting as an appraiser must not advocate the cause
or interest of any party or issue.
,2024 15-HR NATIONAL USPAP COURSE QUESTIONS
WITH COMPLETEANSWERS ALREADY PASSED AND
GRADED A+
The ethical obligations of USPAP apply to: - CORRECT ANSWER Individual
appraisers
USPAP does not apply to appraisal companies; however, the ETHICS RULE exhorts
appraisers who are employed by companies who do not conduct themselves in accordance
with USPAP to take whatever steps are appropriate to ensure USPAP compliance. USPAP
does not apply to appraisal clients.
An appraiser must disclose any service he or she provided regarding the subject property
for a period of _________ prior to agreeing to perform the assignment. - CORRECT
ANSWER Three years
An appraiser is disclosing to a client the fact that she had previously appraised the subject
property within the prior three years. When making this disclosure, the appraiser must be
careful to: - CORRECT ANSWER Not disclose confidential information from the
previous assignment
An appraiser has been asked to complete an appraisal assignment. The fee is to be paid
only if the loan closes. According to USPAP, may the appraiser accept the assignment
under these conditions? - CORRECT ANSWER No, the fee arrangement is an
unethical contingency arrangement and violates the ETHICS RULE.
In a real property appraisal assignment prepared for a mortgage lender, an appraiser is
permitted by USPAP to base his compensation for an appraisal assignment on: -
,2024 15-HR NATIONAL USPAP COURSE QUESTIONS
WITH COMPLETEANSWERS ALREADY PASSED AND
GRADED A+
CORRECT ANSWER Whether or not the report is transmitted to the client by the due
date
An appraiser may base his or her fee on whether or not the report is delivered in a timely
manner. However, the other answer choices were all listed in the ETHICS RULE as
unethical contingencies.
The Confidentiality section of the ETHICS RULE prohibits an appraiser from disclosing
confidential information or _________ to unauthorized parties. - CORRECT ANSWER
Assignment results
An appraiser concludes that a subject property has functional inadequacies. This conclusion
is: - CORRECT ANSWER An assignment result and must be treated as confidential
In most cases, an appraiser may share __________ from an appraisal assignment with other
appraisers without obtaining the client's consent. - CORRECT ANSWER Physical
characteristics
An appraiser completes an appraisal and transmits the report to the client. The report copy
retained in the appraiser's workfile does not have a signature affixed to it. Is this
permissible under USPAP? - CORRECT ANSWER No, a true copy must include a
signature
An appraiser prepared an appraisal report in April 2019. He testified in court regarding the
value of the property in January 2020. The decision was rendered in February 2020 and
was appealed in April 2020. The appellate court heard the case in January 2021 and
, 2024 15-HR NATIONAL USPAP COURSE QUESTIONS
WITH COMPLETEANSWERS ALREADY PASSED AND
GRADED A+
remanded the case for reconsideration by the lower court. Final disposition of the case
occurred in September 2021. At a minimum, how long must the appraiser retain his
workfile? - CORRECT ANSWER April 2024
An appraiser must retain the workfile for five years after preparation or two years after
final disposition of any judicial proceeding in which the appraiser provided testimony
related to the assignment, whichever period is later. April 2024 (five years after
preparation) is longer than September 2023 (two years after final disposition).
Is an appraiser permitted by USPAP to create a workfile after transmitting the report to the
client? - CORRECT ANSWER NO
Which statement best describes the word "competency" as it relates to appraisal practice? -
CORRECT ANSWER It is fundamental to the definition of "appraiser."
Which of these is NOT one of the steps required by USPAP when an appraiser wishes to
perform an assignment for which he or she initially lacks the knowledge and experience? -
CORRECT ANSWER Use a hypothetical condition to complete the assignment as
though the appraiser already had the knowledge and experience
In order to perform an assignment for which an appraiser initially lacks the knowledge and
experience to complete competently, the appraiser must: - CORRECT ANSWER
Disclose to the client, prior to agreeing to perform the assignment, the lack of knowledge
or experience
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