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USPAP Final Exam Practice Questions and Answers (100% Pass
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USPAP Final Exam Practice Questions and Answers (100% Pass
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©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AMUSPAP Final Exam Practice Questions and Answers (100% Pass)
The Appraisal Foundation has the authority to enforce the requirements of USPAP. -
✔️✔️False; The Appraisal Foundation is a private entity. The Foundation and its boards
have no enforcement authority in any jurisdiction.
Which Foundation board is responsible for USPAP? - ✔️✔️Appraisal Standards Board
(ASB)
Currently, the boards within The Appraisal Foundation include: - ✔️✔️Appraisal Standards
Board, Appraiser Qualifications Board, Board of Trustees
Which entity is responsible for establishing education and experience requirements for
licensing and certification of appraisers? - ✔️✔️Appraiser Qualifications Board (AQB)
Which entity appoints members of the AQB and ASB? - ✔️✔️Board of Trustees (BOT)
Qualification criteria for appraiser certification and recertification are disseminated to
state appraisal boards by the: - ✔️✔️Appraiser Qualifications Board (AQB)
Advisory Opinions are best described as - ✔️✔️not part of USPAP, but included as
reference material
USPAP is written, amended, and interpreted by the: - ✔️✔️Appraisal Standards Board
(ASB)
USPAP is enforced by: - ✔️✔️State appraiser licensing/certification agencies
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - ✔️✔️Writing,
interpreting, and amending USPAP
WRONG Answers: Monitoring the practices, procedures, and activities of The Appraisal
Foundation, Maintaining a National Registry of licensed and certified appraisers,
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,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
Overseeing each state's appraiser licensing and certification program are handled by
the ASC
Which entity maintains the official National Registry of state-certified and licensed
appraisers? - ✔️✔️Appraisal Subcommittee (ASC)
Who is responsible for issuing credentials to individual appraisers? - ✔️✔️State appraisal
regulatory agencies
Why are USPAP Advisory Opinions issued? - ✔️✔️To offer advice
Which of these is considered an integral part of USPAP and has the same weight as the
components they address? - ✔️✔️Comments
Which part of USPAP establishes the requirements for workfile content for an appraisal
or appraisal review assignment? - ✔️✔️RECORD KEEPING RULE
In USPAP, the appraisal process is divided into two distinct types of activity: _________
and __________. - ✔️✔️Development, reporting
The first step in the appraisal process is: - ✔️✔️Identify the problem
Which step in the appraisal process involves communication of the appraiser's opinions
and conclusions? - ✔️✔️Reporting
To which property types does USPAP apply? - ✔️✔️Both tangible and intangible property
What is the stated purpose of USPAP? - ✔️✔️Promote and maintain a high level of public
trust in appraisal practice
The PREAMBLE states that USPAP intended to benefit: - ✔️✔️Appraisers and users of
appraisal services
When obligated by law or regulation, an appraiser _______ comply with USPAP. -
✔️✔️Must
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, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
The requirement for USPAP compliance in an appraisal assignment could be the result
of: - ✔️✔️Any of these answers
An appraiser has the professional responsibility to identify the capacity in which he or
she is performing. - ✔️✔️True
When performing valuation services outside of appraisal practice, an individual must be
careful not to __________ the client and other intended users about his or her role. -
✔️✔️Mislead
A valuation service that is premised upon advocacy: - ✔️✔️It cannot be performed by an
individual acting as an appraiser
USPAP states that in a situation when an individual is not required by law, regulation, or
agreement to comply with USPAP: - ✔️✔️The individual should still comply when he or
she is acting as an appraiser
A preference or inclination that precludes an appraiser's impartiality, independence, or
objectivity is: - ✔️✔️Bias
An appraiser is permitted to be biased when performing an appraisal, as long as the
bias is properly disclosed. - ✔️✔️False
If an appraiser assumes a condition to be true, and evidence supports that belief,
although that fact is not certain, this is an example of: - ✔️✔️An extraordinary assumption
If an appraiser assumes a condition to be true that does not exist for the purposes of
analysis, this is an example of: - ✔️✔️A hypothetical condition
An appraiser receives a copy of a signed sales agreement for an office building, which
specifies the agreed-upon amount of $950,000. What does this figure represent? -
✔️✔️Price
"The monetary relationship between properties and those who buy, sell or use those
properties" is the definition of: - ✔️✔️Value
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