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USPAP 15-Hour Course Test Questions and Complete Solutions Graded A+
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USPAP 15-Hour Course Test Questions and Complete Solutions Graded A+
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USPAP 15-Hour CourseTest Questions and
Complete Solutions
Graded A+
The Preamble states that USPAP is - Answer: for appraisers and users of appraisal services.
The stated purpose of USPAP - Answer: Promote and maintain a high level of public trust in appraisal
practice.
When obligated by law or regulation an appraiser must - Answer: comply with USPAP.
USPAP applies to which types of properties? - Answer: Tangible and Intangible
Valuation services - Answer: is not a subset of appraisal practice.
An appraiser has the professional responsibility - Answer: to identify the capacity in which he or she is
performing.
Reasons why an appraiser would prepare an appraisal assignment in conformance with USPAP - Answer:
1. Agreement with client.
2. Law or regulation.
3. Voluntary choice.
,An appraiser who provides an appraisal service that is not an appraisal, appraisal review, or appraisal
consulting assignment does not have workfile obligations associated with the assignment. - Answer:
True
An individual is not prohibited from providing valuation services that involve advocacy while acting as an
appraiser. - Answer: False
When performing valuation services outside of appraisal practice, appraisers must be careful not to
_________________ the client and other intended users about their role. - Answer: Mislead
USPAP states that in a situation when an individual is not required by law, regulation, or agreement to
comply with USPAP: - Answer: The individual should still comply when acting as an appraiser.
An appraiser is engaged to teach an appraisal course. What parts of USPAP apply? - Answer: The parts of
USPAP that apply generally to appraisal practice.
The Appraisal Practices Board (APB) was created when? - Answer: 2010
The APB is a(n) - Answer: independent board.
Boards within The Appraisal Foundation (TAF) - Answer: 1. Board of Trustees (BOT)
2. Appraisal Standards Board (ASB)
3. Appraisal Qualifications Board (AQB)
4. Appraisal Practices Board (APB)
APB is a - Answer: private entity.
The APB has authority to enforce the requirements of USPAP. - Answer: False
Who has the only jurisdiction and authority over appraisers? - Answer: States
, ASB - Answer: Develops, interprets, and amends USPAP.
Advisory opinions - Answer: Not part of USPAP; reference material only.
APB - Answer: Guidance is voluntary.
ASC - Answer: Maintains the official National Registry of state certified and licensed appraisers.
State appraisal regulatory committees - Answer: responsible for issuing credentials to individual
appraisers.
Responsibilities of ASC: - Answer: • Establishes, improves, and promulgates the USPAP
• Subject, content, and substance of USPAP and other communication related to appraisal standards.
• Establishes standards of professional appraisal practice for the guidance and education of appraisers
and users of appraisal services.
• Maintains the official National Registry of state certified and licensed appraisers.
Developing, amending, and interpreting USPAP is NOT a responsibility of - Answer: ASC
12. USPAP divides the appraisal process into two distinct types of activity: - Answer: Develop and report
Identify the problem - Answer: The first step in the appraisal process.
Communication - Answer: The reporting process involves ________________ of the appraiser's opinions
and conclusions.
AQB - Answer: • Disseminates to state appraisal boards the qualifications criteria for appraiser
certifications and recertification.
• Responsible for establishing education and experience requirements for licensing and certification of
appraisers.
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