USPAP Exam Review (AI) 2024 with 100% correct answers verified.
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Course
USPAP
Institution
USPAP
Identifying an individual specifically as an appraiser who must comply with USPAP in a valuation service is established by
a) expectations about the manner in which the individual provides valuation services.
b) the license level of the appraiser.
c) the individual's credentials.
d) the type ...
USPAP Exam Review (AI) 2024 with 100% correct
answers verified.
Identifying an individual specifically as an appraiser who must comply with USPAP in a valuation
service is established by
a) expectations about the manner in which the individual provides valuation services.
b) the license level of the appraiser.
c) the individual's credentials.
d) the type of service that requires an opinion. - Answer- expectations about the manner in which the
individual provides valuation services.
When an appraiser considers the amount and type of information he will research and also the analyses he
will apply in an appraisal or appraisal review assignment, the decision that results is identified as
a) valuation services.
b) assignment results.
c) market analysis.
d) scope of work. - Answer- scope of work
Based on the requirements found in the ETHICS RULE, when must an appraiser comply with USPAP?
a) when required by law, regulation, or agreement with the client or other intended users
b) when performing a valuation service
c) when the client is aware the individual is an appraiser
d) when the services include a written appraisal report - Answer- when required by law, regulation, or
agreement with the client or other intended users
When reporting assignment results for an appraisal, what date(s) are required in the appraisal report?
a) inspection date and signature date
,b) effective date only
c) effective date and date of the report
d) signature date only - Answer- effective date and date of the report
The ETHICS RULE makes a distinction between when an appraiser must comply with USPAP and when
an appraiser should comply. How does this distinction apply to services that fall outside appraisal
practice?
a) Laws and regulations may not apply to these services, but an appraiser has ethical obligations when
acting in the role of an appraiser.
b) Compliance with USPAP is optional.
c) Valuation services performed by appraisers are not subject to USPAP.
d) The appraiser's ethical obligations are limited to appraisal and appraisal review. - Answer- Laws and
regulations may not apply to these services, but an appraiser has ethical obligations when acting in the
role of an appraiser.
Who may provide suggestions on changes to USPAP?
a) members of the general public
b) all of these answers
c) users of appraisal services
d) appraisers - Answer- all of these answers
What assignment condition is defined as directly related to a specific assignment, which is contrary to
what is known by the appraiser to exist on the effective date of the assignment results, but is used for
purposes of analysis?
an extraordinary assumption
a jurisdictional exception
a hypothetical condition
an assumption - Answer- a hypothetical condition
,A reviewer used additional data not available to the original appraiser. When is this acceptable review
practice under USPAP?
when the data is not used to impeach or discredit the original appraiser's value opinion
when the data is not used in a review that includes the reviewer's own opinion of value
when the data supports facts in the appraisal report under review
when the data discredits the data in the appraisal report under review - Answer- when the data is not used
to impeach or discredit the original appraiser's value opinion
An appraiser has electronically transmitted an appraisal report to a client. What does the appraiser need to
know about workfile requirements?
A digital signature on the certification of the electronic workfile copy will not qualify as a true copy.
A certification signature on the electronic copy for the workfile is not required.
A paper photocopy must be retained in the workfile in order to satisfy a true copy.
An electronic copy of the appraisal report transmitted to the client satisfies the workfile requirement as a
true copy of the report. - Answer- An electronic copy of the appraisal report transmitted to the client
satisfies the workfile requirement as a true copy of the report.
What must an individual, who is not acting in the role of an appraiser, do when performing a valuation
service that is outside the appraisal practice?
Identify the service as consulting.
Comply with all applicable sections of USPAP.
Not misrepresent the capacity of his or her services.
Not use any appraisal knowledge or expertise in the service. - Answer- Not misrepresent the capacity of
his or her services.
What organization sets the Congressionally authorized standards and qualifications for real estate
appraisers?
Federal Financial Institutions Examinations Council
The Appraisal Foundation
, Appraisal Subcommittee
Ad-Hoc Committee - Answer- The Appraisal Foundation
An appraiser agrees to perform an assignment and soon realizes that she previously performed a valuation
service involving the property within the last three years. What is the appraiser's first obligation?
Withdraw from the assignment.
The appraiser has no disclosure obligation because she didn't perform an appraisal in the prior service.
Inform the client of the prior service that she performed.
Provide the client with information about the prior service including a copy of the valuation service
performed. - Answer- Inform the client of the prior service that she performed.
When is a fee connected with the procurement of an appraisal assignment unethical?
when it is undisclosed
under all circumstances
none of these answers
when it is paid by the client - Answer- when it is undisclosed
In a real property assignment, when a reviewer co-signs an appraisal of an appraiser she supervises, what
USPAP Standard(s) does the appraiser's work fall under?
STANDARDS 7 and 8
STANDARDS 1 and 2
STANDARDS 3 and 4
STANDARDS 9 and 10 - Answer- STANDARDS 1 and 2
An attorney directly engages an appraiser for a valuation service in order to better control discovery
issues for the attorney's client. How would an appraiser normally identify the client in this assignment?
The appraiser should identify the attorney as the client.
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