USPAP FINAL EXAM QUESTIONS AND
ANSWERS 2025
The,Appraisal,Foundation,has,the,authority,to,enforce,the,requirements,of,USPAP.,-
,ANSWER,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?,-,ANSWER,Appraisal,Standards,Board,(ASB)
Currently,,the,boards,within,The,Appraisal,Foundation,include:,-
,ANSWER,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?,-,ANSWER,Appraiser,Qualifications,Board,(AQB)
Which,entity,appoints,members,of,the,AQB,and,ASB?,-,ANSWER,Board,of,Trustees,(BOT)
Qualification,criteria,for,appraiser,certification,and,recertification,are,disseminated,to,state,appr
aisal,boards,by,the:,-,ANSWER,Appraiser,Qualifications,Board,(AQB)
Advisory,Opinions,are,best,described,as,-
,ANSWER,not,part,of,USPAP,,but,included,as,reference,material
USPAP,is,written,,amended,,and,interpreted,by,the:,-,ANSWER,Appraisal,Standards,Board,(ASB)
USPAP,is,enforced,by:,-,ANSWER,State,appraiser,licensing/certification,agencies
Which,is,NOT,a,responsibility,of,the,Appraisal,Subcommittee,(ASC)?,-
,ANSWER,Writing,,interpreting,,and,amending,USPAP
,WRONG,Answers:,Monitoring,the,practices,,procedures,,and,activities,of,The,Appraisal,Foundati
on,,Maintaining,a,National,Registry,of,licensed,and,certified,appraisers,,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?,-
,ANSWER,Appraisal,Subcommittee,(ASC)
Who,is,responsible,for,issuing,credentials,to,individual,appraisers?,-
,ANSWER,State,appraisal,regulatory,agencies
Why,are,USPAP,Advisory,Opinions,issued?,-,ANSWER,To,offer,advice
Which,of,these,is,considered,an,integral,part,of,USPAP,and,has,the,same,weight,as,the,compone
nts,they,address?,-,ANSWER,Comments
Which,part,of,USPAP,establishes,the,requirements,for,workfile,content,for,an,appraisal,or,apprai
sal,review,assignment?,-,ANSWER,RECORD,KEEPING,RULE
In,USPAP,,the,appraisal,process,is,divided,into,two,distinct,types,of,activity:,_________,and,____
______.,-,ANSWER,Development,,reporting
The,first,step,in,the,appraisal,process,is:,-,ANSWER,Identify,the,problem
Which,step,in,the,appraisal,process,involves,communication,of,the,appraiser's,opinions,and,conc
lusions?,-,ANSWER,Reporting
To,which,property,types,does,USPAP,apply?,-,ANSWER,Both,tangible,and,intangible,property
What,is,the,stated,purpose,of,USPAP?,-
,ANSWER,Promote,and,maintain,a,high,level,of,public,trust,in,appraisal,practice
, The,PREAMBLE,states,that,USPAP,intended,to,benefit:,-
,ANSWER,Appraisers,and,users,of,appraisal,services
When,obligated,by,law,or,regulation,,an,appraiser,_______,comply,with,USPAP.,-,ANSWER,Must
The,requirement,for,USPAP,compliance,in,an,appraisal,assignment,could,be,the,result,of:,-
,ANSWER,Any,of,these,answers
An,appraiser,has,the,professional,responsibility,to,identify,the,capacity,in,which,he,or,she,is,perf
orming.,-,ANSWER,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.,-,ANSWER,Mislead
A,valuation,service,that,is,premised,upon,advocacy:,-
,ANSWER,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,agreeme
nt,to,comply,with,USPAP:,-
,ANSWER,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,objectivit
y,is:,-,ANSWER,Bias
An,appraiser,is,permitted,to,be,biased,when,performing,an,appraisal,,as,long,as,the,bias,is,prope
rly,disclosed.,-,ANSWER,False
If,an,appraiser,assumes,a,condition,to,be,true,,and,evidence,supports,that,belief,,although,that,f
act,is,not,certain,,this,is,an,example,of:,-,ANSWER,An,extraordinary,assumption
