NATIONAL USPAP FINAL EXAM 2024-2025 LATEST
VERSION WITH COMPLETE 200 QUESTIONS AND
VERIFIED CORRECT ANSWERS GRADED A+
USPAP establishes standards that are applicable in the appraisal
of - ANSWER ->Real Property, Intangible Property, and Personal
Property
The concept of public trust means that an appraiser must act -
ANSWER ->In the public's interest
Which entity is private and has no enforcement authority? -
ANSWER ->The Appraisal Foundation
Which entity is responsible for establishing education and
experience requirements for licensing and certification of
appraisers? - ANSWER ->Appraiser Qualifications Board
Qualification criteria for appraiser certification and
recertification are disseminated to state appraisal boards by
the - ANSWER ->Appraiser Qualifications Board
Which entity appoints members of the Foundation's
independent Boards? - ANSWER ->Board of Trustees
The ASB is considering comment letters written by members of
the public regarding a proposed revision to USPAP. When
,reviewing these comment letters, the ASB focuses on - ANSWER
->The reasoning and insight presented in the letter
USPAP is developed, interpreted, and amended by the -
ANSWER ->Appraisal Standards Board
Advisory Opinions are best described as - ANSWER ->not part of
USPAP, but included as reference material
Under FIRREA, USPAP is enforced by - ANSWER ->State
appraiser licensing/certification agencies
Which entity maintains the official national registry of state-
certified and licensed appraisers? - ANSWER ->Appraisal
Subcommittee
Who is responsible for issuing credentials to individual
appraisers? - ANSWER ->State appraisal regulatory agencies
Which step in the appraisal process involves communication of
the appraiser's opinions and conclusions? - ANSWER -
>Reporting
The first step in the appraisal process is - ANSWER ->Identify
the problem
In USPAP, the appraisal process is divided into two distinct
types of activity: _________ and __________ - ANSWER -
>Development, reporting
, 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 - ANSWER ->An extraordinary assumption
The terms extraordinary assumption and hypothetical condition
- ANSWER ->Have different meanings in USPAP
If an appraiser assumes a condition to be true that does not
exist for the purposes of analysis, this is an example of -
ANSWER ->A hypothetical condition
"The monetary relationship between properties and those who
buy, sell or use those properties" is the definition of - ANSWER -
>Value
By using a published cost manual, an appraiser determines that
the construction cost of a 2,500 square foot dwelling is
$400,000. This figure represents the dwelling's - ANSWER -
>Cost
According to USPAP, the party or parties who engage an
appraiser in a specific assignment defines the - ANSWER -
>Client
A client may engage an appraiser through a/an - ANSWER -
>agent
Who is ALWAYS an intended user? - ANSWER ->Client
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