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Uniform Standards of Professional Appraisal Practice questions with answers.
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Uniform Standards of Professional Appraisal Practice questions with answers.
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Uniform Standards of ProfessionalAppraisal Practice questions with
answers.
If a lender engages an appraiser to perform a residential appraisal conforming to Fannie Mae guidelines
and regulations, what part of USPAP requires the appraiser to recognize and comply with those
guidelines? ANS -Competency Rule;; According to the Competency Rule (in part): The COMPETENCY
RULE requires recognition of, and compliance with, laws and regulations that apply to the appraiser or
to the assignment.
In a mass appraisal assignment, the type of value is always ANS -Determined in problem identification;;
In mass appraisal, the type of value in the assignment is always determined in problem identification.
Mass appraisal can be performed for many reasons, for both real and personal property, not just for
taxation purposes.
The board of The Appraisal Foundation that identifies and addresses issues relating to recognized
methods and techniques is the ANS -Appraisal Practices Board (APB);; The Appraisal Practices Board
(APB) is responsible for identifying and issuing opinions on Recognized Valuation Methods and
Techniques and offers voluntary guidance in topic areas that appraisers and users of appraisal services
consider most significant.
Jack appraised a residential dwelling located across the street from a factory that he determined is
negatively affecting the value of the subject property. Jack applied a location adjustment in his sales
comparison approach. However, the client asked that the factory not be discussed in the appraisal
report. Since Jack addressed the condition with an adjustment, has he complied with USPAP? ANS -No,
omitting the discussion could produce a misleading report;; Appraisers must report their conclusions in a
manner that is clear and not misleading. If the discussion was intentionally omitted, a fraudulent report
could result.
If Appraiser A researches and provides comparable data to Appraiser B for use in Appraiser B's
assignment, what parts of USPAP apply to Appraiser A? ANS -Competency Rule;; Appraiser A is
performing appraisal practice for which no scope of work, record keeping, or performance standards
apply. Appraiser A does need to observe the Competency Rule.
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