Uspap test 4 - Study guides, Class notes & Summaries

USPAP Uniform Standards of Professional Appraisal Practice recognized as the Industry standard in 1989 by FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act) Competency Rule If not competent in property type hired to appraise, you must disclose that or turn it down. If another appraiser helps you, you must report that and who it was. Scope of Work how much and what kind of work needed... type of data to be searched in order to reach conclusions Chapter ...

Bob Hogue - Pre Lic. Test Questions With Correct Answers100%Solved Which statement concerning broker's price opinions (BPOs) is TRUE? A) The payment for a BPO must be paid to the broker and not directly to the sales associate who prepared the BPO. B) A broker's license is required to conduct a BPO. C) A BPO is also referred to as an appraisal of real property. D) All BPOs must conform to Uniform Standards of Professional Appraisal Practice (USPAP). - correct answer...A Which document...

Bob Hogue Real Estate Class Test Questions With100%Verified Answers A+GRADED Absentee Owner - correct answer...A property holder who does not reside on the property and who usually relies on a property manager to manage the investment. Appraisal - correct answer...The process of developing and communicating an estimate of a property's Appraiser - correct answer...Appraisers charge a fee based on the time and difficulty of the appraisal assignment and are not paid commission. Broker ...

Bob Hogue - Pre Lic. Test Questions Practice questions for this set Learn 1 / 7 Study with Learn B Choose matching term Which property is defined as residential real estate under Chapter 475, Florida statutes? A) Fifty-unit apartment complex 1 B) Neighborhood grocery store C) Eight acres of agricultural property D) Local elementary school Which type of title insurance policy is transferable? A) Vendor B) 2 Owner C) Mortgagee D) Mortgagor Bob...

Bob Hogue - Pre Lic. Test Questions Practice questions for this set Learn 1 / 7 Study with Learn B Choose matching term Which property is defined as residential real estate under Chapter 475, Florida statutes? A) Fifty-unit apartment complex 1 B) Neighborhood grocery store C) Eight acres of agricultural property D) Local elementary school Which type of title insurance policy is transferable? A) Vendor B) 2 Owner C) Mortgagee D) Mortgagor Bob...

NATIONAL TEST 6: Economics; Appraisal - ANS- 6.1 If the price of an item is increasing, one can usually assume that a. demand for the item is decreasing in relation to supply of the item. b. demand for the item is increasing in relation to supply of the item. c. supply of the item is increasing. d. demand for the item and supply of the item are increasing. - ANS- 6.1 (b) demand for the item is increasing in relation to supply of the item. In a market economy, the p...

USPAP Practice Test Verified Questions and Answers USPAP Practice Test Verified Questions and Answers USPAP Practice Test Verified Questions and Answers 1. The PREAMBLE states the purpose of USPAP is to maintain public in the appraisal practice by establishing requirements for appraisers. >>>>>>>> trust 2. USPAP benefits providers of appraisal services and >>>>>>>> users of appraisal services. 3. Which is NOT considered s...

USPAP Section Practice Test 4 questions with actual answers.

15 HR National USPAP Complete Test 2023 What is USPAP? - ANSWER Uniform Standards of Professional Appraisal Practice Why was USPAP developed? - ANSWER To promote and maintain a high level of public trust as well as confidence in professional appraisal practice What are the benefits of USPAP? - ANSWER 1) Provides a common basis for comparison (eg are we doing the appropriate work for the type of assignment?) 2) Provides a reference source for all users of the document. 3) Provides a bas...