Who is responsible for issuing credentials to individual appraisers?
State appraiser regulatory agencies are responsible for receiving and processing
... [Show More] applications for licensure and certification, and for issuing credentials to qualified individuals.
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?
USPAP is written, interpreted, and amended by the Appraisal Standards Board (ASB). The other answers listed are all responsibilities of the ASC.
USPAP is enforced by:
The responsibility of enforcing USPAP is provided to the individual state appraiser licensing and certification agencies.
The USPAP Blueprint
The PREAMBLE describes the overall purpose and structure of USPAP.
The PREAMBLE includes a section titled STATEMENTS ON APPRAISAL STANDARDS. Statements are not addressed in this course since there are currently no active Statements.
The DEFINITIONS section contains terms that have distinct meanings in USPAP.
The ETHICS RULE describes the general ethical requirements for appraisers.
The RECORD KEEPING RULE defines what must be included in a workfile for an appraisal or appraisal review assignment.
The COMPETENCY RULE describes general performance requirements for appraisers.
The SCOPE OF WORK RULE elaborates on problem identification, determination of an appropriate scope of work, and disclosure of the scope of work that was performed.
The JURISDICTIONAL EXCEPTION RULE recognizes that laws or regulations take precedence over USPAP in certain situations.
The USPAP Blueprint, Part Two
STANDARD 1 - Real Property Appraisal, Development
STANDARD 2 - Real Property Appraisal, Reporting
STANDARD 3 - Appraisal Review, Development
STANDARD 4 - Appraisal Review, Reporting
STANDARD 5 - Mass Appraisal, Development
STANDARD 6 - Mass Appraisal, Reporting
STANDARD 7 - Personal Property Appraisal, Development
STANDARD 8 - Personal Property Appraisal, Reporting
STANDARD 9 - Business Appraisal, Development
STANDARD 10 - Business Appraisal, Reporting
Which of these is considered an integral part of USPAP and has the same weight as the components they address?
Comments are an integral part of USPAP and have the same weight as the components they address. Advisory Opinions, USPAP Q & As and USPAP FAQs are considered "other communications."
In USPAP, the appraisal process is divided into two distinct types of activity: _________ and __________.
In USPAP, the appraisal process is divided into two distinct types of activity: development and reporting.
Advisory Opinions are best described as
Advisory Opinions and Frequently Asked Questions are additional reference materials that provide guidance only and illustrate appraisal standards and offer advice.
The requirement for USPAP compliance in an appraisal assignment could be the result of:
The requirement to comply with USPAP could be triggered by law, regulation, agreement with the client, or the appraiser's choice.
"The monetary relationship between properties and those who buy, sell or use those properties" is the definition of:
Value is defined in USPAP as the monetary relationship between properties and those who buy, sell or use those properties, expressed as an opinion of the worth of a property at a given time.
Appraisal practice includes only:
Appraisal practice is defined as: valuation services performed by an individual acting as an appraiser, including but not limited to appraisal and appraisal review.
A real estate broker completes a Comparative Market Analysis (CMA) on a property that she wants to list for sale. What would this be considered?
A valuation service
A key distinction between appraisal practice and other types of valuation services is that only appraisers conduct appraisal practice. The broker is not providing this service as an appraiser; therefore, it is not part of appraisal practice.
"The monetary relationship between properties and those who buy, sell or use those properties" is the definition of:
Value is defined in USPAP as the monetary relationship between properties and those who buy, sell or use those properties, expressed as an opinion of the worth of a property at a given time.
Appraisal practice includes only:
Valuation services provided by an individual acting as an appraiser
If an appraiser assumes a condition to be true that does not exist for the purposes of analysis, this is an example of:
A hypothetical condition is used to appraise a property under a condition contrary to known fact.
The ethical obligations of USPAP apply to:
Individual appraisers
An appraiser must disclose any service he or she provided regarding the subject property for a period of _________ prior to agreeing to perform the assignment.
Three years
An appraiser is disclosing to a client the fact that she had previously appraised the subject property within the prior three years. When making this disclosure, the appraiser must be careful to:
Not disclose confidential information from the previous assignment
In a real property appraisal assignment prepared for a mortgage lender, an appraiser is permitted by USPAP to base his compensation for an appraisal assignment on:
Whether or not the report is transmitted to the client by the due date
An appraiser completes an appraisal and transmits the report to the client. The report copy retained in the appraiser's workfile does not have a signature affixed to it. Is this permissible under USPAP?
No, a true copy must include a signature
The credibility of assignment results is measured in the context of:
The intended use
An appraiser's report must contain ____________ to allow intended users to understand the scope of work performed.
Sufficient information
An appraiser is engaged to appraise a single-unit dwelling. Upon inspection of the property, the appraiser realizes it is a three-unit dwelling. The appraiser's best course of action is:
Reconsider the scope of work before proceeding
What is the purpose of the JURISDICTIONAL EXCEPTION RULE?
To provide a saving or severability clause to preserve the balance of USPAP
Which of these would be considered an example of a jurisdictional exception in an appraisal assignment?
A probate court paying appraisers based on the value of the subject property
Which statement is FALSE regarding STANDARD 1?
It covers real and personal property appraisal development.
STANDARD 1 contains six Standards Rules, covering the development of a real property appraisal. It mirrors the appraisal process and can be used as a convenient checklist.
If a mortgage borrower receives a copy of an appraisal report from a mortgage lender as a result of disclosure requirements:
This does not make the borrower an intended user
An appraiser's client wishes to remain anonymous, and asks the appraiser not to include client's identity in an appraisal report. What should the appraiser do?
Omit the client's identity from the report but document the client's identity in the workfile
Exposure time is:
An opinion developed by an appraiser
What is the primary purpose of an appraiser making an inspection of the subject property?
To collect information about characteristics that are relevant to value
An example of a relevant property characteristic that could affect a real property appraisal assignment would be:
The fact that the subject property is affected by an easement [Show Less]