USPAP 15 Hour Exam 64 Question with Answers 2023
appraisal subcommittee - CORRECT ANSWER national registry
appraisal foundation - CORRECT ANSWER
... [Show More] appraisal qualifications board
appraisal standards board
who enforces USPAP - CORRECT ANSWER state regulators
what is the purpose of USPAP - CORRECT ANSWER to promote and maintain a high level of public trust
not parts of USPAP - CORRECT ANSWER advisory opinions (illustrate)
FAQs
USPAP parts applicable to appraisal practice - CORRECT ANSWER preamble
definitions
ethics rule
competency rule
jurisdictional exception rule
ethics rule - CORRECT ANSWER appraiser must comply with USPAP when obligated by law or regulation, agreement. should always comply when working as an appraiser
confidential information - CORRECT ANSWER identified by client
not available from any other source
classified as private by law
ethics rule - CORRECT ANSWER prohibits bias
requires disclosure and certification if any work has been done relative to the subject property in the last 3 years
requires disclosure of interest in property prior to engagement and in certification
record keeping rule - CORRECT ANSWER must have work file for all appraisal and appraisal review assignments for a minimum of 5 years or 2 years after the disposition or court case, whichever is longer
competency rule - CORRECT ANSWER disclose lack of knowledge to client before agreeing to perform
get competent: must be competent before completion
disclose in report
scope of work rule - CORRECT ANSWER acceptable when it meets or exceeds expectations of regular intended users and appraiser's peers
appraisers decision
credible results
two types of tangible properties - CORRECT ANSWER personal property
real property
why did USPAP come about - CORRECT ANSWER to promote public trust
how many comparables does USPAP require? - CORRECT ANSWER 0, but a minimum of 3 is the standard
restricted appraisal report - CORRECT ANSWER only requires a summary of the appraisal, not the full explanation
appraiser - CORRECT ANSWER must comply with USPAP even if not doing an appraisal
three years - CORRECT ANSWER number of years you need to go back to check on sales of real property
when must an appraiser comply with USPAP - CORRECT ANSWER when required by law or regulation or agreement with a client. choose to comply any time providing services
three ethical requirements of appraiser - CORRECT ANSWER independent
impartial
objective
ultimate goal of an appraisal - CORRECT ANSWER credible results
what is it called when the review appraiser agrees with the report - CORRECT ANSWER its an appraisal
attributes of public trust - CORRECT ANSWER specialized knowledge
experience
objectivity
independence
integrity
state appraiser regulatory agencies - CORRECT ANSWER has enforcement authority within their appraiser certification programs
state appraiser regulatory agencies - CORRECT ANSWER has authority to establish higher than AQB criteria for appraiser requirements and standards of practice
method USPAP achieves legal authority - CORRECT ANSWER by adoption, citation or implementation by government agencies through regulation or administrative action
when do standards apply - CORRECT ANSWER only if you are doing an appraisal or appraisal review
comments - CORRECT ANSWER integral part of USPAP, have the same weight as the component they address
comments - CORRECT ANSWER provide interpretation and establish the context and conditions for the application
intended users - CORRECT ANSWER must be identified
two dates required on the report - CORRECT ANSWER effective date
report date
assignment conditions - CORRECT ANSWER extraordinary assumptions
hypothetical conditions
definition of the problem - CORRECT ANSWER identify client and other intended users
identify the intended use
identify the type and definition of value
effective date of the opinion
identify the relevant characteristics of the property
identify the assignment conditions
appraisal process - CORRECT ANSWER 1) definition of the problem
2) determine the scope of work
3) data collection of analysis
4) application of the approaches to value
5) reconciliation of value indications and final opinion of value
6) report of defined value opinions
intended use - CORRECT ANSWER tells when the scope of work or level of detail is sufficient
who benefits from USPAP - CORRECT ANSWER providers and users of appraisal services
USPAP compliance - CORRECT ANSWER when required by law, regulation, agreement
should comply when representing oneself as an appraiser
property covered by USPAP - CORRECT ANSWER tangible real and personal property
valuation service - CORRECT ANSWER a service pertaining to an aspect of property value, regardless of the type of service and whether it is performed by appraisers or others
appraisal practice - CORRECT ANSWER Valuation services performed by an individual acting in a role as an appraiser, including but not limited to appraisal and appraisal review.
client - CORRECT ANSWER engages appraiser
extraordinary assumption - CORRECT ANSWER assignment-specific condition as of the effective date regarding UNCERTAIN information used in an analysis which, if found to be false, could alter the appraiser's opinions or conclusions.
hypothetical assumption - CORRECT ANSWER condition, directly related to a specific assignment, which is CONTRARY to what is known by the appraiser to exist on the effective date of the assignment results but is used for the purpose of analysis
appraiser - CORRECT ANSWER one who is expected to perform valuation services competently and in a manner that is independent, impartial and objective
assignment results - CORRECT ANSWER confidential expression of opinion
work file - CORRECT ANSWER documents the support for the appraisers analysis
bias - CORRECT ANSWER preference that precludes an appraisers impartiality
appraisal practice - CORRECT ANSWER includes only valuation services performed by an individual acting as an appraiser
credible - CORRECT ANSWER worthy of belief
when do standard rules apply - CORRECT ANSWER appraisal
appraisal review
how is credibility judged - CORRECT ANSWER intended use
methods of communication - CORRECT ANSWER written or oral
when must a certification be signed - CORRECT ANSWER on any appraisal or appraisal review
when can an approach be excluded - CORRECT ANSWER disclosed the reason, when the appraisal still results in credible results
what is the difference between an appraisal report and a restricted appraisal report - CORRECT ANSWER content and level of detail
appraisal report - CORRECT ANSWER summarized
restricted appraisal report - CORRECT ANSWER state
two dates on an appraisal - CORRECT ANSWER effective date
report date
is scope of work required on an appraisal review - CORRECT ANSWER yes
work file development - CORRECT ANSWER must be sufficient to produce an appraisal report, even if only doing a restricted appraisal report or appraisal report
advisory opinions - CORRECT ANSWER illustrate USPAP
comments - CORRECT ANSWER part of USPAP
proposed improvements - CORRECT ANSWER appraiser must examine, or have available for future examination, plans, specifications, or other documentation sufficient to identify the extent and character of the proposed improvements
how to identify relevant characteristics - CORRECT ANSWER may use any combination of a property inspection and documentation [Show Less]