USPAP final Exam 49 Questions with Answers 2023
The boards within the Appraisal foundation include - CORRECT ANSWER Appraisal standards board,
... [Show More] appraisal qualificatioms board, appraisal practices board, board of trustees
Which independent board was created within the appraisal foundation in 2010 - CORRECT ANSWER Appraisal practices board APB
Does the appraisal foundation have the authority to enforce the requirements of USPAP - CORRECT ANSWER No
Which entity is responsible for establishing education and experience requirements for licensing and certification of appraisers - CORRECT ANSWER Appraiser qualifications board
Which entity appoints members of the APB, AQB, ASB - CORRECT ANSWER BOT board of trustees
USPAP was developed interpreted and amended by - CORRECT ANSWER Appraisal standards board ASB
The guidance issued by the Appraisal standards board is considered - CORRECT ANSWER Voluntary
Advisory opinions are best described as - CORRECT ANSWER Not a part of USPAP, but included as reference material.
Under FIRREA USPAP is enforced by - CORRECT ANSWER State Appraiser licensing/certification agencies
The first step in the appraisal process is - CORRECT ANSWER Identify the problem
Which step in the appraisal process involves communication of the appraisers opinions and conclusions - CORRECT ANSWER Reporting
In USPAP the appraisal process is divided into two distinct types of activity - CORRECT ANSWER Developing and reporting
A preference or inclination that precludes an appraisers impartiality, independence or objectivity - CORRECT ANSWER Bias
An appraiser is not permitted to be ______ when performing an appraisal - CORRECT ANSWER An advocate
The terms extraordinary assumption and hypothetical condition - CORRECT ANSWER Have different meanings within USPAP
If an appraiser assumes a condition to be true, and evidence supports that belief, although that fact is not certain - CORRECT ANSWER Extraordinary assumption
If an appraiser assumes a condition to be true that does not exist for the purpose of analysis - CORRECT ANSWER Hypothetical condition
Using a public cost manual to determine the construction cost the result is - CORRECT ANSWER Cost
The monetary relationship between properties and those who buy, sell or use those properties is the definition of - CORRECT ANSWER Value
Qualification criteria for appraiser certification and recertification are disseminated to state appraisal boards bu - CORRECT ANSWER Appraiser qualifications board AQB
USPAPs definition of a client allows - CORRECT ANSWER The client to engage the appraiser through an agent
The party or parties who engage an appraiser is a specific assignment defines - CORRECT ANSWER The client
Who makes the identification of the intended use in an assignment - CORRECT ANSWER The appraiser
Who is always considered an intended user - CORRECT ANSWER The client
A party who is identified by the appraiser based on communication with the client at the time of the assignment - CORRECT ANSWER An intended user
Appraisal practice includes only - CORRECT ANSWER Valuation services provided by an individual acting as an appraiser
When a real estate broker completes a CMA on a property he wants to list for sale this is considered a - CORRECT ANSWER Valuation service
A workfile must be maintained for - CORRECT ANSWER All appraisal and appraisal view assignments
Valuation services are a broader category of services than - CORRECT ANSWER Appraisal practice. Appraisal practice falls under the category of a valuation service
The type and extent of research and analysis in an assignment is the definition of - CORRECT ANSWER Scope of work
In USPAP each standard is composed of - CORRECT ANSWER Standards rules
The PREAMBLE to USPAP states - CORRECT ANSWER For appraisers and users of appraisal services
Is an appraiser required to comply with USPAP? - CORRECT ANSWER When obligated by law or regulation, an appraiser must comply with USPAP
What is the stated purpose of USPAP - CORRECT ANSWER Promote and maintain a high level of public trust in appraisal practice
To which property types does USPAP apply - CORRECT ANSWER Both tangible and intangible property
What could cause an appraiser to prepare an appraisal assignment in conformance with USPAP? - CORRECT ANSWER Law or regulation, agreement with the client, or voluntary choice by the appraiser
One of an appraisers obligations with regard to user expectations is to - CORRECT ANSWER Identify the capacity in which he is performing
What is the relationship between valuation service and appraisal practice - CORRECT ANSWER Appraisal practice is a subset of valuation service
In a situation when an individual is not required by law, regulation or agreement to comply with USPAP - CORRECT ANSWER The individual should still comply when he is acting as an appraiser
When performing valuation services outside of appraisal practice - CORRECT ANSWER Be carful not to mislead the client about their role.
An individual providing valuation services while acting as an appraiser - CORRECT ANSWER Is not permitted to advocate for the client
An appraiser is never permitted to perform an assignment with - CORRECT ANSWER Bias
An appraiser is never permitted to - CORRECT ANSWER Advocate the cause or interest of any party
The ethical obligations of USPAP apply to - CORRECT ANSWER Individual appraisers only
If an appraiser is asked to appraise a property that he has appraised in the past he must - CORRECT ANSWER Disclose the number of times he has appraised the property within the prior three years
One of an appraisers obligations with regard to user expectations is to - CORRECT ANSWER Identify the capacity in which he or she is performing
What is the stated purpose of USPAP - CORRECT ANSWER Promote and maintain a high level of public trust in appraisal practice
To which property types does USPAP apply - CORRECT ANSWER Both tangible and intangible property
The preamble states that USPAP is - CORRECT ANSWER For appraisers and users of appraisal services [Show Less]