USPAP Test Review Exam 35 Questions with Answers
AQB - CORRECT ANSWER establishes minimum education, experience, etc. for certification of real
... [Show More] property appraisers and supervisors
ASB - CORRECT ANSWER revises and promulgates USPAP; responsible for subject, content, and substance of USPAP
Appraisal Subcommittee - CORRECT ANSWER operations are funded by state certified appraisers thru their license renewal payment in the form of a National Registry fee. Fee is paid to states and transferred to this committee
Standards 1-10 - CORRECT ANSWER address value, not price
Advisory Opinions - CORRECT ANSWER issued to illustrate the applicability of appraisal standards in specific situations
Appraisal practice - CORRECT ANSWER only by appraisers, valuation services performed by an individual acting as an appraiser, including but not limited to appraisal/appraisal review
Appraisal review - CORRECT ANSWER act of developing and communicating an opinion about the quality of another appraiser's work that was performed
Appraiser peers - CORRECT ANSWER other appraisers who have expertise and competency in a similar type of assignment
Assignment - CORRECT ANSWER an agreement between an appraiser and client to provide valuation service
Assignment results - CORRECT ANSWER an appraiser's opinions or conclusion developed specific to an assignment
Client - CORRECT ANSWER the party who engage, by employment/contract, an appraiser in a specific assignment
Value - CORRECT ANSWER the monetary relationship between properties and those buy, sell, use properties
Exposure time - CORRECT ANSWER estimated length of time property interest being appraised would have been offered on the market prior to hypothetical consummation of a sale at market value on effective date of appraisal
Signature - CORRECT ANSWER personalized evidence indicating authenticity of work - electronic
scope of work - CORRECT ANSWER the type and extent of research/analyses in an appraisal or review
Valuation services - CORRECT ANSWER pertain to all aspects of property value and includes services performed by appraisers and others
Law, regulation, agreement - CORRECT ANSWER When USPAP applies
USPAP - CORRECT ANSWER purpose is to maintain high level of public trust in appraisal practice
Valuation based on advocacy - CORRECT ANSWER cannot be performed because it is contrary to ethics rule
As an appraiser - CORRECT ANSWER expectation that the service will be provided in a manner that is independent, impartial, objective
Appraisal standards board - CORRECT ANSWER USPAP is developed, interpreted and amended by _________
Appraisal subcommittee - CORRECT ANSWER maintains the official national registry of state certified and licensed appraisers
Appraisal development - CORRECT ANSWER perform with impartiality, objectivity, and independence without personal interests
Disclosure obligations - CORRECT ANSWER any services regarding the subject property performed by appraiser within THREE YEAR PERIOD immediate preceding acceptance of assignment
Client, parties specified by client, state agencies, judge, authorized professional on review committee - CORRECT ANSWER Must not disclose confidential information to any besides: (5)
Physical characteristics - CORRECT ANSWER not apart of assignment results
Workfile - CORRECT ANSWER an appraise must prepare this for each appraisal and retain it for at least 5 years after prep or 2 years after disposition
Competency rule - CORRECT ANSWER Requires the appraiser to disclose lack of knowledge before accepting assignment
Acquiring competency - CORRECT ANSWER disclose lack of knowledge before, take steps to get competent, describe lack of knowledge in report
Scope of work - CORRECT ANSWER The extent to which the property is identified
Sufficient to produce credible assignment results - CORRECT ANSWER Scope of work acceptable when
Support scope of work decision - CORRECT ANSWER appraised must support in report
Disclose work - CORRECT ANSWER do this because intended users rely on our results
Scope of work decision - CORRECT ANSWER exclusion of a valuation approach that is not applicable in an assignment is an example of
Application of rule - CORRECT ANSWER preserves the balance of USPAP if compliance with one or more of its part is precluded by law [Show Less]