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USPAP Chapter 2 Latest 2023 Graded A+ An individual ______ comply with USPAP when choosing to represent oneself as an appraiser ✔✔should An individual _____________ comply with USPAP when required by law, regulation, ...

USPAP Chapter 2 Latest 2023 Graded A+ An individual ______ comply with USPAP when choosing to represent oneself as an appraiser ✔✔should An individual _____________ comply with USPAP when required by law, regulation, or agreement (with the client of other intended users) ✔✔must To which property types does USPAP apply? A. intangible property only B. both tangible and intangible property C. none of these answers D. tangible property only ✔✔B The preamble states that the USPAP is intended to benefit: A. borrowers in mortgage-lending appraisal assignments B. appraisers and users of appraisal services C. users of appraisal services only D. appraisers only ✔✔B What is the stated purpose of USPAP? A. Establish requirements that licensed and certified appraisers must follow B. establish a federal appraisal enforcement agency C. promote and maintain a high level of public trust in appraisal practice ✔✔C A service pertaining to an aspect of property value, regardless of the type of service and whether it is performed by appraisers or by others ✔✔valuation service Valuation services performed by an individual acting as an appraiser including, but not limited to appraisal or appraisal review ✔✔appraisal practice Valuation services are performed by who? ✔✔appraisers and others Appraisal practice is performed by who? ✔✔appraisers only The requirement for USPAP compliance in an appraisal assignment could be the result of: A. agreement with the client B. any of these answers C. voluntary choice by the appraiser D. law or regulation ✔✔B An appraiser has the professional responsibility to identify the capacity in which he or she is performing. A. True B. False ✔✔A A valuation service that is premised upon advocacy: A. is an appraisal review assignment under Standards 3 and 4 B. must be performed under the Scope of Work Rule C. it cannot be performed by an individual acting as an appriaser D. can be performed by an individual acting as an appraiser with appropriate disclosure ✔✔C When performing valuation services outside of appraisal practice, an individual must be careful not to ______________ the client and other intended users about his or her role A. identify B. communicate with C. mislead ✔✔C

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