15-hr National USPAP Exam 49 Questions with Answers 2022-2023,100% CORRECT

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15-hr National USPAP Exam 49 Questions with Answers 2022-2023 Who is responsible for issuing credentials to individual appraisers? - CORRECT ANSWER State appraiser regulatory agencies are respons... ible for receiving and processing applications for licensure and certification, and for issuing credentials to qualified individuals. Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - CORRECT ANSWER 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: - CORRECT ANSWER The responsibility of enforcing USPAP is provided to the individual state appraiser licensing and certification agencies. The USPAP Blueprint - CORRECT ANSWER 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 - CORRECT ANSWER 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? - CORRECT ANSWER 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 __________. - CORRECT ANSWER In USPAP, the appraisal process is divided into two distinct types of activity: development and reporting. Advisory Opinions are best described as - CORRECT ANSWER 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: - CORRECT ANSWER 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: - CORRECT ANSWER 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: - CORRECT ANSWER 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? - CORRECT ANSWER 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: - CORRECT ANSWER 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: - CORRECT ANSWER 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: - CORRECT ANSWER A hypothetical condition is used to appraise a property under a condition contrary to known fact. The ethical obligations of USPAP apply to: - CORRECT ANSWER 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. - CORRECT ANSWER 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: - CORRECT ANSWER 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: - CORRECT ANSWER 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? - CORRECT ANSWER No, a true copy must include a signature The credibility of assignment results is measured in the context of: - CORRECT ANSWER The intended use An appraiser's report must contain ____________ to allow intended users to understand the scope of work performed. - CORRECT ANSWER 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: - CORRECT ANSWER Reconsider the scope of work before proceeding What is the purpose of the JURISDICTIONAL EXCEPTION RULE? - CORRECT ANSWER 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? - CORRECT ANSWER A probate court paying appraisers based on the value of the subject property Which statement is FALSE regarding STANDARD 1? - CORRECT ANSWER 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: - CORRECT ANSWER 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? - CORRECT ANSWER Omit the client's identity from the report but document the client's identity in the workfile Exposure time is: - CORRECT ANSWER An opinion developed by an appraiser What is the primary purpose of an appraiser making an inspection of the subject property? - CORRECT ANSWER 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: - CORRECT ANSWER The fact that the subject property is affected by an easement An easement would be considered a relevant property characteristic in a real property appraisal assignment. The amount of time to complete the assignment and the type of report requested are not characteristics of the subject property. When appraising a property with proposed improvements, what type of value opinion is permitted by USPAP? - CORRECT ANSWER Both current and prospective value appraisals subject to completion of proposed improvements to real property are permitted under USPAP. When developing a sales comparison approach under USPAP: - CORRECT ANSWER The appraiser must analyze such data as are available to indicate a value conclusion When analyzing the subject property's sales history in a real property appraisal assignment, an appraiser is required by USPAP to analyze ______________. - CORRECT ANSWER All sales of the subject property that occurred within three years prior to the effective date of the appraisal When analyzing listings of the subject property in a real property appraisal assignment, USPAP requires an appraiser to analyze, at a minimum, ____________. - CORRECT ANSWER Current listings An appraiser determines that the cost approach is not necessary in an appraisal assignment, and therefore does not develop the approach. In the Restricted Appraisal Report for the assignment, what must the appraiser do? - CORRECT ANSWER State the reason for the exclusion of the approach An appraiser is preparing a Restricted Appraisal Report in a situation where there are intended users in addition to the client. Which statement is true regarding this situation? - CORRECT ANSWER These additional intended users must be identified in the report by name. To the extent possible and appropriate, oral appraisal reports for real property must address the substantive matters that apply to a(n) - CORRECT ANSWER Appraisal Report When providing an oral appraisal report, the appraiser must to the extent possible and appropriate, include information sufficient to meet the requirements for a Summary Appraisal Report [SR 2-2(b)]. An appraiser determines that the cost approach is not necessary in an appraisal assignment, and therefore does not develop the approach. In the Restricted Appraisal Report for the assignment, what must the appraiser do? - CORRECT ANSWER State the reason for the exclusion of the approach In performing an appraisal review, a reviewer may use information that was not available to the original appraiser in the normal course of business, as long as the information: - CORRECT ANSWER is not used in the development of the reviewer's opinion of the quality of the work under review When performing an appraisal review, a reviewer finds information that was available to the original appraiser, but the original appraiser did not consider it when developing the appraisal under review. Does USPAP permit the reviewer to use this information in developing an opinion of the quality of the work under review? - CORRECT ANSWER yes Information that should have been considered by the original appraiser may be used by the reviewer in developing an opinion as to the quality of the work under review. Which statement is TRUE regarding USPAP and the appraisal review process for real property? - CORRECT ANSWER If the reviewer develops his or her own opinion of value, it must be developed under the requirements of STANDARD 1. Appraisers may provide their own opinions as part of a review assignment. These opinions must be developed under the STANDARD that is applicable to the type of assignment. In reviewing a real property appraisal, the reviewer would develop his own opinion of value under the requirements of STANDARD 1. An appraisal review report - CORRECT ANSWER must be separate from the work under review A reviewer is preparing an appraisal review report using a pre-printed form that was created by the client. The form does not have space for all of the minimum report content requirements of USPAP. What should the reviewer do? - CORRECT ANSWER Supplement the form with the required content items A reviewer is preparing an appraisal review report using a pre-printed form that was created by the client. The form does not have space for all of the minimum report content requirements of USPAP. What should the reviewer do? - CORRECT ANSWER Supplement the form with the required content items When appraising personal property, the appraiser must analyze prior sales of the subject over what time period? - CORRECT ANSWER A reasonable and applicable time In a personal property appraisal assignment that includes multiple objects as part of the same assignment: - CORRECT ANSWER The objects that are more significant to the assignment results should be the focus of the analysis An appraisal that takes into consideration the full effect of known environmental contamination would be considered: - CORRECT ANSWER "As-is" Regulations and guidelines that apply to an appraisal for a federally-regulated lending transaction are: - CORRECT ANSWER assignment conditions [Show More]

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