USPAP Exam 152 Questions with Answers 2023,100% CORRECT

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USPAP Exam 152 Questions with Answers 2023 The appraiser could accept the assignment (as a new assignment) - CORRECT ANSWER as long as proper disclosure is made regarding the prior assignment & a ... ny confidential in formation is handled appropriately. in a deed being used in a purchase transaction, who is the grantee? - CORRECT ANSWER The party receiving title - "purchaser" is known as the grantee. Any services provided by an appraiser, other than an appraisal or appraisal review, would be appraisal practice w/ no applicable standards. this includes recommendations that occur as a result of an appraisal or appraisal review. - CORRECT ANSWER For those services, the scope of work rule & the record keeping rule do not apply. When an appraiser arrives for his inspection of residential property, the property owner gives the appraiser an appraisal report previously performed by another appraiser. in light of uspap, what should the appraiser do? - CORRECT ANSWER Make certain that information relied upon in the other appraiser's report is not in error or fraudulent. USPAP requires the appraiser to analyze market conditions as part of: - CORRECT ANSWER The development process. An appraiser completed an appraisal report yesterday & today he is going to provided his client with the report. the appraiser needs to make a couple of minor revisions before hand. for this appraisal report. he must - CORRECT ANSWER change the date on the report & the certification to the date revisions. all are part of the ethics rule except - CORRECT ANSWER Confidential information can never be disclosed. when valuing a life estate for a potential sales transaction of that particular interest, what must the appraiser do? - CORRECT ANSWER Project future value at the termination of the life estate & discount to present value. if a jurisdictional exception has been justifiably applied in an assignment, what else must be included in the appraisal report? - CORRECT ANSWER Disclosure of the part(S) of uspap that was disregarded & the legal authority justifying the appraiser's actions. appraisers are sometimes called upon to perform a service referred to by some as an evaluation. According to uspap advisory opinion 13, when is an evaluation an appraisal. - CORRECT ANSWER when performed by individual acting as an appraiser. all are part of the ETHIcS rule except: - CORRECT ANSWER Confidential information can never be disclosed. which is a true regarding competency in a appraisal assignment? - CORRECT ANSWER the appraiser should disclose a lack of knowledge before accepting the assignment. uspap requires every appraisal report to clearly state both the effective date & the date of the report. which best describe the date of the report - CORRECT ANSWER date that is the prospective from which the appraiser is examing the market. which part of uspap suggest that the parties benefiting from uspap include providers of appraisal services & user of appraisal services. - CORRECT ANSWER PREAMBLE when an appraiser is providing a value opinion using an effective date in the past retrospective, when does the appraiser's competency apply? - CORRECT ANSWER at the time of the assignment. Apprraiser listed on the appraisal subcommittee's national registry include all - CORRECT ANSWER licensed & certified real property appraisers. uspap requires the appraiser to analyze market conditions as part of: - CORRECT ANSWER the development process. anthony & beth appraisers, Must anthony provide the copy of the report to beth to comply with the court order. - CORRECT ANSWER yes to be complaint with due process of law, a must provide the appraisal report copy. what level of participation does the client have defining the problem leading to the scope of work decision? - CORRECT ANSWER Communication with the client is important, but the appraiser alone determines the relevant property characteristics. An oral real property appraisal report must: - CORRECT ANSWER have a signed certification in the workfile. which question regarding disclosure years prior services within the past three years is false? - CORRECT ANSWER Prior appraisal services performed, not other services, must appear in the certification. scope of work does not apply to: - CORRECT ANSWER additional recommendations developed by an appraiser as a result of an appraisal. the appraiser's inability to physically inspect site improvements, such as underground utilities, might result in the appraiser. - CORRECT ANSWER using an extraordinary assumption. which action by an appraiser does the scope of work rule not apply? - CORRECT ANSWER Additional recommendations developed by an appraiser as a result of an appraisal. during problem identification, determination of what element is a judgement of the appraiser that requires competency for that type of assignment? - CORRECT ANSWER Relevant property characteristics which is used as a benchmark for credibility in an appraisal assignment? - CORRECT ANSWER Intended use The scope of work must produce credible results to the intended user in the context of - CORRECT ANSWER intended use which disclosure must be made in an appraisal report when an extraordinary assumption has been used in an assignment? - CORRECT ANSWER the results could change if the extraordinary assumption is found to be false. an oral real property appraisal report must - CORRECT ANSWER have a signed certification in the workfile. A fee appraiser seeks to get on the approved list for a local mortgage company. In order to be considered for approval, the lender requires appraisers to provide sample appraisal reports performed within the past year. Can the appraiser provide the reports without violating USPAP? - CORRECT ANSWER Yes; if all essential elements of confidential information are removed through redaction or the process of aggregation. Credibility of the scope of work is measure in the context of the - CORRECT ANSWER intended use. what of who influences the appraiser's judgement regarding the appropriateness of the type of value being sought in an assignment - CORRECT ANSWER intended use. If an appraiser signs a confidentiality agreement regarding the disclosure of prior appraisal services for a property in a previous assignment, what circumstance would allow the required disclosure in a new assignment? - CORRECT ANSWER Voiding or modifying the confidentiality agreement. Reasonable exposure time link to a value opinion? - CORRECT ANSWER the lenght of time the property would have been offered on the market at past market conditions. uspap note - CORRECT ANSWER does not prohibit the appraiser's fee being based on the owner's estimated value, the assessed value, the pending sale price or any other amount outside the appraiser control. uspap note - CORRECT ANSWER Properly identifying the problem is important to the scope of work, as the scope of work decision is a direct result of the information learned during the problem identification. A signed certification must be - CORRECT ANSWER signed by any party who signs any part of an appraisal report. mass appraisal - CORRECT ANSWER must include a written report mass appraisal model is - CORRECT ANSWER a mathematical expression of how supply and demand factors interact in a market. compliance with uspap is required when obligated by - CORRECT ANSWER agreement, law or regulation which is an element of defining the problem? - CORRECT ANSWER Assignment conditions The competency rule requires appraisers to: - CORRECT ANSWER identify the problem to be solved. A valuation service performed by an individual acting as an appraiser requires the appraiser to: - CORRECT ANSWER inquire about the intended user's expectations. management section of the ethics rule obligates an appraiser to disclose any fees, coom, or things of value paid in procurement of an assignment in the: - CORRECT ANSWER certification and any letter of transmittal. according to the manage section of the ethics rule, an appraiser affixes his signiture in an assignment for what purpose? - CORRECT ANSWER certify recognition & acceptance of uspap responsibilities. an appraiser must not allow assignment conditions to limit the scope of work to such a degree that - CORRECT ANSWER assignment result are not credible in context of the intended use. Jurisdictional exception rule applies when uspap is - CORRECT ANSWER precluded by law or regulation. Standard 2 does not - CORRECT ANSWER dictate the form, style, or format of an appraisal report. uspap std 2 specifies two permitted reporting options: - CORRECT ANSWER appraisal report & restricted appraisal report. appraisal report information significant to the solution of the problem. - CORRECT ANSWER Restricted appraisal reports 'state this information. Standard 1 does not address reporting, - CORRECT ANSWER which is addressed by standard 2 . report the opinions & conclusions reached by an appraiser. the appraiser's opinions and conclusions: - CORRECT ANSWER are always specific to the intended use. which term is defined by USPAP as services pertaining to aspect of property value? - CORRECT ANSWER Valuation services The performance standard in uspap - CORRECT ANSWER ethics & competency The specific type of prior service performed for the property: - CORRECT ANSWER must be disclosed to the client and in the report certification. scope of work rule applies to - CORRECT ANSWER value opinion of a completed development project USPAP requires every appraisal report to clearly stat both the effective date and the date of the report. Which best defines the date of the report? - CORRECT ANSWER date that is the prospective from which the appraiser is examning the market. Appraisel completed an appraisal report yesterday today he is going to provide his client the report - CORRECT ANSWER change the date on the report & certification to the date of revisions, the date of the revised report should be the date that it is completed & transmitted to the client. The appraiser cannot accommodate this request as readdressing an appraisal after it is completed is not in compliance with USPAP. - CORRECT ANSWER The client and intended users cannot change once the assignment has been completed. disclosure of prior services is required in the certification for written & oral reports. prior services include those provided as an appraiser or in any other capacity. the requirement to the appraisal of all asset types. - CORRECT ANSWER disclosure of prior services. The true statement regarding a workfile. - CORRECT ANSWER For a restricted report, it must contain the contents to produce at least an appraisal report. a recertification of value - CORRECT ANSWER confirms if a condition of prior appraisal has been met, it does not change the effective date & does not provide comment to or a new, value opinion. when appraising a property that has special handicapped features in a market value assignment, which could be the most logical course of action in order to prevent misleading conclusions? - CORRECT ANSWER Consider offering two value opinions to two different market audiences. An appraiser has been engaged to perform a drive- by inspection of residential property. Which is NOT one of the appraiser's options if suficient information is not available from this level of inspection? - CORRECT ANSWER Provide the value opinion based on what little he can see. attorney contacted a real property appraiser regarding a potential assignment. The attorney acting as an agent for his client, who would be the client in the appraisal assignment & wishes to remain anonymous. How should the appraiser treat this request? - CORRECT ANSWER The appraiser cannot accept the assignment without knowledge of the identity of the client or the intended use. The Competency Rule requires appraiser to: - CORRECT ANSWER Identify the problem to be solved. Prior to accepting an assignment. Standard 1 - CORRECT ANSWER An exposure time must be identified if it a component of the definition of value in the assignment. The element of defining the problem> - CORRECT ANSWER Assignment Conditions A valuation service performed by an individual acting as an appraiser requires the appraiser to - CORRECT ANSWER Inquire about the intended user's expectations. Standard rule 1-2 states in part: - CORRECT ANSWER When exposure time is a component of the definition of value opinion being developed, the appraiser must also develop an opinion of reasonable exposure time linked to that value opinion. Standard rule 1-3 of uspap, requires which action in a market value assignment? - CORRECT ANSWER Development of an opinion of highest & best use. Standard rule 1-2 of uspap prohibits an appraiser from allowing - CORRECT ANSWER the intended use of an assignment of client's objectives to cause the assignment result to be biased. Standard rule 2-2 of uspap requires an appraiser to - CORRECT ANSWER prominently state in the report which reporting option is being used in the assignment. within uspap, the appraisers-------------is/ are always specific to the intended use. - CORRECT ANSWER opinion and conclusions The intended use & the intended user of the appraiser's opinion & conclusions are identified------------ the assignment. - CORRECT ANSWER at the time of Uspap does not prohibit the appraiser's fee being based on the owner's estimated value, - CORRECT ANSWER the assessed value, the pending sale price or any other amount outside the appraiser's control. Standard rule 1-5 states that appraisers must analyze agreements of sale, options & listings of the subject property current as of the effective date of an appraisal, in a market value assignment, if it is - CORRECT ANSWER available in the normal course of business. If any investigation, information, method or technique would appear relevant to the client, another intended user, or the appraiser's peers, - CORRECT ANSWER an appraiser must be prepared to support the decision for its exclusion. STD rule 2-1 - CORRECT ANSWER requires that each written or oral real property appraisal report must contain sufficient information to enable the intended users of the appraisal to understand the report properly. STD rule 2-2 - CORRECT ANSWER obligate the appraiser to prominently state in the report which reporting option is being used. std 2 - CORRECT ANSWER does not dictate the form,style or format of an appraisal report. The level of information necessary in a report & the reporting option chosen by the appraiser - CORRECT ANSWER depends on the intended use & the intended users in an assignment. when necessary for credible assignment results in the review of analysis, opinions and conclusions. - CORRECT ANSWER the reviewer must (in part) develop the reasons for any disagreement. when the scope of work includes the reviewer developing his own opinion of value or review opinion. - CORRECT ANSWER the reviewer must comply with the standard applicable to the development of that opinion. the appraiser's opinions & conclusions - CORRECT ANSWER are always specific to the intended use. The appraiser identifies the intended use & intended user's - CORRECT ANSWER at the time of the assignment based upon communication with the client. uspap advisory opinions - CORRECT ANSWER illustrate the applicability of uspap in specific situations. in mass appraisal the type of value in the assignment is always in problem identification. - CORRECT ANSWER Mass appraisal can be performed for many reasons, for both real & personal property, not just for taxation purposes. When a real property appraiser completes an appraisal for real property improved with a proposed construction of a new dwelling as of a current effective date, what is one of the assignment conditions he has identified? - CORRECT ANSWER Hypothetical Condition the scope of work in each particular service must be determined when the service involves - CORRECT ANSWER an appraisal or appraisal review Teh performance standards in uspap establish a benchmark of criteria to measure. - CORRECT ANSWER ethics & competency the scope of work rule applies to only appraisal & appraisal review assignments. - CORRECT ANSWER Other services provided by an appraiser other than an appraisal or appraisal review do not have scope of work obligations. Advisory opinions on standards rule are; - CORRECT ANSWER issued to help explain the standard & often offer examples. Comments on standards rules are - CORRECT ANSWER as binding as the standard itself. The preamble of uspap states that the uniform standards are: - CORRECT ANSWER also for the benefit of the users of appraisal services. uspap applies to: - CORRECT ANSWER appraisers or appraisal services when they are required by law, regulation or agreement to comply with uspap. A workfile file is not required for: - CORRECT ANSWER brokerage services, When something is uncertain yet necessary to the development of the value opinion, the appraiser must identify the uncertainty as: - CORRECT ANSWER An extraordinary assumption Payment of a fee to procure appraisal assignment is: - CORRECT ANSWER allowed if disclosed in the certification & in any transmittal letter. The review appraiser must conduct an appraisal review in the context of market conditions as of the: - CORRECT ANSWER effective date of the appraisal under review. If an appraiser assume to be true a condition that is known to be false, this is an example of: - CORRECT ANSWER Hypothetical condition The mass appraisal standard(standard 6) ,applies to the - CORRECT ANSWER DEVELOPMENT & REPORTING of mass appraisals for ad valorem tax purposes & any other intended use An appraiser is appraising a parcel of vacant land. The inspection reveals indications that the site may be contaminated, although there is no clear evidence either way. If the site is to be appraised as if uncontaminated, the appraiser must use - CORRECT ANSWER an extraordinary assumption The reveiw appraiser must conduct an appraisal review in the context of market conditions as of the - CORRECT ANSWER effective date of the appraisal under review. In a retrospective appraisal assignment, the cutoff date for the comparable market data must be - CORRECT ANSWER a date determined by the appraiser based on market conditions. Comments in uspap are best describe: - CORRECT ANSWER as the integral part of the uniform standards & are extensions of the rules definitions & standard rules. Hypothetical conditions - CORRECT ANSWER assume conditions known to be false. highest & best use analysis is - CORRECT ANSWER a specific requirement that may be necessary in some appraisal. Each report must include - CORRECT ANSWER both the effective date of the opinion & date of the report. According to standard 6 (mass appraisal) when an appraiser develops a mass appraisal, the appraiser is required to; - CORRECT ANSWER consider the highest & best use of the property. An appraiser who acts accepts an assignment assisting an attorney in preparing for trial-to include duties such as formulating questions as well as reviewing the opposition data & conclusion & charges a contingent fee is - CORRECT ANSWER acting as a consultant & must comply with standard rules 4 & 5. USPAP STandard rule 1-1 - CORRECT ANSWER states you must be competent for this type assignment. USPAP STandard rule 1-2 - CORRECT ANSWER list the items that must be identified by the appraiser, including client purpose, scope of work, special circumstances. USPAP STandard rule 1-3 - CORRECT ANSWER governs the type of value appraised as as well highest & best use. USPAP STandard rule 1-4 - CORRECT ANSWER explains the necessary steps an appraiser must complete when using the three approaches to value. USPAP STandard rule 1-5 - CORRECT ANSWER provides guidelines for the analysis of the property's histories. USPAP STandard rule 1-6 - CORRECT ANSWER states the appraiser must reconcile all information. Exposure time is in the past. - CORRECT ANSWER means when would this property have to be put on the market in the past to sell as of the date of the appraisal Hypothetical condition - CORRECT ANSWER Example: Appraising a house from a set of plans. as if house is constructed for the purpose of analysis. Disclosure of prior services is: - CORRECT ANSWER only required for the appraiser who accepts the assignment & signs the certification. During problem identification, determination of what element is a judgement of the appraiser that requires competency for that type of assignment? - CORRECT ANSWER Relevant property characteristics uspap does not establish: - CORRECT ANSWER time limit for inspection of appraisal workfiles by jurisdictions. if a property that once had a high radon level present, but has since been remedied, the prior condition may cause the appraiser to use what in the assignment? - CORRECT ANSWER Extraordinary assumption An appraiser has been asked to appraise a one-acre segment of a five-acre parcel, USPAP requires the appraiser to: - CORRECT ANSWER obtain data from sources reliavble for the intended use of the appraisal. Recommending an specific buyer action based upon a value opinion would be appraisal practice with no specific preformance standards and - CORRECT ANSWER no scope of work or workfile requirement. The board of the appraisal foundation that identifies & addresses issues relating to recognized methods & techniques is the - CORRECT ANSWER APPRAISAL PRACTICE BOARD(APB) APPRAISAL PRACTICE BOARD(APB) - CORRECT ANSWER is responsible for identifying & issuing opinions on recognized valuation method & techniques & offers voluntary guidance in topic areas that appraisers & users of appraisal services consider most significant. When something is uncertain yet necessary to the development of the value opinion, the appraiser must identify the uncertainty as: - CORRECT ANSWER An extraordinary assumption Marketing time - CORRECT ANSWER is an opinion of the amount of time it might take to sell a real or personal property interest at the concluded market value level during the period immediately after the effective date of an appraisal. which is part of the appraiser's scope of work decision? - CORRECT ANSWER Exclusion of a valuation approach An appraiser must not disclose - CORRECT ANSWER 1- confidential information 2- assignment results to anyone other than the client, persons specifically authorized by the client, state appraiser regulatory agencies, third parties as may be authorized by due process of law, or a duly authorized professional peer review committee except when such disclosure to a committee would violate applicable law or regulation. A member of a duly authorized professional peer review committee must not disclose confidential information presented to the committee. A final inspection - CORRECT ANSWER is an extension of the original assignment if it is part of the original agreement for services. If the service was not specified in the original assignment, the final inspection request must be treated as a new assignment, with disclosure of the prior assignment. Fees based on the amount of the value opinion are - CORRECT ANSWER prohibited in the management section of the ethics rule. According to uspap, an appraisal update is a new assignment. - CORRECT ANSWER A recertification of value confirms whether the conditions of a prior opinion have met, & thus does not change the effective date. If the assignment includes the reviewer developing his own opinion of value for the subject property of the work under review, - CORRECT ANSWER that opinion is an appraisal. The comments to standards rule 3-6 states that a reviewer who signs any part of a report or a letter of transmittal - CORRECT ANSWER must also sign the certification. intangible property or business asset appraisal is addressed in standard 9 - CORRECT ANSWER Business appraisal development Standard 3 permits the reviewer to consider data not available as of the effective date of the appraisal being reviewed, however - CORRECT ANSWER the review appraiser cannot use this information to discredit the original appraiser. The competency rule states Prior to accepting or entering into an agreement to perform any assignment, an appraiser must properly identify the problem to be addressed & have knowledge & experience to complete the assignment competently; must: - CORRECT ANSWER 1. disclose the lack of knowledge or experience to the client before accepting the assignment 2. take all steps necessary or appropriate to complete the assignment competently 3. Describe the lack knowledge or experience 7 the steps taken to complete the assignment competently in the report. use of jurisdictional exception diminishes part or parts of uspap, but uspap a whole. - CORRECT ANSWER when a jurisdictional exception applies in an assignment, there must be disclosure of its use & the force causing the use. When performing a valuation service while acting in the role of an appraiser. - CORRECT ANSWER the appraiser must inquire about the intended user's expectations. Management section of the ethics rule - CORRECT ANSWER obligates an appraiser to disclose any fees, commissions, or things of value paid in the procurement of an assignment in the certification & any letter of transmittal in which conclusion are stated. An appraiser may not have a compensation arrangement that would inspire unethical behavior. - CORRECT ANSWER A fee based on the volume of business is a business practice decision. The appraiser affixes his signature or authorizes the use of his signature in an appraisal or appraisal review assignment - CORRECT ANSWER to certify recognition & acceptance of his obligations to USPAP. When an appraiser is offered the opportunity to appraise a property for a new client that was the subject of a prior assignment, & the appraiser is not bound to keep the previous assignemnt confidential, the appraiser must - CORRECT ANSWER Protect any confidential information from the first assignment & disclose the prior appraisal. Analytical method, intended use, & laws & regulations - CORRECT ANSWER are all referenced as an element of competency. During problem identification, determination of what element is a judgement of the appraiser that requires competency for that type of assignment? - CORRECT ANSWER Relevant property characteristics In mass appraisal, the type of value in the assignment is always determined in - CORRECT ANSWER problem identification. Disclosure of prior services made at the time of the assignment can be written or oral. - CORRECT ANSWER Disclosure of the services must be included in the certification of the report. each prior service, if known must be disclose at the time of the assignment. Uspap does not prohibit an appraiser's fee based on the pending sale price of the subject property. - CORRECT ANSWER For the fee is not within the appraiser's control. Relevant characteristics - CORRECT ANSWER would not be an element of assignment conditions determined during problem identification. Assignment conditions include - CORRECT ANSWER assumptions, extraordinary assumptions, hypothetical conditions, laws & regulations, jurisdictional exceptions & other conditions that affect the scope of work [Show More]

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