USPAP Exam 50 Questions with Answers,100% CORRECT

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USPAP Exam 50 Questions with Answers Which of the following establishes minimum criteria for real property appraisers' certification and licensing? - CORRECT ANSWER D. Appraisers Qualification boar ... d The primary purpose of federal monitoring of state real estate appraisers' licensing and certifying agencies is to determine whether? - CORRECT ANSWER D. Policies and procedures are consistent with Title XI of FIRREA Development of which of the following is NOT addressed by standards rule? - CORRECT ANSWER D. Recommended list price Which of the following best describes advisory opinions? - CORRECT ANSWER D. They do not establish new standards or interpret existing standards but are issued to illustrate the applicability of appraisal standards in specific situations. USPAP defines an appraiser as one who? - CORRECT ANSWER D. who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. Under USPAP, confidential information is information that is classified as confidential or private by law or regulation or information the appraiser? - CORRECT ANSWER D. receives from the client and is identified by the client as confidential and is not available from any other source. The type and extent of research and analysis in an assignment defines? - CORRECT ANSWER B. Scope of work When an issue necessary to the development of the value of opinion is uncertain as of the effective date of the assignment results of the appraiser will use? - CORRECT ANSWER D. Extraordinary assumption An intended user is? - CORRECT ANSWER D. A party who is identified by the appraiser at the time of the assignment. Appraisal practice includes? - CORRECT ANSWER D. All valuation services performed by an individual acting as an appraiser. An appraiser provides an opinion of market rent for a property, this is an example of? - CORRECT ANSWER A. an appraisal An appraiser's peer are defined as other appraisers who? - CORRECT ANSWER A. have expertise and competency in a similar type of assignment. The scope of an appraisal review assignment may be? - CORRECT ANSWER D. Any work completed as part of an appraisal or an appraisal review assignment. The Preamble states that the Appraisal Standards Board promulgates USPAP? - CORRECT ANSWER C. For appraisers and the users of appraisal services. Real estate brokers, appraisal reviews, and automobile appraisals are all included in? - CORRECT ANSWER B. Evaluations services If an appraiser agrees to perform an assignment to assist a client in pricing property for sale, the assignment is? - CORRECT ANSWER C. a valuation service to which USPAP applies. An electronic signature maybe used only if the? - CORRECT ANSWER D. appraiser applies it or authorizes its use for a specific assignment. An appraiser was requested to assist an attorney in developing an opinion of market value and advocate the interest in the client in litigation, this assignment is? - CORRECT ANSWER D. Not permitted by USPAP. If the subject property sold more than one time in the USPAP prescribed period prior to the affective date of the appraisal, which of the sales must be analyzed? - CORRECT ANSWER D. All sales in the time period prescribed in USPAP must be analyzed. The ethics rule states that the appraiser must? - CORRECT ANSWER A. promote and preserve public trust inherent in the appraisal practice. If an appraiser lacks the knowledge or experience to complete an assignment competently in order to engage in this assignment, the appraiser must? - CORRECT ANSWER D. disclose to the client the lack of knowledge or experience prior to agreeing to perform the assignment. Prior to completing an assignment for which he or she does not have the necessary knowledge or experience an appraiser engaged to appraise a specific type or property must? - CORRECT ANSWER A. have the necessary knowledge and experience to complete the assignment competently. An appraiser completed an appraisal report on March 10th, 2016. The appraiser provided testimony related to the assignment on March 10th, 2018. The final disposition of the litigation related to the appraisal occurred on March 10th,2020. The appraiser must retain the work file until March 10th of - CORRECT ANSWER B. 2022 Identification of the intended use of an appraiser's opinion and conclusion is? - CORRECT ANSWER B. necessary for determining the appropriate scope of work. The identification of relevant characteristics is a? - CORRECT ANSWER B. Judgment made by the appraiser. The scope of work rule applies to all? - CORRECT ANSWER C. appraisal assignment The scope of work is appropriate if it is? - CORRECT ANSWER C. Sufficient to produce credible assignment results for the intended user. The appraisal report must include a disclosure of the scope of work that? - CORRECT ANSWER B. the appraiser performed in the assignment. The jurisdictional exception rule? - CORRECT ANSWER A. preservers the balance of USPAP with compliance when a part of USPAP is precluded by law or regulation. In an appraisal of a property with proposed improvements, an appraiser must examen? - CORRECT ANSWER D. documentation sufficient to identify the extent and character of the proposed improvements. A review appraiser prepared an appraisal review and stated in the report that the reviewer had not inspected the subject property, has an standards rule been violated, if so why? - CORRECT ANSWER C. No, the disclosure as stated was proper as part of the description of the scope of work. In an appraisal review assignment, the reviewer must always? - CORRECT ANSWER B. identify the purpose of the appraisal review. When a reviewer offers a different opinion of value, at a minimum, how must the appraisal review report present the support for the difference? - CORRECT ANSWER B. by summarizing additional information and reasoning. Which of the following must be summarized in a written mass appraisal report? - CORRECT ANSWER C. procedures for collecting, validating, and reporting data. Levels of trade is a market reference in? - CORRECT ANSWER D. personal property appraisers When appraising a business equity interest, the appraiser must identify? - CORRECT ANSWER A. all relevant buy, sell, and options agreement. If an appraiser agrees to develop an opinion of market value for a property on which there is a current agreement of sell. The agreement of sale must be? - CORRECT ANSWER A. analyzed in the appraisal. The income approach to value must be developed in an appraisal when? - CORRECT ANSWER C. it is necessary for credible assignment results. Who is responsible for the scope of work decision in the assignment? - CORRECT ANSWER A. an appraiser When must an appraiser develop an opinion of highest and best use? - CORRECT ANSWER A. when necessary for credible assignment results In developing an appraisal, the appraiser must? - CORRECT ANSWER D. not commit a substantial error that significantly affects the appraisal. What is the final step in the appraisal development? - CORRECT ANSWER C. reconciliation What specific requirements if any apply to the development of value of opinion that is based on non-market financing? - CORRECT ANSWER B. identify the financing terms and develop an opinion of their affect on value. At a firm with multiple appraisers, clients require the chief of appraiser to cosign all report's certification. If reports of one staff appraiser's were later found to contain USPAP violation, the chief appraiser must? - CORRECT ANSWER B. takes full responsibility for the assignment results and the content of the report by signing the certificate. All appraisal reports must contain? - CORRECT ANSWER C. Sufficient information to enable intended users to understand the report properly. If an appraiser excludes any of the approaches to value, how must the exclusion by addressed in the appraisal report? - CORRECT ANSWER A. the reason for exclusion must be stated in the report. The level of details that must be communicated must be in an appraisal report is determined based on the? - CORRECT ANSWER D. intended use and intended users. How must the identity of the intended users other than the client be communicated in an appraisal report? - CORRECT ANSWER C. Stated by name of by type. Which of the following is required when using a hypothetical condition? - CORRECT ANSWER A. the hypothetical condition must be clearly and conspicuously disclosed. The appraisal report must? - CORRECT ANSWER A. summarize the method and techniques employed. [Show More]

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