USPAP Test Review Exam 35 Questions with Answers,100% CORRECT

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USPAP Test Review Exam 35 Questions with Answers AQB - CORRECT ANSWER establishes minimum education, experience, etc. for certification of real property appraisers and supervisors ASB - CORREC... T 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 More]

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