USPAP final Exam 49 Questions with Answers 2023,100% CORRECT

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USPAP final Exam 49 Questions with Answers 2023 The boards within the Appraisal foundation include - CORRECT ANSWER Appraisal standards board, appraisal qualificatioms board, appraisal practices bo... ard, board of trustees Which independent board was created within the appraisal foundation in 2010 - CORRECT ANSWER Appraisal practices board APB Does the appraisal foundation have the authority to enforce the requirements of USPAP - CORRECT ANSWER No Which entity is responsible for establishing education and experience requirements for licensing and certification of appraisers - CORRECT ANSWER Appraiser qualifications board Which entity appoints members of the APB, AQB, ASB - CORRECT ANSWER BOT board of trustees USPAP was developed interpreted and amended by - CORRECT ANSWER Appraisal standards board ASB The guidance issued by the Appraisal standards board is considered - CORRECT ANSWER Voluntary Advisory opinions are best described as - CORRECT ANSWER Not a part of USPAP, but included as reference material. Under FIRREA USPAP is enforced by - CORRECT ANSWER State Appraiser licensing/certification agencies The first step in the appraisal process is - CORRECT ANSWER Identify the problem Which step in the appraisal process involves communication of the appraisers opinions and conclusions - CORRECT ANSWER Reporting In USPAP the appraisal process is divided into two distinct types of activity - CORRECT ANSWER Developing and reporting A preference or inclination that precludes an appraisers impartiality, independence or objectivity - CORRECT ANSWER Bias An appraiser is not permitted to be ______ when performing an appraisal - CORRECT ANSWER An advocate The terms extraordinary assumption and hypothetical condition - CORRECT ANSWER Have different meanings within USPAP If an appraiser assumes a condition to be true, and evidence supports that belief, although that fact is not certain - CORRECT ANSWER Extraordinary assumption If an appraiser assumes a condition to be true that does not exist for the purpose of analysis - CORRECT ANSWER Hypothetical condition Using a public cost manual to determine the construction cost the result is - CORRECT ANSWER Cost The monetary relationship between properties and those who buy, sell or use those properties is the definition of - CORRECT ANSWER Value Qualification criteria for appraiser certification and recertification are disseminated to state appraisal boards bu - CORRECT ANSWER Appraiser qualifications board AQB USPAPs definition of a client allows - CORRECT ANSWER The client to engage the appraiser through an agent The party or parties who engage an appraiser is a specific assignment defines - CORRECT ANSWER The client Who makes the identification of the intended use in an assignment - CORRECT ANSWER The appraiser Who is always considered an intended user - CORRECT ANSWER The client A party who is identified by the appraiser based on communication with the client at the time of the assignment - CORRECT ANSWER An intended user Appraisal practice includes only - CORRECT ANSWER Valuation services provided by an individual acting as an appraiser When a real estate broker completes a CMA on a property he wants to list for sale this is considered a - CORRECT ANSWER Valuation service A workfile must be maintained for - CORRECT ANSWER All appraisal and appraisal view assignments Valuation services are a broader category of services than - CORRECT ANSWER Appraisal practice. Appraisal practice falls under the category of a valuation service The type and extent of research and analysis in an assignment is the definition of - CORRECT ANSWER Scope of work In USPAP each standard is composed of - CORRECT ANSWER Standards rules The PREAMBLE to USPAP states - CORRECT ANSWER For appraisers and users of appraisal services Is an appraiser required to comply with USPAP? - CORRECT ANSWER When obligated by law or regulation, an appraiser must comply with USPAP What is the stated purpose of USPAP - CORRECT ANSWER Promote and maintain a high level of public trust in appraisal practice To which property types does USPAP apply - CORRECT ANSWER Both tangible and intangible property What could cause an appraiser to prepare an appraisal assignment in conformance with USPAP? - CORRECT ANSWER Law or regulation, agreement with the client, or voluntary choice by the appraiser One of an appraisers obligations with regard to user expectations is to - CORRECT ANSWER Identify the capacity in which he is performing What is the relationship between valuation service and appraisal practice - CORRECT ANSWER Appraisal practice is a subset of valuation service In a situation when an individual is not required by law, regulation or agreement to comply with USPAP - CORRECT ANSWER The individual should still comply when he is acting as an appraiser When performing valuation services outside of appraisal practice - CORRECT ANSWER Be carful not to mislead the client about their role. An individual providing valuation services while acting as an appraiser - CORRECT ANSWER Is not permitted to advocate for the client An appraiser is never permitted to perform an assignment with - CORRECT ANSWER Bias An appraiser is never permitted to - CORRECT ANSWER Advocate the cause or interest of any party The ethical obligations of USPAP apply to - CORRECT ANSWER Individual appraisers only If an appraiser is asked to appraise a property that he has appraised in the past he must - CORRECT ANSWER Disclose the number of times he has appraised the property within the prior three years One of an appraisers obligations with regard to user expectations is to - CORRECT ANSWER Identify the capacity in which he or she is performing What is the stated purpose of USPAP - CORRECT ANSWER Promote and maintain a high level of public trust in appraisal practice To which property types does USPAP apply - CORRECT ANSWER Both tangible and intangible property The preamble states that USPAP is - CORRECT ANSWER For appraisers and users of appraisal services [Show More]

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