USPAP 15 Hour Exam 64 Question with Answers 2023,100% CORRECT

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USPAP 15 Hour Exam 64 Question with Answers 2023 appraisal subcommittee - CORRECT ANSWER national registry appraisal foundation - CORRECT ANSWER appraisal qualifications board appraisal standar... ds board who enforces USPAP - CORRECT ANSWER state regulators what is the purpose of USPAP - CORRECT ANSWER to promote and maintain a high level of public trust not parts of USPAP - CORRECT ANSWER advisory opinions (illustrate) FAQs USPAP parts applicable to appraisal practice - CORRECT ANSWER preamble definitions ethics rule competency rule jurisdictional exception rule ethics rule - CORRECT ANSWER appraiser must comply with USPAP when obligated by law or regulation, agreement. should always comply when working as an appraiser confidential information - CORRECT ANSWER identified by client not available from any other source classified as private by law ethics rule - CORRECT ANSWER prohibits bias requires disclosure and certification if any work has been done relative to the subject property in the last 3 years requires disclosure of interest in property prior to engagement and in certification record keeping rule - CORRECT ANSWER must have work file for all appraisal and appraisal review assignments for a minimum of 5 years or 2 years after the disposition or court case, whichever is longer competency rule - CORRECT ANSWER disclose lack of knowledge to client before agreeing to perform get competent: must be competent before completion disclose in report scope of work rule - CORRECT ANSWER acceptable when it meets or exceeds expectations of regular intended users and appraiser's peers appraisers decision credible results two types of tangible properties - CORRECT ANSWER personal property real property why did USPAP come about - CORRECT ANSWER to promote public trust how many comparables does USPAP require? - CORRECT ANSWER 0, but a minimum of 3 is the standard restricted appraisal report - CORRECT ANSWER only requires a summary of the appraisal, not the full explanation appraiser - CORRECT ANSWER must comply with USPAP even if not doing an appraisal three years - CORRECT ANSWER number of years you need to go back to check on sales of real property when must an appraiser comply with USPAP - CORRECT ANSWER when required by law or regulation or agreement with a client. choose to comply any time providing services three ethical requirements of appraiser - CORRECT ANSWER independent impartial objective ultimate goal of an appraisal - CORRECT ANSWER credible results what is it called when the review appraiser agrees with the report - CORRECT ANSWER its an appraisal attributes of public trust - CORRECT ANSWER specialized knowledge experience objectivity independence integrity state appraiser regulatory agencies - CORRECT ANSWER has enforcement authority within their appraiser certification programs state appraiser regulatory agencies - CORRECT ANSWER has authority to establish higher than AQB criteria for appraiser requirements and standards of practice method USPAP achieves legal authority - CORRECT ANSWER by adoption, citation or implementation by government agencies through regulation or administrative action when do standards apply - CORRECT ANSWER only if you are doing an appraisal or appraisal review comments - CORRECT ANSWER integral part of USPAP, have the same weight as the component they address comments - CORRECT ANSWER provide interpretation and establish the context and conditions for the application intended users - CORRECT ANSWER must be identified two dates required on the report - CORRECT ANSWER effective date report date assignment conditions - CORRECT ANSWER extraordinary assumptions hypothetical conditions definition of the problem - CORRECT ANSWER identify client and other intended users identify the intended use identify the type and definition of value effective date of the opinion identify the relevant characteristics of the property identify the assignment conditions appraisal process - CORRECT ANSWER 1) definition of the problem 2) determine the scope of work 3) data collection of analysis 4) application of the approaches to value 5) reconciliation of value indications and final opinion of value 6) report of defined value opinions intended use - CORRECT ANSWER tells when the scope of work or level of detail is sufficient who benefits from USPAP - CORRECT ANSWER providers and users of appraisal services USPAP compliance - CORRECT ANSWER when required by law, regulation, agreement should comply when representing oneself as an appraiser property covered by USPAP - CORRECT ANSWER tangible real and personal property valuation service - CORRECT ANSWER a service pertaining to an aspect of property value, regardless of the type of service and whether it is performed by appraisers or others appraisal practice - CORRECT ANSWER Valuation services performed by an individual acting in a role as an appraiser, including but not limited to appraisal and appraisal review. client - CORRECT ANSWER engages appraiser extraordinary assumption - CORRECT ANSWER assignment-specific condition as of the effective date regarding UNCERTAIN information used in an analysis which, if found to be false, could alter the appraiser's opinions or conclusions. hypothetical assumption - CORRECT ANSWER condition, directly related to a specific assignment, which is CONTRARY to what is known by the appraiser to exist on the effective date of the assignment results but is used for the purpose of analysis appraiser - CORRECT ANSWER one who is expected to perform valuation services competently and in a manner that is independent, impartial and objective assignment results - CORRECT ANSWER confidential expression of opinion work file - CORRECT ANSWER documents the support for the appraisers analysis bias - CORRECT ANSWER preference that precludes an appraisers impartiality appraisal practice - CORRECT ANSWER includes only valuation services performed by an individual acting as an appraiser credible - CORRECT ANSWER worthy of belief when do standard rules apply - CORRECT ANSWER appraisal appraisal review how is credibility judged - CORRECT ANSWER intended use methods of communication - CORRECT ANSWER written or oral when must a certification be signed - CORRECT ANSWER on any appraisal or appraisal review when can an approach be excluded - CORRECT ANSWER disclosed the reason, when the appraisal still results in credible results what is the difference between an appraisal report and a restricted appraisal report - CORRECT ANSWER content and level of detail appraisal report - CORRECT ANSWER summarized restricted appraisal report - CORRECT ANSWER state two dates on an appraisal - CORRECT ANSWER effective date report date is scope of work required on an appraisal review - CORRECT ANSWER yes work file development - CORRECT ANSWER must be sufficient to produce an appraisal report, even if only doing a restricted appraisal report or appraisal report advisory opinions - CORRECT ANSWER illustrate USPAP comments - CORRECT ANSWER part of USPAP proposed improvements - CORRECT ANSWER appraiser must examine, or have available for future examination, plans, specifications, or other documentation sufficient to identify the extent and character of the proposed improvements how to identify relevant characteristics - CORRECT ANSWER may use any combination of a property inspection and documentation [Show More]

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