Safety Management > EXAM > Ch. 2 - PREAMBLE and When USPAP Applies Exam Questions with Answers,100% CORRECT (All)
Ch. 2 - PREAMBLE and When USPAP Applies Exam Questions with Answers,100% CORRECT
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Ch. 2 - PREAMBLE and When USPAP Applies Exam Questions with Answers What is the stated purpose of USPAP? 1) Promote and maintain a high level of public trust in appraisal practice. 2) Establi... sh a federal appraisal enforcement agency. 3) Establish requirements that licensed and certified appraisers must follow. 4) Create requirements so stringent that no appraiser can possibly comply with them. - CORRECT ANSWER 1) Promote and maintain a high level of public trust in appraisal practice. To which property types does USPAP apply? Both tangible and intangible property Tangible property only None of these answers Intangible property only - CORRECT ANSWER Both tangible and intangible property When obligated by law or regulation, an appraiser _______ comply with USPAP. Should Must Need not May choose to - CORRECT ANSWER Must The PREAMBLE states that USPAP intended to benefit: 1) Appraisers only 2) Borrowers in mortgage-lending appraisal assignments 3) Users of appraisal services only 4) Appraisers and users of appraisal services - CORRECT ANSWER 4) Appraisers and users of appraisal services The requirement for USPAP compliance in an appraisal assignment could be the result of: Law or regulation Any of these answers Agreement with the client Voluntary choice by the appraiser - CORRECT ANSWER Any of these answers An appraiser has the professional responsibility to identify the capacity in which he or she is performing. False True - CORRECT ANSWER True A valuation service that is premised upon advocacy: 1) Can be performed by an individual acting as an appraiser with appropriate disclosure. 2) Must be performed under the SCOPE OF WORK RULE. 3) Is an appraisal review assignment under STANDARDS 3 and 4. 4) It cannot be performed by an individual acting as an appraiser. - CORRECT ANSWER 4) It cannot be performed by an individual acting as an appraiser. USPAP states that in a situation when an individual is not required by law, regulation, or agreement to comply with USPAP: 1) The individual should comply only if the service involves real property. 2) The individual should still comply when he or she is acting as an appraiser. 3) Compliance does not matter because clients do not understand USPAP. 4) The Appraisal Foundation can still force compliance. - CORRECT ANSWER 2) The individual should still comply when he or she is acting as an appraiser. When performing valuation services outside of appraisal practice, an individual must be careful not to __________ the client and other intended users about his or her role. Mislead Identify Communicate with - CORRECT ANSWER Mislead [Show More]
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