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USPAP Practice Test Questions and Answers 100% Pass

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The PREAMBLE states the purpose of USPAP is to maintain public ___ in the appraisal practice by establishing requirements for appraisers. ✔✔trust USPAP benefits providers of appraisal services... and ✔✔users of appraisal services. Which is NOT considered significant real property appraisal assistance? ✔✔collecting employment data for use in analysis A valuation service performed by an individual acting as an appraiser requires the appraiser to ✔✔inquire about the intended user's expectations. When an individual is performing valuation services outside of appraisal practice, that individual must be careful to ✔✔not misrepresent his role. When choosing to provide a valuation service as an appraiser or in some other capacity, great care must be taken to ✔✔maintain public trust. A real property appraiser teaching appraisal is engaged in ✔✔appraisal practice with no applicable Standards (1-10). A lender has telephoned an appraiser to determine the high and low sales prices in the past year that took place in the Green Hills Subdivision. No mention was made of a subject property by the lender. The appraiser has supplied a list of all of the sales within the past year in the subdivision and billed the lender for service. The service being provided by the appraiser is ✔✔appraisal practice with no performance standards or record keeping requirements. In accordance with USPAP, which is NOT an expectation when acting in the role of an appraiser? ✔✔holding a state license or certification Compliance with USPAP is required when obligated by ✔✔agreement, law, or regulation. When an appraiser is providing a service other than an appraisal or appraisal review, which would NOT apply? ✔✔RECORD KEEPING RULE [Show More]

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