7-hour National USPAP-with 100% verified solutions- 2024-2025.docx, Exams of Advanced Education

Download 7-hour National USPAP-with 100% verified solutions- 2024-2025.docx and more Exams Advanced Education in PDF only on Docsity! 7-hour National USPAP-with 100% verified solutions- 2024-2025 You are reading an Advisory Opinion in the USPAP publication. Officially, Advisory Opinions are considered: Other communications, and not part of USPAP A new edition of USPAP has been released. Which statement is true regarding the effective date of this new edition of USPAP? The ASB determines when the edition of USPAP will be effective. Which statement is most accurate regarding the ASB's analysis of comments to exposure drafts? Each member of the ASB reads and considers all comments. The ASB releases an exposure draft of proposed changes to USPAP, and you wish to provide comments. At a minimum, you will have to provide comments to the ASB. 30 days As the terms are used by the ASB, what is the difference between a Discussion Draft and an Exposure Draft? An Exposure Draft is a formal proposal to revise USPAP, while a Discussion Draft merely solicits feedback from industry participants. You want to participate in the USPAP revision process but are busy and prefer not to travel. What is your best option? Register for ASB meetings and livestream them on your computer as they are happening. Changes to USPAP may only be made after: Completion of the exposure process and discussion and adoption at a public meeting Published stories alleging bias and discrimination by appraisers have appeared: In news outlets across the country One common thread in news articles about appraisers is the allegation that the appraisal process is . Conversely, USPAP requires an appraiser to be . Subjective, objective Fair housing laws would apply to an appraisal of , but not to the appraisal of . A duplex, a medical office When does USPAP prohibit an appraiser from using or relying on SUPPORTED conclusions about protected classes? When such conclusions violate federal, state, or local laws In which of these situations might it be appropriate for an appraiser to research the number of members of a protected class and use supported conclusions regarding members of this protected class in an appraisal assignment? When appraising a unit in an age-restricted (55 and older) community An appraiser issues an appraisal report on a single-unit residence that understated the GLA by 20%. Which statement is most accurate about this situation? The report is misleading, and may constitute a violation of USPAP. An appraiser is valuing a residential property in a divorce case. The appraiser develops an inclination that precludes his impartiality and objectivity in the assignment, yet he proceeds with the appraisal anyway. It can accurately be stated that the appraiser is: Biased An appraiser is valuing a four-unit residential property for a mortgage lender, and is accused by the lender of violating a state fair housing law in the performance of the appraisal. The appraiser responds angrily that there are thousands of laws out there and they cannot be expected to know every single law. Which statement is true regarding this situation? The COMPETENCY RULE requires the appraiser to be aware of and comply with applicable laws. Which part of USPAP requires an appraiser to be aware of, and comply with, fair housing laws and regulations that may apply in an assignment? The COMPETENCY RULE Which statement is true regarding the ETHICS RULE? Violations of the ETHICS RULE are among the most serious, and usually result in significant sanctions by state enforcement agencies. When required by law, regulation, or agreement with the client A new appraiser trainee is reading USPAP. What can this individual expect to find in USPAP? Required rules for ethical behavior and performance For whom is USPAP written? Appraisers and users of appraisal services FAQs are an important component of the USPAP publication. Which statement best describes the role of FAQs? They illustrate the applicability of USPAP in specific situations. The USPAP publication is available in both hard copy (paper) and electronic format. What is an advantage to using the electronic version of USPAP? The electronic version is searchable using a word or phrase. Which of these items is not part of USPAP? FAQs Advisory Opinions are part of the USPAP publication. Which statement is true regarding Advisory Opinions? They illustrate applicability of standards to specific appraisal issues. In which part of an Advisory Opinion would you find the overarching question that the AO intends to answer, which often includes background information and a question (or questions)? The Issue Most Advisory Opinions are similar in structure. Which of these is not a typical component of an Advisory Opinion? Frequently Asked Questions In which part of an Advisory Opinion might you find an example of language that could be used in an appraisal report? Illustrations Which statement is true regarding the ASB, Advisory Opinions, and the exposure process? Advisory Opinions are not required to be exposed in order to be adopted or revised, but the ASB typically exposes them anyway. Which of these would be more narrowly focused? An FAQ An appraiser is referencing an FAQ in the USPAP publication to solve an appraisal problem. Which statement about the advice provided in the referenced FAQ is most correct? The advice presented in the FAQ does not represent the only possible solution to the issue. You are searching in the FAQs section of the USPAP publication for an FAQ on a particular topic related to appraisal reporting. Which of these is the BEST advice to help you find your FAQ? The FAQs are arranged in the same order as the topics in USPAP. An appraiser is preparing an appraisal in compliance with both USPAP and an international valuation standard. What advice does the ASB provide in this situation? Use the bridge document prepared jointly by ASB and IVSC An appraiser is valuing a property with an effective date of June 1, 2017. The appraiser inspected the property on December 18, 2019 and transmitted the report to the client on February 11, 2020. With which edition of USPAP must the appraiser comply in this assignment? 2020-2022 Edition An appraiser is valuing a residential property. In order to develop a credible value opinion, an appraiser must: Obtain sufficient information about the property's physical characteristics from reliable sources What does the ASB advise appraisers to do in order to minimize the likelihood of appraisal workfiles being damaged or destroyed in a natural disaster? Create frequent backups of electronic workfiles A systematic approach may be employed to answer USPAP questions. What is the first step in this process? Define the problem Paging randomly through USPAP searching for an answer, without defining the problem and creating a plan, is analogous to: Wandering aimlessly through a home improvement store looking for one item You have a USPAP-related question that you need to address before you can agree to perform a very lucrative assignment. Which of these would be the most important question, that, when answered, will put you on a path to solving this USPAP-related problem? Where does the answer to your question live in the USPAP publication? You are a state-credentialed appraiser and you have been offered an appraisal assignment on a complex property. You are questioning whether or not your state-issued credential will permit you to appraise the property. What is the best source to find the answer to this question? Your state appraiser licensing law An appraiser is developing an appraisal on a complex, income-producing property, and wants to develop a discounted cash flow analysis. Where should the appraiser go to find information on how to develop this valuation method? Appraisal textbooks Finding where the answer to your question lives in the USPAP publication is not as simple as it may first appear. Why is this? The answer may live in several different parts of USPAP, or in the guidance A real property appraiser has been asked to prepare an appraisal on a two-unit residence for mortgage financing. Instead of reporting the results on a secondary market report form, the client asks the appraiser to prepare a narrative-style report. The appraiser is required by state law to comply with USPAP in this assignment. With which part or parts of USPAP does the appraiser need to comply? All of the Rules in USPAP, as well as STANDARDS 1 and 2 You are answering a USPAP question. As part of the process, you may need to answer several additional questions in order to properly define the problem. True An appraiser is working on an appraisal assignment for a mortgage lender client. The client requests two front photos, two rear photos, two street scene photos, and a photo of the property located directly across the street. How would this request BEST be classified? As a client condition Is an appraiser required to clearly identify the intended use of an appraisal, and if so, why? Yes, it is necessary to identify the intended use because the credibility of assignment results is judged in the context of intended use. In completing this assignment, assuming the appraiser had clarified the intended use, what should the appraiser have done with regard to property inspection? The appraiser should have made a personal inspection of the property as agreed upon with the client. An appraiser completes an appraisal for an agent of a client and transmits the report. The agent subsequently asks the appraiser to change the name of the client and re-transmit the report, because the agent provided the wrong client name to the appraiser. What should the appraiser do in accordance with USPAP? Consider the request as a new assignment An appraiser completes an appraisal on a property for a mortgage lender as the client. The appraiser identifies the buyer of the property as an intended user. Is the appraiser permitted by USPAP to disclose confidential information or assignment results to the buyer? No, unless the client provides authorization for the appraiser to do so May the appraiser discuss facts in the appraisal report with a party who is not the appraiser's client or an intended user? Yes, as long as they do not disclose confidential information or assignment results There were well-publicized allegations of construction defects involving the subject properties. Are these allegations considered to be facts that could affect the value of these properties? Yes, well-publicized allegations of defects are facts that could affect value An appraiser is valuing a property for which the zoning is indeterminate. The appraiser made several attempts to verify the zoning with the municipality but was unsuccessful. An adjacent property is zoned HC-Highway Commercial. The appraiser states in the report that the zoning could not be confirmed and it is believed to be HC, and values the property as such. The report also states that this might have affected the value conclusion. This appraisal involves the use of: An extraordinary assumption only In the case study scenario, Appraiser One wrote a letter outlining the alleged deficiencies in the other appraiser's report and setting forth a value opinion. Should Appraiser One have printed this letter on company letterhead? No In the case study scenario, Appraiser One wrote a letter to the lender outlining the alleged deficiencies found in the other appraiser's report. Is this an appraisal review assignment? No