USPAP 2024 QUESTIONS WITH 100% CORRECT ANSWERS, Exams of Nursing

Download USPAP 2024 QUESTIONS WITH 100% CORRECT ANSWERS and more Exams Nursing in PDF only on Docsity!

USPAP 2024 QUESTIONS WITH

100% CORRECT ANSWERS

What is USPAP? - correct answer ✔✔Uniform Standards of Professional Appraisal Practice Why was USPAP developed? - correct answer ✔✔To promote and maintain a high level of public trust as well as confidence in professional appraisal practice What are the benefits of USPAP? - correct answer ✔✔1) Provides a common basis for comparison (eg are we doing the appropriate work for the type of assignment?)

2. Provides a reference source for all users of the document.
3. Provides a basis for uniform enforcement for state regulatory agencies.
4. Provides a reason for clients, other intended users, and the public to place their trust in the services performed by professional appraisers. What is the role of the Appraisal Standards Board (ASB) of The Appraisal Foundation? - correct answer ✔✔To develop, interpret, and amend the Uniform Standards of Professional Appraisal Practice (USPAP). What are the five sections of USPAP? - correct answer ✔✔Preamble Definitions Rules Standards (Including Standards Rules) Statements on Appraisal Standards (currently no active statements) Are the Advisory Opinions (AO) and the Frequently Asked Questions (FAQ) a part of USPAP? - correct answer ✔✔NO. These are reference materials of "Other Communications". They are for guidance only. These communications do not establish new Standards or interpret existing Standards and are not a part of USPAP.

Who enforces the adherence and content of USPAP? - correct answer ✔✔State and Federal Regulatory Authorities Who appoints the ASB (Appraisal Standards Board)? - correct answer ✔✔Members are appointed by the BOT (Board of Trustees) What is the purpose of USPAP? - correct answer ✔✔The purpose is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers. Who does the ASB (Appraisal Standards Board) promulgate USPAP for? - correct answer ✔✔It is promulgated for both appraisers and users of appraisal services. What is the appraiser's responsibility? - correct answer ✔✔It is to protect the overall public trust. How does USPAP address the ethical and performance obligations of appraisers? - correct answer ✔✔USPAP addresses the ethical and performance obligations of appraisers through DEFINITIONS, RULES, STANDARDS, STANDARDS RULES, and STATEMENTS (there are currently no active statements). What do the DEFINITIONS portion of USPAP establish? - correct answer ✔✔The DEFINITIONS establish the application of certain terminology in USPAP. What is the purpose of the ETHICS RULE? - correct answer ✔✔The ETHICS RULE sets forth the requirements for integrity, impartiality, objectivity, independent judgment, and ethical conduct. What does the RECORD KEEPING RULE establish? - correct answer ✔✔The RECORD KEEPING RULE establishes the workfile requirements for appraisal and appraisal review assignments. What does the COMPETENCY RULE do? - correct answer ✔✔The COMPETENCY RULE presents pre- assignment and assignment conditions for knowledge and experience. Wat does the SCOPE OF WORK RULE do? - correct answer ✔✔The SCOPE OF WORK RULE presents obligations related to problem identification, research, and analysis.

What doe the JURISDICTIONAL EXCEPTION RULE do? - correct answer ✔✔The JURISDICTIONAL EXCEPTION RULE preserves the balance of USPAP if a portion is contrary to law or public policy of a jurisdiction. What is the purpose of the STANDARDS? - correct answer ✔✔The STANDARDS establish the requirements for appraisal and appraisal review and the manner in which each is communicated. What is the purpose of STANDARDS 1 and 2? - correct answer ✔✔STANDARDS 1 & 2 establishes requirements for the development and communication of a real property appraisal. What is the purpose of STANDARDS 3 and 4? - correct answer ✔✔STANDARDS 3 and 4 establishes requirements for the development and communication of an appraisal review. What is the purpose of STANDARDS 5 and 6? - correct answer ✔✔STANDARDS 5 & 6 establishes requirements for the development and communication of a mass appraisal. What is the purpose of STANDARDS 7 and 8? - correct answer ✔✔STANDARDS 7 and 8 establishes requirements for the development and communication of a personal property appraisal. What is the purpose of STANDARDS 9 and 10? - correct answer ✔✔STANDARDS 9 & 10 establishes requirements for the development and communication of a business or intangible asset appraisal. What is the purpose of the COMMENTS of USPAP? - correct answer ✔✔Comments are an integral part of USPAP and have the same weight as the component they address. These extensions of the DEFINITIONS, RULES, and STANDARDS RULES provide interpretation and establish the context and conditions for application. Does USPAP establish who or which assignments must comply? - correct answer ✔✔NO. USPAP does not establish who or which assignments must comply. What are the limitations of The Appraisal Foundation? - correct answer ✔✔The Appraisal Foundation is not a government entity. It does not have the power to make, judge, or enforce law.

What are the limitations of the Appraisal Standards Board? - correct answer ✔✔The Appraisal Standards Board is not a government entity. It does not have the power to make, judge, or enforce law. When must an appraiser comply with USPAP? - correct answer ✔✔An appraiser must comply with USPAP when either the service or the appraiser is required by law, regulation, or agreement with the client. Individuals may also choose to comply with USPAP any time that individual is performing the service as an appraiser. What must an appraiser do to comply with USPAP? - correct answer ✔✔- An appraiser must act competently and in a manner that is independent, impartial, and objective.

• An appraiser must comply with the ETHICS RULE in all aspects of appraisal practice.
• An appraiser must maintain the data, information and analysis necessary to support his or her opinions for appraisal and appraisal review assignments in accordance with the RECORD KEEPING RULE.
• An appraiser must comply with the COMPETENCY RULE and the JURISDICTIONAL EXCEPTION RULE for all assignments.
• When an appraiser provides an opinion of value in an assignment, the appraiser must also comply with the SCOPE OF WORK RULE, the RECORD KEEPING RULE, the applicable development and reporting Standards and applicable Statements (there are currently no active Statements).
• When an appraiser provides an option about the quality of another appraiser's work that was performed as part of an appraisal or appraisal review assignment, the appraiser must also comply with the SCOPE OF WORK RULE, the RECORD KEEPING RULE, applicable portions of STANDARDS 3 and 4, and applicable Statements (there are currently no active Statements).
• When preparing an appraisal or appraisal review that is a component of a large assignment with additional opinions, conclusions, or recommendations, the appraisal or appraisal review component must comply with the applicable development and reporting Standards and applicable Statements (there are currently no active Statements), and the remaining component of the assignment must comply with the ETHICS RULE, the COMPETENCY RULE, and the JURISDICTIONAL EXCEPTION RULE. APPRAISAL - correct answer ✔✔The act or process of developing an opinion of value; an opinion of value. The act of or pertaining to appraising and related functions such as appraisal practice or appraisal services. APPRAISAL PRACTICE - correct answer ✔✔Valuation services performed by an individual acting as an appraiser, including but not limited to appraisal and appraisal review.

APPRAISAL REVIEW - correct answer ✔✔The act or process of developing and an opinion about the quality of another appraiser's work that was performed as part of an appraisal or appraisal review assignment.

• correct answer ✔✔ The Preamble states that USPAP is - correct answer ✔✔for appraisers and users of appraisal services. The stated purpose of USPAP - correct answer ✔✔Promote and maintain a high level of public trust in appraisal practice. When obligated by law or regulation an appraiser must - correct answer ✔✔comply with USPAP. USPAP applies to which types of properties? - correct answer ✔✔Tangible and Intangible Valuation services - correct answer ✔✔is not a subset of appraisal practice. An appraiser has the professional responsibility - correct answer ✔✔to identify the capacity in which he or she is performing. Reasons why an appraiser would prepare an appraisal assignment in conformance with USPAP - correct answer ✔✔1. Agreement with client.

2. Law or regulation.
3. Voluntary choice. An appraiser who provides an appraisal service that is not an appraisal, appraisal review, or appraisal consulting assignment does not have workfile obligations associated with the assignment. - correct answer ✔✔True An individual is not prohibited from providing valuation services that involve advocacy while acting as an appraiser. - correct answer ✔✔False

When performing valuation services outside of appraisal practice, appraisers must be careful not to _________________ the client and other intended users about their role. - correct answer ✔✔Mislead USPAP states that 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 acting as an appraiser. An appraiser is engaged to teach an appraisal course. What parts of USPAP apply? - correct answer ✔✔The parts of USPAP that apply generally to appraisal practice. The Appraisal Practices Board (APB) was created when? - correct answer ✔✔ 2010 The APB is a(n) - correct answer ✔✔independent board. Boards within The Appraisal Foundation (TAF) - correct answer ✔✔1. Board of Trustees (BOT)

2. Appraisal Standards Board (ASB)
3. Appraisal Qualifications Board (AQB)
4. Appraisal Practices Board (APB) APB is a - correct answer ✔✔private entity. The APB has authority to enforce the requirements of USPAP. - correct answer ✔✔False Who has the only jurisdiction and authority over appraisers? - correct answer ✔✔States ASB - correct answer ✔✔Develops, interprets, and amends USPAP. Advisory opinions - correct answer ✔✔Not part of USPAP; reference material only. APB - correct answer ✔✔Guidance is voluntary.

ASC - correct answer ✔✔Maintains the official National Registry of state certified and licensed appraisers. State appraisal regulatory committees - correct answer ✔✔responsible for issuing credentials to individual appraisers. Responsibilities of ASC: - correct answer ✔✔• Establishes, improves, and promulgates the USPAP

• Subject, content, and substance of USPAP and other communication related to appraisal standards.
• Establishes standards of professional appraisal practice for the guidance and education of appraisers and users of appraisal services.
• Maintains the official National Registry of state certified and licensed appraisers. Developing, amending, and interpreting USPAP is NOT a responsibility of - correct answer ✔✔ASC

12. USPAP divides the appraisal process into two distinct types of activity: - correct answer ✔✔Develop and report Identify the problem - correct answer ✔✔The first step in the appraisal process. Communication - correct answer ✔✔The reporting process involves ________________ of the appraiser's opinions and conclusions. AQB - correct answer ✔✔• Disseminates to state appraisal boards the qualifications criteria for appraiser certifications and recertification.

• Responsible for establishing education and experience requirements for licensing and certification of appraisers. BOT - correct answer ✔✔appoints members of the APB, AQB, ASB. The ethical obligations of USPAP apply to - correct answer ✔✔Individual appraisers.

Bias - correct answer ✔✔is never allowed. In appraisal practice, advocating the cause or interest of any party or issue is - correct answer ✔✔never permitted. If an appraiser has appraised a property multiple times within the prior 3 years he must disclose the number of times he appraised the property to a prospective client. - correct answer ✔✔True 3 years - correct answer ✔✔Prior to accepting an assignment, an appraiser must disclose any service he provided regarding the subject property for a period of An appraiser has been asked to complete an appraisal assignment. The fee is to be paid when when the loan closes. According to USPAP, may the appraiser accept the assignment under the conditions? - correct answer ✔✔No The payment of fees by the appraiser in connection with the procurement of an assignment is - correct answer ✔✔allowed if properly disclosed. Confidential information is under USPAP is information the appraiser receives from - correct answer ✔✔the client an dis identified as confidential, but is not available from other sources. The disclosure of confidential information to a third party is unethical unless - correct answer ✔✔authorized by the client. Competency - correct answer ✔✔fundamental to the definition of appraiser. An appraiser must obtain the necessary competency prior to accepting the assignment. - correct answer ✔✔False In order to accept an assignment when an appraise initially lacks the knowledge and experience to complete an assignment competently he must - correct answer ✔✔Disclose to the client, prior to accepting, the lack of knowledge or experience.

USPAP ________________ permit an appraiser to create a workfile after transmitting the report to the client. - correct answer ✔✔does not An appraiser prepared an appraisal report in April 2009. He testified in court regarding the value of the property in January 2010. The decision was rendered in February 2010 and was appealed in March 2010. The appellate court heard the case in January 2011 and remanded the case for reconsideration by the lower court final disposition of the case occurred in Sept 2011. At a minimum, how long must the appraiser retain his workfile? - correct answer ✔✔April 2014 Three appraisers work together on an appraisal consulting assignment. What would NOT be an appropriate workfile arrangement under USPAP? - correct answer ✔✔The workfile is posted on the internet,s o that anyone who wants to see it will be able to see it. Trainer appraiser have the same workfile obligations under USPAP as certified or licensed appraisers. - correct answer ✔✔True An appraiser's peers - correct answer ✔✔Others who have expertise and competency in a similar type of assignment. Scope of Work in USPAP - correct answer ✔✔The report must contain sufficient information so that intended users understand the scope of work. Scope of work decision - correct answer ✔✔Exclusion of an approach that is not necessary for credible, results in a given assignment. Jurisdictional exception in an assignment - correct answer ✔✔Identify the law, comply with the laws, disclose in the report the part of USPAP that is voided, and cite in the report the law that caused it. Comply with the law or regulation - correct answer ✔✔When a law or regulation precludes compliance with any part of USPAP, appraisers must. Purpose of the Jurisdictional exclusion rule - correct answer ✔✔To provide a saving or severability clause to preserve the balance of USPAP.

True - correct answer ✔✔If USPAP compliance is mandated by federal law, no state or local law can create a jurisdictional exclusion. Jurisdictional exclusion rule term "law" - correct answer ✔✔Legislative law, court-made laws, and administrative rules and ordinances. False - correct answer ✔✔Appraisers cannot be expected to be aware of all of the laws and regulations that apply to a particular assignment. False - correct answer ✔✔The use of the jurisdictional exclusion rule in an assignment is a matter of choice by an appraiser. False - correct answer ✔✔A state passes a law requiring appraisers to keep their workfiles for 10 years after preparation. This is considered a jurisdictional exclusion under USPAP. Jurisdictional exclusion example - correct answer ✔✔A probate court paying appraisers based on the value of the subject. Occurrence of a jurisdictional exclusion - correct answer ✔✔It is automatic when a law precludes compliance with a part of USPAP. 6 Standard Rules - correct answer ✔✔Standard 1 contains this many rules. The development of a real (only) property appraisal. It mirrors the appraisal process and can be used as a conventional checklist. - correct answer ✔✔Standard 1. The requirements of Standard 1. - correct answer ✔✔Used as a checklist by an appraiser who is developing a real property appraisal. does not require - correct answer ✔✔Standard 1 _________________ an appraiser to achieve perfection in developing a real property appraisal.

When the series of errors affects the credibility of the results. - correct answer ✔✔When does a series of minor errors potentially result in a USPAP violation? Consider whether the extent of the planned development process and report are still appropriate. - correct answer ✔✔What should an appraiser do if, during the course of an assignment, becomes aware of a change in the intended use of the report? This does not make the borrower an intended user. - correct answer ✔✔If a borrower receives a copy of an appraisal report from a mortgage lender as a result of disclosure requirements: An appraiser must document the client's identity in the workfile. - correct answer ✔✔If a client wishes to remain anonymous the appraiser must: Exposure time - correct answer ✔✔Is always assumed to precede the effective date of the appraisal. False - correct answer ✔✔Identification of the intended use of an appraisers opinions and conclusions is not necessary in most appraisal assignments. Identify the special financing to form and develop an opinion on their effect on value. - correct answer ✔✔Special requirements when appraising the market value of a property subject to favorable financing. To collect information about characteristics that are relevant to value. - correct answer ✔✔The primary purpose of an appraiser making an inspection of the subject property. True - correct answer ✔✔When appraising proposed improvements, both current and prospective value opinions are permitted by USPAP. The fact that the subject property is affected by an easement. - correct answer ✔✔An example of a relevant property characteristic that could affect a real property appraisal assignment. True - correct answer ✔✔An appraiser may use an combination of a property inspection and documentation in identifying relevant characteristics of the subject property.

Hypothetical condition - correct answer ✔✔When an appraiser provides a current value opinion on a proposed new building based upon the proposed improves are completed as of the effective date of the appraisal. Extraordinary assumption - correct answer ✔✔Only if required to develop credible results. False - correct answer ✔✔A research assignment, in which an appraiser completes research for a client but does not develop an opinion or conclusion, is not part of appraisal practice.

1. Limits the scope of work to the extent that the value opinion is not credible.
2. Precludes an appraiser's impartiality.
3. Limits report content, resulting in a misleading report. - correct answer ✔✔Unacceptable assignment condition. Step 3 - correct answer ✔✔Date Collection and Analysis Market Analysis - correct answer ✔✔Demand Studies Supply Studies Marketability Studies Highest and Best Use Analysis - correct answer ✔✔Site as though vacant. Ideal Improvement Property as Improved Step 4 - correct answer ✔✔Application of the Approaches Value Cost / Sales Comps / Income Captitalization An assignment condition may require an appraiser to develop an approach that he or she would otherwise consider unnecessary. - correct answer ✔✔USPAP and the 3 approaches to value.

The appraiser must analyze such data as are available to indicated value conclusion. - correct answer ✔✔When developing a sales comp approach under USPAP. Current Listings - correct answer ✔✔When analyzing listings of the subject property in a real property appraisal assignment, USPAP requires, at a minimum, ___________to be analyzed. Analyzed in the appraisal - correct answer ✔✔If an appraiser is asked to appraise a property on which there is known, current agreement of sale, the agreement must be All sales of the subject property that occurred within 3 years of the effective date of the appraisal. - correct answer ✔✔When analyzing the subject property's sales history in a real property appraisal assignment, an appraiser is required by USPAP to analyze Step 5 - correct answer ✔✔Reconciliation of Value Indications and Final Opinions of Value Careful consideration of the quality and quantity of data - correct answer ✔✔The process of reconciliation entails False - correct answer ✔✔Standard Rules 1-5 require an appraiser to analyze the sales history of the comps When such analysis is relevant to the current assignment - correct answer ✔✔When is it necessary to analyze prior listings of the subject property in a real property appraisal assignment. Step 6 - correct answer ✔✔Report of Defined Value Opinions Not required by Standard 2 - correct answer ✔✔The use of standard appraisal reporting forms. Standard 2 - correct answer ✔✔Sets forth requirements for appraisal report content. Summary Self-Contained

Restricted Use - correct answer ✔✔The 3 written report options stated in Standards Rule 2- The level of detail and information - correct answer ✔✔The essential differences among the 3 reporting options. Client's specific name - correct answer ✔✔Not required by USPAP to be in a Summary Appraisal Report Effective Date and Report Date - correct answer ✔✔Must be included when reporting the results of an appraisal. The date of the report - correct answer ✔✔Establishes the appraiser's perspective on the market. The exclusion of any of the valuation approaches - correct answer ✔✔Must be explained in a Restricted Use Appraisal Report Scope of work used to develop the appraisal must be summarized - correct answer ✔✔In a Summary Appraisal Report Must be stated and state that its use may have affected the assignment results. - correct answer ✔✔An extraordinary assumption used in an appraisal, False - correct answer ✔✔A workfile is not required in support of a Restricted Use Appraisal Report Equally credible - correct answer ✔✔A value opinion expressed in a Summary Appraisal Report and a value opinion expressed in a Restricted Use Appraisal Report are False - correct answer ✔✔There can be intended users other than the client for a Restricted Use Appraisal Report. Sign the certification - correct answer ✔✔According to USPAP, any appraiser who signs any part of an appraisal report is required to

False - correct answer ✔✔The disclosure of a significant real property appraisal assistance provided in an appraiser's report is not required under USPAP. For the appraiser to acknowledge his/her ethical obligations. - correct answer ✔✔The purpose of including a signed certification in an appraisal report. True - correct answer ✔✔A written summary of an oral appraisal report must be added to the appraiser's workfile within a reasonable time after the issuance of an oral report. The appraiser must add a signed and dated certification to her appraisal workfile. - correct answer ✔✔An appraiser provides an oral report of a real property appraisal assignment Summary Appraisal Report - correct answer ✔✔To the extent possible and appropriate, oral appraisal reports for real property must address the substantive matters that apply to this report. True - correct answer ✔✔A Recertification of Value does not change the effective date of the value opinion. He is not permitted to "readdress" the report to Bank B. - correct answer ✔✔An appraiser completes an appraisal for Bank A. Two months later, he is contacted by Bank B, who asks him to "readdress" his prior report to them.... New Assignment - correct answer ✔✔If a client requests a more current valuation on a property that was the subject of a prior assignment, this is a False - correct answer ✔✔USPAP requires an appraiser to obtain a release from a previous client before appraising the same property for a new client. The client is the only intended user - correct answer ✔✔Restricted Use Appraisal Report Not sign the certification - correct answer ✔✔If a supervising appraiser makes changes to a trainee's report which the trainee does not agree with, the trainee should

communicating, developing - correct answer ✔✔Appraisal review is the process of _______________ and ____________ an opinion about the quality of another appraiser's work performed as part of an appraisal, appraisal review, or appraisal consulting assignment. Standards are paired - correct answer ✔✔A major difference bewteen STANDARDS for real property appraisal review is? One - correct answer ✔✔How many STANDARDS address appraisal review? True - correct answer ✔✔A reviewer is required to identify the appraiser who completed the work under review, unless the identity has been withheld by the client. Appraisal Review Appraisal Real Property Appraisal Consulting - correct answer ✔✔Under STANDARD 3, what can be reviewed? Not used as the basis to discredit the original appraiser's value opinion. - correct answer ✔✔A review appraiser may use additional information that was not available to the original appraiser as long as the information is: False - correct answer ✔✔It is not permissible for a review appraiser to use an extraordinary assumption in a review assignment. 2-Stage - correct answer ✔✔An appraisal review can be a _______________ assignment; an appraisal review and a value opinion by the reviewer. False - correct answer ✔✔An appraiser must develop an opinion regarding the qualifications of the appraiser whose work is under review. STANDARD 1 - correct answer ✔✔If an appraiser develops his own opinion of value, it must be developed under the requirements of _____________

Scope of Work - correct answer ✔✔A reviewer who develops his own value opinion may use a different _____________ than that of the work under review. Sufficient information, intended users - correct answer ✔✔A reviewer is responsible for ensuring that there is _________________ in a review report so that it can be properly understood by ________________. False - correct answer ✔✔Under certain circumstances, a reviewer may use information that was not available to the original appraiser to dispute the work of the appraiser. Must state this fact in the review report - correct answer ✔✔If a client witholds the identity of the appraiser who completed the work under review, the reviewer True - correct answer ✔✔The reviewer performing an appraisal review must not sign the work under review unless he/she intends to accept the responsibility as a co-signor of the work. A signed certification must be inserted into the workfile - correct answer ✔✔If a reviewer provides an oral report of an appraisal review: Reject the value conclusion as lacking credibility due to the errors and inconsistencies found. - correct answer ✔✔Indicates a reviewer DID NOT develop his own opinion of value in an appraisal review assignment: TRUE - correct answer ✔✔A statement by a reviewer that "the value opinion stated in the appraisal report is not adequately supported" would be an indication that the reviewer DID NOT develop his or her own value opinion. This is a 2-Stage Assignment - correct answer ✔✔If an appraiser is asked to develop an opinion of the quality of another appraiser's work and to agree or disagree with the value conclusion: Is not an opinion of value - correct answer ✔✔An appraisal consulting assignment:

Determine the quality of another appraiser's work - correct answer ✔✔An appraisal consulting assignment does not specific - correct answer ✔✔There are no __________ reporting options for written real property appraisal consulting reports. Intended use and intended users - correct answer ✔✔The appropriate level of information in a real property appraisal consulting report is dictated by Both real and personal property - correct answer ✔✔STANDARD 6, Mass Appraisal, applies to: STANDARD 3 - correct answer ✔✔STANDARD 6 is most similar in structure to: It serves as an appraiser's acknowledgement of his/her ethical obligations. - correct answer ✔✔In a written appraisal report prepared under STANDARD 6, what is the purpose of a signed certification? Notifications and not reports - correct answer ✔✔Notifications sent to property owners of the results of a mass appraisal, which may be required by public policy, are considered STANDARDS 1 and 2 - correct answer ✔✔An appraiser is engaged by her local count assessment board to complete an appraisal of an apartment building for ad valoram taxation purposes, which USPAP STANDARDS apply to the assignment? The objects that are most significant to the assignment results should be the focus of the analysis. - correct answer ✔✔In a personal property appraisal assignment that includes multiple objects as part of the same assignment: A reasonable and applicable time - correct answer ✔✔When appraising personal property, the appraiser must analyze prior sales of the subject over what time period? trade, different comparable data - correct answer ✔✔There are distinct levels of __________ in personal property, and each may have _______________.

3 - correct answer ✔✔Under STANDARD 8, a personal property appraiser has _________ different report options. All oral and written reports covered in USPAP - correct answer ✔✔Which reports require a signed certification? Appraisal Report or Restricted Use Appraisal Report - correct answer ✔✔A written business appraisal report must be prepared in accordance with: Oral appraisal report - correct answer ✔✔An appraiser is permitted under USPAP to provide an __________of a business enterprise. Contain a reference to the inspection of the subject property. - correct answer ✔✔An appraiser's certification in business or intangible asset appraisal report does not: Clarify, explain, or elaborate on a Rule or Standards Rule - correct answer ✔✔What is the purpose of Statements on Appraisal Standards in USPAP? The Statement is applicable to all appraisal disciplines. - correct answer ✔✔What is indicated if a Statement on Appraisal Standards is labeled with "ALL"? The Statement is applicable to real property appraisal. - correct answer ✔✔What is indicated if a Statement on Appraisal Standards is labeled with "RP"? The name and version of the software program. - correct answer ✔✔If an appraiser uses a commercial software program for Discounted Cash Flow (DCF) Analysis in an appraisal, what should the appraiser provide in the report? Be tested an checked for errors and reasonableness. - correct answer ✔✔The results of DCF Analysis should: A prospective appraisal - correct answer ✔✔Developing an opinion of value of a property as of a specific future date is:

The context of the market conditions for the appraiser's opinion. - correct answer ✔✔What does the effective date of an appraisal establish? Retrospective - correct answer ✔✔What type of appraisal would be indicated by the phrase, "the market value of the subject property was $200,000? NOT - correct answer ✔✔An appraiser who values an environmentally contaminated property is ________ required by the Competency Rule to be an expert in the scientific aspects of contamination. Should include explanation that provides context. - correct answer ✔✔In an appraisal report, the use of terms that reflect a scale such as "good" or "average". Prohibited - correct answer ✔✔The use of supported conclusions related to race, color, or religion in an appraisal may be ________________ by applicable law. beyond typical residential appraisal competency - correct answer ✔✔The competency required to appraise subsidized housing extends: Not consistent with market value - correct answer ✔✔A value opinion developed to reflect the most probable price under a forced sale condition is: Not an appraisal, an no workfile is required - correct answer ✔✔An appraiser provides raw AVM output to a lender. The is: not interchangeable - correct answer ✔✔All market value definitions are: Assignment conditions - correct answer ✔✔Laws and regulations that apply to an appraisal for a federally regulated lending transaction would be considered: FALSE - correct answer ✔✔Appraisals for federally regulated financial institutions often involve the use of the Jurisdictional Exception Rule.

That the lender must engage the appraiser, and the appraiser cannot late "readdress" the report. - correct answer ✔✔If a borrower attempts to engage an appraiser to complete an appraisal for a federally regulated lending transaction, the appraiser should disclose: Standard 1-1(a) - correct answer ✔✔Appraiser must be aware, understand and correctly employ methods and techniques to produce credible results Standard 1-1(b) - correct answer ✔✔Not commit an error of omission or commission that significantly effects the appraisal results. Standard 1-1(c) - correct answer ✔✔Not be careless or negligent by making simple errors that effect results Standard 1-2(a) - correct answer ✔✔Identify client and other intended users Standard 1-2(b) - correct answer ✔✔Identify the intended use of the appraiser's opinion and conclusions (no bias) Standard 1-2(c) - correct answer ✔✔Identify the type and definition of value, if market price determine if most probable in terms of cash, financial agreements, other terms or nonmarket financing. Standard 1-2(d) - correct answer ✔✔Identify effective date of appraiser's opinions & conclusions Standard 1-2(e) - correct answer ✔✔Identify characteristics of property that are relevant to definition of value and intended use. Standard 1-2(f) - correct answer ✔✔Identify any extraordinary assumptions Standard 1-2(g) - correct answer ✔✔Identify any hypothetical conditions

Standard 1-2(h) - correct answer ✔✔Determine scope of work necessary to produce credible assignment results Standard 1-3(a) - correct answer ✔✔Identify and analyze any land use regulations and market area trends Standard 1-3(b) - correct answer ✔✔Develop highest and best use opinion Standard 1-4(a) - correct answer ✔✔When sales comparison approach is necessary appraiser is required to analyze comparable sales that are available. Standard 1-4(b) - correct answer ✔✔Cost approach is necessary an appraiser must: develop opinion of site value, analyze comparable costs, make adjustments and estimate cost of improvements. Standard 1-4(c) - correct answer ✔✔When Income approach is necessary appraiser must: analyze comparable to configure gross income potential, analyze comparable operating expenses, estimate rates of capitalization and base future projections, etc. on clear and appropriate data Standard 1-4(d) - correct answer ✔✔When developing opinion of a leased fee estate or leasehold estate, appraiser must analyze terms and conditions of leases on effect of value. . Standard 1-4(e) - correct answer ✔✔Analyze effect of value of assemblage of properties, can't value whole by adding properties together, must value as a whole. Standard 1-4(f) - correct answer ✔✔Effect of public or private improvements on value Standard 1-4(g) - correct answer ✔✔When personal property, intangible items, or trade fixtures are included in an appraisal, appraiser must examine their effect on value Standard 1-5(a) - correct answer ✔✔Analyze all agreements of sale, options and listings of subject property current as of effective date.

Standard 1-5(b) - correct answer ✔✔Analyze all sales of subject property three years prior to effective date Standard 1-6(a) - correct answer ✔✔Reconcile the quality and quantity of data available and analyzed Standard 1-6(b) - correct answer ✔✔Reconcile the applicability and relevance of approaches and techniques used Standard 2-1(a) - correct answer ✔✔clearly and accurately set forth the appraisal in a manner that is not misleading Standard 2-1(b) - correct answer ✔✔Contain information to enable intended users to understand report Standard 2-1(c) - correct answer ✔✔Clearly and accurately dispose all assumptions and conditions Standard 2-2(a) Appraisal Report (Summarize) - correct answer ✔✔- State identity of client and intended users

• State intended use
• Summarize information sufficient enough to identify real estate involved in appraisal
• State property interest appraised
• State the type and definition of value and cite the source
• State effective date of appraisal
• Summarize scope of work
• Summarize info analyzed including methods and techniques
• State the use of property as on the date of value
• Summarize opinion of highest and best use
• State all assumptions and conditions
• Include a signed certificate

Standard 2-2(b) Restricted Appraisal Report (state) - correct answer ✔✔- State info sufficient to identify real estate

• State the type of value and cite the source
• State scope of work
• State info analyzed including methods and techniques
• State opinion of highest and best use Standard 2-3 - correct answer ✔✔Signed Certification Standard 2-4 - correct answer ✔✔Oral appraisal report Standard 3-1(a) - correct answer ✔✔Must be aware of and correctly employ methods and techniques for credible results. Standard 3-1(b) - correct answer ✔✔Not commit a substantial error of omission or commission that effects appraisal review Standard 3-1(c) - correct answer ✔✔Not render services in a careless or negligent manner Standard 3-2(a) - correct answer ✔✔Identify client and other intended users Standard 3-2(b) - correct answer ✔✔Identify the intended use of reviewers opinions & conclusions Standard 3-2(c) - correct answer ✔✔Identify purpose of appraisal review: if appraiser is developing their own opinion of value or opinion of appraiser's work. Standard 3-2(d) - correct answer ✔✔Identify work under review and characteristics relevant to work under review or intended use. Identify - (i): Any ownership interest in the property. (ii): Date of work under review and effective date. (iii): appraiser who work is under review. (iv): physical, legal and economic characteristics of subject property.

Standard 3-2(e) - correct answer ✔✔Identify any extraordinary assumptions Standard 3-2(f) - correct answer ✔✔Identify any hypothetical conditions Standard 3-2(g) - correct answer ✔✔Determine scope of work necessary for credible assignment review results Standard 3-3(a) - correct answer ✔✔When necessary for credible results in review of opinions, etc. reviewer must: (i): determine whether analyses are appropriate. (ii): determine whether opinions and conclusions are credible. (iii): develop reasons for any disagreement. Standard 3-3(b) - correct answer ✔✔Develop review whether report is clear and not misleading, develop any reasons for disagreement. Standard 3-3(c) - correct answer ✔✔When assignment includes review developing his own opinion of value, he/she must: (i): Requirement of standard 1, 3, 6, 7, and 9 apply Standard 3-4(a) - correct answer ✔✔clearly and accurately set forth appraisal review in a manner that isn't misleading. Standard 3-4(b) - correct answer ✔✔Contain info for intended users of appraisal review to understand report. Standard 3-4(c) - correct answer ✔✔Clearly and accurately disclose all assumptions and conditions Standard 3-5(a) - correct answer ✔✔State client and intended users Standard 3-5(b) - correct answer ✔✔State intended use of appraisal review Standard 3-5(c) - correct answer ✔✔State purpose of appraisal review