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USPAP 2025 Exam: Practice Questions and Answers, Exams of Real Estate Management

Chamberlain College of NursingReal Estate Management

A set of practice questions and answers related to the uniform standards of professional appraisal practice (uspap) for the year 2025. It covers various aspects of appraisal practice, including ethics, competency, scope of work, and valuation methods. Useful for individuals preparing for uspap exams or seeking to enhance their understanding of appraisal principles.

Typology: Exams

2024/2025

Available from 04/05/2025

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P a g e | 1
USPAP 2025| BRAND NEW ACTUAL EXAM
WITH 100% VERIFIED QUESTIONS AND
CORRECT SOLUTIONS| GUARANTEED
VALUE PACK| ACE YOUR GRADES.
1. The board of the appraisal foundation that identifies &
addresses issues relating to recognized methods & techniques
is the - correct answer-APPRAISAL PRACTICE BOARD(APB)
2. APPRAISAL PRACTICE BOARD(APB) - correct answer-is
responsible for identifying & issuing opinions on recognized
valuation method & techniques & offers voluntary guidance in
topic areas that appraisers & users of appraisal services
consider most significant.
3. When something is uncertain yet necessary to the
development of the value opinion, the appraiser must identify
the uncertainty as: - correct answer-An extraordinary
assumption
4. Marketing time - correct answer-is an opinion of the amount of
time it might take to sell a real or personal property interest at
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Partial preview of the text

Download USPAP 2025 Exam: Practice Questions and Answers and more Exams Real Estate Management in PDF only on Docsity!

USPAP 2025| BRAND NEW ACTUAL EXAM

WITH 100% VERIFIED QUESTIONS AND

CORRECT SOLUTIONS| GUARANTEED

VALUE PACK| ACE YOUR GRADES.

  1. The board of the appraisal foundation that identifies & addresses issues relating to recognized methods & techniques is the - correct answer-APPRAISAL PRACTICE BOARD(APB)
  2. APPRAISAL PRACTICE BOARD(APB) - correct answer-is responsible for identifying & issuing opinions on recognized valuation method & techniques & offers voluntary guidance in topic areas that appraisers & users of appraisal services consider most significant.
  3. When something is uncertain yet necessary to the development of the value opinion, the appraiser must identify the uncertainty as: - correct answer-An extraordinary assumption
  4. Marketing time - correct answer-is an opinion of the amount of time it might take to sell a real or personal property interest at

the concluded market value level during the period immediately after the effective date of an appraisal.

  1. which is part of the appraiser's scope of work decision? - correct answer-Exclusion of a valuation approach
  2. An appraiser must not disclose - correct answer- 1 - confidential information 2- assignment results to anyone other than the client, persons specifically authorized by the client, state appraiser regulatory agencies, third parties as may be authorized by due process of law, or a duly authorized professional peer review committee except when such disclosure to a committee would violate applicable law or regulation. A member of a duly authorized professional peer review committee must not disclose confidential information presented to the committee.
  3. A final inspection - correct answer-is an extension of the original assignment if it is part of the original agreement for services. If the service was not specified in the original assignment, the final inspection request must be treated as a new assignment, with disclosure of the prior assignment.
  1. Standard 3 permits the reviewer to consider data not available as of the effective date of the appraisal being reviewed, however - correct answer-the review appraiser cannot use this information to discredit the original appraiser.
  2. The competency rule states Prior to accepting or entering into an agreement to perform any assignment, an appraiser must properly identify the problem to be addressed & have knowledge & experience to complete the assignment competently; must: - correct answer-1. disclose the lack of knowledge or experience to the client before accepting the assignment 2. take all steps necessary or appropriate to complete the assignment competently 3. Describe the lack knowledge or experience 7 the steps taken to complete the assignment competently in the report.
  3. use of jurisdictional exception diminishes part or parts of uspap, but uspap a whole. - correct answer-when a jurisdictional exception applies in an assignment, there must be disclosure of its use & the force causing the use.
  4. When performing a valuation service while acting in the role of an appraiser. - correct answer-the appraiser must inquire about the intended user's expectations.
  1. Management section of the ethics rule - correct answer- obligates an appraiser to disclose any fees, commissions, or things of value paid in the procurement of an assignment in the certification & any letter of transmittal in which conclusion are stated.
  2. An appraiser may not have a compensation arrangement that would inspire unethical behavior. - correct answer-A fee based on the volume of business is a business practice decision.
  3. The appraiser affixes his signature or authorizes the use of his signature in an appraisal or appraisal review assignment - correct answer-to certify recognition & acceptance of his obligations to USPAP.
  4. When an appraiser is offered the opportunity to appraise a property for a new client that was the subject of a prior assignment, & the appraiser is not bound to keep the previous assignemnt confidential, the appraiser must - correct answer- Protect any confidential information from the first assignment & disclose the prior appraisal.
  1. Relevant characteristics - correct answer-would not be an element of assignment conditions determined during problem identification.
  2. Assignment conditions include - correct answer- assumptions, extraordinary assumptions, hypothetical conditions, laws & regulations, jurisdictional exceptions & other conditions that affect the scope of work
  3. The appraiser could accept the assignment (as a new assignment) - correct answer-as long as proper disclosure is made regarding the prior assignment & any confidential in formation is handled appropriately.
  4. in a deed being used in a purchase transaction, who is the grantee? - correct answer-The party receiving title - "purchaser" is known as the grantee.
  5. Any services provided by an appraiser, other than an appraisal or appraisal review, would be appraisal practice w/ no applicable standards. this includes recommendations that occur as a result of an appraisal or appraisal review. - correct

answer-For those services, the scope of work rule & the record keeping rule do not apply.

  1. When an appraiser arrives for his inspection of residential property, the property owner gives the appraiser an appraisal report previously performed by another appraiser. in light of uspap, what should the appraiser do? - correct answer-Make certain that information relied upon in the other appraiser's report is not in error or fraudulent.
  2. USPAP requires the appraiser to analyze market conditions as part of: - correct answer-The development process.
  3. An appraiser completed an appraisal report yesterday & today he is going to provided his client with the report. the appraiser needs to make a couple of minor revisions before hand. for this appraisal report. he must - correct answer- change the date on the report & the certification to the date revisions.
  4. all are part of the ethics rule except - correct answer- Confidential information can never be disclosed.
  1. which is a true regarding competency in a appraisal assignment? - correct answer-the appraiser should disclose a lack of knowledge before accepting the assignment.
  2. uspap requires every appraisal report to clearly state both the effective date & the date of the report. which best describe the date of the report - correct answer-date that is the prospective from which the appraiser is examing the market.
  3. which part of uspap suggest that the parties benefiting from uspap include providers of appraisal services & user of appraisal services. - correct answer-PREAMBLE
  4. when an appraiser is providing a value opinion using an effective date in the past retrospective, when does the appraiser's competency apply? - correct answer-at the time of the assignment.
  5. Apprraiser listed on the appraisal subcommittee's national registry include all - correct answer-licensed & certified real property appraisers.
  1. uspap requires the appraiser to analyze market conditions as part of: - correct answer-the development process.
  2. anthony & beth appraisers, Must anthony provide the copy of the report to beth to comply with the court order. - correct answer-yes to be complaint with due process of law, a must provide the appraisal report copy.
  3. what level of participation does the client have defining the problem leading to the scope of work decision? - correct answer-Communication with the client is important, but the appraiser alone determines the relevant property characteristics.
  4. An oral real property appraisal report must: - correct answer- have a signed certification in the workfile.
  5. which question regarding disclosure years prior services within the past three years is false? - correct answer-Prior appraisal services performed, not other services, must appear in the certification.
  1. The scope of work must produce credible results to the intended user in the context of - correct answer-intended use
  2. which disclosure must be made in an appraisal report when an extraordinary assumption has been used in an assignment?
    • correct answer-the results could change if the extraordinary assumption is found to be false.
  3. an oral real property appraisal report must - correct answer- have a signed certification in the workfile.
  4. A fee appraiser seeks to get on
  5. the approved list for a local mortgage company. In order to be considered for approval, the lender requires appraisers to provide sample appraisal reports
  6. performed within the past year. Can the appraiser provide the reports without violating USPAP? - correct answer-Yes; if all essential elements of confidential
  7. information are removed through redaction or
  8. the process of aggregation.
  1. Credibility of the scope of work is measure in the context of the - correct answer-intended use.
  2. what of who influences the appraiser's judgement regarding the appropriateness of the type of value being sought in an assignment - correct answer-intended use.
  3. If an appraiser signs a confidentiality agreement regarding the disclosure of prior appraisal services for a property in a previous assignment, what circumstance would allow the required disclosure in a new assignment? - correct answer- Voiding or modifying the confidentiality agreement.
  4. Reasonable exposure time link to a value opinion? - correct answer-the lenght of time the property would have been offered on the market at past market conditions.
  5. uspap note - correct answer-does not prohibit the appraiser's fee being based on the owner's estimated value, the assessed value, the pending sale price or any other amount outside the appraiser control.
  1. The competency rule requires appraisers to: - correct answer-identify the problem to be solved.
  2. A valuation service performed by an individual acting as an appraiser requires the appraiser to: - correct answer-inquire about the intended user's expectations.
  3. management section of the ethics rule obligates an appraiser to disclose any fees, coom, or things of value paid in procurement of an assignment in the: - correct answer- certification and any letter of transmittal.
  4. according to the manage section of the ethics rule, an appraiser affixes his signiture in an assignment for what purpose? - correct answer-certify recognition & acceptance of uspap responsibilities.
  5. an appraiser must not allow assignment conditions to limit the scope of work to such a degree that - correct answer-

assignment result are not credible in context of the intended use.

  1. Jurisdictional exception rule applies when uspap is - correct answer-precluded by law or regulation.
  2. Standard 2 does not - correct answer-dictate the form, style, or format of an appraisal report.
  3. uspap std 2 specifies two permitted reporting options: - correct answer-appraisal report & restricted appraisal report.
  4. appraisal report information significant to the solution of the problem. - correct answer-Restricted appraisal reports 'state this information.
  5. Standard 1 does not address reporting, - correct answer- which is addressed by standard 2. report the opinions & conclusions reached by an appraiser.
  1. Appraisel completed an appraisal report yesterday today he is going to provide his client the report - correct answer-change the date on the report & certification to the date of revisions, the date of the revised report should be the date that it is completed & transmitted to the client.
  2. The appraiser cannot accommodate this request as readdressing an appraisal after it is completed is not in compliance with USPAP. - correct answer-The client and intended users cannot change once the assignment has been completed.
  3. disclosure of prior services is required in the certification for written & oral reports. prior services include those provided as an appraiser or in any other capacity. the requirement to the appraisal of all asset types. - correct answer-disclosure of prior services.
  4. The true statement regarding a workfile. - correct answer-For a restricted report, it must contain the contents to produce at least an appraisal report.
  1. a recertification of value - correct answer-confirms if a condition of prior appraisal has been met, it does not change the effective date & does not provide comment to or a new, value opinion.
  2. when appraising a property that has special handicapped features in a market value assignment, which could be the most logical course of action in order to prevent misleading conclusions? - correct answer-Consider offering two value opinions to two different market audiences.
  3. An appraiser has been engaged to perform a drive- by inspection of residential property. Which is NOT one of the appraiser's options if suficient information is not available from this level of inspection? - correct answer-Provide the value opinion based on what little he can see.
  4. attorney contacted a real property appraiser regarding a potential assignment. The attorney acting as an agent for his client, who would be the client in the appraisal assignment & wishes to remain anonymous. How should the appraiser treat this request? - correct answer-The appraiser cannot accept the assignment without knowledge of the identity of the client or the intended use.