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USPAP CHAPTER 3 COMPLETE GUIDE SOLUTION Q&A The PREAMBLE states that USPAP intended to benefit: - Correct Answer- appraisers and users of appraisal services A preference or inclination that precludes an appraiser's impartiality, independence, or objectivity is: - Correct Answer-bias T/F: an appraiser is permitted to be biased when performing an appraisal, as long as the bias is properly disclosed - Correct Answer-false If an appraiser assumes a condition to be true, and evidence supports that belief, although that fact is not certain, this is an example of: - Correct Answer-an extraordinary assumption if an appraiser assumes a condition to be true that does not exist for the purposes of analysis, this is an example of: - Correct Answer-a hypothetical condition "The monetary relationship between properties and those who buy, sell or use those properties" is the definition of: - Correct Answer-value By using a published cost manual, an appraiser determines that the construction cost of a 2,500 square foot dwelling is $400,000. This figure represents the dwelling's: - Correct Answer-cost An appraiser receives a copy of a signed sales agreement for an office building, which specifies the agreed-upon amount of $950,000. What does this figure represent? - Correct Answer-price According to USPAP, the party or parties who engage an appraiser in a specific assignment defines the: - Correct Answer-client An appraiser performs an appraisal assignment and develops an opinion of value. This value opinion is - Correct Answer-an assignment result T/F: it is permissible for an appraiser to be engaged in an assignment by an agent, who is acting on behalf of the client - Correct Answer-true who is responsible for making the identification of the intended use in an assignment? - Correct Answer-the appraiser an intended user is: - Correct Answer-A party who is identified by the appraiser based on communication with the client at the time of the assignment a real estate broker completes a comparative market analysis on a property that she wants to list for sale. what would this be considered? - Correct Answer-a valuation service Which is the broader category of services? - Correct Answer-valuation services A workfile must be maintained for: - Correct Answer-Appraisal and appraisal review assignments only appraisal practices includes only: - Correct Answer-valuation services provided by an individual acting as an appraiser 
