USPAP: Ethical and Professional Standards for Real Estate Appraisers, Exams of Real Estate Management

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PRACTICE TEST FINAL (USPAP) REAL UPDATE GUIDE WITH ACTUAL QUESTIONS AND ANSWERS 2023-2024 Which is not an element of problem identification? -assignment conditions -effective date of the opinions and conclusions -client and other intended users -reporting option to be used in the assignment - ANS Reporting option to be used in the assignment Most of the information necessary for the appraiser to identify the problem in a particular assignment - ANS Requires communication with the client What is true about appraising the same property for two clients - ANS Value opinion could be different in each assignment Confidential information can be disclosed to person specifically authorized by the client, state appraisal agencies, third parties as authorized by law, or a - ANS Duly authorized professional peer review committee When an individual is performing valuation services outside of appraisal practice, that individual must be careful to - ANS Not miss represent his role According to the management session of the ethics rules, and appraiser in fixes his signature in assignment for what purpose? - ANS Certified recognition and acceptance of USPAP responsibilities When can extraordinary Assumption be used regarding information not available to the appraiser due to assignment conditions - ANS When credible assignment results can still be developed Which is an element of defining the problem? -Assignment conditions -market analysis -scope of work -Data collection - ANS Assignment conditions Which of these activities does the conduct session of the ethics rule prohibit? -criminal conduct -Objective opinions in appraisal practice -valuation services outside of appraisal practice -Appraisal consulting - ANS Criminal conduct Which would not be considered a competency factor in a particular assignment? -analytical method -laws and regulations -appraisers credentials -intended use - ANS Appraisers credentials The conduct session of the ethics rule requires the appraiser to disclose previous services as an appraiser or in any capacity regarding the subject property for what period of time prior to accepting an assignment - ANS Three years And appraisers peer is defined as - ANS Other appraisers who have expertise and competency in a similar type of assignment According to the recordkeeping rule, what information is not required to be in the work file? -documentation to support the appraisers opinion and conclusions -specific names of other intended users -True copies of any written reports -references to the location of other documentation not in the work file - ANS Specific names of other intended users Disclosure of fees, commissions, and things of value given in connection with the procurement of an assignment must be disclosed in what part of a report or specific document? - ANS Certification in certain letters of transmittal When an appraiser is offered the opportunity to appraise a property for a new client that was the subject of a prior assignment, and the appraiser is not bound to keep the previous assignment confidential, the appraiser must - ANS Protect any confidential information from the first assignment and disclose the prior appraisal Zachary's client instruction to report a specific property value as a condition of the assignment. The assignment - ANS Is a violation of the ethics rule If an appraiser is unable to comply with the competency rule to complete an assignment competently, he is obligated to - ANS Decline or withdraw from the assignment An appraiser review is best described as a(n) - ANS Opinion of the quality of another appraisers work Authorization to affix or use an appraiser signature can be granted only - ANS On an assignment by assignment basis The appraisal subcommittee does all but -maintain a national Registry of license/certified real property appraisers -maintains a national registry of appraisers of all assets -authorized to oversee activities of state appraisal agencies -ensure the quality of appraisals that could expose the US to financial loss - ANS Maintains a national registry of appraisers of all assets Which data would always be considered in a review appraisal? -The most recent market data available as of the effective date of the work being reviewed -only data that would contradict the conclusions of the original appraisal -only data that would support the original conclusions in the appraisal being reviewed -The market data available after the effective date of the appraisal being reviewed - ANS The most recent market made available as of the effective date of the work being reviewed A lender orders an appraiser to be sold to Fannie Mae. They will request the appraiser collect the fee from the homeowner. The appraiser collects the fee, but does not mention anything about the lender ordering the appraisal. Who is the client? - ANS The lender According to US PAP, " The process of valuing a universe of properties as of a given date utilizing standard methodology, employing common data, and allowing for statistical testing" is known as - ANS Mass appraising According to Standards Rhode 2-3, if an appraiser signs any part of a real property appraisal or letter of transmittal he or she must - ANS Signed the certification The appraiser must retain his/her records for an appraisal for at least - ANS Five years Appraisal development of Intangible property or business assets are the topic of which standard - ANS Standard nine Which is true statement regarding USPAP? -standards of appraisal that every appraiser must abide by -contains laws issued by the federal government for appraisal practice -comprises the standards of ethics and competency for appraisers -Was written initially by the appraisal foundation - ANS Comprises the standards of ethics and competency for appraisers The appraisal standards board - ANS Improve the USPAP Under USPAP, if a review appraiser disagrees with the final value opinion included in the work under review and he undertakes to provide a different opinion of value, the review appraiser is preparing a(n) - ANS Appraisal Which statement is true regarding an " update of an appraisal" and " recertification of value" according to USPAP? -The effective date is change in a recertification -an update is a reconsideration of the value found in the original report -an update is a new appraisal assignment -There is no difference - ANS An update is a new appraisal assignment Who is the appraiser's client - ANS The party who engage the appraiser Recordkeeping rule of USPAP addresses to work file requirements. Within the rule, an appraiser must prepare a complete work file for each assignment and retain the file for - ANS Five years after completion of the appraisal and report, or two years after any judicial proceedings, which ever comes last Charging appraisal fees based on the appraisers final opinion of value as a violation of which part of USPAP? - ANS Ethics rule Which statement is not true regarding valuation services? -a valuation service might not include a value -evaluation service includes a CMA performed by a real estate agent -evaluation service is limited to the valuation activities of appraisers -valuation services include appraisal review - ANS Evaluation service is limited to the valuation activities of appraisers