Understanding USPAP: Appraisal Standards for Real Property, Exams of Nursing

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USPAP Practice Exam100 Questions and

Answers Best Rated 2024

The PREAMBLE states the purpose of USPAP is to promote and maintain a high level of public _____ in appraisal practice by establishing requirements for appraisers. Awareness Recognition Support

Trust - answers> D) Trust

USPAP benefits providers of appraisal services and the Appraisal Standards Board. disinterested parties. federal officials.

users of appraisal services. - answers> D) Users of appraisal services

When acting in the role of an appraiser, all of the following require compliance with all sections of USPAP, including the applicable STANDARDS 1 through 10, EXCEPT for appraisal. appraisal consulting. appraisal course development.

appraisal review. - answers> C) Appraisal course development

A valuation service performed by an individual acting as an appraiser requires the appraiser to hold a valid appraiser credential. inquire about the intended user's expectations. keep confidential the capacity in which he is performing.

not be impartial in respect to the client. - answers> B) Inquire about the intended user's

expectations. When an individual is performing valuation services outside of appraisal practice, that individual must be careful to charge a fee for his service. invoke jurisdictional exception. not misrepresent his role.

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refer to the party engaging him as "the client:' - answers> C) Not misrepresent his role

When choosing to provide a valuation service as an appraiser or in some other capacity, great care must be taken to charge a fee accordingly. keep that capacity confidential. maintain public trust.

not violate the obligations of an Advisory Opinion. - answers> C) Maintain public trust

A real property appraiser teaching appraisal is engaged in appraisal consulting services. appraisal review. appraisal practice with no applicable Standards (1-10).

valuation service outside of appraisal practice. - answers> C) Appraisal practice with no

applicable Standards (1-10) A lender has telephoned an appraiser to determine the high and low sales prices in the past year that took place in the Green Hills Subdivision. No mention was made of a subject property by the lender. The appraiser has supplied a list of all of the sales within the past year in the subdivision and billed the lender for service. The service being provided by the appraiser is appraisal practice with performance and record keeping obligations. appraisal practice with no performance standards or record keeping requirements. an appraisal that must be developed by 1:he applicable Standard.

not permitted by USPAP. - answers> B) Appraisal practice with no performance standards

or record keep requirements In accordance with USPAP, which is NOT tin expectation when acting in the role of an appraiser? adhering to the definition of appraiser holding a state license or certification maintaining public trust meeting expectations of clients and other intended users when an appraiser is identified -

answers> B) Holding a state license or certification

Compliance with USPAP is required when obligated by agreement only. law only. regulation only.

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agreement, law, or regulation. - answers> D) Agreement, law, or regulation

When an appraiser is providing a service other than an appraisal, appraisal review, or an appraisal consulting service, which would NOT apply? DEFINITIONS JURISDICTIONAL EXCEPTION RULE SCOPE OF WORK RULE

Statements - answers> C) SCOPE OF WORK RULE

12. Zachary's client instructs htm to report a specific property value as a condition of the assignment. The assignment permits the appraiser's independence. is allowed as long as the appraiser confirms the value. is an acceptable assignment condition.

is a violation of the ETHICS RULE. - answers> D) is a violation of the ETHICS RULE

13. Which of these activities does the Conduct section of the ETHICS RULE prohibit? appraisal consulting criminal conduct objective opinions in appraisal practice

valuation services outside of appraisal practice - answers> B) Criminal Conduct

14. Jack appraised a residential dwelling that is located across the street from a factory that he determined is negatively affecting the value of the subject property. Jack applied a location adjustment in his sales comparison approach. However, the client asked that the factory not be discussed in the appraisal report. Since Jack addressed the condition with an adjustment, has he complied with USPAP? no, because USPAP requires explanation for each adjustment no, omitting the discussion could produce a misleading report yes, since an adjustment was included

yes, since the client requested the omission - answers> B) No, omitting the discussion

could produce a misleading report.

15. Anthony received an appraisal assignment for a property that was previously appraised by him. He understands that he must handle confidential information appropriately. What else must Anthony do? get a release from the client of the prior assignment make proper disclosure regarding the prior assignment

[Date] refuse the assignment since re-appraisal of the same property is prohibited under USPAP

update the prior assignment and use it for the new assignment - answers> B) Make proper

disclosure regarding the prior assignment.

16. Marcus was hired to appraise a home that he had previously appraised one year ago. May Marcus accept the assignment? yes, as long as he discloses the previous service on the property to the client and in the subsequent report certification yes, as long as he does not disclose that he had previously appraised the property no, an appraiser may not accept an assignment on the same property within three years of the prior assignment no, since an appraisal was recently performed, he may be biased about certain aspects of

the home - answers> A) yes, as long as he discloses the previous service on the property

to the client and in the subsequent report certification A real property appraiser has paid a fee to procure an appraisal assignment. According the Management section of the ETHICS RULE, where must the fee be disclosed? in the body of the appraisal report in the certification and any transmittal letter in the engagement letter

in a separate disclosure to the client - answers> B) in the certification and any transmittal

letter Josh received an appraisal request from a lender-client who told him to immediately call if the value on the property is less than the amount stipulated by the lender, as he doesn't intend to pay for an appraisal that won't benefit his position. Will acceptance of this assignment be in compliance with USPAP? yes, it is permissible for a client to call the client with the value prior to adequately supporting the opinion yes, this would be a hypothetical condition, which is acceptable no, an appraiser may not accept an assignment with unacceptable assignment conditions no, it is not permissible unless Josh discloses this fact in the certification per STANDARD 2 -

answers> C) no, an appraiser may not accept an assignment with unacceptable

assignment conditions Which of the following would NOT be considered an unacceptable fee arrangement? fee based on the appraised value of the subject property fee based on the volume of total business from a particular client fee contingent on the closing of the subject's loan transaction

[Date] fee contingent on winning a court case where the appraiser provided an appraisal -

answers> B) fee based on the volume of total business from a particular client

According to the Management section of the ETHICS RULE, an appraiser affixes bis or her signature in an assignment/or what purpose? affirmation of his identity authenticate the work of the appraiser certify recognition and acceptance of USPAP responsi bi Ii ties

comply with federal copyright law - answers> C) certify recognition and acceptance of

USPAP

responsibilities. A real property appraiser has taken great precaution to safeguard his electronic signature; however, the signature bas been illegally obtained and used without the appraiser's authorization. Has the appraiser violated USPAP? yes, an appraiser is always liable regardless of how the signature was obtained yes, this is one of many examples of the danger of using electronic signatures no, if the appraiser used great care, he is not responsible for unauthorized use

no, USPAP does not reference the issue - answers> C) no, if the appraiser used great

care, he is not responsible for unauthorized use Confidential information can be disclosed to persons specifically authorized by the client, state appraisal agencies, third parties as authorized by law, or a(n) attorney at law. duly authorized professional peer review committee. party who paid for the appraisal. potential client who is using the information to place the appraiser on an "approved" list. -

answers> B) duly authorized professional peer review committee.

Anne, a real property appraiser, recently completed an appraisal assignment for a lender- client of a residential property for a refinance transaction. The property owner bas just called Anne to inquire about the appraised value. Which is a true statement? Anne must get consent from the lender prior to disclosing the appraised value. If the property owner paid for the appraisal, he is an intended user. The property owner is entitled to the information.

Under no circumstance may Anne disclose the appraised value. - answers> A) Anne must

get consent from the lender prior to disclosing the appraised value.

[Date] 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 decline the assignment. disclose all confidential information. cl obtain a release from the client in the first assignment. protect any confidential information from the first assignment and disclose the prior

appraisal. - answers> D) protect any confidential information from the first assignment and

disclose the prior appraisal. Which best defines a professional peer review committee? Appraisal Standards Board committee comprised of other appraisers lender organization approving appraisers

state investigator board - answers> B) Committee comprised of other appraisers

Anthony and Beth acted as co-appraisers on an appraisal assignment and Anthony, Beth's supervisor, bas custody of the workfile. Beth bas received a court order to appear with, a true copy of the appraisal report kept in the workfile in a case involving possible mortgage fraud. Must Anthony provide the copy of the report to Beth so that she may comply with .the court order? yes, but he must first obtain a letter of authorization from the client to release the appraisal report yes, to be compliant with due process of law, Anthony must provide the appraisal report copy no, since Beth does not have custody of the workfile, she is not obligated to provide a copy of the appraisal report no, the Gramm-Leach-Bliley Act of 1999 prohibits appraisers from releasing personal

information about clients - answers> B) yes, to be compliant with due process of law,

Anthony must provide the appraisal report copy When an appraiser is providing a value opinion using an effective date in the past (retrospective), when does the appraiser's competency apply? at the time of the assignment date the report is submitted to the client cl effective date of the report

when the report is signed by the appraiser - answers> A) At the time of the assignment

Which would NOT be considered a competency factor in a particular assignment?

[Date] analytical method appraiser's credentials intended use

laws and regulations - answers> B) Appraiser's credentials

If an appraiser is unable to comply with the COMPETENCY RULE to complete an assignment competently, he is obligated to decline or withdraw from the assignment. not charge for the assignment. notify the licensing authority in his jurisdiction.

take additional education. - answers> A) decline or withdraw from the assignment.

The Conduct section of the ETHICS RULE requires the appraiser to disclose previous services as an appraiser or in any capacity regarding the subject property/or what period of time prior to accepting an assignment? one year two years three years

five years - answers> C) three years

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? addenda of the report certification and any letter of transmittal engagement letter for an assignment

specific section of the report - answers> B) certification and any letter of transmittal

Authorization to affix or use an appraiser's signature can be granted only by a supervisory appraiser. on an assignment-by-assignment basis. when authorized by the client.

within the appraiser's own firm. - answers> B) on an assignment-by-assignment basis.

According to the Record Keeping section of the ETHICS RULE, what information is NOT required to be in a workfile? documentation to support the appraiser's opinions and conclusions references to the location of other documentation not in the workfile specific names of other intended users

true copies of any written reports - answers> C) specific names of other intended users

[Date] Which is NOT an element of problem identification? assignment conditions client and other intended users effective date of the opinions and conclusions

reporting option to be used in the assignment - answers> D) reporting option to be used in

the assignment Most of the information necessary for the appraiser to identify the problem in a particular assignment must be identified without client input. requires communication with the client. reveals itself while gathering data.

will be the same in every assignment. - answers> B) requires communication with the

client. An appraiser's peer is defined as another appraiser possessing the same credentials. appraisers who work in the same geographic area. other appraisers who have expertise and competency in a similar type of assignment.

a regularly intended user in a similar assignment. - answers> C) other appraisers who have

expertise and competency in a similar type of assignment. When can an extraordinary assumption be used regarding information not available to the appraiser due to assignment conditions? it cannot be used when the client directs it be used when credible assignment results can still be developed

when there are no other intended users - answers> C) when credible assignment results

can still be developed Which is NOT an option when an appraiser finds circumstances that change the research and analysis that he originally planned at the onset of an assignment? disregard the circumstances and proceed as originally planned modify the scope of work use an extraordinary assumption if credible results could be obtained

withdraw from the assignment - answers> A) disregard the circumstances and proceed as

originally planned

[Date] The scope of work disclosed in an appraisal report must include the appraiser's final conclusions and value opinion. initially planned scope of work at the onset of the assignment. intended use in the assignment.

scope of work that was actually performed. - answers> D) scope of work that was actually

performed. Which is NOT a force that could cause an appraiser to invoke the JURISDICTIONAL EXCEPTION RULE? administrative rules and ordinances attorney at law constitutional law

legislative and court-made law - answers> B) attorney at law

When the JURISDICTIONAL EXCEPTION RULE is invoked, who determines if the Rule is appropriate? the appraiser the client the intended users

state and local authorities - answers> A) the appraiser

Scope of work is the type and extent of research and ____ in an assignment. analysis diligence inspection

reporting - answers> A) Analysis

Which would NOT be part of the scope of work decision? extent of inspection extent of property identification reporting option and format

type and extent of data to be researched - answers> C) reporting option and format

The scope of work in each particular assignment must be determined when the assignment involves an appraisal, appraisal review, or appraisal consulting. any appraisal practice. intended users other than the client.

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valuation services performed by an appraiser. - answers> A) an appraisal, appraisal

review, or appraisal consulting. When deciding the scope of work, an appraiser must be prepared to demonstrate that the scope of work is sufficient to produce credible results. reconcile the conclusions. result in a value conclusion.

satisfy the client. - answers> A) produce credible results.

When must an appraiser disclose research and analysis that was not performed in an assignment? as part of the scope of work disclosure of every assignment if there are intended users other than the client identified in the assignment in all assignments for which a written report · s being provided when it is necessary for intended users to understand the report properly and not be misled

• answers> D) when it is necessary for intended users to understand the report properly and not be misled An appraiser must not allow assignment conditions to limit the scope of work to such a degree that an appraised value is equal to the value needed for the intended use. assignment results are not credible in context of the intended use. intended users cannot understand the scope of work performed.

the appraiser cannot physically inspect the property - answers> B) assignment results are

not credible in context of the intended use. The JURISDICTIONAL EXCEPTION RULE applies when USPAP is in agreement with law or public policy. less than required by federal law or regulation. precluded by law or regulation.

voided entirely by state and local law or regulation. - answers> C) precluded by law or

regulation. Which is NOT one of the three general obligations of an appraiser under STANDARD 1? correctly complete research and analysis necessary to produce credible results determine the scope of work necessary identify the problem to be solved

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report the opinions and conclusions reached by an appraiser - answers> D) report the

opinions and conclusions reached by an appraiser According to the Comment to Standards rule 1-2 of USPAP, an appraiser must dev.-!lop an opinion of reasonable exposure lime whenever he considers it meaningful to the client and intended users. is developing an opinion of market value. is performing the appraisal for a sales transaction.

notes that the property is currently on the market. - answers> B) is developing an opinion of

market value. Standards Rule 1-3 of USPAP, in part, requires which action in a market value assignment? application of the approaches to value client consent to proceed with the assignment development of an opinion of highest and best use

disclosure of the scope of work performed - answers> C) development of an opinion of

highest and best use According to Standards Rule 1-4 of USPAP, what quantity of data must be analyzed when a sales comparison approach is necessary for credible assignment results? all that can be located within one mile from the subject property any sales that occurred within one year of the effective date in the assignment no fewer than three comparable sales

such comparable sales as are available - answers> D) such comparable sales as are

available When developing an income approach, Standards Rule 1-4 of USPAP, in part, requires an appraiser to base projections of future rent or income potential and expenses on actual income and expense data of the property. the basis of an extraordinary assumption. nationally published income and expense data.

reasonably clear and appropriate evidence. - answers> D) reasonably clear and

appropriate evidence. Standards Rule 1-2 of USPAP prohibits an appraiser from allowing the or a ___ client's objectives to cause the assignment results to be biased. intended use of an assignment neighborhood composition property's relevant characteristics

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quality and quantity of data analyzed - answers> A) intended use of an assignment

Prospective value opinions occur when the value opinion is expressed as a value opinion expressed in relationship to a monetary benchmark. as an amount greater than the appraiser's value opinion. as of an effective date in the future.

in an assignment using hypothetical conditions. - answers> C) as of an effective date in the

future. What is an appraiser NOT required to do when the subject property is a fractional interest, physical segment, or a partial holding? analyze the market determine the scope of work reconcile the conclusions

value the whole property - answers> D) value the whole property

Standards Rule 1-5 states that appraisers must analyze agreements of sale, options, and listings of the subject property current as of the effective date of an appraisal, in a market value assignment, if it is a matter of public record. available in the normal course of business. cl not deemed confidential information.

required by the client. - answers> B) available in the normal course of business.

Standards Rule 2-1 of USPAP requires that appraisal reports contain to enable ___ intended users to understand the report properly. definitions of appraisal terms exhibits and photographs Simple and common language

sufficient information - answers> D) sufficient information

Standards Rule 2-2 of USPAP requires an appraiser to which reporting option ___ is being used in the assignment. document in the workfile keep confidential prominently state in the report

specify in the certification - answers> C) prominently state in the report

An appraiser bas agreed to physically inspect the subject property in a particular appraisal assignment. q the appraiser reviews photographs and other documents that illustrate the

[Date] relevant characteristics of the property and indicates in the certification language that he bas physically inspected the property, the report would be acceptable as long as another appraiser actually visited the property. based upon an extraordinary assumption that the documents were correct. cl considered part of a service outside of appraisal practice.

misleading and in violation of the Conduct section of the ETHICS RULE. - answers> D)

misleading and in violation of the Conduct section of the ETHICS RULE. STANDARD 2 does NOT cover communication of a real property appraisal. dictate the form, style, or format of an appraisal report. dictate the Standards, Rules, and requirements that must be adhered to when completing an appraisal report. detail the elements and certifications that must be part of every real property appraisal

report. - answers> B) dictate the form, style, or format of an appraisal report.

According to Standards Rules 2-2( a), (b ), and (c)(viii) of USPAP, regarding the information analyzed and methodology used in an assignment, the exclusion of ___ must be explained. assignment results that are credible determining the scope of work necessary significant real property appraisal assistance

the sales comparison approach, cost approach, or income approach - answers> D) the

sales comparison approach, cost approach, or income approach

63. The contents of a workfile in support of a Restricted Use Appraisal Report must include sufficient information for an appraiser to produce a Letter of Opinion. Restricted Use Appraisal Report. Self-Contained Appraisal Report.

Summary Appraisal Report. - answers> D) Summary Appraisal Report.

Which report option permitted by USPAP "describes" information that is significant to the solution of the appraisal problem? Narrative Appraisal Report Restricted Use Appraisal Report Self-Contained Appraisal Report

Summary Appraisal Report - answers> C) Self-Contained Appraisal Report

[Date] The level of information necessary in a report and the reporting option chosen by an appraiser depends on the in an ___ assignment. client's instructions fee being charged intended use and intended users

scope of work determined - answers> C) intended use and intended users

An oral real property appraisal report, to the extent both possible and appropriate, must address the substantive matters of a Restricted Use Appraisal Report. Self-Contained Appraisal Report. Summary Appraisal Report.

Transcript of testimony. - answers> C) Summary Appraisal Report.

In developing an appraisal review, Sarah identified the work under review and the characteristics of that work, which tire relevant to the intended use and purpose of the appraisal review. What information should Sarah NOT include when developing her appraisal review? any ownership interest in the property credentials of the appraiser in the work under review date of work under review and effective date of opinions

physical, legal, and economic characteristics of the property - answers> B) credentials of

the appraiser in the work under review Jennifer is reviewing the analyses, opinions, and conclusions of an appraisal report. During this process, Jennifer disagrees with some of the analyses. What must she do? decide whether the issues discovered are wcrthy of reporting describe the faults of the appraiser who produced the work under review develop reasons for any disagreement

obtain client approval to report the disagreements - answers> C) develop reasons for any

disagreement Data and analysis provided by the reviewer to support a different opinion or conclusion in an appraisal review of a real property appraisal must match, at a minimum, the reporting requirements for a(n) Report. Appraisal Review Restricted Use Appraisal Self-Contained Appraisal

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Summary Appraisal - answers> D) Summary Appraisal

Christopher reviewed and signed the certification for an Appraisal Review Report. This means that Christopher accepts responsibility for the assignment results and contents of the report, as well as all elements of the certification. the elements of the certification that pertain to his contributions. the general requirements of the report.

only the elements that he specifically indicates in the report. - answers> A) all elements of

the certification. In a review of an appraisal report, when opinions and conclusions are expressed by the reviewer that concur or disagree with the opinions and conclusions in the work being reviewed, those opinions and conclusions must advocate for the client's objectives. be developed in accordance with the applicable development Standard. be stated in a separate report.

not be considered an appraisal. - answers> B) be developed in accordance with the

applicable development Standard. Which term is defined by USPAP as a mathematical expression of bow supply and demand/actors interact in a market? business enterprise appraisal highest and best use analysis mass appraisal model

value opinion - answers> C) mass appraisal model

Which Standard in USPAP expresses that the certification in compliance with this Standard is not intended to disturb an elected or appointed assessor's work plans or oaths in office? STANDARD 4 STANDARD 6 STANDARD 7

STANDARD 9 - answers> B) STANDARD 6

Standards Rule 4-2 of USPAP obligates an appraiser performing a real property appraisal consulting assignment to ensure that any opinion of value being used as a component of the analysis was developed in compliance with STANDARD 1. STANDARD 2.

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STANDARD 3.

STANDARD 4. - answers> A) STANDARD 1.

According to Standards Rule 5-2 of USPAP, if the consulting appraiser developed the value opinion used in the real property appraisal consulting assignment, the information must be reported within the consulting report in compliance with the SCOPE OF WORK RULE. STANDARD 1. STANDARD 4.

Standards Rule 2-2(a), (b), or (c)(ii-x). - answers> D) Standards Rule 2-2(a), (b), or (c)(ii-x).

In an appraisal for ad valorem taxation purposes, when only one property is the subject of the appraisal assignment, which development Standard would apply? STANDARD 1 STANDARD 2 STANDARD 4

STANDARD 6 - answers> A) STANDARD 1

What service is an appraiser providing when the purpose of the assignment is to report an opinion or recommendation where at least one opinion of value was a component of his analysis? appraisal appraisal consulting appraisal review

other type of valuation service - answers> B) appraisal consulting

In an assignment/or which the appraiser was hired by an appraisal management company {AMC), the appraiser may consider the lender the client as long as the AMC is an authorized representative of the lender. an intended user in the report. not the party paying the appraiser.

party to a contractual agreement with the appraiser. - answers> A) an authorized

representative of the lender. Intended users in a specific assignment must be identified by name or type. during the research and analysis process. in the report certification.

without communication with the client. - answers> A) by name or type

[Date] Within USPAP, the appraiser's ___ are {is) always specific to the intended use. fee for the assignment impartiality level of independence

opinions and conclusions - answers> D) opinions and conclusions

The intended use and the intended user of the appraiser's opinions and conclusions are identified ___ the assignment. anytime during at the time of prior to the acceptance of

while determining the scope of work in - answers> B) at the time of

While in the role of an appraiser, advocacy is not permitted. is permitted if disclosed in the report. is permitted if requested by the client.

only applies to appraisal review. - answers> A) is not permitted.

Craig, a real property appraiser, is not an expert in real estate law. In every assignment, he includes a disclosure stating this fact and that in his conclusions he is considering the property to have good and marketable title. Which best describes Craig's action? assumption extraordinary assumption hypothetical condition

jurisdictional exception - answers> A) Assumption

While appraising a property, Lydia could not check the furnace to see if it is in good working order due to the utilities being off at the time of the inspection. Since the home is relatively new and the components appear to be in good condition, Lydia has a reasonable basis to believe that the furnace is in satisfactory operating condition, but she is not certain. Therefore, Lydia bases her conclusion on a(n) expected condition. extraordinary assumption. hypothetical assumption.

hypothetical condition. - answers> B) extraordinary assumption.

[Date] If a property is known by the appraiser, on the effective date of the appraisal, to have an inoperative mechanical system component, but the appraiser is considering the component as if it were operating properly on that date for the purpose of his analysis, on what is the appraiser basing his opinions and conclusions? anticipated condition extraordinary assumption hypothetical condition

hypothetical exception - answers> C) hypothetical condition

Per the USPAP definition, in order for information to be considered confidential, the information must be adverse to the property owner if disclosed. brought to the appraiser's attention prior to commencement of the assignment. defined as confidential by applicable law or regulation, but available from other sources. identified by the client as confidential and not available from any other source. -

answers> D) identified by the client as confidential and not available from any other source.

Which best describes an appraiser's workfile? certifies the appraiser's obligations to USPAP documentation necessary to support the appraiser's analysis, opinions, and conclusions communicates the appraiser's opinions, conclusions, or recommendations upon completion of an assignment the appraiser's opinions and conclusions developed specific to an assignment -

answers> B) documentation necessary to support the appraiser's analysis, opinions, and

conclusions Personalized evidence indicating authentication of the work performed by tl1e appraiser describes, in part, which term? letter of transmittal report signature

workfile - answers> C) signature

Which term is defined by USPAP DEFINITIONS as services pertaining to aspects of property value? appraisal appraisal consulting services appraisal practice

valuation services - answers> D) valuation services

[Date] The 10 Standards in USPAP establish a benchmark of criteria to measure assignment results. ethics and competency. ct the scope of work.

value. - answers> B) ethics and competency.

The PREAMBLE of USPAP sets the tone that the purpose of USPAP is to create a benchmark for appraiser regulation and credentials. establish a common set of standards for those using appraisal services. promote and maintain a high level of public trust in appraisal practice.

satisfy federal requirements for appraisal regulation - answers> C) promote and maintain a

high level of public trust in appraisal practice. In the USPAP Appraisal Process, which -is the final step in the development process? problem identification reconciliation and final value opinion reporting the defined value opinions

research and analysis of data - answers> B) reconciliation and final value opinion

Which entity or group is responsible for creating and maintaining the national appraiser examination? Appraiser Qualifications Board Appraisal Standards Board Appraisal Subcommittee

Individual states - answers> A) Appraiser Qualifications Board

Which is a direct responsibility of the Appraisal Subcommittee? develop laws for licensed/certified appraisers maintain the National Registry of licensed/certified real property appraisers make an annual report to the Board of Trustees of the appraisal foundation.

Provide tuition grants to appraisers for appraisal education. - answers> B) maintain the

National Registry of licensed/certified real property appraisers Statements on appraisal standards are considered additional guidance material outside of USPAP. for the purpose of illustrating USPAP in specific situations. an integral part that has the full weight of USPAP.

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not included in USPAP, but rather addenda. - answers> C) an integral part that has the full

weight of USPAP. Which board exercises all authority and power over the subject, style, content, and substance of USPAP and other communications related to Standards? Appraiser Qualifications Board Appraisal Standards Board ca Appraisal Subcommittee

Board of Trustees - answers> B) Appraisal Standards Board

Which board establishes minimum education, experience, and examination requirements for real property appraisers to obtain certification? Appraiser Qualifications Board Appraisal Standards Board Appraisal Subcommittee

Board of Trustees - answers> A) Appraiser Qualifications Board

Which entity ensures that real estate appraisers who could expose the United States to financial loss are sufficiently trained and tested? Appraisal Standards Board Appraisal Subcommittee Financial Institutions Reform Recovery and Enforcement Committee

state appraisal boards - answers> B) Appraisal Subcommittee

Shelia had concerns about an appraisal situation, and she was uncertain how to proceed. Sheila then consulted the USPAP Advisory Opinions, which establishes new standards or interprets existing standards. illustrates the applicability of USPAP in specific situations. offers opinions and advice that are presented and approved after public comment.

supplements the USPAP Standards and Rules. - answers> B) illustrates the applicability of

USPAP in specific situations. Which would NOT be an example of an appraisal consulting assignment? conclusion of the benefit of a proposed improvement versus its cost opinion of highest and best use based on appraised value of potential uses recommendation of the ideal improvement for a property based on an appraisal

value opinion of a completed development project - answers> D) value opinion of a

completed development project