15 hr national USPAP course exam
questions and answers26
Which Foundation board is responsible for USPAP? - ANSWERS-Appraisal Standards Board (ASB)
Appraisal Subcommittee (ASC)
Consumer Financial Protection Bureau (CFPB)
Appraiser Qualifications Board (AQB)
The Appraisal Foundation has the authority to enforce the requirements of USPAP.
T or F - ANSWERS-false
The Appraisal Foundation is a private entity. The Foundation and its boards have no
enforcement authority in any jurisdiction.
Currently, the boards within The Appraisal Foundation include: - ANSWERS-Appraisal Standards
Board, Appraiser Qualifications Board, Board of Trustees
Bias is permitted in an appraisal as long as the bias is clearly disclosed in the report. - ANSWERS-
False
In appraisal practice, advocating the cause or interest of any party or issue is: - ANSWERS-Not
permitted
,Under the ETHICS RULE, an individual acting as an appraiser must not advocate the cause or
interest of any party or issue.
The ethical obligations of USPAP apply to: - ANSWERS-Individual appraisers
USPAP does not apply to appraisal companies; however, the ETHICS RULE exhorts appraisers
who are employed by companies who do not conduct themselves in accordance with USPAP to
take whatever steps are appropriate to ensure USPAP compliance. USPAP does not apply to
appraisal clients.
An appraiser must disclose any service he or she provided regarding the subject property for a
period of _________ prior to agreeing to perform the assignment. - ANSWERS-Three years
An appraiser is disclosing to a client the fact that she had previously appraised the subject
property within the prior three years. When making this disclosure, the appraiser must be
careful to: - ANSWERS-Not disclose confidential information from the previous assignment
An appraiser has been asked to complete an appraisal assignment. The fee is to be paid only if
the loan closes. According to USPAP, may the appraiser accept the assignment under these
conditions? - ANSWERS-No, the fee arrangement is an unethical contingency arrangement and
violates the ETHICS RULE.
In a real property appraisal assignment prepared for a mortgage lender, an appraiser is
permitted by USPAP to base his compensation for an appraisal assignment on: - ANSWERS-
Whether or not the report is transmitted to the client by the due date
An appraiser may base his or her fee on whether or not the report is delivered in a timely
manner. However, the other answer choices were all listed in the ETHICS RULE as unethical
contingencies.
, The Confidentiality section of the ETHICS RULE prohibits an appraiser from disclosing
confidential information or _________ to unauthorized parties. - ANSWERS-Assignment results
An appraiser concludes that a subject property has functional inadequacies. This conclusion is: -
ANSWERS-An assignment result and must be treated as confidential
In most cases, an appraiser may share __________ from an appraisal assignment with other
appraisers without obtaining the client's consent. - ANSWERS-Physical characteristics
An appraiser completes an appraisal and transmits the report to the client. The report copy
retained in the appraiser's workfile does not have a signature affixed to it. Is this permissible
under USPAP? - ANSWERS-No, a true copy must include a signature
An appraiser prepared an appraisal report in April 2019. He testified in court regarding the value
of the property in January 2020. The decision was rendered in February 2020 and was appealed
in April 2020. The appellate court heard the case in January 2021 and remanded the case for
reconsideration by the lower court. Final disposition of the case occurred in September 2021. At
a minimum, how long must the appraiser retain his workfile? - ANSWERS-April 2024
An appraiser must retain the workfile for five years after preparation or two years after final
disposition of any judicial proceeding in which the appraiser provided testimony related to the
assignment, whichever period is later. April 2024 (five years after preparation) is longer than
September 2023 (two years after final disposition).
Is an appraiser permitted by USPAP to create a workfile after transmitting the report to the
client? - ANSWERS-NO
Which statement best describes the word "competency" as it relates to appraisal practice? -
ANSWERS-It is fundamental to the definition of "appraiser."
questions and answers26
Which Foundation board is responsible for USPAP? - ANSWERS-Appraisal Standards Board (ASB)
Appraisal Subcommittee (ASC)
Consumer Financial Protection Bureau (CFPB)
Appraiser Qualifications Board (AQB)
The Appraisal Foundation has the authority to enforce the requirements of USPAP.
T or F - ANSWERS-false
The Appraisal Foundation is a private entity. The Foundation and its boards have no
enforcement authority in any jurisdiction.
Currently, the boards within The Appraisal Foundation include: - ANSWERS-Appraisal Standards
Board, Appraiser Qualifications Board, Board of Trustees
Bias is permitted in an appraisal as long as the bias is clearly disclosed in the report. - ANSWERS-
False
In appraisal practice, advocating the cause or interest of any party or issue is: - ANSWERS-Not
permitted
,Under the ETHICS RULE, an individual acting as an appraiser must not advocate the cause or
interest of any party or issue.
The ethical obligations of USPAP apply to: - ANSWERS-Individual appraisers
USPAP does not apply to appraisal companies; however, the ETHICS RULE exhorts appraisers
who are employed by companies who do not conduct themselves in accordance with USPAP to
take whatever steps are appropriate to ensure USPAP compliance. USPAP does not apply to
appraisal clients.
An appraiser must disclose any service he or she provided regarding the subject property for a
period of _________ prior to agreeing to perform the assignment. - ANSWERS-Three years
An appraiser is disclosing to a client the fact that she had previously appraised the subject
property within the prior three years. When making this disclosure, the appraiser must be
careful to: - ANSWERS-Not disclose confidential information from the previous assignment
An appraiser has been asked to complete an appraisal assignment. The fee is to be paid only if
the loan closes. According to USPAP, may the appraiser accept the assignment under these
conditions? - ANSWERS-No, the fee arrangement is an unethical contingency arrangement and
violates the ETHICS RULE.
In a real property appraisal assignment prepared for a mortgage lender, an appraiser is
permitted by USPAP to base his compensation for an appraisal assignment on: - ANSWERS-
Whether or not the report is transmitted to the client by the due date
An appraiser may base his or her fee on whether or not the report is delivered in a timely
manner. However, the other answer choices were all listed in the ETHICS RULE as unethical
contingencies.
, The Confidentiality section of the ETHICS RULE prohibits an appraiser from disclosing
confidential information or _________ to unauthorized parties. - ANSWERS-Assignment results
An appraiser concludes that a subject property has functional inadequacies. This conclusion is: -
ANSWERS-An assignment result and must be treated as confidential
In most cases, an appraiser may share __________ from an appraisal assignment with other
appraisers without obtaining the client's consent. - ANSWERS-Physical characteristics
An appraiser completes an appraisal and transmits the report to the client. The report copy
retained in the appraiser's workfile does not have a signature affixed to it. Is this permissible
under USPAP? - ANSWERS-No, a true copy must include a signature
An appraiser prepared an appraisal report in April 2019. He testified in court regarding the value
of the property in January 2020. The decision was rendered in February 2020 and was appealed
in April 2020. The appellate court heard the case in January 2021 and remanded the case for
reconsideration by the lower court. Final disposition of the case occurred in September 2021. At
a minimum, how long must the appraiser retain his workfile? - ANSWERS-April 2024
An appraiser must retain the workfile for five years after preparation or two years after final
disposition of any judicial proceeding in which the appraiser provided testimony related to the
assignment, whichever period is later. April 2024 (five years after preparation) is longer than
September 2023 (two years after final disposition).
Is an appraiser permitted by USPAP to create a workfile after transmitting the report to the
client? - ANSWERS-NO
Which statement best describes the word "competency" as it relates to appraisal practice? -
ANSWERS-It is fundamental to the definition of "appraiser."
