National USPAP Course Exam
Questions and Answers20
The Appraisal Foundation has the authority to enforce the requirements of USPAP. - ANSWERS-
False
Currently, the boards within the Appraisal Foundation include: - ANSWERS-Appraisal Standards
Board, Appraisal Qualifications Board, Board of Trustees
Which Foundation board is responsible for USPAP? - ANSWERS-Appraisal Standards Board
Qualification criteria for appraiser certification and recertification are disseminated to state
appraisal boards by the: - ANSWERS-Appraisal Qualifications Board
Which entity is responsible for establishing education and experience requirements for licensing
and certification of appraisers? - ANSWERS-Appraisal Qualifications Board
Which entity appoints members of the AQB and ASB? - ANSWERS-Board of Trustees
USPAP is written, amended, and interpreted by the: - ANSWERS-Appraisal Standards Board
Advisory Opinions are best described as: - ANSWERS-not part of USPAP, but included as
reference material
Who is responsible for issuing credentials to individual appraisers? - ANSWERS-State appraisal
regulatory agencies
,Which entity maintains the official National Registry of state-certified and licensed appraisers? -
ANSWERS-Appraisal Subcommittee (ASC)
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - ANSWERS-writing,
interpreting and amending USPAP
USPAP is enforced by: - ANSWERS-state appraiser licensing/certification agencies
Which part of USPAP establishes the requirements for workfile content for an appraisal or
appraisal review assignment? - ANSWERS-Record Keeping Rule
Why are USPAP Advisory Opinions issued? - ANSWERS-to offer advice
Which of these is considered an integral part of USPAP and has the same weight as the
components they address? - ANSWERS-comments
The first step in the appraisal process is: - ANSWERS-identify the problem
In USPAP, the appraisal process is divided into two distinct types of activity: _________ and
__________. - ANSWERS-development, reporting
Which step in the appraisal process involves communication of the appraiser's opinions and
conclusions? - ANSWERS-reporting
The PREAMBLE states that USPAP intended to benefit: - ANSWERS-appraisers and users of
appraisal services
When obligated by law or regulation, an appraiser _______ comply with USPAP. - ANSWERS-
must
, What is the stated purpose of USPAP? - ANSWERS-Promote and maintain a high level of public
trust in appraisal practice
To which property types does USPAP apply? - ANSWERS-Both tangible and intangible property
An appraiser has the professional responsibility to identify the capacity in which he or she is
performing. - ANSWERS-true
The requirement for USPAP compliance in an appraisal assignment could be the result of -
ANSWERS-law or regulation, voluntary choice by the appraiser, or agreement with the client
A valuation service that is premised upon advocacy: - ANSWERS-cannot be performed by an
individual acting as an appraiser
When performing valuation services outside of appraisal practice, an individual must be careful
not to __________ the client and other intended users about his or her role. - ANSWERS-
mislead
USPAP states that in a situation when an individual is not required by law, regulation, or
agreement to comply with USPAP: - ANSWERS-the individual should still comply when he or she
is acting as an appraiser
A preference or inclination that precludes an appraiser's impartiality, independence, or
objectivity is: - ANSWERS-bias
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: - ANSWERS-an extraordinary assumption
Questions and Answers20
The Appraisal Foundation has the authority to enforce the requirements of USPAP. - ANSWERS-
False
Currently, the boards within the Appraisal Foundation include: - ANSWERS-Appraisal Standards
Board, Appraisal Qualifications Board, Board of Trustees
Which Foundation board is responsible for USPAP? - ANSWERS-Appraisal Standards Board
Qualification criteria for appraiser certification and recertification are disseminated to state
appraisal boards by the: - ANSWERS-Appraisal Qualifications Board
Which entity is responsible for establishing education and experience requirements for licensing
and certification of appraisers? - ANSWERS-Appraisal Qualifications Board
Which entity appoints members of the AQB and ASB? - ANSWERS-Board of Trustees
USPAP is written, amended, and interpreted by the: - ANSWERS-Appraisal Standards Board
Advisory Opinions are best described as: - ANSWERS-not part of USPAP, but included as
reference material
Who is responsible for issuing credentials to individual appraisers? - ANSWERS-State appraisal
regulatory agencies
,Which entity maintains the official National Registry of state-certified and licensed appraisers? -
ANSWERS-Appraisal Subcommittee (ASC)
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - ANSWERS-writing,
interpreting and amending USPAP
USPAP is enforced by: - ANSWERS-state appraiser licensing/certification agencies
Which part of USPAP establishes the requirements for workfile content for an appraisal or
appraisal review assignment? - ANSWERS-Record Keeping Rule
Why are USPAP Advisory Opinions issued? - ANSWERS-to offer advice
Which of these is considered an integral part of USPAP and has the same weight as the
components they address? - ANSWERS-comments
The first step in the appraisal process is: - ANSWERS-identify the problem
In USPAP, the appraisal process is divided into two distinct types of activity: _________ and
__________. - ANSWERS-development, reporting
Which step in the appraisal process involves communication of the appraiser's opinions and
conclusions? - ANSWERS-reporting
The PREAMBLE states that USPAP intended to benefit: - ANSWERS-appraisers and users of
appraisal services
When obligated by law or regulation, an appraiser _______ comply with USPAP. - ANSWERS-
must
, What is the stated purpose of USPAP? - ANSWERS-Promote and maintain a high level of public
trust in appraisal practice
To which property types does USPAP apply? - ANSWERS-Both tangible and intangible property
An appraiser has the professional responsibility to identify the capacity in which he or she is
performing. - ANSWERS-true
The requirement for USPAP compliance in an appraisal assignment could be the result of -
ANSWERS-law or regulation, voluntary choice by the appraiser, or agreement with the client
A valuation service that is premised upon advocacy: - ANSWERS-cannot be performed by an
individual acting as an appraiser
When performing valuation services outside of appraisal practice, an individual must be careful
not to __________ the client and other intended users about his or her role. - ANSWERS-
mislead
USPAP states that in a situation when an individual is not required by law, regulation, or
agreement to comply with USPAP: - ANSWERS-the individual should still comply when he or she
is acting as an appraiser
A preference or inclination that precludes an appraiser's impartiality, independence, or
objectivity is: - ANSWERS-bias
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: - ANSWERS-an extraordinary assumption
