ASA USPAP EXAM QUESTIONS
WITH CORRECT DETAILED
ANSWERS
When a law or regulation precludes compliance with any part of USPAP, appraisers
must
A. ignore USPAP.
B. ignore the law and adhere to USPAP.
C. be allowed to take exception to the law and regulations.
D. comply with that law or regulation. - Answer-D
The purpose of the JURISDICTIONAL EXCEPTION RULE is to
A. allow for cooperation with other professional appraisers.
B. preserve the balance of USPAP if compliance with one or more of its parts is
precluded
by law or regulation.
C. place additional requirements on the appraiser.
D. permit acceptance of assignments in other geographic areas. - Answer-B
An appraiser's peers are defined as other appraisers who
A. have a similar level of education.
B. have expertise and competency in a similar type of assignment.
C. hold the same level of state licensure.
D. practice in the same market. - Answer-B
Confidential information under USPAP is information the appraiser
A. receives from a broker.
B. receives from another appraiser.
C. receives from the client and is identified as confidential but is available from other
sources.
D. receives from the client, is identified by the client as confidential, and is not available
from other sources. - Answer-D
Identification of the intended use of an appraiser's opinions and conclusions is
A. necessary only when doing litigation assignments.
B. not required unless the client wants the intended use to be disclosed.
C. necessary for determining the appropriate scope of work.
D. necessary for all but tax-related assignments. - Answer-C
, When is the payment of fees by the appraiser in connection with the procurement of an
appraisal assignment allowed?
A. Never.
B. Only when the payment is in excess of the first fee.
C. Always.
D. Only when payment is properly disclosed. - Answer-D
The disclosure of confidential information to a third party is unethical unless
A. instructed by an attorney.
B. authorized by the client.
C. beneficial to the client.
D. needed in another similar assignment. - Answer-B
The responsibility of the scope of work decision rests with the
A. client.
B. appraiser.
C. appraiser's peers.
D. intended users. - Answer-B
In appraisal practice, advocating the cause or interest of any party or issue is
A. not permitted.
B. permitted when a contingent fee is not involved.
C. permitted when done by an appraiser without a professional designation.
D. permitted when appropriately disclosed. - Answer-A
USPAP does not require that the client's name be stated in the
appraisal report. T or F? - Answer-T
No other report label(s) may be used in addition to either an
Appraisal Report or a Restricted Appraisal Report. T or F? - Answer-F
The disclosure of any significant business enterprise appraisal
assistance provided in an appraisal report is not required under
USPAP. - Answer-F
Oral reports for business enterprise and intangible asset appraisals
must address the substantive matters required in an Appraisal
Report. T or F - Answer-F
An appraiser who signs any part of an appraisal report must sign
the certification. T or F - Answer-T
An appraiser is obligated to identify the intended users of an
Appraisal Report by name in the report. T or F? - Answer-F
When disclosing extraordinary assumptions and hypothetical
WITH CORRECT DETAILED
ANSWERS
When a law or regulation precludes compliance with any part of USPAP, appraisers
must
A. ignore USPAP.
B. ignore the law and adhere to USPAP.
C. be allowed to take exception to the law and regulations.
D. comply with that law or regulation. - Answer-D
The purpose of the JURISDICTIONAL EXCEPTION RULE is to
A. allow for cooperation with other professional appraisers.
B. preserve the balance of USPAP if compliance with one or more of its parts is
precluded
by law or regulation.
C. place additional requirements on the appraiser.
D. permit acceptance of assignments in other geographic areas. - Answer-B
An appraiser's peers are defined as other appraisers who
A. have a similar level of education.
B. have expertise and competency in a similar type of assignment.
C. hold the same level of state licensure.
D. practice in the same market. - Answer-B
Confidential information under USPAP is information the appraiser
A. receives from a broker.
B. receives from another appraiser.
C. receives from the client and is identified as confidential but is available from other
sources.
D. receives from the client, is identified by the client as confidential, and is not available
from other sources. - Answer-D
Identification of the intended use of an appraiser's opinions and conclusions is
A. necessary only when doing litigation assignments.
B. not required unless the client wants the intended use to be disclosed.
C. necessary for determining the appropriate scope of work.
D. necessary for all but tax-related assignments. - Answer-C
, When is the payment of fees by the appraiser in connection with the procurement of an
appraisal assignment allowed?
A. Never.
B. Only when the payment is in excess of the first fee.
C. Always.
D. Only when payment is properly disclosed. - Answer-D
The disclosure of confidential information to a third party is unethical unless
A. instructed by an attorney.
B. authorized by the client.
C. beneficial to the client.
D. needed in another similar assignment. - Answer-B
The responsibility of the scope of work decision rests with the
A. client.
B. appraiser.
C. appraiser's peers.
D. intended users. - Answer-B
In appraisal practice, advocating the cause or interest of any party or issue is
A. not permitted.
B. permitted when a contingent fee is not involved.
C. permitted when done by an appraiser without a professional designation.
D. permitted when appropriately disclosed. - Answer-A
USPAP does not require that the client's name be stated in the
appraisal report. T or F? - Answer-T
No other report label(s) may be used in addition to either an
Appraisal Report or a Restricted Appraisal Report. T or F? - Answer-F
The disclosure of any significant business enterprise appraisal
assistance provided in an appraisal report is not required under
USPAP. - Answer-F
Oral reports for business enterprise and intangible asset appraisals
must address the substantive matters required in an Appraisal
Report. T or F - Answer-F
An appraiser who signs any part of an appraisal report must sign
the certification. T or F - Answer-T
An appraiser is obligated to identify the intended users of an
Appraisal Report by name in the report. T or F? - Answer-F
When disclosing extraordinary assumptions and hypothetical
