USPAP 15-HOUR TRAINING COURSE
TEST QUESTIONS WITH CORRECT
ANSWERS
Hypothetical condition - Answer-When an appraiser provides a current value opinion on
a proposed new building based upon the proposed improves are completed as of the
effective date of the appraisal.
Extraordinary assumption - Answer-Only if required to develop credible results.
False - Answer-A research assignment, in which an appraiser completes research for a
client but does not develop an opinion or conclusion, is not part of appraisal practice.
1. Limits the scope of work to the extent that the value opinion is not credible.
2. Precludes an appraiser's impartiality.
3. Limits report content, resulting in a misleading report. - Answer-Unacceptable
assignment condition.
Step 3 - Answer-Date Collection and Analysis
Market Analysis - Answer-Demand Studies
Supply Studies
Marketability Studies
Highest and Best Use Analysis - Answer-Site as though vacant.
Ideal Improvement
Property as Improved
Step 4 - Answer-Application of the Approaches Value
Cost / Sales Comps / Income Captitalization
An assignment condition may require an appraiser to develop an approach that he or
she would otherwise consider unnecessary. - Answer-USPAP and the 3 approaches to
value.
The appraiser must analyze such data as are available to indicated value conclusion. -
Answer-When developing a sales comp approach under USPAP.
Current Listings - Answer-When analyzing listings of the subject property in a real
property appraisal assignment, USPAP requires, at a minimum, ___________to be
analyzed.
, Analyzed in the appraisal - Answer-If an appraiser is asked to appraise a property on
which there is known, current agreement of sale, the agreement must be
All sales of the subject property that occurred within 3 years of the effective date of the
appraisal. - Answer-When analyzing the subject property's sales history in a real
property appraisal assignment, an appraiser is required by USPAP to analyze
Step 5 - Answer-Reconciliation of Value Indications and Final Opinions of Value
Careful consideration of the quality and quantity of data - Answer-The process of
reconciliation entails
False - Answer-Standard Rules 1-5 require an appraiser to analyze the sales history of
the comps
When such analysis is relevant to the current assignment - Answer-When is it
necessary to analyze prior listings of the subject property in a real property appraisal
assignment.
Step 6 - Answer-Report of Defined Value Opinions
Not required by Standard 2 - Answer-The use of standard appraisal reporting forms.
Standard 2 - Answer-Sets forth requirements for appraisal report content.
Summary
Self-Contained
Restricted Use - Answer-The 3 written report options stated in Standards Rule 2-2
The level of detail and information - Answer-The essential differences among the 3
reporting options.
Client's specific name - Answer-Not required by USPAP to be in a Summary Appraisal
Report
Effective Date and Report Date - Answer-Must be included when reporting the results of
an appraisal.
The date of the report - Answer-Establishes the appraiser's perspective on the market.
The exclusion of any of the valuation approaches - Answer-Must be explained in a
Restricted Use Appraisal Report
Scope of work used to develop the appraisal must be summarized - Answer-In a
Summary Appraisal Report
TEST QUESTIONS WITH CORRECT
ANSWERS
Hypothetical condition - Answer-When an appraiser provides a current value opinion on
a proposed new building based upon the proposed improves are completed as of the
effective date of the appraisal.
Extraordinary assumption - Answer-Only if required to develop credible results.
False - Answer-A research assignment, in which an appraiser completes research for a
client but does not develop an opinion or conclusion, is not part of appraisal practice.
1. Limits the scope of work to the extent that the value opinion is not credible.
2. Precludes an appraiser's impartiality.
3. Limits report content, resulting in a misleading report. - Answer-Unacceptable
assignment condition.
Step 3 - Answer-Date Collection and Analysis
Market Analysis - Answer-Demand Studies
Supply Studies
Marketability Studies
Highest and Best Use Analysis - Answer-Site as though vacant.
Ideal Improvement
Property as Improved
Step 4 - Answer-Application of the Approaches Value
Cost / Sales Comps / Income Captitalization
An assignment condition may require an appraiser to develop an approach that he or
she would otherwise consider unnecessary. - Answer-USPAP and the 3 approaches to
value.
The appraiser must analyze such data as are available to indicated value conclusion. -
Answer-When developing a sales comp approach under USPAP.
Current Listings - Answer-When analyzing listings of the subject property in a real
property appraisal assignment, USPAP requires, at a minimum, ___________to be
analyzed.
, Analyzed in the appraisal - Answer-If an appraiser is asked to appraise a property on
which there is known, current agreement of sale, the agreement must be
All sales of the subject property that occurred within 3 years of the effective date of the
appraisal. - Answer-When analyzing the subject property's sales history in a real
property appraisal assignment, an appraiser is required by USPAP to analyze
Step 5 - Answer-Reconciliation of Value Indications and Final Opinions of Value
Careful consideration of the quality and quantity of data - Answer-The process of
reconciliation entails
False - Answer-Standard Rules 1-5 require an appraiser to analyze the sales history of
the comps
When such analysis is relevant to the current assignment - Answer-When is it
necessary to analyze prior listings of the subject property in a real property appraisal
assignment.
Step 6 - Answer-Report of Defined Value Opinions
Not required by Standard 2 - Answer-The use of standard appraisal reporting forms.
Standard 2 - Answer-Sets forth requirements for appraisal report content.
Summary
Self-Contained
Restricted Use - Answer-The 3 written report options stated in Standards Rule 2-2
The level of detail and information - Answer-The essential differences among the 3
reporting options.
Client's specific name - Answer-Not required by USPAP to be in a Summary Appraisal
Report
Effective Date and Report Date - Answer-Must be included when reporting the results of
an appraisal.
The date of the report - Answer-Establishes the appraiser's perspective on the market.
The exclusion of any of the valuation approaches - Answer-Must be explained in a
Restricted Use Appraisal Report
Scope of work used to develop the appraisal must be summarized - Answer-In a
Summary Appraisal Report
