National Uniform Standards of
Professional Appraisal Practice
Exam Questions and Answers
Which statement is TRUE regarding USPAP and the appraisal review process for real
property?
A reviewer is required to develop his or her own opinion of value if the reviewer feels the
original value is not credible.
If the reviewer develops his or her own opinion of value, it must be developed under the
requirements of STANDARD 1.
A reviewer who develops his or her own opinion of value must start from scratch and
gather all of the relevant information himself or herself.
In reviewing an appraisal, the reviewer is prohibited from developing or expressing an
opinion of value. - Answer-If the reviewer develops his or her own opinion of value, it
must be developed under the requirements of STANDARD 1.
Appraisers may provide their own opinions as part of a review assignment. These
opinions must be developed under the STANDARD that is applicable to the type of
assignment. In reviewing a real property appraisal, the reviewer would develop his own
opinion of value under the requirements of STANDARD 1.
Consistent with the reviewer's scope of work, a reviewer must develop an opinion
regarding: (Select the most complete answer.)
The completeness, accuracy, and reasonableness of the work under review
The professional qualifications of the appraiser who completed the work under review
Both of these - Answer-The completeness, accuracy, and reasonableness of the work
under review
The Comment to Standards Rule 3-3(a) states that consistent with the reviewer's scope
of work, the reviewer is required to develop an opinion as to the completeness,
accuracy, adequacy, relevance, and reasonableness of the analysis in the work under
review. Development of an opinion of the qualifications of the appraiser is not required
by USPAP.
An appraisal review can be a two-stage assignment; an appraisal review and a value
opinion by the reviewer.
False
True - Answer-True
A reviewer has been requested to also develop her own value opinion in a review
assignment. Which statement is TRUE regarding this situation?
,The reviewer must use the same scope of work as the original appraiser.
The reviewer may use a different scope of work than the original appraiser.
The reviewer is prohibited from developing her own value opinion as part of a review
assignment.
The reviewer must use the same comparable sales as the original appraiser. - Answer-
The reviewer may use a different scope of work than the original appraiser.
An appraisal review report:
must be written
has no minimum content requirements under USPAP
must be separate from the work under review
must be prepared using a pre-printed report form - Answer-must be separate from the
work under review
If a client withholds the identity of the appraiser who completed the work under review,
the reviewer:
must state this fact in the review report
must withdraw from the assignment
may complete the assignment, but must use an extraordinary assumption to assume
the appraiser is licensed or certified
may not develop his or her own opinion of value - Answer-must state this fact in the
review report
If the identity of the appraiser(s) in the work under review is withheld by the client, that
fact must be stated in the appraisal review report.
A reviewer is responsible for ensuring that there is __________ in a review report so
that it can be properly understood by __________.
Sufficient information; intended users
Meaningful analysis; anyone
Credible data; anyone
Current information; intended users - Answer-Sufficient information; intended users
Under certain circumstances, a reviewer may use information that was not available to
the original appraiser to impugn the work under review.
True
False - Answer-False
Information that was not available to the original appraiser in the normal course of
business may be used by the reviewer; however, the reviewer must not use such
information in the reviewer's development of an opinion as to the quality of the work
under review.
A reviewer performing an appraisal review must not sign the work under review unless
he or she:
Intends to accept the responsibility as a co-signer of the work
, Has sufficient E&O insurance to indemnify the client against loss
Knows the appraiser who performed the work under review
Agrees with its conclusions - Answer-Intends to accept the responsibility as a co-signer
of the work
If a reviewer provides an oral report of an appraisal review: - Answer-a signed
certification must be inserted into the workfile
A statement by a reviewer that "the value opinion stated in the appraisal report is not
adequately supported" would be an indication that the reviewer ________ develop his
or her own value opinion.
Did
Did not - Answer-Did not
"The value opinion stated in the appraisal report is (or is not) adequately supported" is
provided in AO-20 as language that does not indicate a reviewer developed his/her own
value opinion.
If an appraiser is asked to develop an opinion of the quality of another appraiser's work
and to agree or disagree with the value conclusion:
the appraiser would violated USPAP by accepting the assignment
the appraiser must prepare a written report
this is a two-stage assignment
this is an appraisal consulting assignment - Answer-this is a two-stage assignment
A client may want the reviewer to develop and report his or her own opinion of value (an
appraisal) within an appraisal review assignment. In this instance, the appraisal review
assignment is actually a two-stage assignment, an appraisal review plus a value opinion
by the reviewer.
Which of these examples indicates that a reviewer DID NOT develop his own opinion of
value in an appraisal review assignment?
I concur with the value conclusion.
I do not agree with the value conclusion.
I reject the value conclusion as lacking credibility due to the errors and inconsistencies
found.
In my opinion, the value conclusion is too high. - Answer-I reject the value conclusion as
lacking credibility due to the errors and inconsistencies found.
"I reject the value conclusion as lacking credibility due to the errors and inconsistencies
found" is provided in AO-20 as language that does not indicate a reviewer developed
his/her own value opinion. The other choices are listed in AO-20 as examples of
language that indicate that the reviewer did develop his/her own value opinion.
STANDARD 6, Mass Appraisal, applies to: - Answer-Both real and personal property
Professional Appraisal Practice
Exam Questions and Answers
Which statement is TRUE regarding USPAP and the appraisal review process for real
property?
A reviewer is required to develop his or her own opinion of value if the reviewer feels the
original value is not credible.
If the reviewer develops his or her own opinion of value, it must be developed under the
requirements of STANDARD 1.
A reviewer who develops his or her own opinion of value must start from scratch and
gather all of the relevant information himself or herself.
In reviewing an appraisal, the reviewer is prohibited from developing or expressing an
opinion of value. - Answer-If the reviewer develops his or her own opinion of value, it
must be developed under the requirements of STANDARD 1.
Appraisers may provide their own opinions as part of a review assignment. These
opinions must be developed under the STANDARD that is applicable to the type of
assignment. In reviewing a real property appraisal, the reviewer would develop his own
opinion of value under the requirements of STANDARD 1.
Consistent with the reviewer's scope of work, a reviewer must develop an opinion
regarding: (Select the most complete answer.)
The completeness, accuracy, and reasonableness of the work under review
The professional qualifications of the appraiser who completed the work under review
Both of these - Answer-The completeness, accuracy, and reasonableness of the work
under review
The Comment to Standards Rule 3-3(a) states that consistent with the reviewer's scope
of work, the reviewer is required to develop an opinion as to the completeness,
accuracy, adequacy, relevance, and reasonableness of the analysis in the work under
review. Development of an opinion of the qualifications of the appraiser is not required
by USPAP.
An appraisal review can be a two-stage assignment; an appraisal review and a value
opinion by the reviewer.
False
True - Answer-True
A reviewer has been requested to also develop her own value opinion in a review
assignment. Which statement is TRUE regarding this situation?
,The reviewer must use the same scope of work as the original appraiser.
The reviewer may use a different scope of work than the original appraiser.
The reviewer is prohibited from developing her own value opinion as part of a review
assignment.
The reviewer must use the same comparable sales as the original appraiser. - Answer-
The reviewer may use a different scope of work than the original appraiser.
An appraisal review report:
must be written
has no minimum content requirements under USPAP
must be separate from the work under review
must be prepared using a pre-printed report form - Answer-must be separate from the
work under review
If a client withholds the identity of the appraiser who completed the work under review,
the reviewer:
must state this fact in the review report
must withdraw from the assignment
may complete the assignment, but must use an extraordinary assumption to assume
the appraiser is licensed or certified
may not develop his or her own opinion of value - Answer-must state this fact in the
review report
If the identity of the appraiser(s) in the work under review is withheld by the client, that
fact must be stated in the appraisal review report.
A reviewer is responsible for ensuring that there is __________ in a review report so
that it can be properly understood by __________.
Sufficient information; intended users
Meaningful analysis; anyone
Credible data; anyone
Current information; intended users - Answer-Sufficient information; intended users
Under certain circumstances, a reviewer may use information that was not available to
the original appraiser to impugn the work under review.
True
False - Answer-False
Information that was not available to the original appraiser in the normal course of
business may be used by the reviewer; however, the reviewer must not use such
information in the reviewer's development of an opinion as to the quality of the work
under review.
A reviewer performing an appraisal review must not sign the work under review unless
he or she:
Intends to accept the responsibility as a co-signer of the work
, Has sufficient E&O insurance to indemnify the client against loss
Knows the appraiser who performed the work under review
Agrees with its conclusions - Answer-Intends to accept the responsibility as a co-signer
of the work
If a reviewer provides an oral report of an appraisal review: - Answer-a signed
certification must be inserted into the workfile
A statement by a reviewer that "the value opinion stated in the appraisal report is not
adequately supported" would be an indication that the reviewer ________ develop his
or her own value opinion.
Did
Did not - Answer-Did not
"The value opinion stated in the appraisal report is (or is not) adequately supported" is
provided in AO-20 as language that does not indicate a reviewer developed his/her own
value opinion.
If an appraiser is asked to develop an opinion of the quality of another appraiser's work
and to agree or disagree with the value conclusion:
the appraiser would violated USPAP by accepting the assignment
the appraiser must prepare a written report
this is a two-stage assignment
this is an appraisal consulting assignment - Answer-this is a two-stage assignment
A client may want the reviewer to develop and report his or her own opinion of value (an
appraisal) within an appraisal review assignment. In this instance, the appraisal review
assignment is actually a two-stage assignment, an appraisal review plus a value opinion
by the reviewer.
Which of these examples indicates that a reviewer DID NOT develop his own opinion of
value in an appraisal review assignment?
I concur with the value conclusion.
I do not agree with the value conclusion.
I reject the value conclusion as lacking credibility due to the errors and inconsistencies
found.
In my opinion, the value conclusion is too high. - Answer-I reject the value conclusion as
lacking credibility due to the errors and inconsistencies found.
"I reject the value conclusion as lacking credibility due to the errors and inconsistencies
found" is provided in AO-20 as language that does not indicate a reviewer developed
his/her own value opinion. The other choices are listed in AO-20 as examples of
language that indicate that the reviewer did develop his/her own value opinion.
STANDARD 6, Mass Appraisal, applies to: - Answer-Both real and personal property
