USPAP PRACTICE TEST EXAM
QUESTIONS AND ANSWERS 100%
GUARANTEED PASS!
Which of the following would NOT be considered an unacceptable fee arrangement? -
Answer-fee based on the volume of total business from a particular client
According to the Management section of the ETHICS RULE, an appraiser affixes his or
her signature in an assignment for what purpose ? - Answer-certify recognition and
acceptance of USPAP responsibilities
A real property appraiser has taken great precaution to safeguard his electronic
signature; however, the signature has been illegally obtained and used without the
appraiser's authorization. Has the appraiser violated USPAP? - Answer-no, if the
appraiser used great care, he is not responsible for unauthorized use
Confidential information can be disclosed to persons specifically authorized by the
client, state appraisal agencies, third parties as authorized by law, or a(n) - Answer-duly
authorized professional peer review committee.
Anne, a real property appraiser, recently completed an appraisal assignment for a
lender-client of a residential property for a refinance transaction. The property owner
has just called Anne to inquire about the appraised value. Which is a true statement? -
Answer-Anne must get consent from the lender prior to disclosing the appraised value.
When an appraiser is offered the opportunity to appraise a property for a new client that
was the subject of a prior assignment, and the appraiser is not bound to keep the
previous assignment confidential , the appraiser must - Answer-protect any confidential
information from the first assignment and disclose the prior appraisal.
Which best defines a professional peer review committee? - Answer-committee
comprised of other appraisers
Anthony and Beth acted as co-appraisers on an appraisal assignment and Anthony,
Beth's supervisor, has custody of the work. File. Beth has received a court order to
appear with a true copy of the appraisal report kept in the work file in a case involving
possible mortgage fraud. Must Anthony provide the copy of the report to Beth so that
she may comply with the court order? - Answer-yes, to be compliant with due process of
law,
Anthony must provide the appraisal report copy
, When an appraiser is providing a value opinion using an effective date in the past
(retrospective), when does the appraiser's competency apply? - Answer-at the time of
the assignment
Which would NOT be considered a competency factor in a particular assignment? -
Answer-appraiser 's credentials
If an appraiser is unable to comply with the COMPETENCY RULE to complete an
assignment competently, he is obligated to - Answer-decline or withdraw from the
assignment.
The Conduct section of the ETHICS RULE requires the appraiser to disclose previous
services as an appraiser or in any capacity regarding the subject property for what
period of time prior to accepting an assignment? - Answer-three years
Disclosure of fees, commissions, and things of value given in connection with the
procurement of an assignment must be disclosed in what part of a report or specific
document? - Answer-certification and any letter of transmittal
Authorization to affix or use an appraiser's signature can be granted only - Answer-on
an assignment-by-assignment basis.
According to the RECORD KEEPING RULE, what information is NOT required to be in
a work file? - Answer-specific names of other intended users
Which is NOT an element of problem identification? - Answer-reporting option to be
used in the assignment
Most of the information necessary for the appraiser to identify the problem in a particular
assignment - Answer-requires communication with the client.
An appraiser's peer is defined as: - Answer-other appraisers who have expertise and
competency in a similar type of assignment.
When can an extraordinary assumption be used regarding information not available to
the appraiser due to assignment conditions? - Answer-when credible assignment results
can still be developed
Which is NOT an option when an appraiser finds circumstances that change the
research and analysis that he originally planned at the onset of an assignment? -
Answer-disregard the circumstances and proceed as originally planned
The scope of work disclosed in an appraisal report must include the - Answer-scope of
work that was actually performed.
QUESTIONS AND ANSWERS 100%
GUARANTEED PASS!
Which of the following would NOT be considered an unacceptable fee arrangement? -
Answer-fee based on the volume of total business from a particular client
According to the Management section of the ETHICS RULE, an appraiser affixes his or
her signature in an assignment for what purpose ? - Answer-certify recognition and
acceptance of USPAP responsibilities
A real property appraiser has taken great precaution to safeguard his electronic
signature; however, the signature has been illegally obtained and used without the
appraiser's authorization. Has the appraiser violated USPAP? - Answer-no, if the
appraiser used great care, he is not responsible for unauthorized use
Confidential information can be disclosed to persons specifically authorized by the
client, state appraisal agencies, third parties as authorized by law, or a(n) - Answer-duly
authorized professional peer review committee.
Anne, a real property appraiser, recently completed an appraisal assignment for a
lender-client of a residential property for a refinance transaction. The property owner
has just called Anne to inquire about the appraised value. Which is a true statement? -
Answer-Anne must get consent from the lender prior to disclosing the appraised value.
When an appraiser is offered the opportunity to appraise a property for a new client that
was the subject of a prior assignment, and the appraiser is not bound to keep the
previous assignment confidential , the appraiser must - Answer-protect any confidential
information from the first assignment and disclose the prior appraisal.
Which best defines a professional peer review committee? - Answer-committee
comprised of other appraisers
Anthony and Beth acted as co-appraisers on an appraisal assignment and Anthony,
Beth's supervisor, has custody of the work. File. Beth has received a court order to
appear with a true copy of the appraisal report kept in the work file in a case involving
possible mortgage fraud. Must Anthony provide the copy of the report to Beth so that
she may comply with the court order? - Answer-yes, to be compliant with due process of
law,
Anthony must provide the appraisal report copy
, When an appraiser is providing a value opinion using an effective date in the past
(retrospective), when does the appraiser's competency apply? - Answer-at the time of
the assignment
Which would NOT be considered a competency factor in a particular assignment? -
Answer-appraiser 's credentials
If an appraiser is unable to comply with the COMPETENCY RULE to complete an
assignment competently, he is obligated to - Answer-decline or withdraw from the
assignment.
The Conduct section of the ETHICS RULE requires the appraiser to disclose previous
services as an appraiser or in any capacity regarding the subject property for what
period of time prior to accepting an assignment? - Answer-three years
Disclosure of fees, commissions, and things of value given in connection with the
procurement of an assignment must be disclosed in what part of a report or specific
document? - Answer-certification and any letter of transmittal
Authorization to affix or use an appraiser's signature can be granted only - Answer-on
an assignment-by-assignment basis.
According to the RECORD KEEPING RULE, what information is NOT required to be in
a work file? - Answer-specific names of other intended users
Which is NOT an element of problem identification? - Answer-reporting option to be
used in the assignment
Most of the information necessary for the appraiser to identify the problem in a particular
assignment - Answer-requires communication with the client.
An appraiser's peer is defined as: - Answer-other appraisers who have expertise and
competency in a similar type of assignment.
When can an extraordinary assumption be used regarding information not available to
the appraiser due to assignment conditions? - Answer-when credible assignment results
can still be developed
Which is NOT an option when an appraiser finds circumstances that change the
research and analysis that he originally planned at the onset of an assignment? -
Answer-disregard the circumstances and proceed as originally planned
The scope of work disclosed in an appraisal report must include the - Answer-scope of
work that was actually performed.
