USPAP FINAL EXAM QUESTIONS
WITH COMPLETE SOLUTIONS
Which of the following is NOT required by USPAP to be in an Appraisal Report? -
Answer-Client's specific name
An appraiser's client requests anonymity and asks that their identity not appear in the
Appraisal Report that is prepared for the assignment. What must the appraiser do? -
Answer-All of these actions must be taken: Use care not to violate the Confidentiality
section of the ETHICS RULE, State in the report that the client's identity has been
withheld at the client's request, Document the identity of the client in the workfile
When reporting the results of an appraisal, dates that must be included are - Answer-
Effective date and report date
In an Appraisal Report, the scope of work used to develop the appraisal must be -
Answer-summarized
An appraiser determines that the cost approach is not necessary in an appraisal
assignment, and therefore does not develop the approach. In the Restricted Appraisal
Report for the assignment, what must the appraiser do? - Answer-State the reason for
the exclusion of the approach
When an extraordinary assumption is used in an appraisal, the report must state the
extraordinary assumption and - Answer-state that its use may have affected the
assignment results
All written appraisal reports must contain - Answer-a signed certification
An appraiser is preparing a Restricted Appraisal Report in a situation where there are
intended users in addition to the client. Which statement is true regarding this situation?
- Answer-These additional intended users must be identified in the report by name.
According to USPAP, any appraiser who signs any part of an appraisal report is
required to - Answer-sign a certification
What is the purpose of including a signed certification in an appraisal report? - Answer-
For the appraiser to acknowledge his or her ethical obligations
Which of the following best describes bias in appraisal practice? - Answer-It is not
permitted
, An appraiser provides an oral report of a real property appraisal. Which statement is
CORRECT? - Answer-The appraiser must add a signed and dated certification to her
appraisal workfile.
To the extent possible and appropriate, oral appraisal reports for real property must
address the substantive matters that apply to a(n) - Answer-Appraisal Report
USPAP requires an appraiser to obtain a release from a previous client before
appraising the same property for a new client. - Answer-False
An appraiser completes an appraisal for Bank A. Two months later, he is contacted by
Bank B, who asks him to "readdress" his prior report to them. Which statement is TRUE
about the appraiser's USPAP obligations? - Answer-He is not permitted to "readdress"
the report to Bank B.
If a client requests a more current valuation on a property that was the subject of a prior
assignment, this is a(n) ____________. - Answer-new assignment
A trainee assisted a senior appraiser in an appraisal assignment, but the trainee
appraiser does not sign a certification. The trainee's name is stated in the certification
as having provided significant appraisal assistance. Is a description of the trainee's
assistance also required to be in the certification? - Answer-No
If a supervising appraiser makes changes to a trainee's appraisal report which the
trainee does not agree with, the trainee should - Answer-not sign the certification
The subject of an appraisal review assignment may be - Answer-another appraiser's
work that is completed as part of an appraisal or appraisal review assignment
In STANDARD 3, the word "reviewer" means: - Answer-an appraiser who is performing
an appraisal review
When developing an appraisal review, USPAP requires a reviewer to identify the
appraiser who completed the work under review: - Answer-unless the identity has been
withheld by the client
A reviewer is performing an appraisal review on an appraisal report prepared on a
residential property. The reviewer is required by USPAP to: - Answer-Identify whether it
is necessary to develop his or her own value opinion as part of the appraisal review
assignment
When performing an appraisal review, a reviewer finds information that was available to
the original appraiser, but the original appraiser did not consider it when developing the
appraisal under review. Does USPAP permit the reviewer to use this information in
developing an opinion of the quality of the work under review? - Answer-Yes
WITH COMPLETE SOLUTIONS
Which of the following is NOT required by USPAP to be in an Appraisal Report? -
Answer-Client's specific name
An appraiser's client requests anonymity and asks that their identity not appear in the
Appraisal Report that is prepared for the assignment. What must the appraiser do? -
Answer-All of these actions must be taken: Use care not to violate the Confidentiality
section of the ETHICS RULE, State in the report that the client's identity has been
withheld at the client's request, Document the identity of the client in the workfile
When reporting the results of an appraisal, dates that must be included are - Answer-
Effective date and report date
In an Appraisal Report, the scope of work used to develop the appraisal must be -
Answer-summarized
An appraiser determines that the cost approach is not necessary in an appraisal
assignment, and therefore does not develop the approach. In the Restricted Appraisal
Report for the assignment, what must the appraiser do? - Answer-State the reason for
the exclusion of the approach
When an extraordinary assumption is used in an appraisal, the report must state the
extraordinary assumption and - Answer-state that its use may have affected the
assignment results
All written appraisal reports must contain - Answer-a signed certification
An appraiser is preparing a Restricted Appraisal Report in a situation where there are
intended users in addition to the client. Which statement is true regarding this situation?
- Answer-These additional intended users must be identified in the report by name.
According to USPAP, any appraiser who signs any part of an appraisal report is
required to - Answer-sign a certification
What is the purpose of including a signed certification in an appraisal report? - Answer-
For the appraiser to acknowledge his or her ethical obligations
Which of the following best describes bias in appraisal practice? - Answer-It is not
permitted
, An appraiser provides an oral report of a real property appraisal. Which statement is
CORRECT? - Answer-The appraiser must add a signed and dated certification to her
appraisal workfile.
To the extent possible and appropriate, oral appraisal reports for real property must
address the substantive matters that apply to a(n) - Answer-Appraisal Report
USPAP requires an appraiser to obtain a release from a previous client before
appraising the same property for a new client. - Answer-False
An appraiser completes an appraisal for Bank A. Two months later, he is contacted by
Bank B, who asks him to "readdress" his prior report to them. Which statement is TRUE
about the appraiser's USPAP obligations? - Answer-He is not permitted to "readdress"
the report to Bank B.
If a client requests a more current valuation on a property that was the subject of a prior
assignment, this is a(n) ____________. - Answer-new assignment
A trainee assisted a senior appraiser in an appraisal assignment, but the trainee
appraiser does not sign a certification. The trainee's name is stated in the certification
as having provided significant appraisal assistance. Is a description of the trainee's
assistance also required to be in the certification? - Answer-No
If a supervising appraiser makes changes to a trainee's appraisal report which the
trainee does not agree with, the trainee should - Answer-not sign the certification
The subject of an appraisal review assignment may be - Answer-another appraiser's
work that is completed as part of an appraisal or appraisal review assignment
In STANDARD 3, the word "reviewer" means: - Answer-an appraiser who is performing
an appraisal review
When developing an appraisal review, USPAP requires a reviewer to identify the
appraiser who completed the work under review: - Answer-unless the identity has been
withheld by the client
A reviewer is performing an appraisal review on an appraisal report prepared on a
residential property. The reviewer is required by USPAP to: - Answer-Identify whether it
is necessary to develop his or her own value opinion as part of the appraisal review
assignment
When performing an appraisal review, a reviewer finds information that was available to
the original appraiser, but the original appraiser did not consider it when developing the
appraisal under review. Does USPAP permit the reviewer to use this information in
developing an opinion of the quality of the work under review? - Answer-Yes
