USPAP (Example Questions and Answers from the book)
1. Different appraisal regulations among states.: Which is not one of the
con- tributing factors that led to a need for regulation in the appraisal
profession?
2. Appraisal Subcommittee (ASC): Responsible for the Federal oversight
of state real estate licensing and certification
3. TRUE: (T/F) The AppraisalSubcommittee monitors the activities of
TAF to deter- mine if policies and procedures are consistent with title
XI of FIRREA
4. Appraisal Subcommittee (ASC): Which board maintains the official
National Registry of appraisers?
5. Appraisal Practices Board (APB): The board that identifies and issues
volun- tary guidance relating to recognized methods and techniques is
the
6. TRUE: (T/F) State agencies may impose appraiser requirements
above and beyond those required by the Appraiser Qualifications
Board and the Appraiser Standards Board.
7. State Regulatory Agencies: Who is responsible for enforcing USPAP?
8. Contains terms that have a specific meaning in USPAP: The
definitions section of USPAP
9.Promote and maintain a high level of public trust in appraisal practice.:
The preamble of USPAP sets the tone that the purpose of USPAP is to
10.A manner that is meaningful and not misleading.: The preamble of
USPAP requires. Appraisers to communicate their analysis, opinions
and conclusions in
11.3. Disclose the scope of work in the report.: The Scope of Work Rule
establishes three general requirements. 1. Identify the problem, 2.
Determine the appropriate scope of work and
12.Illustrate the applicability of USPAP in specific situations.: Shelia had
concerns about an appraisal situation and she was uncertain how to
proceed. She consulted the USPAP Advisory opinions which
13.Advisory Opinions: Which is NOT a part of USPAP?
14.Standard 2: Which USPAP Standard addresses the reporting of an
individual in a real property appraisal?
,15.Problem identification: The USPAP Appraisal Process begins with
16.Reconciliation and final value opinion.: In the USPAP Appraisal
Process, which is the final step in the development process?
17.All types of property.: The USPAP Appraisal Process can be
followed for appraising what types of property?
,18.Relationship to a previous appraisal or numerical benchmark.: An
ap- praisal must be in a specific number, a range of numbers or a
19.Workfile: The subject of an appraisal review could be all or part of a
REPORT, a , or a combination of these
20.Do not: USPAP definitions specifically define
the term "Market Value" that is consistently applied by the appraiser
when the type of value in the assignment is market value.
21.An authorized representative of the lender: In an assignment for
which the appraiser was hired by an appraisal management company
(AMC) the appraiser may consider the lender the client as long as the
AMC is
22.Opinions and conclusions: Within USPAP, the appraisers
are (is) always specific to the
intended use
23.By name or type: Intended users in a specific assignment must be
identified
24.Preference or inclination: USPAP defines bias as a
that precludes an appraisers impartiality,
indepen- dence or objectivity in an assignment
25.Identify the problem: In order to determine the scope of work to
perform in an assignment, what must the appraiser first do?
26.Assumption: Craig, a real property appraiser is not an expert in
real estate law. In every assignment, he includes a disclosure stating
this fact and that in
his conclusions, he is considering the property to have good and
marketable title. which best describes Craig's action?
27.Extraordinary Assumption: Appraiser Linda could not check the
furnace to see if it is in good working order as the utilities are off. As
the home is relatively new and the furnace appears to be in good
condition, Linda believes it is in satisfactory working condition, but she
is not sure. She bases her conclusion on an
28.Hypothetical condition.: Chad appraised a property that had an
inoperative air conditioner at the date of the appraisal. Chad
considered the air conditioner as if it was working in the analysis, thus
basing his opinions and conclusions on a
, 29.Price: Considered factual once stated, this is the amount asked,
offered or paid for a property.
30.Cost: The amount required to create, produce or obtain a property
is known as
1. Different appraisal regulations among states.: Which is not one of the
con- tributing factors that led to a need for regulation in the appraisal
profession?
2. Appraisal Subcommittee (ASC): Responsible for the Federal oversight
of state real estate licensing and certification
3. TRUE: (T/F) The AppraisalSubcommittee monitors the activities of
TAF to deter- mine if policies and procedures are consistent with title
XI of FIRREA
4. Appraisal Subcommittee (ASC): Which board maintains the official
National Registry of appraisers?
5. Appraisal Practices Board (APB): The board that identifies and issues
volun- tary guidance relating to recognized methods and techniques is
the
6. TRUE: (T/F) State agencies may impose appraiser requirements
above and beyond those required by the Appraiser Qualifications
Board and the Appraiser Standards Board.
7. State Regulatory Agencies: Who is responsible for enforcing USPAP?
8. Contains terms that have a specific meaning in USPAP: The
definitions section of USPAP
9.Promote and maintain a high level of public trust in appraisal practice.:
The preamble of USPAP sets the tone that the purpose of USPAP is to
10.A manner that is meaningful and not misleading.: The preamble of
USPAP requires. Appraisers to communicate their analysis, opinions
and conclusions in
11.3. Disclose the scope of work in the report.: The Scope of Work Rule
establishes three general requirements. 1. Identify the problem, 2.
Determine the appropriate scope of work and
12.Illustrate the applicability of USPAP in specific situations.: Shelia had
concerns about an appraisal situation and she was uncertain how to
proceed. She consulted the USPAP Advisory opinions which
13.Advisory Opinions: Which is NOT a part of USPAP?
14.Standard 2: Which USPAP Standard addresses the reporting of an
individual in a real property appraisal?
,15.Problem identification: The USPAP Appraisal Process begins with
16.Reconciliation and final value opinion.: In the USPAP Appraisal
Process, which is the final step in the development process?
17.All types of property.: The USPAP Appraisal Process can be
followed for appraising what types of property?
,18.Relationship to a previous appraisal or numerical benchmark.: An
ap- praisal must be in a specific number, a range of numbers or a
19.Workfile: The subject of an appraisal review could be all or part of a
REPORT, a , or a combination of these
20.Do not: USPAP definitions specifically define
the term "Market Value" that is consistently applied by the appraiser
when the type of value in the assignment is market value.
21.An authorized representative of the lender: In an assignment for
which the appraiser was hired by an appraisal management company
(AMC) the appraiser may consider the lender the client as long as the
AMC is
22.Opinions and conclusions: Within USPAP, the appraisers
are (is) always specific to the
intended use
23.By name or type: Intended users in a specific assignment must be
identified
24.Preference or inclination: USPAP defines bias as a
that precludes an appraisers impartiality,
indepen- dence or objectivity in an assignment
25.Identify the problem: In order to determine the scope of work to
perform in an assignment, what must the appraiser first do?
26.Assumption: Craig, a real property appraiser is not an expert in
real estate law. In every assignment, he includes a disclosure stating
this fact and that in
his conclusions, he is considering the property to have good and
marketable title. which best describes Craig's action?
27.Extraordinary Assumption: Appraiser Linda could not check the
furnace to see if it is in good working order as the utilities are off. As
the home is relatively new and the furnace appears to be in good
condition, Linda believes it is in satisfactory working condition, but she
is not sure. She bases her conclusion on an
28.Hypothetical condition.: Chad appraised a property that had an
inoperative air conditioner at the date of the appraisal. Chad
considered the air conditioner as if it was working in the analysis, thus
basing his opinions and conclusions on a
, 29.Price: Considered factual once stated, this is the amount asked,
offered or paid for a property.
30.Cost: The amount required to create, produce or obtain a property
is known as
