15-Hour USPAP Course Final Quiz 2023 with 100% questions and answers

Assignment conditions include: a. The length of time given to the appraiser to complete the assignment b. The amount of the appraiser's fee c. Laws and regulations that affect the assignment d. All of the answers listed Appraisers are permitted by USPAP to disclose confidential information or assignment results to any of these parties EXCEPT: a. The client b. Persons specifically authorized by the client c. State appraiser regulatory agencies d. The subject property owner of record A written appraisal report prepared under USPAP must specify two dates: the _________ and the _________. a. Effective date; inspection date b. Inspection date; signature date c. Effective date; date of report d. Effective date; date of value The scope of work is acceptable when it meets expectations of parties who are regular intended users, and: a. If the value conclusion meets the client's estimated value b. What an appraiser's peers' actions would be c. What the appraiser had agreed to do in the engagement letter d. What the state appraisal regulatory agency would require In developing an appraisal, an appraiser assumes a condition to be true that is contrary to what is known by the appraiser to exist on the effective date. This is an example of: a. A limiting condition b. A hypothetical condition c. An extraordinary assumption d. An appraiser's certification An appraiser must comply with USPAP when required by: a. Regulation b. Any of the answers listed c. Agreement with the client d. Law USPAP provides standards for the appraisal of what property type(s)? a. Real and personal property only b. Real property only c. Personal property only d. Real property, personal property, and intangible (business) property STANDARD 1 of USPAP addresses: a. Mass appraisal development and reporting b. Real property appraisal development c. Real property appraisal reporting d. Personal property appraisal development An appraiser is preparing a real property appraisal report using a client-generated form that includes a pre-printed certification. This pre-printed certification does not contain all of the elements required by Standards Rule 2-3. What should the appraiser do? a. Include a supplemental certification in the report that contains the remaining required certification elements b. Withdraw from the assignment c. Use the form required by the client, and be careful not to modify or append it in any way d. Use a non-client-approved form to report the appraisal results An appraiser must prepare a workfile for: a. Only appraisal assignments b. All assignments, whether they are part of appraisal practice or not c. Only appraisal and appraisal review assignments d. All assignments that are part of appraisal practice Monica is an appraiser and a real estate broker. She brokers the sale of a small mixed-use property. Thirty months later, she is asked by a local lending institution to appraise the property for a refinance loan. Which statement is TRUE regarding this situation? a. She is prohibited by USPAP from accepting this appraisal assignment in this situation. b. She is not required to disclose to the client the prior service because it is outside the minimum disclosure period mandated by USPAP. c. She is required to disclose to the client that she had previously provided brokerage services on the property. d. She is not required to disclose anything to the client because she had not previously appraised the property. The requirements of USPAP STANDARD 2 apply to: a. Narrative reports only b. Oral reports only c. Both written and oral reports d. Written reports only An appraiser uses a published cost manual to determine that the construction cost of a 2,100 square foot residential dwelling is $450,000. This figure represents the dwelling's a. Price b. All of these c. Value d. Cost Why is it necessary for all reports prepared under USPAP to include a signed certification? a. It serves notice to the client that the assignment has been completed b. It serves as an appraiser's acknowledgement of his or her ethical obligations c. It verifies that the appraiser has completed his or her continuing education requirements d. It helps the appraiser limit his or her liability Which of these is NOT an assignment result in an appraisal assignment? a. Building square footage b. Functional utility rating c. Highest and best use opinion d. Value conclusion When appraising real property under STANDARD 1, an appraiser must research and analyze sales of the subject property that occurred within the prior _______ of the effective date. a. USPAP does not specify a time frame b. Three years c. Two years d. Five years An appraiser's workfile must be in existence: a. Prior to the transmission of a report or other communication of assignment results b. Immediately after transmission of the report c. For all valuation services provided by an individual acting as an appraiser d. For at least 7 years after the transmission of the report When developing an appraisal, an appraiser presumes that an underground storage tank on the subject property is not leaking. The appraiser does not know whether or not the tank is leaking. This is an example of: a. An ordinary assumption b. An unethical contingency c. A hypothetical condition d. An extraordinary assumption What is the stated purpose of USPAP? a. Mandate that appraisers take continuing education b. Aid in enforcement of appraisal laws and regulations c. Establish recognized appraisal methods and techniques d. Promote and maintain public trust An appraiser must disclose any services that he or she provided regarding the subject property within the prior: a. Five years b. Six months c. Three years d. Four years