National USPAP 7-Hour Course Exam 2023 Questions and
Answers (Verified Answers)
The ASB considers suggestions for changes to USPAP from:
Appraisers, users of appraisal services, regulators, and others
You have a suggestion for a change to USPAP, and you want to tell the ASB
about it. When making your suggestion, it is helpful to the ASB if you:
Explain how the proposed change will enhance public trust in appraisal practice
The ASB has received numerous public comment letters in response to an
exposure draft. When considering these comments, the ASB's primary focus is:
The reasoning and insight presented in the letter
The term "credible," as used in USPAP, refers to:
Appraisal development
An appraisal reviewer uses the word "misleading" in relation to the work under
review. Assuming the reviewer has used this term properly, the reviewer is
referring to:
The report under review
Assignment results in a real property appraisal assignment would include:
The highest and best use conclusion
In a real property appraisal assignment, assignment conditions would NOT
include:
Assignment due date
The revision to the definition of Personal Property for 2020-21 was made for the
purpose of:
Including items that are developed and stored electronically
According to the definition of personal inspection in USPAP:
An appraiser is not expected to perform specialized testing or use special equipment
An appraiser values a property based on viewing high-definition video footage
shot from a drone piloted by the appraiser's assistant. The appraiser did not visit
the property. The appraiser views and reviews the video footage so many times
that she truly feels like she has been at the property. May the appraiser sign a
certification indicating that she made a personal inspection of the subject
property?
No, because the appraiser was never physically present at the property
The definition of misleading in the 2020-21 USPAP specifies that a
misrepresentation, misstatement, or concealment of relevant facts or
conclusions:
May be intentional or unintentional
Features that affect a property's value or marketability are:
Relevant characteristics
An appraiser inserts this statement in an appraisal report. "The dwelling has one
bedroom and therefore does not meet the demands of typical buyers in its
market." What is this statement?
Both a physical characteristic and an assignment result
Physical characteristics are best described as:
, Facts
An appraiser is developing a market value appraisal. What should he or she do
with regard to the definition of value?
Identify the definition of market value that is appropriate for the assignment
In a real property appraisal assignment, assignment conditions would NOT
include:
Assignment due date
One who is expected to render valuation services competently and in a manner
that is independent, impartial, and objective, is the definition of:
Appraiser
Assignment elements include all of the following except:
Due date for report submission
An appraiser completes an appraisal on a property, using a current effective date,
and transmits the report to the client. The client subsequently requests the
appraiser to revise the appraisal to change the effective date to a retrospective
date. May the appraiser comply with this request as part of the original
assignment?
No, changing the effective date results in a new assignment
An appraiser is offered an appraisal review assignment by a potential new client.
What must the appraiser do before determining the scope of work for this
assignment?
Identify the assignment elements
An appraiser is asked by a client, a residential mortgage lender, to value a mixed-
use property solely as a residence and omit any information about the property's
non-residential characteristics from the appraisal report. The appraiser complies
with the client's request. What is the most appropriate USPAP term to describe
the appraiser's actions?
Misleading
In an appraisal report on a unit in a condominium project, an appraiser notes that
the project has a pool, a playground, and a clubhouse. These are:
Physical characteristics
An appraiser is not permitted by the client to make a personal inspection of the
subject property. The appraiser determines she does not have sufficient
information about the property's relevant characteristics to produce a credible
appraisal. The client does not permit the appraiser to alter the scope of work to
gather the information, and the appraiser cannot use an extraordinary
assumption about the information because credible assignment results cannot be
developed. What should the appraiser do?
Withdraw from the assignment
A party who receives a copy of an appraisal report is automatically an intended
user.
False
Which of these is an opinion developed by an appraiser?
Exposure time
An appraiser explains the exclusion of the income approach by stating in the
appraisal report, "The income approach is not necessary for credible assignment
Answers (Verified Answers)
The ASB considers suggestions for changes to USPAP from:
Appraisers, users of appraisal services, regulators, and others
You have a suggestion for a change to USPAP, and you want to tell the ASB
about it. When making your suggestion, it is helpful to the ASB if you:
Explain how the proposed change will enhance public trust in appraisal practice
The ASB has received numerous public comment letters in response to an
exposure draft. When considering these comments, the ASB's primary focus is:
The reasoning and insight presented in the letter
The term "credible," as used in USPAP, refers to:
Appraisal development
An appraisal reviewer uses the word "misleading" in relation to the work under
review. Assuming the reviewer has used this term properly, the reviewer is
referring to:
The report under review
Assignment results in a real property appraisal assignment would include:
The highest and best use conclusion
In a real property appraisal assignment, assignment conditions would NOT
include:
Assignment due date
The revision to the definition of Personal Property for 2020-21 was made for the
purpose of:
Including items that are developed and stored electronically
According to the definition of personal inspection in USPAP:
An appraiser is not expected to perform specialized testing or use special equipment
An appraiser values a property based on viewing high-definition video footage
shot from a drone piloted by the appraiser's assistant. The appraiser did not visit
the property. The appraiser views and reviews the video footage so many times
that she truly feels like she has been at the property. May the appraiser sign a
certification indicating that she made a personal inspection of the subject
property?
No, because the appraiser was never physically present at the property
The definition of misleading in the 2020-21 USPAP specifies that a
misrepresentation, misstatement, or concealment of relevant facts or
conclusions:
May be intentional or unintentional
Features that affect a property's value or marketability are:
Relevant characteristics
An appraiser inserts this statement in an appraisal report. "The dwelling has one
bedroom and therefore does not meet the demands of typical buyers in its
market." What is this statement?
Both a physical characteristic and an assignment result
Physical characteristics are best described as:
, Facts
An appraiser is developing a market value appraisal. What should he or she do
with regard to the definition of value?
Identify the definition of market value that is appropriate for the assignment
In a real property appraisal assignment, assignment conditions would NOT
include:
Assignment due date
One who is expected to render valuation services competently and in a manner
that is independent, impartial, and objective, is the definition of:
Appraiser
Assignment elements include all of the following except:
Due date for report submission
An appraiser completes an appraisal on a property, using a current effective date,
and transmits the report to the client. The client subsequently requests the
appraiser to revise the appraisal to change the effective date to a retrospective
date. May the appraiser comply with this request as part of the original
assignment?
No, changing the effective date results in a new assignment
An appraiser is offered an appraisal review assignment by a potential new client.
What must the appraiser do before determining the scope of work for this
assignment?
Identify the assignment elements
An appraiser is asked by a client, a residential mortgage lender, to value a mixed-
use property solely as a residence and omit any information about the property's
non-residential characteristics from the appraisal report. The appraiser complies
with the client's request. What is the most appropriate USPAP term to describe
the appraiser's actions?
Misleading
In an appraisal report on a unit in a condominium project, an appraiser notes that
the project has a pool, a playground, and a clubhouse. These are:
Physical characteristics
An appraiser is not permitted by the client to make a personal inspection of the
subject property. The appraiser determines she does not have sufficient
information about the property's relevant characteristics to produce a credible
appraisal. The client does not permit the appraiser to alter the scope of work to
gather the information, and the appraiser cannot use an extraordinary
assumption about the information because credible assignment results cannot be
developed. What should the appraiser do?
Withdraw from the assignment
A party who receives a copy of an appraisal report is automatically an intended
user.
False
Which of these is an opinion developed by an appraiser?
Exposure time
An appraiser explains the exclusion of the income approach by stating in the
appraisal report, "The income approach is not necessary for credible assignment
