USPAP Practice Questions and Answers 2022/2023;Full
test bank with complete solution
The Appraisal Foundation has the authority to enforce the requirements of
USPAP.
False
Currently, the boards within the Appraisal Foundation include:
Appraisal Standards Board, Appraisal Qualifications Board, Board of Trustees
Which Foundation board is responsible for USPAP?
Appraisal Standards Board
Qualification criteria for appraiser certification and recertification are
disseminated to state appraisal boards by the:
Appraisal Qualifications Board
Which entity is responsible for establishing education and experience
requirements for licensing and certification of appraisers?
Appraisal Qualifications Board
Which entity appoints members of the AQB and ASB?
Board of Trustees
USPAP is written, amended, and interpreted by the:
Appraisal Standards Board
Advisory Opinions are best described as:
not part of USPAP, but included as reference material
Who is responsible for issuing credentials to individual appraisers?
State appraisal regulatory agencies
Which entity maintains the official National Registry of state-certified and
licensed appraisers?
Appraisal Subcommittee (ASC)
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?
writing, interpreting and amending USPAP
USPAP is enforced by:
state appraiser licensing/certification agencies
Which part of USPAP establishes the requirements for workfile content for an
appraisal or appraisal review assignment?
Record Keeping Rule
Why are USPAP Advisory Opinions issued?
to offer advice
Which of these is considered an integral part of USPAP and has the same weight
as the components they address?
comments
The first step in the appraisal process is:
identify the problem
In USPAP, the appraisal process is divided into two distinct types of activity:
_________ and __________.
development, reporting
, Which step in the appraisal process involves communication of the appraiser's
opinions and conclusions?
reporting
The PREAMBLE states that USPAP intended to benefit:
appraisers and users of appraisal services
When obligated by law or regulation, an appraiser _______ comply with USPAP.
must
What is the stated purpose of USPAP?
Promote and maintain a high level of public trust in appraisal practice
To which property types does USPAP apply?
Both tangible and intangible property
An appraiser has the professional responsibility to identify the capacity in which
he or she is performing.
true
The requirement for USPAP compliance in an appraisal assignment could be the
result of
law or regulation, voluntary choice by the appraiser, or agreement with the client
A valuation service that is premised upon advocacy:
cannot be performed by an individual acting as an appraiser
When performing valuation services outside of appraisal practice, an individual
must be careful not to __________ the client and other intended users about his
or her role.
mislead
USPAP states that in a situation when an individual is not required by law,
regulation, or agreement to comply with USPAP:
the individual should still comply when he or she is acting as an appraiser
A preference or inclination that precludes an appraiser's impartiality,
independence, or objectivity is:
bias
If an appraiser assumes a condition to be true, and evidence supports that belief,
although that fact is not certain, this is an example of:
an extraordinary assumption
If an appraiser assumes a condition to be true that does not exist for the
purposes of analysis, this is an example of:
hypothetical condition
By using a published cost manual, an appraiser determines that the construction
cost of a 2,500 square foot dwelling is $400,000. This figure represents the
dwelling's:
cost
"The monetary relationship between properties and those who buy, sell or use
those properties" is the definition of:
value
An appraiser receives a copy of a signed sales agreement for an office building,
which specifies the agreed-upon amount of $950,000. What does this figure
represent?
price
test bank with complete solution
The Appraisal Foundation has the authority to enforce the requirements of
USPAP.
False
Currently, the boards within the Appraisal Foundation include:
Appraisal Standards Board, Appraisal Qualifications Board, Board of Trustees
Which Foundation board is responsible for USPAP?
Appraisal Standards Board
Qualification criteria for appraiser certification and recertification are
disseminated to state appraisal boards by the:
Appraisal Qualifications Board
Which entity is responsible for establishing education and experience
requirements for licensing and certification of appraisers?
Appraisal Qualifications Board
Which entity appoints members of the AQB and ASB?
Board of Trustees
USPAP is written, amended, and interpreted by the:
Appraisal Standards Board
Advisory Opinions are best described as:
not part of USPAP, but included as reference material
Who is responsible for issuing credentials to individual appraisers?
State appraisal regulatory agencies
Which entity maintains the official National Registry of state-certified and
licensed appraisers?
Appraisal Subcommittee (ASC)
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?
writing, interpreting and amending USPAP
USPAP is enforced by:
state appraiser licensing/certification agencies
Which part of USPAP establishes the requirements for workfile content for an
appraisal or appraisal review assignment?
Record Keeping Rule
Why are USPAP Advisory Opinions issued?
to offer advice
Which of these is considered an integral part of USPAP and has the same weight
as the components they address?
comments
The first step in the appraisal process is:
identify the problem
In USPAP, the appraisal process is divided into two distinct types of activity:
_________ and __________.
development, reporting
, Which step in the appraisal process involves communication of the appraiser's
opinions and conclusions?
reporting
The PREAMBLE states that USPAP intended to benefit:
appraisers and users of appraisal services
When obligated by law or regulation, an appraiser _______ comply with USPAP.
must
What is the stated purpose of USPAP?
Promote and maintain a high level of public trust in appraisal practice
To which property types does USPAP apply?
Both tangible and intangible property
An appraiser has the professional responsibility to identify the capacity in which
he or she is performing.
true
The requirement for USPAP compliance in an appraisal assignment could be the
result of
law or regulation, voluntary choice by the appraiser, or agreement with the client
A valuation service that is premised upon advocacy:
cannot be performed by an individual acting as an appraiser
When performing valuation services outside of appraisal practice, an individual
must be careful not to __________ the client and other intended users about his
or her role.
mislead
USPAP states that in a situation when an individual is not required by law,
regulation, or agreement to comply with USPAP:
the individual should still comply when he or she is acting as an appraiser
A preference or inclination that precludes an appraiser's impartiality,
independence, or objectivity is:
bias
If an appraiser assumes a condition to be true, and evidence supports that belief,
although that fact is not certain, this is an example of:
an extraordinary assumption
If an appraiser assumes a condition to be true that does not exist for the
purposes of analysis, this is an example of:
hypothetical condition
By using a published cost manual, an appraiser determines that the construction
cost of a 2,500 square foot dwelling is $400,000. This figure represents the
dwelling's:
cost
"The monetary relationship between properties and those who buy, sell or use
those properties" is the definition of:
value
An appraiser receives a copy of a signed sales agreement for an office building,
which specifies the agreed-upon amount of $950,000. What does this figure
represent?
price
