USPAP 15-hour Questions and Answers
100% Pass
Appraisal ✔✔The act or process of developing an opinion of value
Appraisal practice ✔✔Valuation services performed by an individual acting as appraiser;
including but not limited appraisal and appraisal review
Appraisal review ✔✔The act or process of developing an opinion about the quality of another's
appraisers work
Appraiser ✔✔One who is expected to perform valuation services competently in a manner that is
INDEPENDENT IMPARTIAL & OBJECTIVE
Appraisers peers ✔✔Other appraisers who have expertise and competency in similar assignment
Assignments ✔✔An agreement between appraiser and client to provide valuation service
Assignment results ✔✔Appraisers opinions or conclusions developed on specific assignment
, Assumptions ✔✔That which is taken to be true
Bias ✔✔A preference that precludes appraiser from being impartial, independent and objective
Business enterprises ✔✔Entity pursuing an economic activity
Business equity ✔✔Interest, benefits, rights inherent in the ownership of a business enterprise
Client ✔✔The party or parties who engage, by employment or contract, an appraiser in a specific
assignment.
confidential information ✔✔Information that is either:private by law, identified by the client and
is not available by any other source
Cost ✔✔Amount required to create, produce or obtain property
Credible ✔✔Worthy of belief
100% Pass
Appraisal ✔✔The act or process of developing an opinion of value
Appraisal practice ✔✔Valuation services performed by an individual acting as appraiser;
including but not limited appraisal and appraisal review
Appraisal review ✔✔The act or process of developing an opinion about the quality of another's
appraisers work
Appraiser ✔✔One who is expected to perform valuation services competently in a manner that is
INDEPENDENT IMPARTIAL & OBJECTIVE
Appraisers peers ✔✔Other appraisers who have expertise and competency in similar assignment
Assignments ✔✔An agreement between appraiser and client to provide valuation service
Assignment results ✔✔Appraisers opinions or conclusions developed on specific assignment
, Assumptions ✔✔That which is taken to be true
Bias ✔✔A preference that precludes appraiser from being impartial, independent and objective
Business enterprises ✔✔Entity pursuing an economic activity
Business equity ✔✔Interest, benefits, rights inherent in the ownership of a business enterprise
Client ✔✔The party or parties who engage, by employment or contract, an appraiser in a specific
assignment.
confidential information ✔✔Information that is either:private by law, identified by the client and
is not available by any other source
Cost ✔✔Amount required to create, produce or obtain property
Credible ✔✔Worthy of belief
