USPAP PRACTICE EXAM 2 ALL COMPLETE
SOLUTION GUIDE
Prior to accepting an assignment or entering into an agreement to perform any assignment, the
appraiser must have the knowledge and experience to complete the assignment or the
appraiser must: - - Disclose the lack of knowledge and/or experience to the client before
accepting the assignment
- Take all steps necessary or appropriate to complete the assignment competently
- Describe the lack of knowledge and/or experience and the steps taken to complete the
assignment competently in the report
The appraiser should retain his/her records for an appraisal for at least: - 5 Years
The act or process of developing an opinion of value or an opinion of value developed without
invoking the DEPARTURE RULE is considered: - A Complete Appraisal
The act or process of developing an opinion of value or an opinion of value developed under
and resulting from invoking the DEPARTURE RULE is considered: - A Limited Appraisal
Which of the following are typically considered legally competent to conclude that there has
been a violation of USPAP? - A state licensing/certification agency
Review appraisers can only conclude and report that the appraisal report under review: - - Does
not comply with the Rules, requirements and specifications of USPAP.
- Contains no reference, mention, or coverage of required information or documentation.
-Contains no evidence or support for analyses, opinions, or conclusions contained in the
appraisal report under review.
A current version of USPAP contains ten Statements on Appraisal Standards (3 of which are
retired), which have _____of / than a 'Standards' Rule. - Full Weight
USPAP contains a Preamble, 5 rules, definitions, and ____ Standards. - 10
The following is true about Advisory Opinions - The Advisory Opinions are not part of USPAP,
however are sometimes included for convenience of reference. They do not have the same
status as Statements on Appraisal Standards.
SOLUTION GUIDE
Prior to accepting an assignment or entering into an agreement to perform any assignment, the
appraiser must have the knowledge and experience to complete the assignment or the
appraiser must: - - Disclose the lack of knowledge and/or experience to the client before
accepting the assignment
- Take all steps necessary or appropriate to complete the assignment competently
- Describe the lack of knowledge and/or experience and the steps taken to complete the
assignment competently in the report
The appraiser should retain his/her records for an appraisal for at least: - 5 Years
The act or process of developing an opinion of value or an opinion of value developed without
invoking the DEPARTURE RULE is considered: - A Complete Appraisal
The act or process of developing an opinion of value or an opinion of value developed under
and resulting from invoking the DEPARTURE RULE is considered: - A Limited Appraisal
Which of the following are typically considered legally competent to conclude that there has
been a violation of USPAP? - A state licensing/certification agency
Review appraisers can only conclude and report that the appraisal report under review: - - Does
not comply with the Rules, requirements and specifications of USPAP.
- Contains no reference, mention, or coverage of required information or documentation.
-Contains no evidence or support for analyses, opinions, or conclusions contained in the
appraisal report under review.
A current version of USPAP contains ten Statements on Appraisal Standards (3 of which are
retired), which have _____of / than a 'Standards' Rule. - Full Weight
USPAP contains a Preamble, 5 rules, definitions, and ____ Standards. - 10
The following is true about Advisory Opinions - The Advisory Opinions are not part of USPAP,
however are sometimes included for convenience of reference. They do not have the same
status as Statements on Appraisal Standards.
