USPAP Questions and Answers Latest
2023 Graded A
The appraiser could accept the assignment (as a new assignment) ✔✔as long as proper
disclosure is made regarding the prior assignment & any confidential in formation is handled
appropriately.
in a deed being used in a purchase transaction, who is the grantee? ✔✔The party receiving title -
"purchaser" is known as the grantee.
Any services provided by an appraiser, other than an appraisal or appraisal review, would be
appraisal practice w/ no applicable standards. this includes recommendations that occur as a
result of an appraisal or appraisal review. ✔✔For those services, the scope of work rule & the
record keeping rule do not apply.
When an appraiser arrives for his inspection of residential property, the property owner gives the
appraiser an appraisal report previously performed by another appraiser. in light of uspap, what
should the appraiser do? ✔✔Make certain that information relied upon in the other appraiser's
report is not in error or fraudulent.
,USPAP requires the appraiser to analyze market conditions as part of: ✔✔The development
process.
An appraiser completed an appraisal report yesterday & today he is going to provided his client
with the report. the appraiser needs to make a couple of minor revisions before hand. for this
appraisal report. he must ✔✔change the date on the report & the certification to the date
revisions.
all are part of the ethics rule except ✔✔Confidential information can never be disclosed.
when valuing a life estate for a potential sales transaction of that particular interest, what must
the appraiser do? ✔✔Project future value at the termination of the life estate & discount to
present value.
if a jurisdictional exception has been justifiably applied in an assignment, what else must be
included in the appraisal report? ✔✔Disclosure of the part(S) of uspap that was disregarded &
the legal authority justifying the appraiser's actions.
, appraisers are sometimes called upon to perform a service referred to by some as an evaluation.
According to uspap advisory opinion 13, when is an evaluation an appraisal. ✔✔when
performed by individual acting as an appraiser.
all are part of the ETHIcS rule except: ✔✔Confidential information can never be disclosed.
which is a true regarding competency in a appraisal assignment? ✔✔the appraiser should
disclose a lack of knowledge before accepting the assignment.
uspap requires every appraisal report to clearly state both the effective date & the date of the
report. which best describe the date of the report ✔✔date that is the prospective from which the
appraiser is examing the market.
which part of uspap suggest that the parties benefiting from uspap include providers of appraisal
services & user of appraisal services. ✔✔PREAMBLE
when an appraiser is providing a value opinion using an effective date in the past retrospective,
when does the appraiser's competency apply? ✔✔at the time of the assignment.
2023 Graded A
The appraiser could accept the assignment (as a new assignment) ✔✔as long as proper
disclosure is made regarding the prior assignment & any confidential in formation is handled
appropriately.
in a deed being used in a purchase transaction, who is the grantee? ✔✔The party receiving title -
"purchaser" is known as the grantee.
Any services provided by an appraiser, other than an appraisal or appraisal review, would be
appraisal practice w/ no applicable standards. this includes recommendations that occur as a
result of an appraisal or appraisal review. ✔✔For those services, the scope of work rule & the
record keeping rule do not apply.
When an appraiser arrives for his inspection of residential property, the property owner gives the
appraiser an appraisal report previously performed by another appraiser. in light of uspap, what
should the appraiser do? ✔✔Make certain that information relied upon in the other appraiser's
report is not in error or fraudulent.
,USPAP requires the appraiser to analyze market conditions as part of: ✔✔The development
process.
An appraiser completed an appraisal report yesterday & today he is going to provided his client
with the report. the appraiser needs to make a couple of minor revisions before hand. for this
appraisal report. he must ✔✔change the date on the report & the certification to the date
revisions.
all are part of the ethics rule except ✔✔Confidential information can never be disclosed.
when valuing a life estate for a potential sales transaction of that particular interest, what must
the appraiser do? ✔✔Project future value at the termination of the life estate & discount to
present value.
if a jurisdictional exception has been justifiably applied in an assignment, what else must be
included in the appraisal report? ✔✔Disclosure of the part(S) of uspap that was disregarded &
the legal authority justifying the appraiser's actions.
, appraisers are sometimes called upon to perform a service referred to by some as an evaluation.
According to uspap advisory opinion 13, when is an evaluation an appraisal. ✔✔when
performed by individual acting as an appraiser.
all are part of the ETHIcS rule except: ✔✔Confidential information can never be disclosed.
which is a true regarding competency in a appraisal assignment? ✔✔the appraiser should
disclose a lack of knowledge before accepting the assignment.
uspap requires every appraisal report to clearly state both the effective date & the date of the
report. which best describe the date of the report ✔✔date that is the prospective from which the
appraiser is examing the market.
which part of uspap suggest that the parties benefiting from uspap include providers of appraisal
services & user of appraisal services. ✔✔PREAMBLE
when an appraiser is providing a value opinion using an effective date in the past retrospective,
when does the appraiser's competency apply? ✔✔at the time of the assignment.
