USPAP Questions and Answers Already
Passed
Personal property brokerage/dealership, appraisal reviews, and personal property appraisals are
all included within
appraisal practice.
valuation services.
market analysis.
consulting. ✔✔valuation services.
The PREAMBLE of USPAP states that the Standards are
C. limited to appraisers who are accredited or certified by appraisal organizations.
A. only for appraisers.
D. only for users of appraisal services
B. for appraisers and users of appraisal services. ✔✔B. for appraisers and users of appraisal
services.
According to USPAP, the party or parties who engage an appraiser in a specific assignment
defines the
,C. appraiser's peers.
B. party who pays the fee.
D. other intended user
A. client. ✔✔A. client.
For real property appraisers, USPAP is enforced by
B. the Appraisal Standards Board.
C. the Appraisal Subcommittee, through Congress.
A. The Appraisal Foundation.
D. state regulatory agencies. ✔✔D. state regulatory agencies.
For personal property appraisers, USPAP is enforced by
C. the Appraisal Subcommittee, through Congress.
A. accrediting and certifying professional membership organizations.
D. state regulatory agencies.
B. the Appraisal Standards Board. ✔✔A. accrediting and certifying professional membership
organizations.
,USPAP is developed, interpreted, and amended by the
B. Appraiser Qualifications Board.
C. Appraisal Subcommittee.
A. Appraisal Standards Board.
D. state regulatory agencies ✔✔A. Appraisal Standards Board.
Appraisal practice includes only
C. assignments completed by state credentialed appraisers.
D. are not an integral part of USPAP and are extensions of the Standards Rules.
A. appraisal and appraisal review assignments.
B. valuation services performed by an individual acting as an appraiser. ✔✔B. valuation services
performed by an individual acting as an appraiser.
If an appraiser assumes a condition to be true that does not exist for purposes of analysis, this is
an example of
C. a limiting condition.
, A. an extraordinary assumption.
B. an assumption.
D. a hypothetical condition ✔✔D. a hypothetical condition
Why are USPAP Advisory Opinions issued?
C. to interpret existing standards.
D. to revise existing standards
A. to illustrate the applicability of appraisal standards.
B. to establish new appraisal standards. ✔✔A. to illustrate the applicability of appraisal
standards.
If an appraiser assumes that uncertain information used in an analysis for a specific assignment is
true, this is an example of
B. an assumption.
A. an extraordinary assumption.
C. a limiting condition.
Passed
Personal property brokerage/dealership, appraisal reviews, and personal property appraisals are
all included within
appraisal practice.
valuation services.
market analysis.
consulting. ✔✔valuation services.
The PREAMBLE of USPAP states that the Standards are
C. limited to appraisers who are accredited or certified by appraisal organizations.
A. only for appraisers.
D. only for users of appraisal services
B. for appraisers and users of appraisal services. ✔✔B. for appraisers and users of appraisal
services.
According to USPAP, the party or parties who engage an appraiser in a specific assignment
defines the
,C. appraiser's peers.
B. party who pays the fee.
D. other intended user
A. client. ✔✔A. client.
For real property appraisers, USPAP is enforced by
B. the Appraisal Standards Board.
C. the Appraisal Subcommittee, through Congress.
A. The Appraisal Foundation.
D. state regulatory agencies. ✔✔D. state regulatory agencies.
For personal property appraisers, USPAP is enforced by
C. the Appraisal Subcommittee, through Congress.
A. accrediting and certifying professional membership organizations.
D. state regulatory agencies.
B. the Appraisal Standards Board. ✔✔A. accrediting and certifying professional membership
organizations.
,USPAP is developed, interpreted, and amended by the
B. Appraiser Qualifications Board.
C. Appraisal Subcommittee.
A. Appraisal Standards Board.
D. state regulatory agencies ✔✔A. Appraisal Standards Board.
Appraisal practice includes only
C. assignments completed by state credentialed appraisers.
D. are not an integral part of USPAP and are extensions of the Standards Rules.
A. appraisal and appraisal review assignments.
B. valuation services performed by an individual acting as an appraiser. ✔✔B. valuation services
performed by an individual acting as an appraiser.
If an appraiser assumes a condition to be true that does not exist for purposes of analysis, this is
an example of
C. a limiting condition.
, A. an extraordinary assumption.
B. an assumption.
D. a hypothetical condition ✔✔D. a hypothetical condition
Why are USPAP Advisory Opinions issued?
C. to interpret existing standards.
D. to revise existing standards
A. to illustrate the applicability of appraisal standards.
B. to establish new appraisal standards. ✔✔A. to illustrate the applicability of appraisal
standards.
If an appraiser assumes that uncertain information used in an analysis for a specific assignment is
true, this is an example of
B. an assumption.
A. an extraordinary assumption.
C. a limiting condition.
