National USPAP Course Exam | 2024
Questions & Answers | 100% Correct |
Verified
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
Questions & Answers | 100% Correct |
Verified
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
