USPAP EXAM QUESTIONS CORRECTLY
ANSWERED FOR NATIONAL COURSE A+
GRADED.
Who makes the identification of the intended use in an assignment?
the appraiser
which statements about intended users is true?
the client is always an intended user
intended user
a party who is identified by the appraiser based on communication with the
client at the time of the assignment
a workfile must be maintained for
All appraisal and appraisal review assignments
a real estate broker completes a comparative market analysis (CMA) on a
property that he wants to list for sale. what would this be considered?
a valuation service
appraisal practice includes only
valuation services provided by an individual acting as an appriaser
When obligated by law or regulation, an appraiser ________ comply with
USPAP.
must
the preamble states that USPAP is
for appraisers and users of appraisal services
one of an appraiser's obligations with regard to user expectations is to
,identify the capacity in which he or she is performing
what could cause an appraiser to prepare an appraisal assignment in
conformance with USPAP?
law or regulation, agreement with the client, or voluntary choice by the
appriaser
an individual is _______ provide valuation services that involve advocacy
while acting as an appraiser
not permitted to
the ethical obligations of USPAP apply to
Individual appraisers.
prior to accepting an assignment, an appraiser must disclose any service
he or she provided regarding the subject property for a period of
three years
an appraiser has appraised a property multiple times within the prior three
years. he is asked by a prospective client to appraise the property again.
which statement is true?
he must disclose the number of times he has appraised the property within the
prior three years
The payment of fees by the appraiser in connection with the procurement
of an assignment is
allowed if properly disclosed
an appraiser has been asked to complete an appraisal assignment. the fee
is to be paid when the loan closes. according to USPAP, may the appraiser
accept the assignment under these conditions?
no, the fee arrangement is an unethical contingency arrangement and violates
the ethics rule
confidential information under USPAP is information the appraiser receives
from
,the client and is identified as confidential, but is not available from other
sources
the subject property's physical characteristics are ______ assignment
results
not
the disclosure of confidential information to a third party is unethical
unless
authorized by the client
An appraiser prepared an appraisal report in April 2015. He testified in
court regarding the value of the property in January 2016. The decision
was rendered in February 2016 and was appealed in March 2016. The
appellate court heard the case in January 2017 and remanded the case for
reconsideration by the lower court final disposition of the case occurred in
Sept 2017. At a minimum, how long must the appraiser retain his
workfile?
april 2020
which statement about an appraiser's workfile is true?
the workfile must be in existence prior to the issuance of a report
in order to accept an assignment when an appraiser initially lacks the
knowledge and experience to complete an assignment competently, he or
she must:
disclose to the client, prior to accepting the assignment, the lack of knowledge
or experience
Appraisers have broad _________ and significant _________ in
determining the appropriate scope of work in an assignment.
flexibility, responsibility
The credibility of assignment results is measured in the context of:
the intended use
, in order to determine the appropriate scope of work, the appraiser must
______ the problem to be solved
identify
identification of the intended use of an appraiser's opinions and
conclusions is:
necessary for determining the appropriate scope of work
intended use is:
Identified by the appraiser on the basis of communication with the client
examples of assignment conditions could include:
extraordinary assumptions, laws and regulations, hypothetical conditions
in an assignment, the scope of work is an _______ process
ongoing
An appraiser's report must contain ____________ to allow intended users
to understand the scope of work performed.
sufficient information
scope of work has no disclosure requirements
false
If a client's objectives result in an appraiser developing biased assignment
results:
the appraiser is solely responsible
An appraiser's peers are defined as other appraisers who:
have expertise and competency in a similar type of assignment
in reporting the scope of work under USPAP
The report must contain sufficient information so that intended users
understand the scope of work
ANSWERED FOR NATIONAL COURSE A+
GRADED.
Who makes the identification of the intended use in an assignment?
the appraiser
which statements about intended users is true?
the client is always an intended user
intended user
a party who is identified by the appraiser based on communication with the
client at the time of the assignment
a workfile must be maintained for
All appraisal and appraisal review assignments
a real estate broker completes a comparative market analysis (CMA) on a
property that he wants to list for sale. what would this be considered?
a valuation service
appraisal practice includes only
valuation services provided by an individual acting as an appriaser
When obligated by law or regulation, an appraiser ________ comply with
USPAP.
must
the preamble states that USPAP is
for appraisers and users of appraisal services
one of an appraiser's obligations with regard to user expectations is to
,identify the capacity in which he or she is performing
what could cause an appraiser to prepare an appraisal assignment in
conformance with USPAP?
law or regulation, agreement with the client, or voluntary choice by the
appriaser
an individual is _______ provide valuation services that involve advocacy
while acting as an appraiser
not permitted to
the ethical obligations of USPAP apply to
Individual appraisers.
prior to accepting an assignment, an appraiser must disclose any service
he or she provided regarding the subject property for a period of
three years
an appraiser has appraised a property multiple times within the prior three
years. he is asked by a prospective client to appraise the property again.
which statement is true?
he must disclose the number of times he has appraised the property within the
prior three years
The payment of fees by the appraiser in connection with the procurement
of an assignment is
allowed if properly disclosed
an appraiser has been asked to complete an appraisal assignment. the fee
is to be paid when the loan closes. according to USPAP, may the appraiser
accept the assignment under these conditions?
no, the fee arrangement is an unethical contingency arrangement and violates
the ethics rule
confidential information under USPAP is information the appraiser receives
from
,the client and is identified as confidential, but is not available from other
sources
the subject property's physical characteristics are ______ assignment
results
not
the disclosure of confidential information to a third party is unethical
unless
authorized by the client
An appraiser prepared an appraisal report in April 2015. He testified in
court regarding the value of the property in January 2016. The decision
was rendered in February 2016 and was appealed in March 2016. The
appellate court heard the case in January 2017 and remanded the case for
reconsideration by the lower court final disposition of the case occurred in
Sept 2017. At a minimum, how long must the appraiser retain his
workfile?
april 2020
which statement about an appraiser's workfile is true?
the workfile must be in existence prior to the issuance of a report
in order to accept an assignment when an appraiser initially lacks the
knowledge and experience to complete an assignment competently, he or
she must:
disclose to the client, prior to accepting the assignment, the lack of knowledge
or experience
Appraisers have broad _________ and significant _________ in
determining the appropriate scope of work in an assignment.
flexibility, responsibility
The credibility of assignment results is measured in the context of:
the intended use
, in order to determine the appropriate scope of work, the appraiser must
______ the problem to be solved
identify
identification of the intended use of an appraiser's opinions and
conclusions is:
necessary for determining the appropriate scope of work
intended use is:
Identified by the appraiser on the basis of communication with the client
examples of assignment conditions could include:
extraordinary assumptions, laws and regulations, hypothetical conditions
in an assignment, the scope of work is an _______ process
ongoing
An appraiser's report must contain ____________ to allow intended users
to understand the scope of work performed.
sufficient information
scope of work has no disclosure requirements
false
If a client's objectives result in an appraiser developing biased assignment
results:
the appraiser is solely responsible
An appraiser's peers are defined as other appraisers who:
have expertise and competency in a similar type of assignment
in reporting the scope of work under USPAP
The report must contain sufficient information so that intended users
understand the scope of work
