National Uniform Standards of Professional Appraisal Practice questions and answers.

NATIONAL UNIFORM STANDARDS OF
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i PROFESSIONAL APPRAISAL PRACTICE i i




iQUESTIONS AND ANSWERS. i i i

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Which ientity iis iresponsible ifor iestablishing ieducation iand iexperience irequirements ifor
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licensing iand icertification iof iappraisers? i- icorrect ianswers.Appraiser iQualifications
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Board i(AQB)
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The iguidance iissued iby ithe iAppraisal iPractices iBoard iis iconsidered: i- icorrect
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answers.Voluntary
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USPAP iis ideveloped, iinterpreted, iand iamended iby ithe: i- icorrect ianswers.Appraisal
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Standards iBoard i(ASB)
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The iAppraisal iStandards iBoard i(ASB) idevelops, iinterprets, iand iamends iUSPAP. i
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Advisory iOpinions iare ibest idescribed ias i- icorrect ianswers.not ipart iof iUSPAP, ibut
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included ias ireference imaterial
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Which iis iNOT ia iresponsibility iof ithe iAppraisal iSubcommittee i(ASC)? i
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Maintaining ia inational iregistry iof ilicensed iand icertified iappraisers i
Monitoring ithe ipractices, iprocedures, iand iactivities iof iThe iAppraisal iFoundation i
Monitoring ieach istate's iappraiser ilicensing iand icertification iprogram i
Developing, iamending, iand iinterpreting iUSPAP i- icorrect ianswers.Developing,
iamending, iand iinterpreting iUSPAP i
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Under iFIRREA, iUSPAP iis ienforced iby: i- icorrect ianswers.State iappraiser
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licensing/certification iagencies
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The iresponsibility iof ienforcing iUSPAP iis iprovided ito ithe iindividual istate iappraiser
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licensing iand icertification iagencies.
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Which ientity imaintains ithe iofficial inational iregistry iof istate-certified iand ilicensed
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appraisers? i- icorrect ianswers.Appraisal iSubcommittee i(ASC)
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The iAppraisal iSubcommittee imaintains ia iregistry iof iall ilicensed iand icertified iappraisers
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in ithe iUnited iStates. iStates isubmit ithe iregistry ifees iusing ifunds icollected ifrom
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appraisers.
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,Who iis iresponsible ifor iissuing icredentials ito iindividual iappraisers? i- icorrect
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answers.State iappraisal iregulatory iagencies
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State iappraiser iregulatory iagencies iare iresponsible ifor ireceiving iand iprocessing
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applications ifor ilicensure iand icertification, iand ifor iissuing icredentials ito iqualified
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individuals.
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The ifirst istep iin ithe iappraisal iprocess iis: i- icorrect ianswers.Identify ithe iproblem i
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Which istep iin ithe iappraisal iprocess iinvolves icommunication iof ithe iappraiser's iopinions
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and iconclusions?
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Receipt iof ifee ifrom ithe iclient
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Reporting
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Determination iof iscope iof iwork
Identification iof ithe iproblem i- icorrect ianswers.Reporting
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In iUSPAP, ithe iappraisal iprocess iis idivided iinto itwo idistinct itypes iof iactivity: i_________
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and i__________.
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Opinion, iconclusion
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New, iold
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Development, ireporting
Analysis, iappraisal i- icorrect ianswers.Development, ireporting
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Currently, ithe iboards iwithin iThe iAppraisal iFoundation iinclude: i- icorrect
ianswers.Appraisal iStandards iBoard, iAppraiser iQualifications iBoard, iAppraisal

iPractices iBoard, iBoard iof iTrustees i
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Which iindependent iboard iwas icreated iwithin iThe iAppraisal iFoundation iin i2010?
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correct ianswers.Appraisal iPractices iBoard i(APB)
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Which istatement iis iTRUE iregarding iThe iAppraisal iFoundation iand iUSPAP
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enforcement iauthority?
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The iAppraisal iFoundation imay itake iaction iagainst iindividual iappraisers iwho iviolate
iUSPAP. i

The iAppraisal iFoundation idoes inot ihave ithe iauthority ito ienforce ithe irequirements iof
iUSPAP. i

The iAppraisal iSubcommittee iprovides iThe iAppraisal iFoundation iwith ithe iauthority ito
ienforce iUSPAP. i- icorrect ianswers.The iAppraisal iFoundation idoes inot ihave ithe

iauthority ito ienforce ithe irequirements iof iUSPAP. i
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The iAppraisal iFoundation iis ia iprivate ientity. iTAF iand iits iboards ihave ino ienforcement
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authority iin iany ijurisdiction.
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A ipreference ior iinclination ithat iprecludes ian iappraiser's iimpartiality, iindependence, ior
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objectivity iis: i- icorrect ianswers.Bias
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An iappraiser iis inot ipermitted ito ibe i____________ iwhen iperforming ian iappraisal.
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correct ianswers.An iadvocate
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An iappraiser imust ibe iimpartial iand icannot iadvocate ithe icause ior iinterest iof iany iparty
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or iissue.
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If ian iappraiser iassumes ia icondition ito ibe itrue ithat idoes inot iexist ifor ithe ipurposes
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analysis, ithis iis ian iexample iof: i- icorrect ianswers.A ihypothetical icondition
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A ihypothetical icondition iis iused ito iappraise ia iproperty iunder ia icondition icontrary
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known ifact.
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If ian iappraiser iassumes ia icondition ito ibe itrue, iand ievidence isupports ithat ibelief,
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although ithat ifact iis inot icertain, ithis iis ian iexample iof: i- icorrect ianswers.An
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extraordinary iassumption
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The iterms iextraordinary iassumption iand ihypothetical icondition: i- icorrect ianswers.Have
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different imeanings iwithin iUSPAP
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These itwo iterms iare ioften imisused iby iappraisers iand iusers iof iappraisal iservices.
Sometimes ithe iterms iare i(mistakenly) iused iinterchangeably, ibut ithey iare inot ithe isame.
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By iusing ia ipublished icost imanual, ian iappraiser idetermines ithat ithe iconstruction icost
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a i2,500 isquare ifoot idwelling iis i$400,000. iThis ifigure irepresents ithe idwelling's: i- icorrect
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answers.Cost
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Cost iis ithe iamount irequired ito icreate, iproduce, ior iobtain ia iproperty. iCost iis ia ifact,
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an iestimate iof ifact.
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"The imonetary irelationship ibetween iproperties iand ithose iwho ibuy, isell ior iuse ithose
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properties" iis ithe idefinition iof: i- icorrect ianswers.Value
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Which iof ithese istatements iis iTRUE iabout ithe iUSPAP idefinition iof iclient? i
The iclient imay iengage ithe iappraiser ithrough ian iagent. i
The iclient imust ipersonally iengage ithe iappraiser. i