USPAP 15-HOUR COURSE EXAMINATION MANUAL 2025/2026
QUESTIONS WITH ANSWERS GRADED A+
✔✔If an appraiser assumes a condition to be true that does not exist for the purposes of
analysis, this is an example of:
A.) A hypothetical condition
B.) A limiting condition
C.) An assumption
D.) An extraordinary assumption - ✔✔A.) A hypothetical condition
✔✔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:
A.) An extraordinary assumption
B.) A hypothetical condition
C.) An assignment condition
D.) A limiting condition - ✔✔A.) An extraordinary assumption
✔✔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:
A.) Price
B.) Cost
C.) Value - ✔✔B.) Cost
✔✔"The monetary relationship between properties and those who buy, sell or use those
properties" is the definition of:
A. Price
B.) Cost
C.) None of these
D.) Value - ✔✔D.) 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?
A.) Price
B.) Cost
C.) Value - ✔✔A.) Price
✔✔An appraiser performs an appraisal assignment and develops an opinion of value.
This value opinion is
A.) an assignment result
B.) a fact
C.) an estimate of fact - ✔✔A.) an assignment result
✔✔According to USPAP, the party or parties who engage an appraiser in a specific
assignment defines the:
A.) Other intended users
,B.) Client
C.) Party who pays the fee
D.) Appraiser's peers - ✔✔B.) Client
✔✔It is permissible for an appraiser to be engaged in an assignment by an agent, who
is acting on behalf of the client.
A.) True
B.) False - ✔✔A.) True
✔✔An intended user is:
A.) A party who is identified by the appraiser based on communication with the client at
the time of the assignment
B.) Anyone who uses the appraisal report
C.) Anyone who receives the appraisal report from the client
D.) Only the party who pays for the appraisal report - ✔✔A.) A party who is identified by
the appraiser based on communication with the client at the time of the assignment
✔✔Who is responsible for making the identification of the intended use in an
assignment?
A.) The Appraisal Standards Board
B.) The client
C.) The appraiser
D.) The intended users themselves - ✔✔C.) The appraiser
✔✔Appraisal practice includes only:
A.) Market value appraisals
B.) Valuation services provided by an individual acting as an appraiser
C.) Appraisal and appraisal review
D.) Work completed by licensed and certified appraisers - ✔✔B.) Valuation services
provided by an individual acting as an appraiser
✔✔Which is the broader category of services?
A.) Appraisal Practice
B.) Valuation Services - ✔✔B.) Valuation Services
✔✔A workfile must be maintained for:
A.) Valuation services that are outside USPAP
B.) Appraisal and appraisal review assignments only
C.) Oral appraisal reports only
D.) Written appraisal reports only - ✔✔B.) Appraisal and appraisal review assignments
only
✔✔A real estate broker completes a Comparative Market Analysis (CMA) on a property
that she wants to list for sale. What would this be considered?
, A.) Not an appraisal, but still part of appraisal practice
B.) A USPAP service
C.) An appraisal
D.) A valuation service - ✔✔D.) A valuation service
✔✔The credibility of assignment results is measured in the context of:
A.) The amount of the value conclusion
B.) The intended use
C.) Lending guidelines
D.) The attainment of the client's stipulated result - ✔✔B.) The intended use
✔✔In order to determine the appropriate scope of work, the appraiser must ________
the problem to be solved.
A.) Value
B.) Identify
C.) Accept
D.) Solve - ✔✔B.) Identify
✔✔Appraisers have broad _________ and significant _________ in determining the
appropriate scope of work in an assignment.
A.) Boundaries, limitations
B.) Flexibility, responsibility
C.) Errors, omissions
D.) Acceptance, liability - ✔✔B.) Flexibility, responsibility
✔✔Identification of the intended use of an appraiser's opinions and conclusions is:
A.) Not required unless the client wants the intended use to be disclosed
B.) Necessary for determining the appropriate scope of work
C.) Necessary only when doing non-mortgage assignments
D.) Not necessary in most appraisal assignments - ✔✔B.) Necessary for determining
the appropriate scope of work
✔✔Examples of assignment conditions include:
A.) Hypothetical conditions
B.) All of these answers
C.) Extraordinary assumptions
D.) Laws and regulations - ✔✔B.) All of these answers
✔✔Intended use is:
A.) Determined by the client on the basis of communication with the appraiser
B.) Not necessary to determine in an appraisal review assignment
C.) Identified by the appraiser on the basis of communication with the client
D.) One of the last determinations to be made before submitting the report - ✔✔C.)
Identified by the appraiser on the basis of communication with the client
QUESTIONS WITH ANSWERS GRADED A+
✔✔If an appraiser assumes a condition to be true that does not exist for the purposes of
analysis, this is an example of:
A.) A hypothetical condition
B.) A limiting condition
C.) An assumption
D.) An extraordinary assumption - ✔✔A.) A hypothetical condition
✔✔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:
A.) An extraordinary assumption
B.) A hypothetical condition
C.) An assignment condition
D.) A limiting condition - ✔✔A.) An extraordinary assumption
✔✔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:
A.) Price
B.) Cost
C.) Value - ✔✔B.) Cost
✔✔"The monetary relationship between properties and those who buy, sell or use those
properties" is the definition of:
A. Price
B.) Cost
C.) None of these
D.) Value - ✔✔D.) 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?
A.) Price
B.) Cost
C.) Value - ✔✔A.) Price
✔✔An appraiser performs an appraisal assignment and develops an opinion of value.
This value opinion is
A.) an assignment result
B.) a fact
C.) an estimate of fact - ✔✔A.) an assignment result
✔✔According to USPAP, the party or parties who engage an appraiser in a specific
assignment defines the:
A.) Other intended users
,B.) Client
C.) Party who pays the fee
D.) Appraiser's peers - ✔✔B.) Client
✔✔It is permissible for an appraiser to be engaged in an assignment by an agent, who
is acting on behalf of the client.
A.) True
B.) False - ✔✔A.) True
✔✔An intended user is:
A.) A party who is identified by the appraiser based on communication with the client at
the time of the assignment
B.) Anyone who uses the appraisal report
C.) Anyone who receives the appraisal report from the client
D.) Only the party who pays for the appraisal report - ✔✔A.) A party who is identified by
the appraiser based on communication with the client at the time of the assignment
✔✔Who is responsible for making the identification of the intended use in an
assignment?
A.) The Appraisal Standards Board
B.) The client
C.) The appraiser
D.) The intended users themselves - ✔✔C.) The appraiser
✔✔Appraisal practice includes only:
A.) Market value appraisals
B.) Valuation services provided by an individual acting as an appraiser
C.) Appraisal and appraisal review
D.) Work completed by licensed and certified appraisers - ✔✔B.) Valuation services
provided by an individual acting as an appraiser
✔✔Which is the broader category of services?
A.) Appraisal Practice
B.) Valuation Services - ✔✔B.) Valuation Services
✔✔A workfile must be maintained for:
A.) Valuation services that are outside USPAP
B.) Appraisal and appraisal review assignments only
C.) Oral appraisal reports only
D.) Written appraisal reports only - ✔✔B.) Appraisal and appraisal review assignments
only
✔✔A real estate broker completes a Comparative Market Analysis (CMA) on a property
that she wants to list for sale. What would this be considered?
, A.) Not an appraisal, but still part of appraisal practice
B.) A USPAP service
C.) An appraisal
D.) A valuation service - ✔✔D.) A valuation service
✔✔The credibility of assignment results is measured in the context of:
A.) The amount of the value conclusion
B.) The intended use
C.) Lending guidelines
D.) The attainment of the client's stipulated result - ✔✔B.) The intended use
✔✔In order to determine the appropriate scope of work, the appraiser must ________
the problem to be solved.
A.) Value
B.) Identify
C.) Accept
D.) Solve - ✔✔B.) Identify
✔✔Appraisers have broad _________ and significant _________ in determining the
appropriate scope of work in an assignment.
A.) Boundaries, limitations
B.) Flexibility, responsibility
C.) Errors, omissions
D.) Acceptance, liability - ✔✔B.) Flexibility, responsibility
✔✔Identification of the intended use of an appraiser's opinions and conclusions is:
A.) Not required unless the client wants the intended use to be disclosed
B.) Necessary for determining the appropriate scope of work
C.) Necessary only when doing non-mortgage assignments
D.) Not necessary in most appraisal assignments - ✔✔B.) Necessary for determining
the appropriate scope of work
✔✔Examples of assignment conditions include:
A.) Hypothetical conditions
B.) All of these answers
C.) Extraordinary assumptions
D.) Laws and regulations - ✔✔B.) All of these answers
✔✔Intended use is:
A.) Determined by the client on the basis of communication with the appraiser
B.) Not necessary to determine in an appraisal review assignment
C.) Identified by the appraiser on the basis of communication with the client
D.) One of the last determinations to be made before submitting the report - ✔✔C.)
Identified by the appraiser on the basis of communication with the client
