USPAP 15-Hour Course EXAM 2024-2025 QUESTIONS AND
ANSWERS 100 % PASS SOLUTION A+ GRADE
In USPAP, each Standard is composed of: - ANS--Standards rules
What is the stated purpose of USPAP? - ANS--Promote and maintain a high level of public
trust in appraisal practice
When obligated by law or regulation, an appraiser comply with USPAP. - ANS--must
One of an appraiser's obligations with regard to user expectations is to: - ANS--Identify the
capacity in which he or she is performing
Which statement is TRUE regarding the relationship between valuation services and appraisal
practice? - ANS--Appraisal practice is a subset of valuation services.
What could cause an appraiser to prepare an appraisal assignment in conformance with
USPAP? - ANS--Law or regulation, agreement with the client, or voluntary choice by the
appraiser
USPAP states that in a situation when an individual is not required by law, regulation, or
agreement to comply with USPAP: - ANS--The individual should still comply when he or she is
acting as an appraiser
When performing valuation services outside of appraisal practice, appraisers must be careful
not to the client and other intended users about their role. - ANS--mislead
An individual is provide valuation services that involve advocacy while acting as an appraiser.
- ANS--not permitted to
Which statement regarding bias in an appraisal assignment is TRUE? - ANS--An appraiser is
never permitted to perform an assignment with bias.
,The ethical obligations of USPAP apply to: - ANS--Individual appraisers only
In appraisal practice, advocating the cause or interest of any party or issue is: - ANS--not
permitted
Prior to accepting an assignment, an appraiser must disclose any service he or she provided
regarding the subject property for a period of
. - ANS--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? - ANS--He
must disclose the number of times he has appraised the property within the prior three
years.
An appraiser has been asked to complete an appraisal assignment. The fee is to be paid when
and if the loan closes. According to USPAP, may the appraiser accept the assignment under
these conditions? - ANS--No, the fee arrangement is an unethical contingency arrangement
and violates the ETHICS RULE.
The payment of fees by the apraiser in connection with the procurement of an assignment is:
- ANS--Allowed if properly disclosed
Confidential information under USPAP is information the appraiser receives from: - ANS--The
client and is identified as confidential, but is not available from other sources
The disclosure of confidential information to a third party is unethical unless: - ANS--
authorized by the client
A subject property's physical characteristics are assignment results. - ANS--not
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
September 2017. At a minimum, how long must the appraiser retain his workfile? - ANS--
April 2020 (5 years after appraisal report, April 2015)
Which statement about an appraiser's workfile is TRUE? - ANS--The workfile must be in
existence prior to the issuance of a report.
Which statement best describes the word "competency" as it relates to appraisal practice? -
ANS--It is fundamental to the definition of "appraiser."
An appraiser accepts an assignment for which she initially does not have the knowledge and
experience. She notifies the client of her lack of knowledge and experience and takes the
necessary steps to acquire the knowledge and experience. What else (if anything) must she
do to comply with USPAP? - ANS--Disclose in the report her initial lack of competency and the
steps taken to obtain competency
In order to accept an assignment when an appraiser initially lacks the knowledge and
experience to complete an assignment competently, he or she must: - ANS--Disclose to the
client, prior to accepting the assignment, the lack of knowledge or experience
Which statement about appraisal trainees and workfile obligations is TRUE? - ANS--Under
USPAP, trainees have the same workfile obligations as licensed or certified appraisers.
In order to determine the appropriate scope of work, the appraiser must
the problem to be solved. - ANS--identify
The credibility of assignment results is measured in the context of: - ANS--
the intended use
Appraisers have broad and significant in determining the appropriate scope of work in an
assignment. - ANS-- Flexibility, responsibility
ANSWERS 100 % PASS SOLUTION A+ GRADE
In USPAP, each Standard is composed of: - ANS--Standards rules
What is the stated purpose of USPAP? - ANS--Promote and maintain a high level of public
trust in appraisal practice
When obligated by law or regulation, an appraiser comply with USPAP. - ANS--must
One of an appraiser's obligations with regard to user expectations is to: - ANS--Identify the
capacity in which he or she is performing
Which statement is TRUE regarding the relationship between valuation services and appraisal
practice? - ANS--Appraisal practice is a subset of valuation services.
What could cause an appraiser to prepare an appraisal assignment in conformance with
USPAP? - ANS--Law or regulation, agreement with the client, or voluntary choice by the
appraiser
USPAP states that in a situation when an individual is not required by law, regulation, or
agreement to comply with USPAP: - ANS--The individual should still comply when he or she is
acting as an appraiser
When performing valuation services outside of appraisal practice, appraisers must be careful
not to the client and other intended users about their role. - ANS--mislead
An individual is provide valuation services that involve advocacy while acting as an appraiser.
- ANS--not permitted to
Which statement regarding bias in an appraisal assignment is TRUE? - ANS--An appraiser is
never permitted to perform an assignment with bias.
,The ethical obligations of USPAP apply to: - ANS--Individual appraisers only
In appraisal practice, advocating the cause or interest of any party or issue is: - ANS--not
permitted
Prior to accepting an assignment, an appraiser must disclose any service he or she provided
regarding the subject property for a period of
. - ANS--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? - ANS--He
must disclose the number of times he has appraised the property within the prior three
years.
An appraiser has been asked to complete an appraisal assignment. The fee is to be paid when
and if the loan closes. According to USPAP, may the appraiser accept the assignment under
these conditions? - ANS--No, the fee arrangement is an unethical contingency arrangement
and violates the ETHICS RULE.
The payment of fees by the apraiser in connection with the procurement of an assignment is:
- ANS--Allowed if properly disclosed
Confidential information under USPAP is information the appraiser receives from: - ANS--The
client and is identified as confidential, but is not available from other sources
The disclosure of confidential information to a third party is unethical unless: - ANS--
authorized by the client
A subject property's physical characteristics are assignment results. - ANS--not
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
September 2017. At a minimum, how long must the appraiser retain his workfile? - ANS--
April 2020 (5 years after appraisal report, April 2015)
Which statement about an appraiser's workfile is TRUE? - ANS--The workfile must be in
existence prior to the issuance of a report.
Which statement best describes the word "competency" as it relates to appraisal practice? -
ANS--It is fundamental to the definition of "appraiser."
An appraiser accepts an assignment for which she initially does not have the knowledge and
experience. She notifies the client of her lack of knowledge and experience and takes the
necessary steps to acquire the knowledge and experience. What else (if anything) must she
do to comply with USPAP? - ANS--Disclose in the report her initial lack of competency and the
steps taken to obtain competency
In order to accept an assignment when an appraiser initially lacks the knowledge and
experience to complete an assignment competently, he or she must: - ANS--Disclose to the
client, prior to accepting the assignment, the lack of knowledge or experience
Which statement about appraisal trainees and workfile obligations is TRUE? - ANS--Under
USPAP, trainees have the same workfile obligations as licensed or certified appraisers.
In order to determine the appropriate scope of work, the appraiser must
the problem to be solved. - ANS--identify
The credibility of assignment results is measured in the context of: - ANS--
the intended use
Appraisers have broad and significant in determining the appropriate scope of work in an
assignment. - ANS-- Flexibility, responsibility
