USPAP 15-HOUR COURSE QUESTIONS
WITH 100% CORRECT ANSWERS
GRADE A+
The concept of public trust means that an appraiser must act: - >>>Answer in the public's
interest
USPAP establishes standards that are applicable in the appraisal of: - >>>Answer real
property, intangible property, and personal property
Which statement is TRUE regarding The Appraisal Foundation and USPAP enforcement
authority? - >>>Answer The Appraisal Foundation does not have the authority to enforce the
requirements of USPAP.
Which entity is responsible for establishing education and experience requirements for
licensing and certification of appraisers? - >>>Answer Appraiser Qualifications Board
(AQB)
Qualification criteria for appraiser certification and recertification are disseminated to state
appraisal boards by the: - >>>Answer Appraiser Qualifications Board (AQB)
Which entity appoints members of the Foundation's independent Boards? - >>>Answer
Board of Trustees (BOT)
USPAP is developed, interpreted, and amended by the: - >>>Answer Appraisal Standards
Board (ASB)
Advisory Opinions are best described as - >>>Answer Not part of USPAP, but included as
reference material
The ASB is considering comment letters written by members of the public regarding a
proposed revision to USPAP. When reviewing these comment letters, the ASB focuses on: -
>>>Answer The reasoning and insight presented in the letter
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - >>>Answer
Developing, amending, and interpreting USPAP
Who is responsible for issuing credentials to individual appraisers? - >>>Answer State
appraisal regulatory agencies
Under FIRREA, USPAP is enforced by: - >>>Answer State appraiser licensing/certification
agencies
, Which entity maintains the official national registry of state-certified and licensed appraisers?
- >>>Answer Appraisal Subcommittee (ASC)
In USPAP, the appraisal process is divided into two distinct types of activity: _________ and
__________. - >>>Answer development, reporting
Which step in the appraisal process involves communication of the appraiser's opinions and
conclusions? - >>>Answer reporting
The first step in the appraisal process is: - >>>Answer Identify the problem
A preference or inclination that precludes an appraiser's impartiality, independence, or
objectivity is: - >>>Answer bias
An appraiser is not permitted to be ____________ when performing an appraisal. -
>>>Answer an advocate
conveys a mental state that does not favor one side over another at the outset of an
investigation is what? - >>>Answer impartiality
representing the cause or interest of another, even if that cause or interest does not necessarily
coincide with one's own beliefs, opinions, conclusions, or recommendations is what? -
>>>Answer advocacy
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: - >>>Answer 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: - >>>Answer hypothetical condition
The terms extraordinary assumption and hypothetical condition: - >>>Answer Have different
meanings within USPAP
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: - >>>Answer
cost
"The monetary relationship between properties and those who buy, sell or use those
properties" is the definition of: - >>>Answer value
Which of these statements is TRUE about the USPAP definition of client? - >>>Answer The
client may engage the appraiser through an agent.
Which statement about intended users is TRUE? - >>>Answer The client is always an
intended user
Who makes the identification of the intended use in an assignment? - >>>Answer the
appraiser
An intended user is: - >>>Answer A party who is identified by the appraiser based on
communication with the client at the time of the assignment
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? - >>>Answer a valuation service
WITH 100% CORRECT ANSWERS
GRADE A+
The concept of public trust means that an appraiser must act: - >>>Answer in the public's
interest
USPAP establishes standards that are applicable in the appraisal of: - >>>Answer real
property, intangible property, and personal property
Which statement is TRUE regarding The Appraisal Foundation and USPAP enforcement
authority? - >>>Answer The Appraisal Foundation does not have the authority to enforce the
requirements of USPAP.
Which entity is responsible for establishing education and experience requirements for
licensing and certification of appraisers? - >>>Answer Appraiser Qualifications Board
(AQB)
Qualification criteria for appraiser certification and recertification are disseminated to state
appraisal boards by the: - >>>Answer Appraiser Qualifications Board (AQB)
Which entity appoints members of the Foundation's independent Boards? - >>>Answer
Board of Trustees (BOT)
USPAP is developed, interpreted, and amended by the: - >>>Answer Appraisal Standards
Board (ASB)
Advisory Opinions are best described as - >>>Answer Not part of USPAP, but included as
reference material
The ASB is considering comment letters written by members of the public regarding a
proposed revision to USPAP. When reviewing these comment letters, the ASB focuses on: -
>>>Answer The reasoning and insight presented in the letter
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - >>>Answer
Developing, amending, and interpreting USPAP
Who is responsible for issuing credentials to individual appraisers? - >>>Answer State
appraisal regulatory agencies
Under FIRREA, USPAP is enforced by: - >>>Answer State appraiser licensing/certification
agencies
, Which entity maintains the official national registry of state-certified and licensed appraisers?
- >>>Answer Appraisal Subcommittee (ASC)
In USPAP, the appraisal process is divided into two distinct types of activity: _________ and
__________. - >>>Answer development, reporting
Which step in the appraisal process involves communication of the appraiser's opinions and
conclusions? - >>>Answer reporting
The first step in the appraisal process is: - >>>Answer Identify the problem
A preference or inclination that precludes an appraiser's impartiality, independence, or
objectivity is: - >>>Answer bias
An appraiser is not permitted to be ____________ when performing an appraisal. -
>>>Answer an advocate
conveys a mental state that does not favor one side over another at the outset of an
investigation is what? - >>>Answer impartiality
representing the cause or interest of another, even if that cause or interest does not necessarily
coincide with one's own beliefs, opinions, conclusions, or recommendations is what? -
>>>Answer advocacy
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: - >>>Answer 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: - >>>Answer hypothetical condition
The terms extraordinary assumption and hypothetical condition: - >>>Answer Have different
meanings within USPAP
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: - >>>Answer
cost
"The monetary relationship between properties and those who buy, sell or use those
properties" is the definition of: - >>>Answer value
Which of these statements is TRUE about the USPAP definition of client? - >>>Answer The
client may engage the appraiser through an agent.
Which statement about intended users is TRUE? - >>>Answer The client is always an
intended user
Who makes the identification of the intended use in an assignment? - >>>Answer the
appraiser
An intended user is: - >>>Answer A party who is identified by the appraiser based on
communication with the client at the time of the assignment
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? - >>>Answer a valuation service
