15 HOUR NATIONAL USPAP FINAL EXAM
QUESTIONS AND ANSWERS VERIFIED GRADED
A+ ALREADLY
In a written mass appraisal report prepared under STANDARD 6, what is the purpose of a signed
certification?
It serves as an appraiser's acknowledgement of his or her ethical obligations
An appraiser must recognize that there are distinct levels of trade in personal property, and each may
have different comparable data.
True
In a personal property appraisal assignment that includes multiple objects as part of the same
assignment:
- The objects that are more significant to the assignment results should be the focus of
the analysis
- Personal property appraisals frequently involve multiple objects in a single appraisal
assignment, and the value significance of these objects can vary greatly. Standards Rule
7-4(e) specifies that objects which are more significant to the assignment results should
be the focus of the analysis
When appraising personal property, the appraiser must analyze prior sales of the subject over what time
period?
- A reasonable and applicable time
, - In appraisal of personal property, the appraiser must also analyze prior sales but,
unlike SR 1-5 (real property), there is no minimum time period specified. SR 7-5
requires the analysis of the prior sales that occurred within a reasonable and
applicable time period, if relevant given the intended use of the appraisal and
property type.
Under STANDARD 8, a personal property appraiser has ________ written report options.
- Two
- The same two written report options as those found in SR 2-2 for real property
appraisers are available to the personal property appraiser under STANDARD 8
Which of the following reports require a signed certification?
All oral and written reports covered in USPAP
When reporting the results of a business appraisal, which of these is NOT a permissible option for an
appraiser?
- Limited report
- The requirements of Standards Rule 10-4 regarding oral appraisal are similar to the
requirements of Standards Rule 2-4 for real property appraisers. The same two
written report options (Appraisal Report and Restricted Appraisal Report) are used in
business appraisal, personal property appraisal, and real property appraisal.
An appraiser's certification in a business or intangible asset appraisal report does NOT:
Contain a reference to the inspection of the subject property
,A written business appraisal report must be prepared in accordance with which of the following
options?
- Appraisal Report and Restricted Appraisal Report
- Like real and personal property appraisal reporting, there are two written report
options for reporting the results of a business or intangible asset appraisal. The report
may be prepared as an Appraisal Report or as a Restricted Appraisal Report.
How many Statements on Appraisal Standards are currently in USPAP?
- Zero
- There have been Statements issued over the years by the ASB; however, all of them
have been retired, leaving no active Statements in USPAP
An evaluation of real property collateral, as defined in the Agencies' Guidelines, is considered ______
under USPAP.
An appraisal
An appraiser is valuing an environmentally contaminated property. Does USPAP require the appraiser to
be an expert in the scientific aspects of contamination?
No
The use of supported conclusions related to race, color, or religion in an appraisal may be prohibited by
applicable law.
, True
In an appraisal report, the use of terms that reflect a scale such as "good" or "average":
Should include explanation that provides context
The competency required to appraise subsidized housing _______ typical residential appraisal
competency.
o Extends beyond
o A0-14 states that appraisers should be aware that the competency required to
appraise subsidized housing extends beyond typical residential appraisal competency.
A value opinion developed to reflect the most probable price under a forced-sale condition is:
- Not consistent with market value
- A value opinion developed to reflect the most probable price in a sale under forced
conditions is a forced-sale value and not consistent with the "normal" or "typical"
premise to be reflected in a market value appraisal. This value opinion could be
credible if it is property labeled and is appropriate for the intended use.
Which statement about the definition of market value is TRUE?
There are many different definitions of market value; each one is unique
QUESTIONS AND ANSWERS VERIFIED GRADED
A+ ALREADLY
In a written mass appraisal report prepared under STANDARD 6, what is the purpose of a signed
certification?
It serves as an appraiser's acknowledgement of his or her ethical obligations
An appraiser must recognize that there are distinct levels of trade in personal property, and each may
have different comparable data.
True
In a personal property appraisal assignment that includes multiple objects as part of the same
assignment:
- The objects that are more significant to the assignment results should be the focus of
the analysis
- Personal property appraisals frequently involve multiple objects in a single appraisal
assignment, and the value significance of these objects can vary greatly. Standards Rule
7-4(e) specifies that objects which are more significant to the assignment results should
be the focus of the analysis
When appraising personal property, the appraiser must analyze prior sales of the subject over what time
period?
- A reasonable and applicable time
, - In appraisal of personal property, the appraiser must also analyze prior sales but,
unlike SR 1-5 (real property), there is no minimum time period specified. SR 7-5
requires the analysis of the prior sales that occurred within a reasonable and
applicable time period, if relevant given the intended use of the appraisal and
property type.
Under STANDARD 8, a personal property appraiser has ________ written report options.
- Two
- The same two written report options as those found in SR 2-2 for real property
appraisers are available to the personal property appraiser under STANDARD 8
Which of the following reports require a signed certification?
All oral and written reports covered in USPAP
When reporting the results of a business appraisal, which of these is NOT a permissible option for an
appraiser?
- Limited report
- The requirements of Standards Rule 10-4 regarding oral appraisal are similar to the
requirements of Standards Rule 2-4 for real property appraisers. The same two
written report options (Appraisal Report and Restricted Appraisal Report) are used in
business appraisal, personal property appraisal, and real property appraisal.
An appraiser's certification in a business or intangible asset appraisal report does NOT:
Contain a reference to the inspection of the subject property
,A written business appraisal report must be prepared in accordance with which of the following
options?
- Appraisal Report and Restricted Appraisal Report
- Like real and personal property appraisal reporting, there are two written report
options for reporting the results of a business or intangible asset appraisal. The report
may be prepared as an Appraisal Report or as a Restricted Appraisal Report.
How many Statements on Appraisal Standards are currently in USPAP?
- Zero
- There have been Statements issued over the years by the ASB; however, all of them
have been retired, leaving no active Statements in USPAP
An evaluation of real property collateral, as defined in the Agencies' Guidelines, is considered ______
under USPAP.
An appraisal
An appraiser is valuing an environmentally contaminated property. Does USPAP require the appraiser to
be an expert in the scientific aspects of contamination?
No
The use of supported conclusions related to race, color, or religion in an appraisal may be prohibited by
applicable law.
, True
In an appraisal report, the use of terms that reflect a scale such as "good" or "average":
Should include explanation that provides context
The competency required to appraise subsidized housing _______ typical residential appraisal
competency.
o Extends beyond
o A0-14 states that appraisers should be aware that the competency required to
appraise subsidized housing extends beyond typical residential appraisal competency.
A value opinion developed to reflect the most probable price under a forced-sale condition is:
- Not consistent with market value
- A value opinion developed to reflect the most probable price in a sale under forced
conditions is a forced-sale value and not consistent with the "normal" or "typical"
premise to be reflected in a market value appraisal. This value opinion could be
credible if it is property labeled and is appropriate for the intended use.
Which statement about the definition of market value is TRUE?
There are many different definitions of market value; each one is unique
