1|Page
USPAP EXAM QUESTIONS AND 100%
VERIFIED ANSWERS
When an appraiser uses a hypothetical condition in an appraisal, USPAP requires
the appraiser to: - Correct-answer-Clearly and conspicuously state the use of the
hypothetical condition in the report
Which term is defined as an assignment condition established by applicable law or
regulation, which precludes an appraiser from complying with a part of USPAP? -
Correct-answer-Jurisdictional exception
Which of these actions would be considered significant appraisal assistance when
performed by an appraiser? - Correct-answer-Research and selection of
comparable sales
An appraiser develops a value opinion on a single-unit dwelling and does not
develop the income approach. In the Appraisal Report prepared for the
assignment, the appraiser: - Correct-answer-Must state the reason for excluding
the income approach
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According to USPAP, what is the primary reason for inspecting a property that is
the subject of an appraisal? - Correct-answer-To gather information about the
characteristics of a property that are relevant to its value
Robert agrees to appraise a split-level home in a town 100 miles south of his
office. While he is not generally familiar with that area, Robert rationalizes: "I
have appraised houses like this one for 20 years. How hard could it be?"
When Robert pulls up to the house, he notices the subject is in a gated
community. Robert had never appraised a property in a gated community. As
Robert inspected the interior of the subject he noted several items and finishes
with which he was not familiar: marble floor coverings; upscale, built-in freezers;
and a wine cellar. As Robert exits the back door, he notices the subject property
fronts on a river. While this river does not connect directly with the ocean, it does
connect with a network of streams that do, ultimately lead to the ocean.
Robert is quite concerned. He has had no experience appraising a house with
some of the features he has seen; and he has never appraised wat - Correct-
answer-Robert should contact the client as soon as possible and explain that he
lacks the knowledge and experience to complete the assignment competently. If
he feels he can obtain the required level of competency, and the client allows
him, then Robert may proceed with the assignment.
The SCOPE OF WORK RULE states that an appraisal or appraisal review report
must contain sufficient information so that: - Correct-answer-The client and other
intended users understand the scope of work performed by the appraiser
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You have reviewed the appraisal of a house in a suburban area that was
performed for an estate. The effective date was the date of inspection. You note
in your review report that the proper effective date should have been the date of
death of the deceased, and submit the review to your client. Two weeks later the
client calls you. They thank you for the review, and note that they cannot reach
the original appraiser. They need the appraisal very soon, and ask that, as part of
the review process, you alter the appraisal report under review to change the
effective date, and then sign the report certification. What should you do? -
Correct-answer-Do not sign the report, and explain that the review process is
separate and distinct from the appraisal under review
If an appraiser has agreed with a client to keep the existence of an assignment
confidential, how long must the appraiser wait before agreeing to perform
another assignment on the same property? - Correct-answer-Three years
A trainee appraiser provides significant appraisal assistance to a senior appraiser.
The trainee appraiser does not sign the certification, but instead the trainee
appraiser's name is listed in the certification as having provided significant
assistance. What else is the senior appraiser required to do in order to meet
USPAP requirements for disclosing significant appraisal assistance in an Appraisal
Report? - Correct-answer-Summarize the extent of the assistance somewhere in
the report
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An individual is both a real estate appraiser and a kitchen designer. He has been
asked to appraise a property in which he designed the kitchen one year ago.
Regarding this situation, which statement is TRUE? - Correct-answer-The kitchen
design service performed on the property must be disclosed.
You are a certified residential appraiser, and are working with a supervising
certified general appraiser on an industrial appraisal. Your supervisor is a certified
general appraiser with 25 years' experience appraising shopping centers,
industrial facilities, and office buildings. You and the supervisor sign the
commercial reports you have been working on. While inspecting the subject
property you note a patch of blackened grass behind the building. The black patch
is near some overturned, open barrels. You made detailed notes and took several
photos. Your report has a detailed section about your concerns.Your supervisor is
concerned about your report. She told you the client, a major bank, would not be
happy about a report that details dying grass. The supervisor tells you to remove
that section of the report.You have trepidations, but your supervisor threatened
not to work with you anymore unless you "remove t - Correct-answer-Do not sign
the report because deleting the section about possible contamination will create
a misleading report
A client makes several requests of an appraiser who is completing an appraisal
assignment. Which of these client requests is an assignment condition as defined
by USPAP? - Correct-answer-The appraiser must, at minimum, develop the sales
comparison and the cost approach
USPAP EXAM QUESTIONS AND 100%
VERIFIED ANSWERS
When an appraiser uses a hypothetical condition in an appraisal, USPAP requires
the appraiser to: - Correct-answer-Clearly and conspicuously state the use of the
hypothetical condition in the report
Which term is defined as an assignment condition established by applicable law or
regulation, which precludes an appraiser from complying with a part of USPAP? -
Correct-answer-Jurisdictional exception
Which of these actions would be considered significant appraisal assistance when
performed by an appraiser? - Correct-answer-Research and selection of
comparable sales
An appraiser develops a value opinion on a single-unit dwelling and does not
develop the income approach. In the Appraisal Report prepared for the
assignment, the appraiser: - Correct-answer-Must state the reason for excluding
the income approach
,2|Page
According to USPAP, what is the primary reason for inspecting a property that is
the subject of an appraisal? - Correct-answer-To gather information about the
characteristics of a property that are relevant to its value
Robert agrees to appraise a split-level home in a town 100 miles south of his
office. While he is not generally familiar with that area, Robert rationalizes: "I
have appraised houses like this one for 20 years. How hard could it be?"
When Robert pulls up to the house, he notices the subject is in a gated
community. Robert had never appraised a property in a gated community. As
Robert inspected the interior of the subject he noted several items and finishes
with which he was not familiar: marble floor coverings; upscale, built-in freezers;
and a wine cellar. As Robert exits the back door, he notices the subject property
fronts on a river. While this river does not connect directly with the ocean, it does
connect with a network of streams that do, ultimately lead to the ocean.
Robert is quite concerned. He has had no experience appraising a house with
some of the features he has seen; and he has never appraised wat - Correct-
answer-Robert should contact the client as soon as possible and explain that he
lacks the knowledge and experience to complete the assignment competently. If
he feels he can obtain the required level of competency, and the client allows
him, then Robert may proceed with the assignment.
The SCOPE OF WORK RULE states that an appraisal or appraisal review report
must contain sufficient information so that: - Correct-answer-The client and other
intended users understand the scope of work performed by the appraiser
,3|Page
You have reviewed the appraisal of a house in a suburban area that was
performed for an estate. The effective date was the date of inspection. You note
in your review report that the proper effective date should have been the date of
death of the deceased, and submit the review to your client. Two weeks later the
client calls you. They thank you for the review, and note that they cannot reach
the original appraiser. They need the appraisal very soon, and ask that, as part of
the review process, you alter the appraisal report under review to change the
effective date, and then sign the report certification. What should you do? -
Correct-answer-Do not sign the report, and explain that the review process is
separate and distinct from the appraisal under review
If an appraiser has agreed with a client to keep the existence of an assignment
confidential, how long must the appraiser wait before agreeing to perform
another assignment on the same property? - Correct-answer-Three years
A trainee appraiser provides significant appraisal assistance to a senior appraiser.
The trainee appraiser does not sign the certification, but instead the trainee
appraiser's name is listed in the certification as having provided significant
assistance. What else is the senior appraiser required to do in order to meet
USPAP requirements for disclosing significant appraisal assistance in an Appraisal
Report? - Correct-answer-Summarize the extent of the assistance somewhere in
the report
, 4|Page
An individual is both a real estate appraiser and a kitchen designer. He has been
asked to appraise a property in which he designed the kitchen one year ago.
Regarding this situation, which statement is TRUE? - Correct-answer-The kitchen
design service performed on the property must be disclosed.
You are a certified residential appraiser, and are working with a supervising
certified general appraiser on an industrial appraisal. Your supervisor is a certified
general appraiser with 25 years' experience appraising shopping centers,
industrial facilities, and office buildings. You and the supervisor sign the
commercial reports you have been working on. While inspecting the subject
property you note a patch of blackened grass behind the building. The black patch
is near some overturned, open barrels. You made detailed notes and took several
photos. Your report has a detailed section about your concerns.Your supervisor is
concerned about your report. She told you the client, a major bank, would not be
happy about a report that details dying grass. The supervisor tells you to remove
that section of the report.You have trepidations, but your supervisor threatened
not to work with you anymore unless you "remove t - Correct-answer-Do not sign
the report because deleting the section about possible contamination will create
a misleading report
A client makes several requests of an appraiser who is completing an appraisal
assignment. Which of these client requests is an assignment condition as defined
by USPAP? - Correct-answer-The appraiser must, at minimum, develop the sales
comparison and the cost approach
