USPAP 15-Hour Course. All Questions
and Answers. (Verified 100% Correct)
Already Graded A+
1. Limits the scope of work to the extent that the value opinion is not credible.
2. Precludes an appraiser's impartiality.
3. Limits report content, resulting in a misleading report. - ANSUnacceptable
assignment condition.
12. USPAP divides the appraisal process into two distinct types of activity: -
ANSDevelop and report
2-Stage - ANSAn appraisal review can be a _______________ assignment; an
appraisal review and a value opinion by the reviewer.
3 - ANSUnder STANDARD 8, a personal property appraiser has _________ different
report options.
3 years - ANSPrior to accepting an assignment, an appraiser must disclose any service
he provided regarding the subject property for a period of
6 Standard Rules - ANSStandard 1 contains this many rules.
A prospective appraisal - ANSDeveloping an opinion of value of a property as of a
specific future date is:
A reasonable and applicable time - ANSWhen appraising personal property, the
appraiser must analyze prior sales of the subject over what time period?
A signed certification must be inserted into the workfile - ANSIf a reviewer provides an
oral report of an appraisal review:
Advisory opinions - ANSNot part of USPAP; reference material only.
All oral and written reports covered in USPAP - ANSWhich reports require a signed
certification?
All sales of the subject property that occurred within 3 years of the effective date of the
appraisal. - ANSWhen analyzing the subject property's sales history in a real property
appraisal assignment, an appraiser is required by USPAP to analyze
, An appraiser has been asked to complete an appraisal assignment. The fee is to be
paid when when the loan closes. According to USPAP, may the appraiser accept the
assignment under the conditions? - ANSNo
An appraiser has the professional responsibility - ANSto identify the capacity in which
he or she is performing.
An appraiser is engaged to teach an appraisal course. What parts of USPAP apply? -
ANSThe parts of USPAP that apply generally to appraisal practice.
An appraiser must document the client's identity in the workfile. - ANSIf a client wishes
to remain anonymous the appraiser must:
An appraiser must obtain the necessary competency prior to accepting the assignment.
- ANSFalse
An appraiser prepared an appraisal report in April 2009. He testified in court regarding
the value of the property in January 2010. The decision was rendered in February 2010
and was appealed in March 2010. The appellate court heard the case in January 2011
and remanded the case for reconsideration by the lower court final disposition of the
case occurred in Sept 2011. At a minimum, how long must the appraiser retain his
workfile? - ANSApril 2014
An appraiser who provides an appraisal service that is not an appraisal, appraisal
review, or appraisal consulting assignment does not have workfile obligations
associated with the assignment. - ANSTrue
An appraiser's peers - ANSOthers who have expertise and competency in a similar type
of assignment.
An assignment condition may require an appraiser to develop an approach that he or
she would otherwise consider unnecessary. - ANSUSPAP and the 3 approaches to
value.
An individual is not prohibited from providing valuation services that involve advocacy
while acting as an appraiser. - ANSFalse
Analyzed in the appraisal - ANSIf an appraiser is asked to appraise a property on which
there is known, current agreement of sale, the agreement must be
APB - ANSGuidance is voluntary.
APB is a - ANSprivate entity.
Appraisal Report or Restricted Use Appraisal Report - ANSA written business appraisal
report must be prepared in accordance with:
and Answers. (Verified 100% Correct)
Already Graded A+
1. Limits the scope of work to the extent that the value opinion is not credible.
2. Precludes an appraiser's impartiality.
3. Limits report content, resulting in a misleading report. - ANSUnacceptable
assignment condition.
12. USPAP divides the appraisal process into two distinct types of activity: -
ANSDevelop and report
2-Stage - ANSAn appraisal review can be a _______________ assignment; an
appraisal review and a value opinion by the reviewer.
3 - ANSUnder STANDARD 8, a personal property appraiser has _________ different
report options.
3 years - ANSPrior to accepting an assignment, an appraiser must disclose any service
he provided regarding the subject property for a period of
6 Standard Rules - ANSStandard 1 contains this many rules.
A prospective appraisal - ANSDeveloping an opinion of value of a property as of a
specific future date is:
A reasonable and applicable time - ANSWhen appraising personal property, the
appraiser must analyze prior sales of the subject over what time period?
A signed certification must be inserted into the workfile - ANSIf a reviewer provides an
oral report of an appraisal review:
Advisory opinions - ANSNot part of USPAP; reference material only.
All oral and written reports covered in USPAP - ANSWhich reports require a signed
certification?
All sales of the subject property that occurred within 3 years of the effective date of the
appraisal. - ANSWhen analyzing the subject property's sales history in a real property
appraisal assignment, an appraiser is required by USPAP to analyze
, An appraiser has been asked to complete an appraisal assignment. The fee is to be
paid when when the loan closes. According to USPAP, may the appraiser accept the
assignment under the conditions? - ANSNo
An appraiser has the professional responsibility - ANSto identify the capacity in which
he or she is performing.
An appraiser is engaged to teach an appraisal course. What parts of USPAP apply? -
ANSThe parts of USPAP that apply generally to appraisal practice.
An appraiser must document the client's identity in the workfile. - ANSIf a client wishes
to remain anonymous the appraiser must:
An appraiser must obtain the necessary competency prior to accepting the assignment.
- ANSFalse
An appraiser prepared an appraisal report in April 2009. He testified in court regarding
the value of the property in January 2010. The decision was rendered in February 2010
and was appealed in March 2010. The appellate court heard the case in January 2011
and remanded the case for reconsideration by the lower court final disposition of the
case occurred in Sept 2011. At a minimum, how long must the appraiser retain his
workfile? - ANSApril 2014
An appraiser who provides an appraisal service that is not an appraisal, appraisal
review, or appraisal consulting assignment does not have workfile obligations
associated with the assignment. - ANSTrue
An appraiser's peers - ANSOthers who have expertise and competency in a similar type
of assignment.
An assignment condition may require an appraiser to develop an approach that he or
she would otherwise consider unnecessary. - ANSUSPAP and the 3 approaches to
value.
An individual is not prohibited from providing valuation services that involve advocacy
while acting as an appraiser. - ANSFalse
Analyzed in the appraisal - ANSIf an appraiser is asked to appraise a property on which
there is known, current agreement of sale, the agreement must be
APB - ANSGuidance is voluntary.
APB is a - ANSprivate entity.
Appraisal Report or Restricted Use Appraisal Report - ANSA written business appraisal
report must be prepared in accordance with:
