USPAP Final Exam
Study online at https://quizlet.com/_99a9vy
1. The Appraisal Foundation has the authority to enforce the requirements of
USPAP.: False; The Appraisal Foundation is a private entity. The Foundation and its boards have no enforcement
authority in any jurisdiction.
2. Which Foundation board is responsible for USPAP?: Appraisal Standards Board (ASB)
3. Currently, the boards within The Appraisal Foundation include:: Appraisal Standards
Board, Appraiser Qualifications Board, Board of Trustees
4. Which entity is responsible for establishing education and experience re-
quirements for licensing and certification of appraisers?: Appraiser Qualifications Board
(AQB)
5. Which entity appoints members of the AQB and ASB?: Board of Trustees (BOT)
6. Qualification criteria for appraiser certification and recertification are dissem-
inated to state appraisal boards by the:: Appraiser Qualifications Board (AQB)
7. Advisory Opinions are best described as: not part of USPAP, but included as reference materia
8. USPAP is written, amended, and interpreted by the:: Appraisal Standards Board (ASB)
9. USPAP is enforced by:: State appraiser licensing/certification agencies
10. Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?: Writing,
interpreting, and amending USPAP
WRONG Answers: Monitoring the practices, procedures, and activities of The Appraisal Foundation, Maintaining a
National Registry of licensed and certified appraisers, Overseeing each state's appraiser licensing and certification
program are handled by the ASC
11. Which entity maintains the official National Registry of state-certified and
licensed appraisers?: Appraisal Subcommittee (ASC)
12. Who is responsible for issuing credentials to individual appraisers?: State ap-
praisal regulatory agencies
13. Why are USPAP Advisory Opinions issued?: To offer advice
14. Which of these is considered an integral part of USPAP and has the same
weight as the components they address?: Comments
15. Which part of USPAP establishes the requirements for workfile content for
an appraisal or appraisal review assignment?: RECORD KEEPING RULE
16. In USPAP, the appraisal process is divided into two distinct types of activity:
_________ and __________.: Development, reporting
17. The first step in the appraisal process is:: Identify the problem
, USPAP Final Exam
Study online at https://quizlet.com/_99a9vy
18. Which step in the appraisal process involves communication of the apprais-
er's opinions and conclusions?: Reporting
19. To which property types does USPAP apply?: Both tangible and intangible property
20. What is the stated purpose of USPAP?: Promote and maintain a high level of public trust in
appraisal practice
21. The PREAMBLE states that USPAP intended to benefit:: Appraisers and users of appraisa
services
22. When obligated by law or regulation, an appraiser _______ comply with US-
PAP.: Must
23. The requirement for USPAP compliance in an appraisal assignment could be
the result of:: Any of these answers
24. An appraiser has the professional responsibility to identify the capacity in
which he or she is performing.: True
25. When performing valuation services outside of appraisal practice, an individ-
ual must be careful not to __________ the client and other intended users about
his or her role.: Mislead
26. A valuation service that is premised upon advocacy:: It cannot be performed by an
individual acting as an appraiser
27. USPAP states that in a situation when an individual is not required by law,
regulation, or agreement to comply with USPAP:: The individual should still comply when he
or she is acting as an appraiser
28. A preference or inclination that precludes an appraiser's impartiality, inde-
pendence, or objectivity is:: Bias
29. An appraiser is permitted to be biased when performing an appraisal, as
long as the bias is properly disclosed.: False
30. 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:: An extraordinary
assumption
31. If an appraiser assumes a condition to be true that does not exist for the
purposes of analysis, this is an example of:: A hypothetical condition
Study online at https://quizlet.com/_99a9vy
1. The Appraisal Foundation has the authority to enforce the requirements of
USPAP.: False; The Appraisal Foundation is a private entity. The Foundation and its boards have no enforcement
authority in any jurisdiction.
2. Which Foundation board is responsible for USPAP?: Appraisal Standards Board (ASB)
3. Currently, the boards within The Appraisal Foundation include:: Appraisal Standards
Board, Appraiser Qualifications Board, Board of Trustees
4. Which entity is responsible for establishing education and experience re-
quirements for licensing and certification of appraisers?: Appraiser Qualifications Board
(AQB)
5. Which entity appoints members of the AQB and ASB?: Board of Trustees (BOT)
6. Qualification criteria for appraiser certification and recertification are dissem-
inated to state appraisal boards by the:: Appraiser Qualifications Board (AQB)
7. Advisory Opinions are best described as: not part of USPAP, but included as reference materia
8. USPAP is written, amended, and interpreted by the:: Appraisal Standards Board (ASB)
9. USPAP is enforced by:: State appraiser licensing/certification agencies
10. Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?: Writing,
interpreting, and amending USPAP
WRONG Answers: Monitoring the practices, procedures, and activities of The Appraisal Foundation, Maintaining a
National Registry of licensed and certified appraisers, Overseeing each state's appraiser licensing and certification
program are handled by the ASC
11. Which entity maintains the official National Registry of state-certified and
licensed appraisers?: Appraisal Subcommittee (ASC)
12. Who is responsible for issuing credentials to individual appraisers?: State ap-
praisal regulatory agencies
13. Why are USPAP Advisory Opinions issued?: To offer advice
14. Which of these is considered an integral part of USPAP and has the same
weight as the components they address?: Comments
15. Which part of USPAP establishes the requirements for workfile content for
an appraisal or appraisal review assignment?: RECORD KEEPING RULE
16. In USPAP, the appraisal process is divided into two distinct types of activity:
_________ and __________.: Development, reporting
17. The first step in the appraisal process is:: Identify the problem
, USPAP Final Exam
Study online at https://quizlet.com/_99a9vy
18. Which step in the appraisal process involves communication of the apprais-
er's opinions and conclusions?: Reporting
19. To which property types does USPAP apply?: Both tangible and intangible property
20. What is the stated purpose of USPAP?: Promote and maintain a high level of public trust in
appraisal practice
21. The PREAMBLE states that USPAP intended to benefit:: Appraisers and users of appraisa
services
22. When obligated by law or regulation, an appraiser _______ comply with US-
PAP.: Must
23. The requirement for USPAP compliance in an appraisal assignment could be
the result of:: Any of these answers
24. An appraiser has the professional responsibility to identify the capacity in
which he or she is performing.: True
25. When performing valuation services outside of appraisal practice, an individ-
ual must be careful not to __________ the client and other intended users about
his or her role.: Mislead
26. A valuation service that is premised upon advocacy:: It cannot be performed by an
individual acting as an appraiser
27. USPAP states that in a situation when an individual is not required by law,
regulation, or agreement to comply with USPAP:: The individual should still comply when he
or she is acting as an appraiser
28. A preference or inclination that precludes an appraiser's impartiality, inde-
pendence, or objectivity is:: Bias
29. An appraiser is permitted to be biased when performing an appraisal, as
long as the bias is properly disclosed.: False
30. 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:: An extraordinary
assumption
31. If an appraiser assumes a condition to be true that does not exist for the
purposes of analysis, this is an example of:: A hypothetical condition
