USPAP exam review (AI)
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1. Identifying an individual specifically as an appraiser who must comply with
USPAP in a valuation service is established by
a) expectations about the manner in which the individual provides valuation
services.
b) the license level of the appraiser.
c) the individual's credentials.
d) the type of service that requires an opinion.: expectations about the manner in which the
individual provides valuation services.
2. When an appraiser considers the amount and type of information he will
research and also the analyses he will apply in an appraisal or appraisal review
assignment, the decision that results is identified as
a) valuation services.
b) assignment results.
c) market analysis.
d) scope of work.: scope of work
3. Based on the requirements found in the ETHICS RULE, when must an apprais-
er comply with USPAP?
a) when required by law, regulation, or agreement with the client or other
intended users
b) when performing a valuation service
c) when the client is aware the individual is an appraiser
d) when the services include a written appraisal report: when required by law, regulation,
or agreement with the client or other intended users
4. When reporting assignment results for an appraisal, what date(s) are re-
quired in the appraisal report?
a) inspection date and signature date
b) effective date only
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c) effective date and date of the report
d) signature date only: effective date and date of the repor
5. The ETHICS RULE makes a distinction between when an appraiser must com-
ply with USPAP and when an appraiser should comply. How does this distinction
apply to services that fall outside appraisal practice?
a) Laws and regulations may not apply to these services, but an appraiser has
ethical obligations when acting in the role of an appraiser.
b) Compliance with USPAP is optional.
c) Valuation services performed by appraisers are not subject to USPAP.
d) The appraiser's ethical obligations are limited to appraisal and appraisal
review.: Laws and regulations may not apply to these services, but an appraiser has ethical obligations when acting
in the role of an appraiser.
6. Who may provide suggestions on changes to USPAP?
a) members of the general public
b) all of these answers
c) users of appraisal services
d) appraisers: all of these answers
7. What assignment condition is defined as directly related to a specific assign-
ment, which is contrary to what is known by the appraiser to exist on the
effective date of the assignment results, but is used for purposes of analysis?
an extraordinary assumption
a jurisdictional exception
a hypothetical condition
an assumption: a hypothetical condition
8. A reviewer used additional data not available to the original appraiser. When
is this acceptable review practice under USPAP?
when the data is not used to impeach or discredit the original appraiser's value
opinion
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when the data is not used in a review that includes the reviewer's own opinion
of value
when the data supports facts in the appraisal report under review
when the data discredits the data in the appraisal report under review: when the
data is not used to impeach or discredit the original appraiser's value opinion
9. An appraiser has electronically transmitted an appraisal report to a client.
What does the appraiser need to know about workfile requirements?
A digital signature on the certification of the electronic workfile copy will not
qualify as a true copy.
A certification signature on the electronic copy for the workfile is not required.
A paper photocopy must be retained in the workfile in order to satisfy a true
copy.
An electronic copy of the appraisal report transmitted to the client satisfies the
workfile requirement as a true copy of the report.: An electronic copy of the appraisal report
transmitted to the client satisfies the workfile requirement as a true copy of the report.
10. What must an individual, who is not acting in the role of an appraiser, do
when performing a valuation service that is outside the appraisal practice?
Identify the service as consulting.
Comply with all applicable sections of USPAP.
Not misrepresent the capacity of his or her services.
Not use any appraisal knowledge or expertise in the service.: Not misrepresent the
capacity of his or her services.
11. What organization sets the Congressionally authorized standards and qual-
ifications for real estate appraisers?
Federal Financial Institutions Examinations Council
The Appraisal Foundation
Appraisal Subcommittee
Ad-Hoc Committee: The Appraisal Foundation
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12. An appraiser agrees to perform an assignment and soon realizes that she
previously performed a valuation service involving the property within the last
three years. What is the appraiser's first obligation?
Withdraw from the assignment.
The appraiser has no disclosure obligation because she didn't perform an
appraisal in the prior service.
Inform the client of the prior service that she performed.
Provide the client with information about the prior service including a copy of
the valuation service performed.: Inform the client of the prior service that she performed.
13. When is a fee connected with the procurement of an appraisal assignment
unethical?
when it is undisclosed
under all circumstances
none of these answers
when it is paid by the client: when it is undisclosed
14. In a real property assignment, when a reviewer co-signs an appraisal of an
appraiser she supervises, what USPAP Standard(s) does the appraiser's work
fall under?
STANDARDS 7 and 8
STANDARDS 1 and 2
STANDARDS 3 and 4
STANDARDS 9 and 10: STANDARDS 1 and 2
15. An attorney directly engages an appraiser for a valuation service in order to
better control discovery issues for the attorney's client. How would an appraiser
normally identify the client in this assignment?
The appraiser should identify the attorney as the client.
The appraiser should identify the property owner as the client and sole intend-
ed user.
Study online at https://quizlet.com/_caa09n
1. Identifying an individual specifically as an appraiser who must comply with
USPAP in a valuation service is established by
a) expectations about the manner in which the individual provides valuation
services.
b) the license level of the appraiser.
c) the individual's credentials.
d) the type of service that requires an opinion.: expectations about the manner in which the
individual provides valuation services.
2. When an appraiser considers the amount and type of information he will
research and also the analyses he will apply in an appraisal or appraisal review
assignment, the decision that results is identified as
a) valuation services.
b) assignment results.
c) market analysis.
d) scope of work.: scope of work
3. Based on the requirements found in the ETHICS RULE, when must an apprais-
er comply with USPAP?
a) when required by law, regulation, or agreement with the client or other
intended users
b) when performing a valuation service
c) when the client is aware the individual is an appraiser
d) when the services include a written appraisal report: when required by law, regulation,
or agreement with the client or other intended users
4. When reporting assignment results for an appraisal, what date(s) are re-
quired in the appraisal report?
a) inspection date and signature date
b) effective date only
, USPAP exam review (AI)
Study online at https://quizlet.com/_caa09n
c) effective date and date of the report
d) signature date only: effective date and date of the repor
5. The ETHICS RULE makes a distinction between when an appraiser must com-
ply with USPAP and when an appraiser should comply. How does this distinction
apply to services that fall outside appraisal practice?
a) Laws and regulations may not apply to these services, but an appraiser has
ethical obligations when acting in the role of an appraiser.
b) Compliance with USPAP is optional.
c) Valuation services performed by appraisers are not subject to USPAP.
d) The appraiser's ethical obligations are limited to appraisal and appraisal
review.: Laws and regulations may not apply to these services, but an appraiser has ethical obligations when acting
in the role of an appraiser.
6. Who may provide suggestions on changes to USPAP?
a) members of the general public
b) all of these answers
c) users of appraisal services
d) appraisers: all of these answers
7. What assignment condition is defined as directly related to a specific assign-
ment, which is contrary to what is known by the appraiser to exist on the
effective date of the assignment results, but is used for purposes of analysis?
an extraordinary assumption
a jurisdictional exception
a hypothetical condition
an assumption: a hypothetical condition
8. A reviewer used additional data not available to the original appraiser. When
is this acceptable review practice under USPAP?
when the data is not used to impeach or discredit the original appraiser's value
opinion
, USPAP exam review (AI)
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when the data is not used in a review that includes the reviewer's own opinion
of value
when the data supports facts in the appraisal report under review
when the data discredits the data in the appraisal report under review: when the
data is not used to impeach or discredit the original appraiser's value opinion
9. An appraiser has electronically transmitted an appraisal report to a client.
What does the appraiser need to know about workfile requirements?
A digital signature on the certification of the electronic workfile copy will not
qualify as a true copy.
A certification signature on the electronic copy for the workfile is not required.
A paper photocopy must be retained in the workfile in order to satisfy a true
copy.
An electronic copy of the appraisal report transmitted to the client satisfies the
workfile requirement as a true copy of the report.: An electronic copy of the appraisal report
transmitted to the client satisfies the workfile requirement as a true copy of the report.
10. What must an individual, who is not acting in the role of an appraiser, do
when performing a valuation service that is outside the appraisal practice?
Identify the service as consulting.
Comply with all applicable sections of USPAP.
Not misrepresent the capacity of his or her services.
Not use any appraisal knowledge or expertise in the service.: Not misrepresent the
capacity of his or her services.
11. What organization sets the Congressionally authorized standards and qual-
ifications for real estate appraisers?
Federal Financial Institutions Examinations Council
The Appraisal Foundation
Appraisal Subcommittee
Ad-Hoc Committee: The Appraisal Foundation
, USPAP exam review (AI)
Study online at https://quizlet.com/_caa09n
12. An appraiser agrees to perform an assignment and soon realizes that she
previously performed a valuation service involving the property within the last
three years. What is the appraiser's first obligation?
Withdraw from the assignment.
The appraiser has no disclosure obligation because she didn't perform an
appraisal in the prior service.
Inform the client of the prior service that she performed.
Provide the client with information about the prior service including a copy of
the valuation service performed.: Inform the client of the prior service that she performed.
13. When is a fee connected with the procurement of an appraisal assignment
unethical?
when it is undisclosed
under all circumstances
none of these answers
when it is paid by the client: when it is undisclosed
14. In a real property assignment, when a reviewer co-signs an appraisal of an
appraiser she supervises, what USPAP Standard(s) does the appraiser's work
fall under?
STANDARDS 7 and 8
STANDARDS 1 and 2
STANDARDS 3 and 4
STANDARDS 9 and 10: STANDARDS 1 and 2
15. An attorney directly engages an appraiser for a valuation service in order to
better control discovery issues for the attorney's client. How would an appraiser
normally identify the client in this assignment?
The appraiser should identify the attorney as the client.
The appraiser should identify the property owner as the client and sole intend-
ed user.
