USPAP 15-Hour Course Questions And Answers | Latest
Update
The concept of public trust means that an appraiser must act: - ANS--in the
public's interest
USPAP establishes standards that are applicable in the appraisal of: -
ANS--real property, intangible property, and personal property
Which statement is TRUE regarding The Appraisal Foundation and USPAP
enforcement authority? - ANS--The Appraisal Foundation does not have
the authority to enforce the requirements of USPAP.
Which entity is responsible for establishing education and experience
requirements for licensing and certification of appraisers? - ANS--Appraiser
Qualifications Board (AQB)
Qualification criteria for appraiser certification and recertification are
disseminated to state appraisal boards by the: - ANS--Appraiser
Qualifications Board (AQB)
Which entity appoints members of the Foundation's independent Boards? -
ANS--Board of Trustees (BOT)
USPAP is developed, interpreted, and amended by the: - ANS--Appraisal
Standards Board (ASB)
Advisory Opinions are best described as - ANS--Not part of USPAP, but
included as reference material
,USPAP 15-Hour Course Questions And Answers | Latest
Update
The ASB is considering comment letters written by members of the public
regarding a proposed revision to USPAP. When reviewing these comment
letters, the ASB focuses on: - ANS--The reasoning and insight presented in
the letter
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? -
ANS--Developing, amending, and interpreting USPAP
Who is responsible for issuing credentials to individual appraisers? - ANS--
State appraisal regulatory agencies
Under FIRREA, USPAP is enforced by: - ANS--State appraiser
licensing/certification agencies
Which entity maintains the official national registry of state-certified and
licensed appraisers? - ANS--Appraisal Subcommittee (ASC)
In USPAP, the appraisal process is divided into two distinct types of
activity: _________ and __________. - ANS--development, reporting
Which step in the appraisal process involves communication of the
appraiser's opinions and conclusions? - ANS--reporting
The first step in the appraisal process is: - ANS--Identify the problem
A preference or inclination that precludes an appraiser's impartiality,
independence, or objectivity is: - ANS--bias
, USPAP 15-Hour Course Questions And Answers | Latest
Update
An appraiser is not permitted to be ____________ when performing an
appraisal. - ANS--an advocate
conveys a mental state that does not favor one side over another at the
outset of an investigation is what? - ANS--impartiality
representing the cause or interest of another, even if that cause or interest
does not necessarily coincide with one's own beliefs, opinions, conclusions,
or recommendations is what? - ANS--advocacy
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: - ANS--an
extraordinary assumption
If an appraiser assumes a condition to be true that does not exist for the
purposes of analysis, this is an example of: - ANS--hypothetical condition
The terms extraordinary assumption and hypothetical condition: - ANS--
Have different meanings within USPAP
By using a published cost manual, an appraiser determines that the
construction cost of a 2,500 square foot dwelling is $400,000. This figure
represents the dwelling's: - ANS--cost
"The monetary relationship between properties and those who buy, sell or
use those properties" is the definition of: - ANS--value
Update
The concept of public trust means that an appraiser must act: - ANS--in the
public's interest
USPAP establishes standards that are applicable in the appraisal of: -
ANS--real property, intangible property, and personal property
Which statement is TRUE regarding The Appraisal Foundation and USPAP
enforcement authority? - ANS--The Appraisal Foundation does not have
the authority to enforce the requirements of USPAP.
Which entity is responsible for establishing education and experience
requirements for licensing and certification of appraisers? - ANS--Appraiser
Qualifications Board (AQB)
Qualification criteria for appraiser certification and recertification are
disseminated to state appraisal boards by the: - ANS--Appraiser
Qualifications Board (AQB)
Which entity appoints members of the Foundation's independent Boards? -
ANS--Board of Trustees (BOT)
USPAP is developed, interpreted, and amended by the: - ANS--Appraisal
Standards Board (ASB)
Advisory Opinions are best described as - ANS--Not part of USPAP, but
included as reference material
,USPAP 15-Hour Course Questions And Answers | Latest
Update
The ASB is considering comment letters written by members of the public
regarding a proposed revision to USPAP. When reviewing these comment
letters, the ASB focuses on: - ANS--The reasoning and insight presented in
the letter
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? -
ANS--Developing, amending, and interpreting USPAP
Who is responsible for issuing credentials to individual appraisers? - ANS--
State appraisal regulatory agencies
Under FIRREA, USPAP is enforced by: - ANS--State appraiser
licensing/certification agencies
Which entity maintains the official national registry of state-certified and
licensed appraisers? - ANS--Appraisal Subcommittee (ASC)
In USPAP, the appraisal process is divided into two distinct types of
activity: _________ and __________. - ANS--development, reporting
Which step in the appraisal process involves communication of the
appraiser's opinions and conclusions? - ANS--reporting
The first step in the appraisal process is: - ANS--Identify the problem
A preference or inclination that precludes an appraiser's impartiality,
independence, or objectivity is: - ANS--bias
, USPAP 15-Hour Course Questions And Answers | Latest
Update
An appraiser is not permitted to be ____________ when performing an
appraisal. - ANS--an advocate
conveys a mental state that does not favor one side over another at the
outset of an investigation is what? - ANS--impartiality
representing the cause or interest of another, even if that cause or interest
does not necessarily coincide with one's own beliefs, opinions, conclusions,
or recommendations is what? - ANS--advocacy
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: - ANS--an
extraordinary assumption
If an appraiser assumes a condition to be true that does not exist for the
purposes of analysis, this is an example of: - ANS--hypothetical condition
The terms extraordinary assumption and hypothetical condition: - ANS--
Have different meanings within USPAP
By using a published cost manual, an appraiser determines that the
construction cost of a 2,500 square foot dwelling is $400,000. This figure
represents the dwelling's: - ANS--cost
"The monetary relationship between properties and those who buy, sell or
use those properties" is the definition of: - ANS--value
