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USPAP TESTS COMPILATION BUNDLE
USPAP TESTS COMPILATION BUNDLE
[Meer zien]USPAP TESTS COMPILATION BUNDLE
[Meer zien]USPAP Update 2022 QUESTIONS AND ANSWERS ALL CORRECT 
 
An appraiser completes an appraisal on residential real property for a client, who is a mortgage lender. The appraiser also identifies the buyer of the property as an intended user. A week after the report is transmitted to the client, the buyer...
Voorbeeld 2 van de 12 pagina's
In winkelwagenUSPAP Update 2022 QUESTIONS AND ANSWERS ALL CORRECT 
 
An appraiser completes an appraisal on residential real property for a client, who is a mortgage lender. The appraiser also identifies the buyer of the property as an intended user. A week after the report is transmitted to the client, the buyer...
USPAP Study Sheet QUESTIONS AND ANSWERS| COMPLETE SOLN 
 
Financial chaos began in the US during the Correct Answer: 1929 stock market crash after the great depression 
 
In the 1950s-70s double continued with Correct Answer: -Works related areas-Property taxation-Federal housing programs 
 
1990s...
Voorbeeld 3 van de 16 pagina's
In winkelwagenUSPAP Study Sheet QUESTIONS AND ANSWERS| COMPLETE SOLN 
 
Financial chaos began in the US during the Correct Answer: 1929 stock market crash after the great depression 
 
In the 1950s-70s double continued with Correct Answer: -Works related areas-Property taxation-Federal housing programs 
 
1990s...
1.) Which of the following establishes minimum criteria for real property appraiser certification and licensing? CORRECT ANSWERS: aqb 
 
2.) USPAP is enforced by: CORRECT ANSWERS: state regulatory agencies and professional appraisal organizations. 
 
3.) Why are Advisory Opinions issued? CORRECT ...
Voorbeeld 1 van de 4 pagina's
In winkelwagen1.) Which of the following establishes minimum criteria for real property appraiser certification and licensing? CORRECT ANSWERS: aqb 
 
2.) USPAP is enforced by: CORRECT ANSWERS: state regulatory agencies and professional appraisal organizations. 
 
3.) Why are Advisory Opinions issued? CORRECT ...
Which of the following establishes minimum criteria for real property appraiser certification and licensing CORRECT ANSWERS: AQB (Appraiser Qualifications Board) 
 
USPAP is enforced by CORRECT ANSWERS: State regulatory agencies and professional appraisal organisations USPAP is enforced by 
 
Why ...
Voorbeeld 2 van de 6 pagina's
In winkelwagenWhich of the following establishes minimum criteria for real property appraiser certification and licensing CORRECT ANSWERS: AQB (Appraiser Qualifications Board) 
 
USPAP is enforced by CORRECT ANSWERS: State regulatory agencies and professional appraisal organisations USPAP is enforced by 
 
Why ...
The Preamble states that USPAP is CORRECT ANSWERS: for appraisers and users of appraisal services. 
 
The stated purpose of USPAP CORRECT ANSWERS: Promote and maintain a high level of public trust in appraisal practice. 
 
When obligated by law or regulation an appraiser must CORRECT ANSWERS: com...
Voorbeeld 2 van de 12 pagina's
In winkelwagenThe Preamble states that USPAP is CORRECT ANSWERS: for appraisers and users of appraisal services. 
 
The stated purpose of USPAP CORRECT ANSWERS: Promote and maintain a high level of public trust in appraisal practice. 
 
When obligated by law or regulation an appraiser must CORRECT ANSWERS: com...
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What is USPAP? CORRECT ANSWERS: Uniform Standards of Professional Appraisal Practice 
 
Why was USPAP developed? CORRECT ANSWERS: To promote and maintain a high level of public trust as well as confidence in professional appraisal practice 
 
What are the benefits of USPAP? CORRECT ANSWERS: 1) Pr...
Voorbeeld 4 van de 84 pagina's
In winkelwagenWhat is USPAP? CORRECT ANSWERS: Uniform Standards of Professional Appraisal Practice 
 
Why was USPAP developed? CORRECT ANSWERS: To promote and maintain a high level of public trust as well as confidence in professional appraisal practice 
 
What are the benefits of USPAP? CORRECT ANSWERS: 1) Pr...
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What does the ethics rule establish? CORRECT ANSWERS: Establishes fundamental obligations of an appraiser as part of the profession 
 
Ethics Rule CORRECT ANSWERS: An appraiser must promote and preserve the public trust inherent in professional appraisal practice by observing the highest standards...
Voorbeeld 2 van de 11 pagina's
In winkelwagenWhat does the ethics rule establish? CORRECT ANSWERS: Establishes fundamental obligations of an appraiser as part of the profession 
 
Ethics Rule CORRECT ANSWERS: An appraiser must promote and preserve the public trust inherent in professional appraisal practice by observing the highest standards...
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USPAP contains what 4 sections? CORRECT ANSWERS: 1) The Preamble 
2) Definitions 
3) Rules 
4) Standards 
 
USPAP Provides... CORRECT ANSWERS: 1. A common basis for comparison 
2. A reference source for all users of the document 
3. A basis for uniform enforcement for state regulatory agencies 
4....
Voorbeeld 2 van de 12 pagina's
In winkelwagenUSPAP contains what 4 sections? CORRECT ANSWERS: 1) The Preamble 
2) Definitions 
3) Rules 
4) Standards 
 
USPAP Provides... CORRECT ANSWERS: 1. A common basis for comparison 
2. A reference source for all users of the document 
3. A basis for uniform enforcement for state regulatory agencies 
4....
The ASB considers suggestions for changes to USPAP from: correct answer: Appraisers, users of appraisal services, regulators, and others 
 
You have a suggestion for a change to USPAP, and you want to tell the ASB about it. When making your suggestion, it is helpful to the ASB if you: correct answe...
Voorbeeld 2 van de 9 pagina's
In winkelwagenThe ASB considers suggestions for changes to USPAP from: correct answer: Appraisers, users of appraisal services, regulators, and others 
 
You have a suggestion for a change to USPAP, and you want to tell the ASB about it. When making your suggestion, it is helpful to the ASB if you: correct answe...
Personal property brokerage/dealership, appraisal reviews, and personal property appraisals are all included within 
appraisal practice. 
valuation services. 
market analysis. 
consulting. correct answer: valuation services. 
 
The PREAMBLE of USPAP states that the Standards are 
C. limited to ...
Voorbeeld 2 van de 13 pagina's
In winkelwagenPersonal property brokerage/dealership, appraisal reviews, and personal property appraisals are all included within 
appraisal practice. 
valuation services. 
market analysis. 
consulting. correct answer: valuation services. 
 
The PREAMBLE of USPAP states that the Standards are 
C. limited to ...
Who is responsible for issuing credentials to individual appraisers? correct answer: State appraiser regulatory agencies are responsible for receiving and processing applications for licensure and certification, and for issuing credentials to qualified individuals. 
 
Which is NOT a responsibility ...
Voorbeeld 2 van de 5 pagina's
In winkelwagenWho is responsible for issuing credentials to individual appraisers? correct answer: State appraiser regulatory agencies are responsible for receiving and processing applications for licensure and certification, and for issuing credentials to qualified individuals. 
 
Which is NOT a responsibility ...
According to USPAP, any appraiser who signs any part of an appraisal report is required to: correct answer: sign the certification 
 
When is identification of the intended use of an appraiser's opinions and conclusions necessary in an appraisal assignment? correct answer: It is necessary in all ...
Voorbeeld 2 van de 8 pagina's
In winkelwagenAccording to USPAP, any appraiser who signs any part of an appraisal report is required to: correct answer: sign the certification 
 
When is identification of the intended use of an appraiser's opinions and conclusions necessary in an appraisal assignment? correct answer: It is necessary in all ...
Appraisal correct answer: The act or process of developing an opinion of value 
 
Appraisal practice correct answer: Valuation services performed by an individual acting as appraiser; including but not limited appraisal and appraisal review 
 
Appraisal review correct answer: The act or process o...
Voorbeeld 2 van de 5 pagina's
In winkelwagenAppraisal correct answer: The act or process of developing an opinion of value 
 
Appraisal practice correct answer: Valuation services performed by an individual acting as appraiser; including but not limited appraisal and appraisal review 
 
Appraisal review correct answer: The act or process o...
The appraiser could accept the assignment (as a new assignment) correct answer: as long as proper disclosure is made regarding the prior assignment & any confidential in formation is handled appropriately. 
 
in a deed being used in a purchase transaction, who is the grantee? correct answer: The p...
Voorbeeld 2 van de 11 pagina's
In winkelwagenThe appraiser could accept the assignment (as a new assignment) correct answer: as long as proper disclosure is made regarding the prior assignment & any confidential in formation is handled appropriately. 
 
in a deed being used in a purchase transaction, who is the grantee? correct answer: The p...
What are the 4 sections of USPAP? correct answer: -preamble 
-definitions 
-rules 
-standards (including standards rules) 
 
Benefits of USPAP correct answer: -provides a common basis for comparison 
-provides a reference source for all users of the document 
-provides a basis for uniform enforcem...
Voorbeeld 2 van de 9 pagina's
In winkelwagenWhat are the 4 sections of USPAP? correct answer: -preamble 
-definitions 
-rules 
-standards (including standards rules) 
 
Benefits of USPAP correct answer: -provides a common basis for comparison 
-provides a reference source for all users of the document 
-provides a basis for uniform enforcem...
The Preamble states that USPAP is correct answer: for appraisers and users of appraisal services. 
 
The stated purpose of USPAP correct answer: Promote and maintain a high level of public trust in appraisal practice. 
 
When obligated by law or regulation an appraiser must correct answer: comply...
Voorbeeld 2 van de 12 pagina's
In winkelwagenThe Preamble states that USPAP is correct answer: for appraisers and users of appraisal services. 
 
The stated purpose of USPAP correct answer: Promote and maintain a high level of public trust in appraisal practice. 
 
When obligated by law or regulation an appraiser must correct answer: comply...
Which board within The Appraisal Foundation has the authority to make revisions to USPAP? 
Board of Trustees (BOT) 
Appraisal Standards Board (ASB) 
Appraiser Qualifications Board (AQB) 
All boards within the Foundation have the authority to revise USPAP correct answer: Appraisal Standards Board (A...
Voorbeeld 3 van de 23 pagina's
In winkelwagenWhich board within The Appraisal Foundation has the authority to make revisions to USPAP? 
Board of Trustees (BOT) 
Appraisal Standards Board (ASB) 
Appraiser Qualifications Board (AQB) 
All boards within the Foundation have the authority to revise USPAP correct answer: Appraisal Standards Board (A...
Different appraisal regulations among states. correct answer: Which is not one of the contributing factors that led to a need for regulation in the appraisal profession? 
 
Appraisal Subcommittee (ASC) correct answer: Responsible for the Federal oversight of state real estate licensing and certifi...
Voorbeeld 3 van de 19 pagina's
In winkelwagenDifferent appraisal regulations among states. correct answer: Which is not one of the contributing factors that led to a need for regulation in the appraisal profession? 
 
Appraisal Subcommittee (ASC) correct answer: Responsible for the Federal oversight of state real estate licensing and certifi...
The Appraisal Foundation has the authority to enforce the requirements of USPAP. correct answer: False 
 
Currently, the boards within the Appraisal Foundation include: correct answer: Appraisal Standards Board, Appraisal Qualifications Board, Board of Trustees 
 
Which Foundation board is respons...
Voorbeeld 2 van de 13 pagina's
In winkelwagenThe Appraisal Foundation has the authority to enforce the requirements of USPAP. correct answer: False 
 
Currently, the boards within the Appraisal Foundation include: correct answer: Appraisal Standards Board, Appraisal Qualifications Board, Board of Trustees 
 
Which Foundation board is respons...
The concept of public trust means that an appraiser must act: correct answer: in the public's interest 
 
USPAP establishes standards that are applicable in the appraisal of: correct answer: real property, intangible property, and personal property 
 
Which statement is TRUE regarding The Apprais...
Voorbeeld 2 van de 13 pagina's
In winkelwagenThe concept of public trust means that an appraiser must act: correct answer: in the public's interest 
 
USPAP establishes standards that are applicable in the appraisal of: correct answer: real property, intangible property, and personal property 
 
Which statement is TRUE regarding The Apprais...
The PREAMBLE states the purpose of USPAP is to maintain public ___ in the appraisal practice by establishing requirements for appraisers. correct answer: trust 
 
USPAP benefits providers of appraisal services and correct answer: users of appraisal services. 
 
Which is NOT considered significant ...
Voorbeeld 2 van de 8 pagina's
In winkelwagenThe PREAMBLE states the purpose of USPAP is to maintain public ___ in the appraisal practice by establishing requirements for appraisers. correct answer: trust 
 
USPAP benefits providers of appraisal services and correct answer: users of appraisal services. 
 
Which is NOT considered significant ...
The Appraisal Foundation has the authority to enforce the requirements of USPAP. correct answer: False; The Appraisal Foundation is a private entity. The Foundation and its boards have no enforcement authority in any jurisdiction. 
 
Which Foundation board is responsible for USPAP? correct answer: ...
Voorbeeld 2 van de 13 pagina's
In winkelwagenThe Appraisal Foundation has the authority to enforce the requirements of USPAP. correct answer: False; The Appraisal Foundation is a private entity. The Foundation and its boards have no enforcement authority in any jurisdiction. 
 
Which Foundation board is responsible for USPAP? correct answer: ...
Financial chaos began in the US during the correct answer: 1929 stock market crash after the great depression 
 
In the 1950s-70s double continued with correct answer: -Works related areas 
-Property taxation 
-Federal housing programs 
 
1990s trouble was because of... correct answer: Mortgage s...
Voorbeeld 2 van de 12 pagina's
In winkelwagenFinancial chaos began in the US during the correct answer: 1929 stock market crash after the great depression 
 
In the 1950s-70s double continued with correct answer: -Works related areas 
-Property taxation 
-Federal housing programs 
 
1990s trouble was because of... correct answer: Mortgage s...
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