USPAP Course Test Questions and
Answers12
Does a "jurisdictional exception" allow an appraiser to disregard the requirements of USPAP?
Yes or No - ANSWERS-Yes
The JURISDICTIONAL EXCEPTION RULE provides for the situation in which parts of USPAP may
be precluded by law or regulation in certain jurisdictions.
The ______ Rule sets forth the requirements for integrity, impartiality, objectivity, independent
judgement and ethical content. - ANSWERS-Ethics
In the __________, data and analyses provided by a reviewer to support a different opinion
must be consistent with the reporting standard. - ANSWERS-Appraisal Review Report
An appraiser's opinions and conclusions developed specific to an assignment is called what? -
ANSWERS-Assignment Results
A month after you submit the appraisal to your client, he asks you to discount your fee because
his loan did not close. Does USPAP allow this? - ANSWERS-No
Is it acceptable to readdress or transfer a completed appraisal report? yes or no - ANSWERS-No.
Once a report has been prepared for a named client or clients, the appraiser cannot readdress
or transfer the report to another party. Simply changing the client name on the report cannot
change or replace the original appraiser-client relationship. Therefore, this action is misleading.
However, you can consider the request as a new assignment. In so doing, you may establish a
new appraiser-client relationship and appraise the property for this new client.
, Which of the examples below an example of "substantial error of omission?
.*Omitting the Highest & Best Use.
*An appraiser making a mistake on how many units are in an apartment complex he is valuing.
*Not including the engagement letter in the addenda.
*Including the wrong flood map. - ANSWERS-Omitting the Highest & Best Use.
What Rule mandates that an appraiser must have a workfile in existence prior to the issuance of
any report is contained in which part of USPAP? - ANSWERS-Record Keeping Rule
The party or parties who engage, by employment or contract, an appraiser in a
specificassignment is called a _____________. - ANSWERS-Client
Is it true that Advisory Opinions are not part of USPAP?
False or True - ANSWERS-True
The Advisory Opinions, which are included in the same publication as the Rules, Standards, and
Statements, are identified as a form of other communications issued by the Appraisal Standards
Board (ASB). Just like Frequently Asked Questions, Advisory Opinions are published to illustrate
the applicability of appraisal standards in specific situations and to offer advice from the ASB for
the resolution of appraisal issues and problems.
I am currently working in an appraisal firm as a trainee. As part of my training I contribute
significant real property appraisal assistance in appraisal assignments performed by other
appraisers in the firm, but I do not sign the appraisal report or the certification. I understand
that my name must be stated in the certification.Must the certification include a description of
my assistance?
Yes or No - ANSWERS-No.
Answers12
Does a "jurisdictional exception" allow an appraiser to disregard the requirements of USPAP?
Yes or No - ANSWERS-Yes
The JURISDICTIONAL EXCEPTION RULE provides for the situation in which parts of USPAP may
be precluded by law or regulation in certain jurisdictions.
The ______ Rule sets forth the requirements for integrity, impartiality, objectivity, independent
judgement and ethical content. - ANSWERS-Ethics
In the __________, data and analyses provided by a reviewer to support a different opinion
must be consistent with the reporting standard. - ANSWERS-Appraisal Review Report
An appraiser's opinions and conclusions developed specific to an assignment is called what? -
ANSWERS-Assignment Results
A month after you submit the appraisal to your client, he asks you to discount your fee because
his loan did not close. Does USPAP allow this? - ANSWERS-No
Is it acceptable to readdress or transfer a completed appraisal report? yes or no - ANSWERS-No.
Once a report has been prepared for a named client or clients, the appraiser cannot readdress
or transfer the report to another party. Simply changing the client name on the report cannot
change or replace the original appraiser-client relationship. Therefore, this action is misleading.
However, you can consider the request as a new assignment. In so doing, you may establish a
new appraiser-client relationship and appraise the property for this new client.
, Which of the examples below an example of "substantial error of omission?
.*Omitting the Highest & Best Use.
*An appraiser making a mistake on how many units are in an apartment complex he is valuing.
*Not including the engagement letter in the addenda.
*Including the wrong flood map. - ANSWERS-Omitting the Highest & Best Use.
What Rule mandates that an appraiser must have a workfile in existence prior to the issuance of
any report is contained in which part of USPAP? - ANSWERS-Record Keeping Rule
The party or parties who engage, by employment or contract, an appraiser in a
specificassignment is called a _____________. - ANSWERS-Client
Is it true that Advisory Opinions are not part of USPAP?
False or True - ANSWERS-True
The Advisory Opinions, which are included in the same publication as the Rules, Standards, and
Statements, are identified as a form of other communications issued by the Appraisal Standards
Board (ASB). Just like Frequently Asked Questions, Advisory Opinions are published to illustrate
the applicability of appraisal standards in specific situations and to offer advice from the ASB for
the resolution of appraisal issues and problems.
I am currently working in an appraisal firm as a trainee. As part of my training I contribute
significant real property appraisal assistance in appraisal assignments performed by other
appraisers in the firm, but I do not sign the appraisal report or the certification. I understand
that my name must be stated in the certification.Must the certification include a description of
my assistance?
Yes or No - ANSWERS-No.
