Uspap Exam Study Guide Questions
And Answers A+ Pass
The appraiser could accept the assignment (as a new assignment) - Answer- as long as
proper disclosure is made regarding the prior assignment & any confidential information
is handled appropriately.
In a deed being used in a purchase transaction, who is the grantee? - Answer- The
party receiving title - "purchaser" is known as the grantee.
Any services provided by an appraiser, other than an appraisal or appraisal review,
would be appraisal practice w/ no applicable standards. this includes recommendations
that occur as a result of an appraisal or appraisal review. - Answer- For those services,
the scope of work rule & the record keeping rule do not apply.
When an appraiser arrives for his inspection of residential property, the property owner
gives the appraiser an appraisal report previously performed by another appraiser. in
light of uspap, what should the appraiser do? - Answer- Make certain that information
relied upon in the other appraiser's report is not in error or fraudulent.
USPAP requires the appraiser to analyze market conditions as part of: - Answer- The
development process.
An appraiser completed an appraisal report yesterday & today he is going to provided
his client with the report. the appraiser needs to make a couple of minor revisions
before hand. for this appraisal report. he must - Answer- change the date on the report
& the certification to the date revisions.
all are part of the ethics rule except - Answer- Confidential information can never be
disclosed.
when valuing a life estate for a potential sales transaction of that particular interest,
what must the appraiser do? - Answer- Project future value at the termination of the life
estate & discount to present value.
if a jurisdictional exception has been justifiably applied in an assignment, what else
must be included in the appraisal report? - Answer- Disclosure of the part(S) of uspap
that was disregarded & the legal authority justifying the appraiser's actions.
appraisers are sometimes called upon to perform a service referred to by some as an
evaluation. According to uspap advisory opinion 13, when is an evaluation an appraisal.
- Answer- when performed by individual acting as an appraiser.
, all are part of the ETHIcS rule except: - Answer- Confidential information can never be
disclosed.
which is a true regarding competency in a appraisal assignment? - Answer- the
appraiser should disclose a lack of knowledge before accepting the assignment.
uspap requires every appraisal report to clearly state both the effective date & the date
of the report. which best describe the date of the report - Answer- date that is the
prospective from which the appraiser is examing the market.
which part of uspap suggest that the parties benefiting from uspap include providers of
appraisal services & user of appraisal services. - Answer- PREAMBLE
when an appraiser is providing a value opinion using an effective date in the past
retrospective, when does the appraiser's competency apply? - Answer- at the time of
the assignment.
Apprraiser listed on the appraisal subcommittee's national registry include all - Answer-
licensed & certified real property appraisers.
uspap requires the appraiser to analyze market conditions as part of: - Answer- the
development process.
anthony & beth appraisers, Must anthony provide the copy of the report to beth to
comply with the court order. - Answer- yes to be complaint with due process of law, a
must provide the appraisal report copy.
what level of participation does the client have defining the problem leading to the scope
of work decision? - Answer- Communication with the client is important, but the
appraiser alone determines the relevant property characteristics.
An oral real property appraisal report must: - Answer- have a signed certification in the
workfile.
which question regarding disclosure years prior services within the past three years is
false? - Answer- Prior appraisal services performed, not other services, must appear in
the certification.
scope of work does not apply to: - Answer- additional recommendations developed by
an appraiser as a result of an appraisal.
the appraiser's inability to physically inspect site improvements, such as underground
utilities, might result in the appraiser. - Answer- using an extraordinary assumption.
which action by an appraiser does the scope of work rule not apply? - Answer-
Additional recommendations developed by an appraiser as a result of an appraisal.
And Answers A+ Pass
The appraiser could accept the assignment (as a new assignment) - Answer- as long as
proper disclosure is made regarding the prior assignment & any confidential information
is handled appropriately.
In a deed being used in a purchase transaction, who is the grantee? - Answer- The
party receiving title - "purchaser" is known as the grantee.
Any services provided by an appraiser, other than an appraisal or appraisal review,
would be appraisal practice w/ no applicable standards. this includes recommendations
that occur as a result of an appraisal or appraisal review. - Answer- For those services,
the scope of work rule & the record keeping rule do not apply.
When an appraiser arrives for his inspection of residential property, the property owner
gives the appraiser an appraisal report previously performed by another appraiser. in
light of uspap, what should the appraiser do? - Answer- Make certain that information
relied upon in the other appraiser's report is not in error or fraudulent.
USPAP requires the appraiser to analyze market conditions as part of: - Answer- The
development process.
An appraiser completed an appraisal report yesterday & today he is going to provided
his client with the report. the appraiser needs to make a couple of minor revisions
before hand. for this appraisal report. he must - Answer- change the date on the report
& the certification to the date revisions.
all are part of the ethics rule except - Answer- Confidential information can never be
disclosed.
when valuing a life estate for a potential sales transaction of that particular interest,
what must the appraiser do? - Answer- Project future value at the termination of the life
estate & discount to present value.
if a jurisdictional exception has been justifiably applied in an assignment, what else
must be included in the appraisal report? - Answer- Disclosure of the part(S) of uspap
that was disregarded & the legal authority justifying the appraiser's actions.
appraisers are sometimes called upon to perform a service referred to by some as an
evaluation. According to uspap advisory opinion 13, when is an evaluation an appraisal.
- Answer- when performed by individual acting as an appraiser.
, all are part of the ETHIcS rule except: - Answer- Confidential information can never be
disclosed.
which is a true regarding competency in a appraisal assignment? - Answer- the
appraiser should disclose a lack of knowledge before accepting the assignment.
uspap requires every appraisal report to clearly state both the effective date & the date
of the report. which best describe the date of the report - Answer- date that is the
prospective from which the appraiser is examing the market.
which part of uspap suggest that the parties benefiting from uspap include providers of
appraisal services & user of appraisal services. - Answer- PREAMBLE
when an appraiser is providing a value opinion using an effective date in the past
retrospective, when does the appraiser's competency apply? - Answer- at the time of
the assignment.
Apprraiser listed on the appraisal subcommittee's national registry include all - Answer-
licensed & certified real property appraisers.
uspap requires the appraiser to analyze market conditions as part of: - Answer- the
development process.
anthony & beth appraisers, Must anthony provide the copy of the report to beth to
comply with the court order. - Answer- yes to be complaint with due process of law, a
must provide the appraisal report copy.
what level of participation does the client have defining the problem leading to the scope
of work decision? - Answer- Communication with the client is important, but the
appraiser alone determines the relevant property characteristics.
An oral real property appraisal report must: - Answer- have a signed certification in the
workfile.
which question regarding disclosure years prior services within the past three years is
false? - Answer- Prior appraisal services performed, not other services, must appear in
the certification.
scope of work does not apply to: - Answer- additional recommendations developed by
an appraiser as a result of an appraisal.
the appraiser's inability to physically inspect site improvements, such as underground
utilities, might result in the appraiser. - Answer- using an extraordinary assumption.
which action by an appraiser does the scope of work rule not apply? - Answer-
Additional recommendations developed by an appraiser as a result of an appraisal.
