USPAP EXAM REVIEW QUESTIONS
WITH CORRECT ANSWERS
which term is defined by USPAP as services pertaining to aspect of property value? -
Answer-Valuation services
The performance standard in uspap - Answer-ethics & competency
The specific type of prior service performed for the property: - Answer-must be
disclosed to the client and in the report certification.
scope of work rule applies to - Answer-value opinion of a completed development
project
USPAP requires every appraisal report to clearly stat both the effective date and the
date of the report. Which best defines the date of the report? - Answer-date that is the
prospective from which the appraiser is examning the market.
Appraisel completed an appraisal report yesterday today he is going to provide his client
the report - Answer-change the date on the report & certification to the date of revisions,
the date of the revised report should be the date that it is completed & transmitted to the
client.
The appraiser cannot accommodate this request as readdressing an appraisal after it is
completed is not in compliance with USPAP. - Answer-The client and intended users
cannot change once the assignment has been completed.
disclosure of prior services is required in the certification for written & oral reports. prior
services include those provided as an appraiser or in any other capacity. the
requirement to the appraisal of all asset types. - Answer-disclosure of prior services.
The true statement regarding a workfile. - Answer-For a restricted report, it must contain
the contents to produce at least an appraisal report.
a recertification of value - Answer-confirms if a condition of prior appraisal has been
met, it does not change the effective date & does not provide comment to or a new,
value opinion.
when appraising a property that has special handicapped features in a market value
assignment, which could be the most logical course of action in order to prevent
misleading conclusions? - Answer-Consider offering two value opinions to two different
market audiences.
, An appraiser has been engaged to perform a drive- by inspection of residential property.
Which is NOT one of the appraiser's options if suficient information is not available from
this level of inspection? - Answer-Provide the value opinion based on what little he can
see.
attorney contacted a real property appraiser regarding a potential assignment. The
attorney acting as an agent for his client, who would be the client in the appraisal
assignment & wishes to remain anonymous. How should the appraiser treat this
request? - Answer-The appraiser cannot accept the assignment without knowledge of
the identity of the client or the intended use.
The Competency Rule requires appraiser to: - Answer-Identify the problem to be solved.
Prior to accepting an assignment.
Standard 1 - Answer-An exposure time must be identified if it a component of the
definition of value in the assignment.
The element of defining the problem> - Answer-Assignment Conditions
A valuation service performed by an individual acting as an appraiser requires the
appraiser to - Answer-Inquire about the intended user's expectations.
Standard rule 1-2 states in part: - Answer-When exposure time is a component of the
definition of value opinion being developed, the appraiser must also develop an opinion
of reasonable exposure time linked to that value opinion.
Standard rule 1-3 of uspap, requires which action in a market value assignment? -
Answer-Development of an opinion of highest & best use.
Standard rule 1-2 of uspap prohibits an appraiser from allowing - Answer-the intended
use of an assignment of client's objectives to cause the assignment result to be biased.
Standard rule 2-2 of uspap requires an appraiser to - Answer-prominently state in the
report which reporting option is being used in the assignment.
within uspap, the appraisers-------------is/ are always specific to the intended use. -
Answer-opinion and conclusions
The intended use & the intended user of the appraiser's opinion & conclusions are
identified------------ the assignment. - Answer-at the time of
Uspap does not prohibit the appraiser's fee being based on the owner's estimated
value, - Answer-the assessed value, the pending sale price or any other amount outside
the appraiser's control.
WITH CORRECT ANSWERS
which term is defined by USPAP as services pertaining to aspect of property value? -
Answer-Valuation services
The performance standard in uspap - Answer-ethics & competency
The specific type of prior service performed for the property: - Answer-must be
disclosed to the client and in the report certification.
scope of work rule applies to - Answer-value opinion of a completed development
project
USPAP requires every appraisal report to clearly stat both the effective date and the
date of the report. Which best defines the date of the report? - Answer-date that is the
prospective from which the appraiser is examning the market.
Appraisel completed an appraisal report yesterday today he is going to provide his client
the report - Answer-change the date on the report & certification to the date of revisions,
the date of the revised report should be the date that it is completed & transmitted to the
client.
The appraiser cannot accommodate this request as readdressing an appraisal after it is
completed is not in compliance with USPAP. - Answer-The client and intended users
cannot change once the assignment has been completed.
disclosure of prior services is required in the certification for written & oral reports. prior
services include those provided as an appraiser or in any other capacity. the
requirement to the appraisal of all asset types. - Answer-disclosure of prior services.
The true statement regarding a workfile. - Answer-For a restricted report, it must contain
the contents to produce at least an appraisal report.
a recertification of value - Answer-confirms if a condition of prior appraisal has been
met, it does not change the effective date & does not provide comment to or a new,
value opinion.
when appraising a property that has special handicapped features in a market value
assignment, which could be the most logical course of action in order to prevent
misleading conclusions? - Answer-Consider offering two value opinions to two different
market audiences.
, An appraiser has been engaged to perform a drive- by inspection of residential property.
Which is NOT one of the appraiser's options if suficient information is not available from
this level of inspection? - Answer-Provide the value opinion based on what little he can
see.
attorney contacted a real property appraiser regarding a potential assignment. The
attorney acting as an agent for his client, who would be the client in the appraisal
assignment & wishes to remain anonymous. How should the appraiser treat this
request? - Answer-The appraiser cannot accept the assignment without knowledge of
the identity of the client or the intended use.
The Competency Rule requires appraiser to: - Answer-Identify the problem to be solved.
Prior to accepting an assignment.
Standard 1 - Answer-An exposure time must be identified if it a component of the
definition of value in the assignment.
The element of defining the problem> - Answer-Assignment Conditions
A valuation service performed by an individual acting as an appraiser requires the
appraiser to - Answer-Inquire about the intended user's expectations.
Standard rule 1-2 states in part: - Answer-When exposure time is a component of the
definition of value opinion being developed, the appraiser must also develop an opinion
of reasonable exposure time linked to that value opinion.
Standard rule 1-3 of uspap, requires which action in a market value assignment? -
Answer-Development of an opinion of highest & best use.
Standard rule 1-2 of uspap prohibits an appraiser from allowing - Answer-the intended
use of an assignment of client's objectives to cause the assignment result to be biased.
Standard rule 2-2 of uspap requires an appraiser to - Answer-prominently state in the
report which reporting option is being used in the assignment.
within uspap, the appraisers-------------is/ are always specific to the intended use. -
Answer-opinion and conclusions
The intended use & the intended user of the appraiser's opinion & conclusions are
identified------------ the assignment. - Answer-at the time of
Uspap does not prohibit the appraiser's fee being based on the owner's estimated
value, - Answer-the assessed value, the pending sale price or any other amount outside
the appraiser's control.
