USPAP (Example Questions and
Answers from the book)
Which is not one of the contributing factors that led to a need for
regulation in the appraisal profession? -
correct answer ✅Different appraisal regulations among states.
Responsible for the Federal oversight of state real estate licensing
and certification -
correct answer ✅Appraisal Subcommittee (ASC)
(T/F) The Appraisal Subcommittee monitors the activities of TAF to
determine if policies and procedures are consistent with title XI of
FIRREA -
correct answer ✅TRUE
Which board maintains the official National Registry of appraisers? -
correct answer ✅Appraisal Subcommittee (ASC)
The board that identifies and issues voluntary guidance relating to
recognized methods and techniques is the -
correct answer ✅Appraisal Practices Board (APB)
(T/F) State agencies may impose appraiser requirements above and
beyond those required by the Appraiser Qualifications Board and
,USPAP (Example Questions and
Answers from the book)
the Appraiser Standards Board. -
correct answer ✅TRUE
Who is responsible for enforcing USPAP? -
correct answer ✅State Regulatory Agencies
The definitions section of USPAP -
correct answer ✅Contains terms that have a specific meaning in
USPAP
The preamble of USPAP sets the tone that the purpose of USPAP is
to -
correct answer ✅Promote and maintain a high level of public trust
in appraisal practice.
The preamble of USPAP requires. Appraisers to communicate their
analysis, opinions and conclusions in -
correct answer ✅A manner that is meaningful and not misleading.
The Scope of Work Rule establishes three general requirements. 1.
Identify the problem, 2. Determine the appropriate scope of work
,USPAP (Example Questions and
Answers from the book)
and -
correct answer ✅3. Disclose the scope of work in the report.
Shelia had concerns about an appraisal situation and she was
uncertain how to proceed. She consulted the USPAP Advisory
opinions which -
correct answer ✅Illustrate the applicability of USPAP in specific
situations.
Which is NOT a part of USPAP? -
correct answer ✅Advisory Opinions
Which USPAP Standard addresses the reporting of an individual in a
real property appraisal? -
correct answer ✅Standard 2
The USPAP Appraisal Process begins with -
correct answer ✅Problem identification
In the USPAP Appraisal Process, which is the final step in the
development process? -
correct answer ✅Reconciliation and final value opinion.
, USPAP (Example Questions and
Answers from the book)
The USPAP Appraisal Process can be followed for appraising what
types of property? -
correct answer ✅All types of property.
An appraisal must be in a specific number, a range of numbers or a -
correct answer ✅Relationship to a previous appraisal or numerical
benchmark.
The subject of an appraisal review could be all or part of a REPORT,
a___________________________, or a combination of these -
correct answer ✅Workfile
USPAP definitions ____________________ specifically define the
term "Market Value" that is consistently applied by the appraiser
when the type of value in the assignment is market value. -
correct answer ✅Do not
In an assignment for which the appraiser was hired by an appraisal
management company (AMC) the appraiser may consider the
lender the client as long as the AMC is -
correct answer ✅An authorized representative of the lender
Answers from the book)
Which is not one of the contributing factors that led to a need for
regulation in the appraisal profession? -
correct answer ✅Different appraisal regulations among states.
Responsible for the Federal oversight of state real estate licensing
and certification -
correct answer ✅Appraisal Subcommittee (ASC)
(T/F) The Appraisal Subcommittee monitors the activities of TAF to
determine if policies and procedures are consistent with title XI of
FIRREA -
correct answer ✅TRUE
Which board maintains the official National Registry of appraisers? -
correct answer ✅Appraisal Subcommittee (ASC)
The board that identifies and issues voluntary guidance relating to
recognized methods and techniques is the -
correct answer ✅Appraisal Practices Board (APB)
(T/F) State agencies may impose appraiser requirements above and
beyond those required by the Appraiser Qualifications Board and
,USPAP (Example Questions and
Answers from the book)
the Appraiser Standards Board. -
correct answer ✅TRUE
Who is responsible for enforcing USPAP? -
correct answer ✅State Regulatory Agencies
The definitions section of USPAP -
correct answer ✅Contains terms that have a specific meaning in
USPAP
The preamble of USPAP sets the tone that the purpose of USPAP is
to -
correct answer ✅Promote and maintain a high level of public trust
in appraisal practice.
The preamble of USPAP requires. Appraisers to communicate their
analysis, opinions and conclusions in -
correct answer ✅A manner that is meaningful and not misleading.
The Scope of Work Rule establishes three general requirements. 1.
Identify the problem, 2. Determine the appropriate scope of work
,USPAP (Example Questions and
Answers from the book)
and -
correct answer ✅3. Disclose the scope of work in the report.
Shelia had concerns about an appraisal situation and she was
uncertain how to proceed. She consulted the USPAP Advisory
opinions which -
correct answer ✅Illustrate the applicability of USPAP in specific
situations.
Which is NOT a part of USPAP? -
correct answer ✅Advisory Opinions
Which USPAP Standard addresses the reporting of an individual in a
real property appraisal? -
correct answer ✅Standard 2
The USPAP Appraisal Process begins with -
correct answer ✅Problem identification
In the USPAP Appraisal Process, which is the final step in the
development process? -
correct answer ✅Reconciliation and final value opinion.
, USPAP (Example Questions and
Answers from the book)
The USPAP Appraisal Process can be followed for appraising what
types of property? -
correct answer ✅All types of property.
An appraisal must be in a specific number, a range of numbers or a -
correct answer ✅Relationship to a previous appraisal or numerical
benchmark.
The subject of an appraisal review could be all or part of a REPORT,
a___________________________, or a combination of these -
correct answer ✅Workfile
USPAP definitions ____________________ specifically define the
term "Market Value" that is consistently applied by the appraiser
when the type of value in the assignment is market value. -
correct answer ✅Do not
In an assignment for which the appraiser was hired by an appraisal
management company (AMC) the appraiser may consider the
lender the client as long as the AMC is -
correct answer ✅An authorized representative of the lender
