USPAP REVIEW BUNDLED EXAM
COMPLETE QUESTIONS AND
CORRECT ANSWERS
⫸ The appraiser should retain his/her records for an appraisal for at
least: Answer: 5 years
⫸ The act or process of developing an opinion of value or an opinion of
value developed without invoking the DEPARTURE RULE is
considered: Answer: A Complete Appraisal.
⫸ The act or process of developing an opinion of value or an opinion of
value developed under and resulting from invoking the DEPARTURE
RULE is considered: Answer: A Limited Appraisal.
⫸ Which of the following are typically considered legally competent to
conclude that there has been a violation of USPAP? Answer: A state
licensing/certification agency.
⫸ Review appraisers can only conclude and report that the appraisal
report under review: Answer: (A) Does not comply with the Rules,
requirements and specifications of USPAP, (B) Contains no reference,
mention, or coverage of required information or documentation, (C)
, Contains no evidence or support for analyses, opinions, or conclusions
contained in the appraisal report under review.
⫸ A current version of USPAP contains ten Statements on Appraisal
Standards (3 of which are retired), which have ___ of/than a 'Standards'
Rule. Answer: Full Weight.
⫸ USPAP contains a Preamble, 5 rules, definitions, and ___ Standards.
Answer: 10
⫸ The following is true about Advisory Opinions: Answer: The
Advisory Opinions are not part of USPAP, however are sometimes
included for convenience of reference. They do not have the same status
as Statement on Appraisal Standards.
⫸ Which of the following does not comply with USPAP and should be
eliminated from appraisal practice. Answer: Letter Opinion of Value.
⫸ The following is performed to confirm whether or not the conditions
of an appraisal have been met. This will not changed the effective date
of the value opinion. Answer: Recertification of Value
⫸ Which of the following develops, publishes, interprets and amends
the Uniform Standards of Professional Appraisal Practice (USPAP)?
Answer: Appraisal Standards Board (ASB)
COMPLETE QUESTIONS AND
CORRECT ANSWERS
⫸ The appraiser should retain his/her records for an appraisal for at
least: Answer: 5 years
⫸ The act or process of developing an opinion of value or an opinion of
value developed without invoking the DEPARTURE RULE is
considered: Answer: A Complete Appraisal.
⫸ The act or process of developing an opinion of value or an opinion of
value developed under and resulting from invoking the DEPARTURE
RULE is considered: Answer: A Limited Appraisal.
⫸ Which of the following are typically considered legally competent to
conclude that there has been a violation of USPAP? Answer: A state
licensing/certification agency.
⫸ Review appraisers can only conclude and report that the appraisal
report under review: Answer: (A) Does not comply with the Rules,
requirements and specifications of USPAP, (B) Contains no reference,
mention, or coverage of required information or documentation, (C)
, Contains no evidence or support for analyses, opinions, or conclusions
contained in the appraisal report under review.
⫸ A current version of USPAP contains ten Statements on Appraisal
Standards (3 of which are retired), which have ___ of/than a 'Standards'
Rule. Answer: Full Weight.
⫸ USPAP contains a Preamble, 5 rules, definitions, and ___ Standards.
Answer: 10
⫸ The following is true about Advisory Opinions: Answer: The
Advisory Opinions are not part of USPAP, however are sometimes
included for convenience of reference. They do not have the same status
as Statement on Appraisal Standards.
⫸ Which of the following does not comply with USPAP and should be
eliminated from appraisal practice. Answer: Letter Opinion of Value.
⫸ The following is performed to confirm whether or not the conditions
of an appraisal have been met. This will not changed the effective date
of the value opinion. Answer: Recertification of Value
⫸ Which of the following develops, publishes, interprets and amends
the Uniform Standards of Professional Appraisal Practice (USPAP)?
Answer: Appraisal Standards Board (ASB)
