15HR USPAP MCKISSOCK FINAL EXAMS ANSWERS
AND QUESTIONS SET A+
✔✔An appraiser receives a copy of a signed sales agreement for an office building,
which specifies the agreed-upon amount of $950,000. What does the for fire represent?
- ✔✔Price
✔✔An appraiser performs an appraisal assignment and develops an opinion of value.
This value opinion is - ✔✔an assignment result
✔✔It is permissible for an appraiser to be engaged in an assignment by an agent, who
is acting on behalf of the client. - ✔✔True
✔✔According to USPAP, the party or parties who engage an appraiser in a specific
assignment defines the: - ✔✔client
✔✔Who is responsible for making the identification of the intended use in an
assignment? - ✔✔appraiser
✔✔An attended user is: - ✔✔A party who is identified by the appraiser based on
communication with a client at the time of the assignment
✔✔A work file must be maintained for: - ✔✔Appraisal and appraisal review assignments
only
✔✔Appraisal practice includes only: - ✔✔Valuation services provided by an individual
acting as an appraiser
✔✔A real estate broker completes a Comparative Market Analysis (CMA) on a property
that she wants to list for sale. What would this be considered? - ✔✔A valuation service
✔✔Which is the broader category of services? - ✔✔valuation services
, ✔✔In USPAP, each Standard is composed of: - ✔✔Standards Rules
✔✔"The type and extent of research and analysis in an appraisal or appraisal review
assignment" is the definition of _________. - ✔✔Scope of work
✔✔"The monetary relationship between properties and those who buy, sell or use those
properties" is the definition of: - ✔✔Value
✔✔In appraisal practice, advocating the cause or interest of any party or issue is: -
✔✔Not permitted
✔✔The ethical obligations of USPAP apply to: - ✔✔Individual appraisers
✔✔Bias is permitted in an appraisal as long as the bias is clearly disclosed to the report.
- ✔✔False
✔✔An appraiser is disclosing to a client the fact that she had previously appraised the
subject property within the prior three years. When making this disclosure, the appraiser
must be careful to: - ✔✔Not disclose confidential information from the previous
assignment
✔✔An appraiser must disclose any service he or she provided regarding the subject
property for a period of ________ prior to agreeing to perform the assignment. -
✔✔Three years
✔✔An appraiser has been asked to complete an appraisal assignment. The fee is to be
paid only if the loan closes. According to USPAP, may the appraiser accept the
assignment under these conditions? - ✔✔No, the fee arrangement is an unethical
contingency arrangement and violates the ETHICS RULE.
✔✔In a real property appraisal assignment prepared for a mortgage lender, an
appraiser is permitted by USPAP to base his compensation for an appraisal assignment
on: - ✔✔Whether or not the report is transmitted to the client by the due date
✔✔The Confidentiality section of the ETHICS RULE prohibits an appraiser from
disclosing confidential information or _____ to unauthorized parties. - ✔✔Assignment
results
✔✔An appraiser concludes that a subject property has functional inadequacies. This
conclusion is: - ✔✔An assignment result and must be treated as confidential
✔✔In most cases, an appraiser may share __________ from an appraisal assignment
with other appraisers without obtaining the client's consent. - ✔✔physical characteristics
AND QUESTIONS SET A+
✔✔An appraiser receives a copy of a signed sales agreement for an office building,
which specifies the agreed-upon amount of $950,000. What does the for fire represent?
- ✔✔Price
✔✔An appraiser performs an appraisal assignment and develops an opinion of value.
This value opinion is - ✔✔an assignment result
✔✔It is permissible for an appraiser to be engaged in an assignment by an agent, who
is acting on behalf of the client. - ✔✔True
✔✔According to USPAP, the party or parties who engage an appraiser in a specific
assignment defines the: - ✔✔client
✔✔Who is responsible for making the identification of the intended use in an
assignment? - ✔✔appraiser
✔✔An attended user is: - ✔✔A party who is identified by the appraiser based on
communication with a client at the time of the assignment
✔✔A work file must be maintained for: - ✔✔Appraisal and appraisal review assignments
only
✔✔Appraisal practice includes only: - ✔✔Valuation services provided by an individual
acting as an appraiser
✔✔A real estate broker completes a Comparative Market Analysis (CMA) on a property
that she wants to list for sale. What would this be considered? - ✔✔A valuation service
✔✔Which is the broader category of services? - ✔✔valuation services
, ✔✔In USPAP, each Standard is composed of: - ✔✔Standards Rules
✔✔"The type and extent of research and analysis in an appraisal or appraisal review
assignment" is the definition of _________. - ✔✔Scope of work
✔✔"The monetary relationship between properties and those who buy, sell or use those
properties" is the definition of: - ✔✔Value
✔✔In appraisal practice, advocating the cause or interest of any party or issue is: -
✔✔Not permitted
✔✔The ethical obligations of USPAP apply to: - ✔✔Individual appraisers
✔✔Bias is permitted in an appraisal as long as the bias is clearly disclosed to the report.
- ✔✔False
✔✔An appraiser is disclosing to a client the fact that she had previously appraised the
subject property within the prior three years. When making this disclosure, the appraiser
must be careful to: - ✔✔Not disclose confidential information from the previous
assignment
✔✔An appraiser must disclose any service he or she provided regarding the subject
property for a period of ________ prior to agreeing to perform the assignment. -
✔✔Three years
✔✔An appraiser has been asked to complete an appraisal assignment. The fee is to be
paid only if the loan closes. According to USPAP, may the appraiser accept the
assignment under these conditions? - ✔✔No, the fee arrangement is an unethical
contingency arrangement and violates the ETHICS RULE.
✔✔In a real property appraisal assignment prepared for a mortgage lender, an
appraiser is permitted by USPAP to base his compensation for an appraisal assignment
on: - ✔✔Whether or not the report is transmitted to the client by the due date
✔✔The Confidentiality section of the ETHICS RULE prohibits an appraiser from
disclosing confidential information or _____ to unauthorized parties. - ✔✔Assignment
results
✔✔An appraiser concludes that a subject property has functional inadequacies. This
conclusion is: - ✔✔An assignment result and must be treated as confidential
✔✔In most cases, an appraiser may share __________ from an appraisal assignment
with other appraisers without obtaining the client's consent. - ✔✔physical characteristics
