USPAP PRACTICE TEST 2023 with verified questions and answers

STANDARD 2 contains standards for: a. Real property appraisal review assignments b. Development and reporting of real property appraisals c. Reporting the results of real property appraisals * d. Development of real property appraisals Reporting the results of real property appraisals The DEFINITIONS in USPAP: a. Are superseded by definitions in standard English dictionaries b. Are all taken from legal dictionaries c. Were established by FIRREA d. Apply only in the context of USPAP Apply only in the context of USPAP The Comments in USPAP: a. Are advisory materials for guidance only b. Are extensions of the DEFINITIONS, Rules and Standards Rules c. Are provided to link USPAP to other requirements d. Cite specific administrative applications of USPAP Are extensions of the DEFINITIONS, Rules and Standards Rules The Appraisal Subcommittee is: a. A government agency b. A professional association for appraisers c. A professional association of users of appraisal services d. An education and research trust A government agency Which of the following administers appraiser regulations per FIRREA? a. The Appraisal Subcommittee b. The Appraisal Foundation c. State regulatory agencies d. The Appraisal Standards Board State regulatory agencies The Appraisal Foundation is: a. A professional association for appraisers b. A professional association of users of appraisal services c. A government agency d. An education and research trust An education and research trust The Dodd-Frank Act: a. Replaced FIRREA b. Repealed FIRREA c. Added to the requirements of FIRREA d. Is unrelated to FIRREA Added to the requirements of FIRREA The ASB considers suggestions for changes to USPAP from: a. Appraisers only b. Only employees of the federal government and banking regulatory agencies c. Appraisers, users of appraisal services, regulators, and others d. Appraisal regulators only Appraisers, users of appraisal services, regulators, and others When exposing proposed changes to USPAP, the ASB provides a minimum ________ comment period on exposure drafts. a. 30-day b. 90-day c. 6-month d. 2-year 30-day You want to provide comments on a proposed change to USPAP but the written comment period expired last week. What can you do? a. Provide oral comments at the ASB's public meeting b. Nothing; you are out of luck c. Submit a formal request for an extension of the comment period d. Contact your elected representative in the U.S. House of Representatives Provide oral comments at the ASB's public meeting You submit a comment letter to The Appraisal Foundation regarding a proposed change to USPAP. What will TAF do with the letter? a. Destroy it after the 5-year record retention period b. Maintain it in a permanent file c. Distribute it to Board members, who may read it at their discretion d. Keep its contents strictly confidential Maintain it in a permanent file The ASB is considering public comment letters on one of its Exposure Drafts. When considering these comments, the ASB's primary focus is: a. The reasoning and insight presented in the letter b. Whether or not the author of the letter is a member of a sponsoring organization of the Foundation c. The license level of the author of the letter d. How many other commenters have the same opinion The reasoning and insight presented in the letter An appraiser is completing an appraisal for a property owner, the client. The owner asks the appraiser to transmit the assignment results to his attorney instead of him and the appraiser does so. Which statement is TRUE regarding this situation? a. The attorney is required by USPAP to transmit the report to the client. b. The appraiser has transmitted a report as defined by USPAP. c. The appraiser must add the attorney's name in the report as an additional intended user. d. The appraiser is required by USPAP to transmit the report directly to the property owner/client. The appraiser has transmitted a report as defined by USPAP. May an appraiser prepare an appraisal review report and transmit it to a party other than the client? a. Yes, the report may be transmitted to a party authorized by the client b. Yes, appraisal review reports are not confidential and therefore may be transmitted to any party for any reason c. No, if it is transmitted to a party other than the client, it is not a report d. No, the appraiser must maintain strict confidentiality and may therefore not transmit the report to anyone other than the client Yes, the report may be transmitted to a party authorized by the client An appraiser must not use or communicate _________ known by the appraiser to be misleading or fraudulent. a. Confidential information b. MLS or public record information c. A report or assignment results d. Non-public personal information A report or assignment results An appraiser provides a market analysis for a client, with no specific subject property. The appraiser's results for the assignment are misleading, because the appraiser ignored factors in the market that would indicate an oversupply of properties on the market. Instead, the appraiser communicates conclusions to the client that indicate supply and demand are in balance and are expected to remain as such. What part of USPAP, if any, has the appraiser violated? a. STANDARDS RULE 1-3, which addresses the requirements for market analysis in an appraisal assignment b. The ETHICS RULE, as the appraiser communicated assignment results that were known to be misleading c. The appraiser has not violated USPAP in this situation d. STANDARD 2, as the appraiser communicated a misleading appraisal report The ETHICS RULE, as the appraiser communicated assignment results that were known to be misleading An appraiser accepts an appraisal review assignment from an attorney client. The appraiser performs analyses and formulates conclusions, and transmits these conclusions to the client orally. Which statement is TRUE regarding this situation? a. The appraiser has 30 days after the oral report to create a workfile. b. The appraiser must now create a workfile that is sufficient to support the appraiser's stated opinions and conclusions. c. The client will instruct the appraiser as to whether or not a workfile is necessary. d. The appraiser's workfile must have sufficient information to produce an Appraisal Review Report. The appraiser's workfile must have sufficient information to produce an Appraisal Review Report. An appraiser accepts an appraisal review assignment from an attorney client. The appraiser performs analyses and formulates conclusions, and transmits these conclusions to the client orally. Which statement is TRUE regarding this situation? a. The appraiser has 30 days after the oral report to create a workfile. b. The appraiser must now create a workfile that is sufficient to support the appraiser's stated opinions and conclusions. c. The client will instruct the appraiser as to whether or not a workfile is necessary. d. The appraiser's workfile must have sufficient information to produce an Appraisal Review Report. The appraiser's workfile must have sufficient information to produce an Appraisal Review Report. An appraiser is engaged to complete an appraisal on real property. In this assignment, a workfile must be in existence: (Select the best answer.) a. Prior to issuance of the final signed Appraisal Report b. Within a reasonable time after assignment results are reported to the client c. Before the appraiser begins work on the assignment d. Prior to the issuance of any report or other communication of assignment results Prior to the issuance of any report or other communication of assignment results A workfile in support of an oral appraisal report must be sufficient to: a. Convince a jury that the appraiser's opinions are credible b. Produce an Appraisal Report c. Produce a Restricted Appraisal Report d. Satisfy the client and intended users Produce an Appraisal Report An appraiser is valuing a property for a residential mortgage lender. The appraiser concludes that the current use is not the highest and best use of the property. The appraiser communicates this conclusion to the client. What has the appraiser communicated to the client? a. A fact b. An opinion, specifically an assignment result c. Confidential information, which should not have been shared with the client d. A conclusion that does not require workfile support An opinion, specifically an assignment result An appraiser accepts an assignment to appraise a single-unit dwelling for a mortgage lender. Before completing the appraisal, the appraiser concludes that the highest and best use of the property is for non-residential use. The appraiser informs the client of this opinion and the client cancels the appraisal assignment. Does USPAP require the appraiser to have a workfile for this assignment, and if so, how long must the appraiser retain it? a. No, but it would be a recommended best practice for the appraiser to create a workfile for this assignment. b. Yes, the appraiser must create a workfile but is not required to retain it for any specific period of time. c. Yes, the appraiser must have a workfile for this assignment, and it must be retained for a minimum of five years. d. No, because no value opinion was provided, a workfile is not required. Yes, the appraiser must have a workfile for this assignment, and it must be retained for a minimum of five years. An appraiser accepts an appraisal assignment to appraise a residential property for a mortgage lender. Upon inspecting the property, the appraiser notes that the property is in poor condition and has structural deficiencies. Before completing the appraisal, the appraiser contacts the client and informs them of the condition rating. The client asks the appraiser to cancel the appraisal. Which statement is TRUE regarding this situation? a. The appraiser has violated the confidentiality requirements of USPAP. b. The appraiser must retain a workfile for this assignment. c. This is an assignment that should be handled outside of appraisal practice, and USPAP does not apply. d. No workfile is necessary because no value opinion was developed or reported. The appraiser must retain a workfile for this assignment. If an appraiser develops an appraisal for proposed construction with a prospective effective date when it is believed that the improvements will be complete, he or she will use: a. A hypothetical condition b. An extraordinary assumption c. Neither an extraordinary assumption nor a hypothetical condition d. A jurisdictional exception An extraordinary assumption The support necessary for credible results may vary depending on the: a. Appraiser's fee b. Allowed turnaround time c. Type of report d. Intended use Intended use In appraisal assignments, which of the following are assignment results? a. Only the value opinions b. Any opinion developed specific to an assignment c. Anything that is numerically expressed d. Only the value opinion and highest and best use Any opinion developed specific to an assignment An appraiser may be engaged in an assignment: a. Only directly by the client b. Only by the owner of the subject property c. Either directly by the client or through an agent d. By any of the intended users Either directly by the client or through an agent Which of the following is true regarding hypothetical conditions? a. They used in virtually all appraisal assignments b. They are only used in conjunction with extraordinary assumptions c. They presume conditions as fact when the actual conditions are uncertain d. They are used when a condition contrary to what is known to be true is used They are used when a condition contrary to what is known to be true is used An appraisal review may be performed by: a. Anyone associated with an appraisal assignment b. Another appraiser c. Anyone with knowledge of the appraisal requirements d. Any party acting as an agent of the client Another appraiser An intended user of a report is: a. Only the client b. Any party who the appraiser believes will receive a copy of the report c. Any party identified by the client as receiving a copy of the report d. Client and any other party identified by the appraiser as a user of the report Client and any other party identified by the appraiser as a user of the report Which of the following is true regarding extraordinary assumptions? a. They presume conditions as fact when the actual conditions are uncertain b. They are only used in conjunction with hypothetical conditions c. They are used when a condition contrary to what is known to be true is used d. They are used in virtually all appraisal assignments They presume conditions as fact when the actual conditions are uncertain Which of the following is true regarding the term "review?" a. It is not defined in USPAP b. It may only be performed by an appraiser c. It must always include the reviewer's opinion of value d. It is synonymous with Appraisal Review It is not defined in USPAP The term "Assignment" may refer to: a. The agreement between the appraiser and a client. b. Only the work performed as part of an appraisal or appraisal review assignment. c. Either an agreement between an appraiser and a client, or the work performed as a result of the agreement. d. The service provided as a result of an agreement between an appraiser and a client. The service provided as a result of an agreement between an appraiser and a client. An appraisal is: a. An opinion of value that must be stated as specific amount. b. A written communication of a value opinion. c. An adequately supported opinion of value. d. An opinion of value. An opinion of value. An appraiser's client is the party or parties who: a. Pay for the assignment b. Engage the appraiser c. Owns the subject property d. Rely on the report Engage the appraiser The subject of an appraisal review assignment may be: a. Any work completed as part of an appraisal or appraisal review assignment. b. Any work completed by a licensed or certified appraiser. c. Only work done as part of an appraisal assignment. d. Any work that is part of appraisal practice. Any work completed as part of an appraisal or appraisal review assignment. An appraisal may be expressed as: a. A specific value only b. A specific value or a range only c. A specific value or a comparison to a benchmark d. A specific value, a range, or a comparison to a benchmark A specific value, a range, or a comparison to a benchmark In USPAP, "Credible" means: a. Believable b. Assumed to be true c. Worthy of belief d. Proven to be true Worthy of belief Credible assignment results require: a. Reliability b. Support c. Accuracy d. Proof Support An appraiser may be engaged in an assignment: a. Only directly by the client b. Only by the owner of the subject property c. Either directly by the client or through an agent d. By any of the intended users Either directly by the client or through an agent Which of the following is NOT an example of an unacceptable assignment or compensation arrangement? a. Accepting a request to provide a conservative appraisal b. Charging an additional fee for a rush appraisal order c. Having a higher fee if the appraiser's opinion of value exceeds $1,000,000. d. Agreeing to accept an assignment when the appraiser's fee is waived if the loan does not close Charging an additional fee for a rush appraisal order When must the appraiser disclose any present or prospective interest in the subject property? a. Only in the report certification b. Prior to accepting the assignment (or upon discovery) and in any report certification c. Disclosure is not required to disclose the interest as long as he or she can perform without bias d. The appraiser must not accept such an assignment Prior to accepting the assignment (or upon discovery) and in any report certification Which of the following is NOT a requirement of the COMPETENCY RULE? a. The appraiser must have the competency to apply necessary analytical methods b. For residential real estate appraisal assignments, the appraiser must live within a reasonable proximity to the subject c. If the appraiser lacks competency when the assignment is accepted, he or she must describe the lack of knowledge or experience in the report d. If after accepting an assignment the appraiser discovers that he or she cannot complete it competently, he or she must withdraw from the assignment For residential real estate appraisal assignments, the appraiser must live within a reasonable proximity to the subject Which of the following apply to all assignments? a. The ETHICS RULE, the RECORD KEEPING RULE, and the COMPETENCY RULE b. The COMPETENCY RULE, the SCOPE OF WORK RULE, and the JURISDICTIONAL EXCEPTION RULE c. The ETHICS RULE, the COMPETENCY RULE, and the SCOPE OF WORK RULE d. The ETHICS RULE, the COMPETENCY RULE, and the JURISDICTIONAL EXCEPTION RULE The ETHICS RULE, the COMPETENCY RULE, and the JURISDICTIONAL EXCEPTION RULE To whom among the following may an appraiser disclose confidential information? a. Intended users only b. Client and state appraiser regulatory agencies c. Any party who has access to the appraisal report d. Client and any government official Client and state appraiser regulatory agencies The SCOPE OF WORK RULE measures acceptability based on: a. Expectations of intended users and the appraiser's peers' actions b. Client requirements and the appraiser's peers' actions c. Expectations of intended users and the client's requirements d. Secondary market requirements and appraiser's peers' actions Expectations of intended users and the appraiser's peers' actions Being competent requires: a. Having a designation from a professional appraisal organization b. Sufficient knowledge and experience c. A state issued credential such as a license or certification d. A minimum of two years of appraisal experience Sufficient knowledge and experience The SCOPE OF WORK RULE applies to: a. All assignments b. Only appraisal assignments c. Only assignments performed by licensed or certified appraisers d. All appraisal and appraisal review assignments All appraisal and appraisal review assignments Which of the following is a requirement of the COMPETENCY RULE? a. The appraiser must have the appropriate state issued license or certification b. An appraiser must not accept an assignment involving a property type that he or she has never appraised c. The appraiser must be able to recognize and comply with applicable laws and regulations d. An appraiser who performs an appraisal review must have at least as high a credential as the appraiser who performed the appraisal The appraiser must be able to recognize and comply with applicable laws and regulations Which if the following is true if, within the past three years, the appraiser has provided services regarding a property and he or she is asked to accept a new assignment where that property will be the subject property? a. The appraiser must get authorization from the prior client prior to accepting the new assignment b. The appraiser must notify the client of the prior assignment in writing c. The appraiser must disclose the prior service prior to accepting the assignment and in any report certification d. The appraiser must decline the assignment The appraiser must disclose the prior service prior to accepting the assignment and in any report certification The JURISDICTIONAL EXCEPTION RULE provides for: a. A different set of rules for mortgage related appraisal and appraisal review assignments b. A means to void parts of USPAP at an attorney's discretion c. Preserving the rest of USPAP when compliance with part of USPAP is precluded by law or regulation d. An appraiser's option to by-pass parts of USPAP Preserving the rest of USPAP when compliance with part of USPAP is precluded by law or regulation The workfile for a written appraisal report must contain: a. Names of the client and all intended users, an unsigned draft copy of the report, and support for the opinions and conclusions b. Name of the client and identity (by name or type) of other intended users, a true copy of the report, and all information considered by the appraiser c. Name of the client and all intended users, true copies of all communications with the client, and support for the opinions and conclusions d. Name of the client and identity (by name or type) any other intended users, a true copy of the report, and support for the opinions and conclusions Name of the client and identity (by name or type) any other intended users, a true copy of the report, and support for the opinions and conclusions The SCOPE OF WORK RULE requires that the report contain sufficient information: a. To meet all secondary market requirements b. That any party receiving the report will understand the report c. To allow all intended users to understand the scope of work performed d. That any party who is expected to receive a copy of the report will understand the scope of work performed To allow all intended users to understand the scope of work performed If an appraiser lacks the knowledge or experience to complete an assignment competently, but still wishes to perform the assignment, he or she must: a. Disclose the lack of knowledge prior to accepting the assignment, take necessary steps to become competent, and report the steps taken; or decline the assignment. b. Work with an appraiser who has the necessary knowledge and experience and report the level of assistance or decline the assignment; or decline the assignment c. Disclose the lack of competency in the report, or decline the assignment d. Decline the assignment Disclose the lack of knowledge prior to accepting the assignment, take necessary steps to become competent, and report the steps taken; or decline the assignment. At a minimum, how long must a workfile be retained if the appraiser does NOT provide testimony related to the assignment? a. Three years b. Five years c. Seven years d. Ten years Five years Which statement is TRUE regarding when each of the approaches to value must be developed in an appraisal assignment? a. Each approach that is necessary for credible results must be developed. b. All three approaches must be developed in all real property appraisal assignments. c. The income approach must be developed if the property produces income, and the cost approach must be developed if the improvements are new. d. The client has the ultimate authority regarding when each approach is to be developed. Each approach that is necessary for credible results must be developed. The primary objective stated in STANDARD 2 is the results of a real property appraisal be communicated in a manner that is: a. credible b. not misleading c. reliable d. clear and concise not misleading The two written report options in USPAP are: a. Appraisal Report and Limited Appraisal Report b. Complete Appraisal Report and Limited Appraisal Report c. Complete Appraisal Report and Restricted Appraisal Report d. Appraisal Report and Restricted Appraisal Report Appraisal Report and Restricted Appraisal Report Which of the following statements is true regarding hypothetical conditions? a. All appraisals are developed subject to at least one hypothetical condition. b. In order to use a hypothetical condition, its use must result in a credible analysis. c. USPAP requires that the appraiser receive client approval before using a hypothetical condition. d. A hypothetical condition is to be used only when required by applicable law or regulation. In order to use a hypothetical condition, its use must result in a credible analysis. An appraisal report was started on May 25; it was completed and transmitted to the client on June 1. The client found several minor errors that did not affect the value opinion and on June 2 asked the appraiser to submit a corrected report. The appraiser submitted a revised report on June 3. What report date should be started in the revised report? a. May 25 b. June 1 c. June 2 d. June 3 June 3 An appraisal report includes the following statement: "The subject property is currently listed for sale at $200,000; it has been listed at that price for 123 days." Does this satisfy the USPAP requirement reporting related to current listings of the subject property? a. Yes; the relevant listing information is clearly disclosed b. No; the report must summarize the appraiser's analysis of that listing c. Yes; USPAP merely requires disclosure of the fact that it is listed d. No; the name of the listing agent must also be disclosed No; the report must summarize the appraiser's analysis of that listing An appraisal report for a single-unit residential property states that the income approach to value was not developed. Is that statement sufficient? a. Yes; USPAP requires only that the exclusion of an approach to value be disclosed b. No; all three approaches to value must be developed c. Yes; USPAP requires only the sales comparison approach in a single-unit residential assignment d. No; the exclusion of any of the three approaches to value must be explained No; the exclusion of any of the three approaches to value must be explained Which of the following statements is true regarding extraordinary assumptions? a. All appraisals are developed subject to at least one extraordinary assumption. b. An extraordinary assumption is to be used only when required by law or regulation. c. The appraiser must have a reasonable basis for an extraordinary assumption. d. USPAP requires that the appraiser receive client approval before using an extraordinary assumption. The appraiser must have a reasonable basis for an extraordinary assumption. To what extent must the intended use be disclosed in an Appraisal Report? a. It must be described in detail b. It must be summarized c. It must be stated d. Disclosure of the intended use is not required It must be stated To what extent must the identity of the real estate be disclosed in an Appraisal Report? a. street address is sufficient b. deed must be included in the report c. report must include a map, photographs, and street address d. report must summarize information regarding relevant characteristics report must summarize information regarding relevant characteristics The appraiser must develop an opinion of reasonable exposure time whenever: a. An appraisal is performed b. Reasonable exposure time is a component of the value definition c. The client requests the opinion in writing d. The value opinion is market value Reasonable exposure time is a component of the value definition What is the difference between the two written report options? a. The report content and level of information b. One applies to narrative reports, the other to form reports c. The type and amount of research and analysis d. One is for lending, the other for non-lending assignments The report content and level of information To a great extent the Standards and Standards Rules are extensions of a. The ETHICS RULE b. The COMPETENCY RULE c. The RECORD KEEPING RULE d. The PREAMBLE The COMPETENCY RULE In developing a real property appraisal,appraiser must NOT: a. Commit any substantial error that significantly affects an appraisal b. Omit a recognized approach to value c. Appraise a property without inspecting it d. Commit any errors, regardless of significance Commit any substantial error that significantly affects an appraisal The information in an appraisal report must be sufficient to enable: a. the intended users to understand the report b. any reader to understand the appraisal c. a state enforcement agency to understand the report d. the mortgage borrower to understand the appraiser's rationale the intended users to understand the report In a market value appraisal assignment, what is the appraiser's obligation regarding a pending sales contract on the subject property? a. The appraiser must only identify all pending sales as of the effective date b. The appraiser must analyze all pending sales as of the effective date c. The appraiser must verify all data relative to all pending sales with a party to the transaction as of the effective date d. There are no obligations related to pending sales of the subject property The appraiser must analyze all pending sales as of the effective date When must an opinion of reasonable exposure time be stated in an Appraisal Report? a. It is always required b. It is never required c. Only when reasonable exposure time differs from marketing time d. In any assignment in which it is developed as required by STANDARD 1 In any assignment in which it is developed as required by STANDARD 1 At what point does the appraiser determine the scope of work? a. As soon as the assignment is accepted b. Only after all of the assignment elements have identified c. Once the intended use has been identified d. Once the client and intended users, intended use, and type and definition of value are identified Only after all of the assignment elements have identified Is an appraiser performing an appraisal review assignment permitted to file a complaint with a state appraisal regulatory agency without the consent of his or her client? a. Yes, absent any law or regulation to the contrary b. No, under no circumstances Yes, absent any law or regulation to the contrary Which statement is true regarding a reviewer who develops his or her own value opinion in an appraisal review assignment? a. The reviewer must employ the exact same scope of work as the original appraiser b. The reviewer must prepare a separate Appraisal Report setting forth the value opinion c. The reviewer's scope of work may be different from the original appraiser's scope of work d. The reviewer is not permitted to develop his or her own value opinion in conjunction with an appraisal review assignment The reviewer's scope of work may be different from the original appraiser's scope of work Given the USPAP Definition of appraisal review, which of the following is included in an appraisal review? a. Only the reviewer's opinion of the quality of the work under review b. Both the reviewer's opinion of the quality of the work under review and the reviewer's value opinion c. Only whether or not the appraiser agrees with the value stated in the work under review d. Neither the reviewer's opinion of the quality of the work under review nor the reviewer's value opinion Only the reviewer's opinion of the quality of the work under review What are the primary objectives of an appraisal review assignment as stated in STANDARDS 3 and 4? a. An accurate appraisal review that is communicated in an adequately supported report b. A credible appraisal review that is communicated in a manner that is not misleading c. A credible appraisal review that is communicated in a pre-printed form report d. A 100% accurate appraisal review that is communicated in a manner that is not misleading A credible appraisal review that is communicated in a manner that is not misleading A written Appraisal Review Report must contain a signed certification that ________ what appears in Standards Rule 4-3. a. Is exactly the same as b. Is similar in content to c. Is in no way related to d. Contains the same number of words as Is similar in content to When a real property appraisal review assignment includes the reviewer's own opinion of value, which of the following are required in addition to compliance with STANDARDS 3 and 4? a. Compliance with all requirements of STANDARDS 1 and 2 b. Compliance with neither STANDARD 1 nor STANDARD 2 c. Compliance with STANDARD 1 and the report must summarize any additional information that the reviewer relied on d. Compliance with of the requirements of STANDARD 2 and only the reconciliation requirements of STANDARD 1 Compliance with STANDARD 1 and the report must summarize any additional information that the reviewer relied on An assignment that includes both the reviewer's opinion of the work under review and the reviewer's own opinion of value is: a. An appraisal review only b. An appraisal only c. Both an appraisal and an appraisal review d. Neither an appraisal nor an appraisal review Both an appraisal and an appraisal review Which of the following statements is true regarding an evaluation of real property collateral prepared by an appraiser under the Interagency Appraisal and Evaluation Guidelines? a. An evaluation is not an appraisal. b. Evaluations are never performed by appraisers. c. An evaluation is an appraisal and USPAP applies d. An evaluation is covered under the Interagency Guidelines, thus exempt from USPAP. An evaluation is an appraisal and USPAP applies According to Advisory Opinion 3, which of the following best describes an appraisal update? a. An update is a new appraisal assignment with a more current effective date b. An update is an administrative function and is not performed by an appraiser c. An update is merely confirms that conditions of a prior appraisal have been met and is not an appraisal in itself d. As long as the value of the subject has not changed since the prior appraisal, an update is not an appraisal An update is a new appraisal assignment with a more current effective date A subject single-unit residential property has specific features (ramps, etc.) designed to accommodate handicapped individuals. According to Advisory Opinion 16, how should the appraiser address this? a. The appraiser should assume that such features enhance value b. The appraiser should reflect market preferences c. The appraiser should assume that such features diminish value d. The appraiser must not adjust for such features as the adjustment would violate anti-discrimination laws The appraiser should reflect market preferences An appraiser has been asked to reassign a completed appraisal report to a new client. Is this allowed? a. Yes, if both the original client and the new client agree to the arrangement b. Yes, as long the client gets written authorization from the original client c. No, once an assignment is completed the appraiser may not acknowledge that assignment to anyone other than the client d. No, however that appraiser might be able to accept a new assignment with the new client No, however that appraiser might be able to accept a new assignment with the new client Which of the following best describes the Advisory Opinions? a. They are issued as guidance b. They are issued as binding USPAP requirements c. They apply only to non-appraisers d. They have all been retired They are issued as guidance A subject property is in a location that the appraiser considers to be in a high-crime area. According to Advisory Opinion 16, how should the appraiser address this in the report? a. Use language that implies there is an issue, but avoid direct statements b. Ignore the issue so as not to violate any fair lending laws or regulations c. Prominently state a warning in the report to ensure that the client is aware d. Use comparable data from an area sharing the same crime characteristics Use comparable data from an area sharing the same crime characteristics