NATIONAL USPAP EXAMPLE QUESTIONS AND ANSWERS

NATIONAL USPAP EXAMPLE QUESTIONS AND ANSWERS Different appraisal regulations among states. - CORRECR ANSWERS-Which is not one of the contributing factors that led to a need for regulation in the appraisal profession? Appraisal Subcommittee (ASC) - CORRECR ANSWERS-Responsible for the Federal oversight of state real estate licensing and certification TRUE - CORRECR ANSWERS-(T/F) The AppraisalSubcommittee monitors the activities of TAF to determine if policies and procedures are consistent with title XI of FIRREA Appraisal Subcommittee (ASC) - CORRECR ANSWERS-Which board maintains the official National Registry of appraisers? Appraisal Practices Board (APB) - CORRECR ANSWERS-The board that identifies and issues voluntary guidance relating to recognized methods and techniques is the TRUE - CORRECR ANSWERS-(T/F) State agencies may impose appraiser requirements above and beyond those required by the Appraiser Qualifications Board and the Appraiser Standards Board. State Regulatory Agencies - CORRECR ANSWERS-Who is responsible for enforcing USPAP? Contains terms that have a specific meaning in USPAP - CORRECR ANSWERS-The definitions section of USPAP Promote and maintain a high level of public trust in appraisal practice. - CORRECR ANSWERS-The preamble of USPAP sets the tone that the purpose of USPAP is to A manner that is meaningful and not misleading. - CORRECR ANSWERS-The preamble of USPAP requires. Appraisers to communicate their analysis, opinions and conclusions in 3. Disclose the scope of work in the report. - CORRECR ANSWERS-The Scope of Work Rule establishes three general requirements. 1. Identify the problem, 2. Determine the appropriate scope of work and Illustrate the applicability of USPAP in specific situations. - CORRECR ANSWERSShelia had concerns about an appraisal situation and she was uncertain how to proceed. She consulted the USPAP Advisory opinions which Advisory Opinions - CORRECR ANSWERS-Which is NOT a part of USPAP? Standard 2 - CORRECR ANSWERS-Which USPAP Standard addresses the reporting of an individual in a real property appraisal? Problem identification - CORRECR ANSWERS-The USPAP Appraisal Process begins with Reconciliation and final value opinion. - CORRECR ANSWERS-In the USPAP Appraisal Process, which is the final step in the development process? All types of property. - CORRECR ANSWERS-The USPAP Appraisal Process can be followed for appraising what types of property? Relationship to a previous appraisal or numerical benchmark. - CORRECR ANSWERSAn appraisal must be in a specific number, a range of numbers or a Workfile - CORRECR ANSWERS-The subject of an appraisal review could be all or part of a REPORT, a___________________________, or a combination of these Do not - CORRECR ANSWERS-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. An authorized representative of the lender - CORRECR ANSWERS-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 Opinions and conclusions - CORRECR ANSWERS-Within USPAP, the appraisers _______________________________ are (is) always specific to the intended use By name or type - CORRECR ANSWERS-Intended users in a specific assignment must be identified Preference or inclination - CORRECR ANSWERS-USPAP defines bias as a ________________________ that precludes an appraisers impartiality, independence or objectivity in an assignment Identify the problem - CORRECR ANSWERS-In order to determine the scope of work to perform in an assignment, what must the appraiser first do?