USPAP 15-Hour Course questions and answers 100% guaranteed success.

USPAP 15-Hour Course questions and answers 100% guaranteed success. The Preamble states that USPAP is - correct appraisers and users of appraisal services. The stated purpose of USPAP - correct answers.Promote and maintain a high level of public trust in appraisal practice. When obligated by law or regulation an appraiser must - correct y with USPAP. USPAP applies to which types of properties? - correct answers.Tangible and Intangible Valuation services - correct not a subset of appraisal practice. An appraiser has the professional responsibility - correct identify the capacity in which he or she is performing. Reasons why an appraiser would prepare an appraisal assignment in conformance with USPAP - correct answers.1. Agreement with client. 2. Law or regulation. 3. Voluntary choice. An appraiser who provides an appraisal service that is not an appraisal, appraisal review, or appraisal consulting assignment does not have workfile obligations associated with the assignment. - correct answers.True An individual is not prohibited from providing valuation services that involve advocacy while acting as an appraiser. - correct answers.False When performing valuation services outside of appraisal practice, appraisers must be careful not to _________________ the client and other intended users about their role. - correct answers.Mislead USPAP states that in a situation when an individual is not required by law, regulation, or agreement to comply with USPAP: - correct answers.The individual should still comply when acting as an appraiser. An appraiser is engaged to teach an appraisal course. What parts of USPAP apply? - correct answers.The parts of USPAP that apply generally to appraisal practice. The Appraisal Practices Board (APB) was created when? - correct answers.2010 The APB is a(n) - correct endent board. Boards within The Appraisal Foundation (TAF) - correct answers.1. Board of Trustees (BOT) 2. Appraisal Standards Board (ASB) 3. Appraisal Qualifications Board (AQB) 4. Appraisal Practices Board (APB) APB is a - correct te entity. The APB has authority to enforce the requirements of USPAP. - correct answers.False Who has the only jurisdiction and authority over appraisers? - correct answers.States ASB - correct answers.Develops, interprets, and amends USPAP. Advisory opinions - correct answers.Not part of USPAP; reference material only. APB - correct answers.Guidance is voluntary. ASC - correct answers.Maintains the official National Registry of state certified and licensed appraisers. State appraisal regulatory committees - correct nsible for issuing credentials to individual appraisers. Responsibilities of ASC: - correct answers.• Establishes, improves, and promulgates the USPAP • Subject, content, and substance of USPAP and other communication related to appraisal standards. • Establishes standards of professional appraisal practice for the guidance and education of appraisers and users of appraisal services. • Maintains the official National Registry of state certified and licensed appraisers. Developing, amending, and interpreting USPAP is NOT a responsibility of - correct answers.ASC 12. USPAP divides the appraisal process into two distinct types of activity: - correct answers.Develop and report Identify the problem - correct answers.The first step in the appraisal process. Communication - correct answers.The reporting process involves ________________ of the appraiser's opinions and conclusions. AQB - correct answers.• Disseminates to state appraisal boards the qualifications criteria for appraiser certifications and recertification. • Responsible for establishing education and experience requirements for licensing and certification of appraisers. BOT - correct nts members of the APB, AQB, ASB. The ethical obligations of USPAP apply to - correct answers.Individual appraisers. Bias - correct never allowed. In appraisal practice, advocating the cause or interest of any party or issue is - correct permitted. If an appraiser has appraised a property multiple times within the prior 3 years he must disclose the number of times he appraised the property to a prospective client. - correct answers.True 3 years - correct answers.Prior to accepting an assignment, an appraiser must disclose any service he provided regarding the subject property for a period of An appraiser has been asked to complete an appraisal assignment. The fee is to be paid when when the loan closes. According to USPAP, may the appraiser accept the assignment under the conditions? - correct answers.No The payment of fees by the appraiser in connection with the procurement of an assignment is - correct ed if properly disclosed. Confidential information is under USPAP is information the appraiser receives from - correct client an dis identified as confidential, but is not available from other sources. The disclosure of confidential information to a third party is unethical unless - correct rized by the client. Competency - correct mental to the definition of appraiser. An appraiser must obtain the necessary competency prior to accepting the assignment. - correct answers.False In order to accept an assignment when an appraise initially lacks the knowledge and experience to complete an assignment competently he must - correct answers.Disclose to the client, prior to accepting, the lack of knowledge or experience.