USPAP (Example Questions and Answers from the book) 100% verified.

USPAP (Example Questions and Answers from the book) 100% verified. Different appraisal regulations among states. - correct answers.Which is not one of the contributing factors that led to a need for regulation in the appraisal profession? Appraisal Subcommittee (ASC) - correct answers.Responsible for the Federal oversight of state real estate licensing and certification TRUE - correct 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) - correct answers.Which board maintains the official National Registry of appraisers? Appraisal Practices Board (APB) - correct answers.The board that identifies and issues voluntary guidance relating to recognized methods and techniques is the TRUE - correct 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 - correct answers.Who is responsible for enforcing USPAP? Contains terms that have a specific meaning in USPAP - correct answers.The definitions section of USPAP Promote and maintain a high level of public trust in appraisal practice. - correct answers.The preamble of USPAP sets the tone that the purpose of USPAP is to A manner that is meaningful and not misleading. - correct answers.The preamble of USPAP requires. Appraisers to communicate their analysis, opinions and conclusions in 3. Disclose the scope of work in the report. - correct 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. - correct answers.Shelia had concerns about an appraisal situation and she was uncertain how to proceed. She consulted the USPAP Advisory opinions which Advisory Opinions - correct answers.Which is NOT a part of USPAP? Standard 2 - correct answers.Which USPAP Standard addresses the reporting of an individual in a real property appraisal? Problem identification - correct answers.The USPAP Appraisal Process begins with Reconciliation and final value opinion. - correct answers.In the USPAP Appraisal Process, which is the final step in the development process? All types of property. - correct answers.The USPAP Appraisal Process can be followed for appraising what types of property? Relationship to a previous appraisal or numerical benchmark. - correct answers.An appraisal must be in a specific number, a range of numbers or a Workfile - correct answers.The subject of an appraisal review could be all or part of a REPORT, a___________________________, or a combination of these Do not - correct 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 - correct 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 - correct answers.Within USPAP, the appraisers _______________________________ are (is) always specific to the intended use By name or type - correct answers.Intended users in a specific assignment must be identified Preference or inclination - correct answers.USPAP defines bias as a ________________________ that precludes an appraisers impartiality, independence or objectivity in an assignment Identify the problem - correct answers.In order to determine the scope of work to perform in an assignment, what must the appraiser first do? Assumption - correct answers.Craig, a real property appraiser is not an expert in real estate law. In every assignment, he includes a disclosure stating this fact and that in his conclusions, he is considering the property to have good and marketable title. which best describes Craig's action? Extraordinary Assumption - correct answers.Appraiser Linda could not check the furnace to see if it is in good working order as the utilities are off. As the home is relatively new and the furnace appears to be in good condition, Linda believes it is in satisfactory working condition, but she is not sure. She bases her conclusion on an Hypothetical condition. - correct answers.Chad appraised a property that had an inoperative air conditioner at the date of the appraisal. Chad considered the air conditioner as if it was working in the analysis, thus basing his opinions and conclusions on a Price - correct answers.Considered factual once stated, this is the amount asked, offered or paid for a property. Cost - correct answers.The amount required to create, produce or obtain a property is known as Exposure time - correct answers.An estimate of ______________________ is required by USPAP when it is a component of the definition of market value in appraisal assignments for real and personal property Before - correct answers.Exposure time occurs_________________________ the effective date of the appraisal assignment After - correct answers.Marketing time occurs______________________ the effective date of the appraisal assignment Assignment results - correct answers._____________________________ are the appraisers opinions and conclusions developed specific to an assignment