USPAP 15-Hour Course Exam Questions With 100% Correct Answers

USPAP 15-Hour Course Exam Questions With 100% Correct Answers The Preamble states that USPAP is - answerfor appraisers and users of appraisal services. The stated purpose of USPAP - answerPromote and maintain a high level of public trust in appraisal practice. When obligated by law or regulation an appraiser must - answercomply with USPAP. USPAP applies to which types of properties? - answerTangible and Intangible Valuation services - answeris not a subset of appraisal practice. An appraiser has the professional responsibility - answerto identify the capacity in which he or she is performing. Reasons why an appraiser would prepare an appraisal assignment in conformance with USPAP - answer1. 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. - answerTrue An individual is not prohibited from providing valuation services that involve advocacy while acting as an appraiser. - answerFalse When performing valuation services outside of appraisal practice, appraisers must be careful not to _________________ the client and other intended users about their role. - answerMislead USPAP states that in a situation when an individual is not required by law, regulation, or agreement to comply with USPAP: - answerThe individual should still comply when acting as an appraiser. An appraiser is engaged to teach an appraisal course. What parts of USPAP apply? - answerThe parts of USPAP that apply generally to appraisal practice. The Appraisal Practices Board (APB) was created when? - answer2010 The APB is a(n) - answerindependent board. Boards within The Appraisal Foundation (TAF) - answer1. Board of Trustees (BOT) 2. Appraisal Standards Board (ASB) 3. Appraisal Qualifications Board (AQB) 4. Appraisal Practices Board (APB) APB is a - answerprivate entity. The APB has authority to enforce the requirements of USPAP. - answerFalse Who has the only jurisdiction and authority over appraisers? - answerStates ASB - answerDevelops, interprets, and amends USPAP. Advisory opinions - answerNot part of USPAP; reference material only. APB - answerGuidance is voluntary. ASC - answerMaintains the official National Registry of state certified and licensed appraisers. State appraisal regulatory committees - answerresponsible for issuing credentials to individual appraisers. Responsibilities of ASC: - answer• 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 - answerASC 12. USPAP divides the appraisal process into two distinct types of activity: - answerDevelop and report Identify the problem - answerThe first step in the appraisal process. Communication - answerThe reporting process involves ________________ of the appraiser's opinions and conclusions. AQB - answer• 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 - answerappoints members of the APB, AQB, ASB. The ethical obligations of USPAP apply to - answerIndividual appraisers. Bias - answeris never allowed. In appraisal practice, advocating the cause or interest of any party or issue is - answernever 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. - answerTrue 3 years - answerPrior 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? - answerNo The payment of fees by the appraiser in connection with the procurement of an assignment is - answerallowed if properly disclosed. Confidential information is under USPAP is information the appraiser receives from - answerthe 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 - answerauthorized by the client. Competency - answerfundamental to the definition of appraiser. An appraiser must obtain the necessary competency prior to accepting the assignment. - answerFalse In order to accept an assignment when an appraise initially lacks the knowledge and experience to complete an assignment competently he must - answerDisclose to the client, prior to accepting, the lack of knowledge or experience. USPAP ________________ permit an appraiser to create a workfile after transmitting the report to the client. - answerdoes not