USPAP Study Questions and Answers

Appraisal Subcommittee Which body has authority through FIRREA to oversee state licensing/certification activities of appraisers? An update is a new appraisal assignment. Which statement is true regarding an "update of an appraisal" and "recertification of value" according to USPAP? Appraisal Under USPAP, if a review appraiser disagrees with the final value opinion included in the work under review and he undertakes to provide a different opinion of value, the review appraiser is preparing a(n) Standard 9 Appraisal development of intangible property or business assets are the topic of which Standard? five years after completion of the appraisal and report, or two years after any judicial proceedings, whichever comes last. The Record Keeping Rule of USPAP addresses workfile requirements. Within the Rule, an appraiser must prepare a complete workfile for each assignment and retain the file for comprises the standards of ethics and competency for appraisers Which is a true statement regarding USPAP? A valuation service is limited to the valuation activities of appraisers. Which statement is NOT true regarding valuation services? establishing public trust. USPAP was developed for the purpose of improves the USPAP. The Appraisal Standards Board When it applies, it must be disclosed. Which would best relate to the Jurisdictional Exception Rule? opinion of the quality of another appraiser's work. An appraisal review is best described as a(n) must include a written report. Mass appraisal assignment conditions Which is an element of defining the problem? a mathematical expression of how supply and demand factors interact in a market. A mass appraisal model is