USPAP Practice Test Questions and Answers

recertification of value the following is performed to confirm whether or not the conditions of an appraisal have been met. this does not change the effective date of the value opinion ASB Develops, publishes, interprets, and amends the Uniform standards of professional appraisal practice Ethics Rule Record keeping is a section of which of the following uspap rules Extraordinary assumption an assumption, directly related to a specific assignment, which, if found to be false, could alter the appraisers opinions or conclusions Complete and Limited The USPAP now identifies two types of appraisal assignments. They are 3 An appraiser typically uses how many approaches to analyze the value of a property Binding requirements All or part of a standards rule of USPAP from which departure is not permitted are condsidered development of an assignment According to USPAP, Departure applies to Both appraisers if an appraisal is completed by one appraiser, yet signed by a review appraiser as well, who is responsible for the appraisal? Client the party or parties who engage an appraiser in a specific assignment Real property The interests, benefits, and rights inherent to the ownership of real estate is Real estate an identified parcel of land, including improvements, if any though vacant available for development to its highest and best use that the appraisal of improvements based on their actual contribution to the site the appraiser must recognize that land is appraised as