USPAP Test Preparation Questions and Answers

Corrine performs appraisal and brokerage work and has been engaged by a client to broker a property. What professional responsivity does Corrine have to the client in this assignment? Identify the capacity in which she is performing the service. An appraiser is collecting market data on an assignment for a client. Which rule of USPAP does not apply to the assignment? SCOPE OF WORK RULE. An appraiser discovers that the property being appraised has a current agreement of sale. In this assignment, that agreement should be ...? Analyzed in the appraisal, if made available to the appraiser. An appraiser concluded that a regulation stemming from a federal law precludes compliance with a specific portion of USPAP. What must the appraiser for in this assignment? The appraiser must comply with the regulation. What service might an appraiser provide that is within the appraisal practice, but USPAP Standards will not apply? Writing an article about adjustment techniques, measuring the gross living area of a residence, verifying zoning issues and potential uses of property. An appraiser works for an appraisal firm, but is leaving to work in another area. What best applied to appraiser's workfiles at the appraisal firm? The appraiser must either have retention custody of or retrieval arrangements for the workfiles. According to the RECORD RKEEPING RULE, what item in the appraiser's workfile must have a signature? Appraiser's certification What is the critical issue for an appraiser while acting in the rile of a real estate agent when providing a brokerage service? Not mislead intended users about his or her role in the brokerage services. What type of assignment conditions initiates the requirement to use a jurisdictional exception? A conflict between the requirements of USPAP and the law or regulation of the jurisdiction. Appraiser Angela reviews another appraiser's work. What must she do as a reviewer in compliance with USPAP? Prepare a separate review report setting forth the scope of work performed and the results of the appraisal review.