15-Hour USPAP National Course,
The concept of public trust means that an appraiser must act: - ANSWER in the
public's interest
USPAP establishes standards that are applicable in the appraisal of: - ANSWER
real property, intangible property, and personal property
Which statement is TRUE regarding The Appraisal Foundation and USPAP
enforcement authority? - ANSWER The Appraisal Foundation does not have the
authority to enforce the requirements of USPAP.
Which entity is responsible for establishing education and experience requirements
for licensing and certification of appraisers? - ANSWER Appraiser Qualifications
Board (AQB)
Qualification criteria for appraiser certification and recertification are disseminated to
state appraisal boards by the: - ANSWER Appraiser Qualifications Board (AQB)
Which entity appoints members of the Foundation's independent Boards? -
ANSWER Board of Trustees (BOT)
USPAP is developed, interpreted, and amended by the: - ANSWER Appraisal
Standards Board (ASB)
Advisory Opinions are best described as - ANSWER Not part of USPAP, but
included as reference material
The ASB is considering comment letters written by members of the public regarding
a proposed revision to USPAP. When reviewing these comment letters, the ASB
focuses on: - ANSWER The reasoning and insight presented in the letter
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - ANSWER
Developing, amending, and interpreting USPAP
Who is responsible for issuing credentials to individual appraisers? - ANSWER
State appraisal regulatory agencies
Under FIRREA, USPAP is enforced by: - ANSWER State appraiser
licensing/certification agencies
Which entity maintains the official national registry of state-certified and licensed
appraisers? - ANSWER Appraisal Subcommittee (ASC)
In USPAP, the appraisal process is divided into two distinct types of activity:
_________ and __________. - ANSWER development, reporting
, Which step in the appraisal process involves communication of the appraiser's
opinions and conclusions? - ANSWER reporting
The first step in the appraisal process is: - ANSWER Identify the problem
A preference or inclination that precludes an appraiser's impartiality, independence,
or objectivity is: - ANSWER bias
An appraiser is not permitted to be ____________ when performing an appraisal. -
ANSWER an advocate
conveys a mental state that does not favor one side over another at the outset of an
investigation is what? - ANSWER impartiality
representing the cause or interest of another, even if that cause or interest does not
necessarily coincide with one's own beliefs, opinions, conclusions, or
recommendations is what? - ANSWER advocacy
If an appraiser assumes a condition to be true, and evidence supports that belief,
although that fact is not certain, this is an example of: - ANSWER an extraordinary
assumption
If an appraiser assumes a condition to be true that does not exist for the purposes of
analysis, this is an example of: - ANSWER hypothetical condition
The terms extraordinary assumption and hypothetical condition: - ANSWER Have
different meanings within USPAP
By using a published cost manual, an appraiser determines that the construction
cost of a 2,500 square foot dwelling is $400,000. This figure represents the
dwelling's: - ANSWER cost
"The monetary relationship between properties and those who buy, sell or use those
properties" is the definition of: - ANSWER value
Which of these statements is TRUE about the USPAP definition of client? -
ANSWER The client may engage the appraiser through an agent.
Which statement about intended users is TRUE? - ANSWER The client is always an
intended user
Who makes the identification of the intended use in an assignment? - ANSWER the
appraiser
An intended user is: - ANSWER A party who is identified by the appraiser based on
communication with the client at the time of the assignment
A real estate broker completes a Comparative Market Analysis (CMA) on a property
that he wants to list for sale. What would this be considered? - ANSWER a valuation
service
The concept of public trust means that an appraiser must act: - ANSWER in the
public's interest
USPAP establishes standards that are applicable in the appraisal of: - ANSWER
real property, intangible property, and personal property
Which statement is TRUE regarding The Appraisal Foundation and USPAP
enforcement authority? - ANSWER The Appraisal Foundation does not have the
authority to enforce the requirements of USPAP.
Which entity is responsible for establishing education and experience requirements
for licensing and certification of appraisers? - ANSWER Appraiser Qualifications
Board (AQB)
Qualification criteria for appraiser certification and recertification are disseminated to
state appraisal boards by the: - ANSWER Appraiser Qualifications Board (AQB)
Which entity appoints members of the Foundation's independent Boards? -
ANSWER Board of Trustees (BOT)
USPAP is developed, interpreted, and amended by the: - ANSWER Appraisal
Standards Board (ASB)
Advisory Opinions are best described as - ANSWER Not part of USPAP, but
included as reference material
The ASB is considering comment letters written by members of the public regarding
a proposed revision to USPAP. When reviewing these comment letters, the ASB
focuses on: - ANSWER The reasoning and insight presented in the letter
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - ANSWER
Developing, amending, and interpreting USPAP
Who is responsible for issuing credentials to individual appraisers? - ANSWER
State appraisal regulatory agencies
Under FIRREA, USPAP is enforced by: - ANSWER State appraiser
licensing/certification agencies
Which entity maintains the official national registry of state-certified and licensed
appraisers? - ANSWER Appraisal Subcommittee (ASC)
In USPAP, the appraisal process is divided into two distinct types of activity:
_________ and __________. - ANSWER development, reporting
, Which step in the appraisal process involves communication of the appraiser's
opinions and conclusions? - ANSWER reporting
The first step in the appraisal process is: - ANSWER Identify the problem
A preference or inclination that precludes an appraiser's impartiality, independence,
or objectivity is: - ANSWER bias
An appraiser is not permitted to be ____________ when performing an appraisal. -
ANSWER an advocate
conveys a mental state that does not favor one side over another at the outset of an
investigation is what? - ANSWER impartiality
representing the cause or interest of another, even if that cause or interest does not
necessarily coincide with one's own beliefs, opinions, conclusions, or
recommendations is what? - ANSWER advocacy
If an appraiser assumes a condition to be true, and evidence supports that belief,
although that fact is not certain, this is an example of: - ANSWER an extraordinary
assumption
If an appraiser assumes a condition to be true that does not exist for the purposes of
analysis, this is an example of: - ANSWER hypothetical condition
The terms extraordinary assumption and hypothetical condition: - ANSWER Have
different meanings within USPAP
By using a published cost manual, an appraiser determines that the construction
cost of a 2,500 square foot dwelling is $400,000. This figure represents the
dwelling's: - ANSWER cost
"The monetary relationship between properties and those who buy, sell or use those
properties" is the definition of: - ANSWER value
Which of these statements is TRUE about the USPAP definition of client? -
ANSWER The client may engage the appraiser through an agent.
Which statement about intended users is TRUE? - ANSWER The client is always an
intended user
Who makes the identification of the intended use in an assignment? - ANSWER the
appraiser
An intended user is: - ANSWER A party who is identified by the appraiser based on
communication with the client at the time of the assignment
A real estate broker completes a Comparative Market Analysis (CMA) on a property
that he wants to list for sale. What would this be considered? - ANSWER a valuation
service
