15-HOUR NATIONAL USPAP
K
COURSE EXAM QUESTIONS
C
AND CORRECT DETAILED /
LO
VERIFIED ANSWERS LATEST
YC
UPDATE
D
U
ST
,The concept of public trust means that an appraiser must act: - ANS in the public's
interest
USPAP establishes standards that are applicable in the appraisal of: - ANS real
property, intangible property, and personal property
Which statement is TRUE regarding The Appraisal Foundation and USPAP
enforcement authority? - ANS The Appraisal Foundation does not have the authority
to enforce the requirements of USPAP.
K
Which entity is responsible for establishing education and experience requirements for
C
licensing and certification of appraisers? - ANS Appraiser Qualifications Board (AQB)
Qualification criteria for appraiser certification and recertification are disseminated to
LO
state appraisal boards by the: - ANS Appraiser Qualifications Board (AQB)
Which entity appoints members of the Foundation's independent Boards? - ANS
Board of Trustees (BOT)
YC
USPAP is developed, interpreted, and amended by the: - ANS Appraisal Standards
Board (ASB)
Advisory Opinions are best described as - ANS Not part of USPAP, but included as
reference material
D
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
U
on: - ANS The reasoning and insight presented in the letter
ST
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - ANS
Developing, amending, and interpreting USPAP
Who is responsible for issuing credentials to individual appraisers? - ANS State
appraisal regulatory agencies
Under FIRREA, USPAP is enforced by: - ANS State appraiser licensing/certification
agencies
Which entity maintains the official national registry of state-certified and licensed
appraisers? - ANS Appraisal Subcommittee (ASC)
, In USPAP, the appraisal process is divided into two distinct types of activity: _________
and __________. - ANS development, reporting
Which step in the appraisal process involves communication of the appraiser's opinions
and conclusions? - ANS reporting
The first step in the appraisal process is: - ANS Identify the problem
A preference or inclination that precludes an appraiser's impartiality, independence, or
K
objectivity is: - ANS bias
C
An appraiser is not permitted to be ____________ when performing an appraisal. -
ANS an advocate
LO
conveys a mental state that does not favor one side over another at the outset of an
investigation is what? - ANS 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
YC
is what? - ANS 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: - ANS an extraordinary
assumption
D
If an appraiser assumes a condition to be true that does not exist for the purposes of
U
analysis, this is an example of: - ANS hypothetical condition
The terms extraordinary assumption and hypothetical condition: - ANS Have different
ST
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: - ANS
cost
"The monetary relationship between properties and those who buy, sell or use those
properties" is the definition of: - ANS value
K
COURSE EXAM QUESTIONS
C
AND CORRECT DETAILED /
LO
VERIFIED ANSWERS LATEST
YC
UPDATE
D
U
ST
,The concept of public trust means that an appraiser must act: - ANS in the public's
interest
USPAP establishes standards that are applicable in the appraisal of: - ANS real
property, intangible property, and personal property
Which statement is TRUE regarding The Appraisal Foundation and USPAP
enforcement authority? - ANS The Appraisal Foundation does not have the authority
to enforce the requirements of USPAP.
K
Which entity is responsible for establishing education and experience requirements for
C
licensing and certification of appraisers? - ANS Appraiser Qualifications Board (AQB)
Qualification criteria for appraiser certification and recertification are disseminated to
LO
state appraisal boards by the: - ANS Appraiser Qualifications Board (AQB)
Which entity appoints members of the Foundation's independent Boards? - ANS
Board of Trustees (BOT)
YC
USPAP is developed, interpreted, and amended by the: - ANS Appraisal Standards
Board (ASB)
Advisory Opinions are best described as - ANS Not part of USPAP, but included as
reference material
D
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
U
on: - ANS The reasoning and insight presented in the letter
ST
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - ANS
Developing, amending, and interpreting USPAP
Who is responsible for issuing credentials to individual appraisers? - ANS State
appraisal regulatory agencies
Under FIRREA, USPAP is enforced by: - ANS State appraiser licensing/certification
agencies
Which entity maintains the official national registry of state-certified and licensed
appraisers? - ANS Appraisal Subcommittee (ASC)
, In USPAP, the appraisal process is divided into two distinct types of activity: _________
and __________. - ANS development, reporting
Which step in the appraisal process involves communication of the appraiser's opinions
and conclusions? - ANS reporting
The first step in the appraisal process is: - ANS Identify the problem
A preference or inclination that precludes an appraiser's impartiality, independence, or
K
objectivity is: - ANS bias
C
An appraiser is not permitted to be ____________ when performing an appraisal. -
ANS an advocate
LO
conveys a mental state that does not favor one side over another at the outset of an
investigation is what? - ANS 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
YC
is what? - ANS 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: - ANS an extraordinary
assumption
D
If an appraiser assumes a condition to be true that does not exist for the purposes of
U
analysis, this is an example of: - ANS hypothetical condition
The terms extraordinary assumption and hypothetical condition: - ANS Have different
ST
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: - ANS
cost
"The monetary relationship between properties and those who buy, sell or use those
properties" is the definition of: - ANS value
