USPAP Final Exam 2025 Graded A+
"The monetary relationship between properties and those who buy, sell or use those
properties" is the definition of: - ANSWER-Value
"The type and extent of research and analyses in an appraisal or appraisal review
assignment" is the definition of ___________. - ANSWER-Scope of Work
A preference or inclination that precludes an appraiser's impartiality, independence, or
objectivity is: - ANSWER-Bias
A real estate broker completes a Comparative Market Analysis (CMA) on a property that
she wants to list for sale. What would this be considered? - ANSWER-A valuation
service
A reviewer is performing an appraisal review on an appraisal report prepared on a
residential property. The reviewer is required by USPAP to: - ANSWER-Identify whether
it is necessary to develop his or her own value opinion as part of the appraisal review
assignment
A reviewer is preparing an appraisal review report using a pre-printed form that was
created by the client. The form does not have space for all of the minimum report
content requirements of USPAP. What should the reviewer do? - ANSWER-Supplement
the form with the required content items
A reviewer is preparing an appraisal review report. The identity of the appraiser who
completed the work under review was not provided by the reviewer's client. What should
the reviewer do? - ANSWER-State, in the appraisal review report, that the appraiser's
identity was withheld by the client
A reviewer is responsible for ensuring that there is __________ in a review report so
that it can be properly understood by __________. - ANSWER-Sufficient information;
intended users
A reviewer is reviewing a real property appraisal and has developed her own value
opinion that differed from the value opinion in the work under review. When reporting
her value opinion in the appraisal review report, what must the reviewer do? -
ANSWER-Provide data and analysis that matches the reporting requirements for an
Appraisal Report
A reviewer performing an appraisal review must not sign the work under review unless
he or she intends to accept the responsibility as a co-signer of the work. - ANSWER-
True
, A state passes a law requiring appraisers to keep their workfiles for 10 years after
preparation. Is this a jurisdictional exception under USPAP? - ANSWER-No
A trainee assisted a senior appraiser in an appraisal assignment, but the trainee
appraiser does not sign a certification. The trainee's name is stated in the certification
as having provided significant appraisal assistance. Is a description of the trainee's
assistance also required to be in the certification? - ANSWER-No
A valuation service that is premised upon advocacy: - ANSWER-It cannot be performed
by an individual acting as an appraiser
A workfile must be maintained for: - ANSWER-Appraisal and appraisal review
assignments only
A written business appraisal report must be prepared in accordance with which of the
following options? - ANSWER-Appraisal Report or Restricted Appraisal Report
According to AO-33, the results of discounted cash flow (DCF) analysis should: -
ANSWER-Be tested and checked for errors and reasonableness
According to USPAP, any appraiser who signs any part of an appraisal report is
required to - ANSWER-sign a certification
According to USPAP, the party or parties who engage an appraiser in a specific
assignment defines the: - ANSWER-Client
Advisory Opinions are best described as - ANSWER-not part of USPAP, but included as
reference material
All written appraisal reports must contain - ANSWER-a signed certification
An appraisal review can be a two-stage assignment, which includes both an appraisal
review and a value opinion by the reviewer. - ANSWER-True
An appraisal review report - ANSWER-must be separate from the work under review
An appraisal that takes into consideration the full effect of known environmental
contamination would be considered: - ANSWER-"As-is"
An appraiser agrees to provide a market value appraisal for a client. Which statement is
true about this situation? - ANSWER-It is essential that the appraiser identify the source
of the definition of value to be used.
An appraiser completes an appraisal and transmits the report to the client. The report
copy retained in the appraiser's workfile does not have a signature affixed to it. Is this
permissible under USPAP? - ANSWER-No, a true copy must include a signature
"The monetary relationship between properties and those who buy, sell or use those
properties" is the definition of: - ANSWER-Value
"The type and extent of research and analyses in an appraisal or appraisal review
assignment" is the definition of ___________. - ANSWER-Scope of Work
A preference or inclination that precludes an appraiser's impartiality, independence, or
objectivity is: - ANSWER-Bias
A real estate broker completes a Comparative Market Analysis (CMA) on a property that
she wants to list for sale. What would this be considered? - ANSWER-A valuation
service
A reviewer is performing an appraisal review on an appraisal report prepared on a
residential property. The reviewer is required by USPAP to: - ANSWER-Identify whether
it is necessary to develop his or her own value opinion as part of the appraisal review
assignment
A reviewer is preparing an appraisal review report using a pre-printed form that was
created by the client. The form does not have space for all of the minimum report
content requirements of USPAP. What should the reviewer do? - ANSWER-Supplement
the form with the required content items
A reviewer is preparing an appraisal review report. The identity of the appraiser who
completed the work under review was not provided by the reviewer's client. What should
the reviewer do? - ANSWER-State, in the appraisal review report, that the appraiser's
identity was withheld by the client
A reviewer is responsible for ensuring that there is __________ in a review report so
that it can be properly understood by __________. - ANSWER-Sufficient information;
intended users
A reviewer is reviewing a real property appraisal and has developed her own value
opinion that differed from the value opinion in the work under review. When reporting
her value opinion in the appraisal review report, what must the reviewer do? -
ANSWER-Provide data and analysis that matches the reporting requirements for an
Appraisal Report
A reviewer performing an appraisal review must not sign the work under review unless
he or she intends to accept the responsibility as a co-signer of the work. - ANSWER-
True
, A state passes a law requiring appraisers to keep their workfiles for 10 years after
preparation. Is this a jurisdictional exception under USPAP? - ANSWER-No
A trainee assisted a senior appraiser in an appraisal assignment, but the trainee
appraiser does not sign a certification. The trainee's name is stated in the certification
as having provided significant appraisal assistance. Is a description of the trainee's
assistance also required to be in the certification? - ANSWER-No
A valuation service that is premised upon advocacy: - ANSWER-It cannot be performed
by an individual acting as an appraiser
A workfile must be maintained for: - ANSWER-Appraisal and appraisal review
assignments only
A written business appraisal report must be prepared in accordance with which of the
following options? - ANSWER-Appraisal Report or Restricted Appraisal Report
According to AO-33, the results of discounted cash flow (DCF) analysis should: -
ANSWER-Be tested and checked for errors and reasonableness
According to USPAP, any appraiser who signs any part of an appraisal report is
required to - ANSWER-sign a certification
According to USPAP, the party or parties who engage an appraiser in a specific
assignment defines the: - ANSWER-Client
Advisory Opinions are best described as - ANSWER-not part of USPAP, but included as
reference material
All written appraisal reports must contain - ANSWER-a signed certification
An appraisal review can be a two-stage assignment, which includes both an appraisal
review and a value opinion by the reviewer. - ANSWER-True
An appraisal review report - ANSWER-must be separate from the work under review
An appraisal that takes into consideration the full effect of known environmental
contamination would be considered: - ANSWER-"As-is"
An appraiser agrees to provide a market value appraisal for a client. Which statement is
true about this situation? - ANSWER-It is essential that the appraiser identify the source
of the definition of value to be used.
An appraiser completes an appraisal and transmits the report to the client. The report
copy retained in the appraiser's workfile does not have a signature affixed to it. Is this
permissible under USPAP? - ANSWER-No, a true copy must include a signature
