15hr national USPAP McKissock
"The monetary relationship between properties and those who buy, sell or use those properties"
is the definition of: - ANS-Value
"The type and extent of research and analysis in an appraisal or appraisal review assignment" is
the definition of _________. - ANS-Scope of work
A preference or inclination that precludes an appraiser's impartiality, independence, or
objectivity is: - ANS-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? - ANS-A valuation service
A state passes a law requiring appraisers to keep their workfiles for 10 years after preparation.
Is this a jurisdictional exception under USPAP? - ANS-No
A valuation service that is premised upon advocacy: - ANS-It cannot be performed by an
individual acting as an appraiser
A work file must be maintained for: - ANS-Appraisal and appraisal review assignments only
According to USPAP, the party or parties who engage an appraiser in a specific assignment
defines the: - ANS-client
Advisory Opinion are best described as - ANS-not part of USPAP, but included as references
material
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? - ANS-No, a true copy must include a signature
An appraiser concludes that a subject property has functional inadequacies. This conclusion is:
- ANS-An assignment result and must be treated as confidential
An appraiser has been asked to complete an appraisal assignment. The fee is to be paid only if
the loan closes. According to USPAP, may the appraiser accept the assignment under these
conditions? - ANS-No, the fee arrangement is an unethical contingency arrangement and
violates the ETHICS RULE.
An appraiser has the professional responsibility to identify the capacity in which performing. -
ANS-True
An appraiser is disclosing to a client the fact that she had previously appraised the subject
property within the prior three years. When making this disclosure, the appraiser must be careful
to: - ANS-Not disclose confidential information from the previous assignment
An appraiser is engaged to appraise a single-unit dwelling. Upon inspection of the property, the
appraiser realizes it is a three-unit dwelling. The appraiser's best course of action is: -
ANS-Reconsider the scope of work before proceeding
An appraiser is permitted to be biased when performing an appraisal, as long as the bias is
properly disclosed. - ANS-False
An appraiser must disclose any service he or she provided regarding the subject property for a
period of ________ prior to agreeing to perform the assignment. - ANS-Three years
, An appraiser must not allow client objectives to cause the assignment results to be _________.
- ANS-biased
An appraiser performs an appraisal assignment and develops an opinion of value. This value
opinion is - ANS-an assignment result
An appraiser prepared an appraisal report in April 2019. He testified in court regarding the value
of the property in January 2020. The decision was rendered in February 2020 and was
appealed in April 2020. The appellate court heard the case in January 2021 and remanded the
case for reconsideration by the lower court. Final disposition of the case occurred in September
2021. At a minimum, how long must the appraiser retain his workfile? - ANS-April 2024
An appraiser receives a copy of a signed sales agreement for an office building, which specifies
the agreed-upon amount of $950,000. What does the for fire represent? - ANS-Price
An appraiser's client wishes to remain anonymous, and asks the appraiser not to include client's
identity in an appraisal report. What should the appraiser do? - ANS-Omit the client's identity
from the report but document the client's identity in the workfile.
An appraiser's peers are defined as other appraisers who: - ANS-Have expertise and
competency in a similar type of assignment
An appraiser's report must contain _________ to allow intended users to understand the scope
of work performed. - ANS-Sufficient information
An attended user is: - ANS-A party who is identified by the appraiser based on communication
with a client at the time of the assignment
An example of a relevant property characteristic that could affect a real property appraisal
assignment would be: - ANS-The fact that the subject property is affected by an easement
An extraordinary assumption may be used in an assignment only if: - ANS-Required to develop
credible results
An unacceptable assignment condition would be a condition that: - ANS-Limits the scope of
work to the extent that the value opinion is not credible, Precludes an appraiser's impartiality,
Limits report content, resulting in a misleading report (ALL of the answers listed)
And appraisers client requests anonymity and asks that their identity not appear in the Appraisal
Report That is prepared for the assignment. What must the appraiser do? - ANS-All of these
actions must be taken (State in the report that the clients identity has been withheld at the
clients request, use care not to violate the confidentiality section of the ETHICS RULE,
document the identity of the client in the workfile)
Appraisal practice includes only: - ANS-Valuation services provided by an individual acting as an
appraiser
Appraisers have broad _________ and significant _________ in determining the appropriate
scope of work in an assignment. - ANS-Flexibility, responsibility
As used in the JURISDICTIONAL EXCEPTION RULE, the term "law" includes ____________. -
ANS-All of these answers (court-made laws, legislative laws, administrative rules and
ordinances)
Bias is permitted in an appraisal as long as the bias is clearly disclosed to the report. -
ANS-False
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
"The type and extent of research and analysis in an appraisal or appraisal review assignment" is
the definition of _________. - ANS-Scope of work
A preference or inclination that precludes an appraiser's impartiality, independence, or
objectivity is: - ANS-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? - ANS-A valuation service
A state passes a law requiring appraisers to keep their workfiles for 10 years after preparation.
Is this a jurisdictional exception under USPAP? - ANS-No
A valuation service that is premised upon advocacy: - ANS-It cannot be performed by an
individual acting as an appraiser
A work file must be maintained for: - ANS-Appraisal and appraisal review assignments only
According to USPAP, the party or parties who engage an appraiser in a specific assignment
defines the: - ANS-client
Advisory Opinion are best described as - ANS-not part of USPAP, but included as references
material
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? - ANS-No, a true copy must include a signature
An appraiser concludes that a subject property has functional inadequacies. This conclusion is:
- ANS-An assignment result and must be treated as confidential
An appraiser has been asked to complete an appraisal assignment. The fee is to be paid only if
the loan closes. According to USPAP, may the appraiser accept the assignment under these
conditions? - ANS-No, the fee arrangement is an unethical contingency arrangement and
violates the ETHICS RULE.
An appraiser has the professional responsibility to identify the capacity in which performing. -
ANS-True
An appraiser is disclosing to a client the fact that she had previously appraised the subject
property within the prior three years. When making this disclosure, the appraiser must be careful
to: - ANS-Not disclose confidential information from the previous assignment
An appraiser is engaged to appraise a single-unit dwelling. Upon inspection of the property, the
appraiser realizes it is a three-unit dwelling. The appraiser's best course of action is: -
ANS-Reconsider the scope of work before proceeding
An appraiser is permitted to be biased when performing an appraisal, as long as the bias is
properly disclosed. - ANS-False
An appraiser must disclose any service he or she provided regarding the subject property for a
period of ________ prior to agreeing to perform the assignment. - ANS-Three years
, An appraiser must not allow client objectives to cause the assignment results to be _________.
- ANS-biased
An appraiser performs an appraisal assignment and develops an opinion of value. This value
opinion is - ANS-an assignment result
An appraiser prepared an appraisal report in April 2019. He testified in court regarding the value
of the property in January 2020. The decision was rendered in February 2020 and was
appealed in April 2020. The appellate court heard the case in January 2021 and remanded the
case for reconsideration by the lower court. Final disposition of the case occurred in September
2021. At a minimum, how long must the appraiser retain his workfile? - ANS-April 2024
An appraiser receives a copy of a signed sales agreement for an office building, which specifies
the agreed-upon amount of $950,000. What does the for fire represent? - ANS-Price
An appraiser's client wishes to remain anonymous, and asks the appraiser not to include client's
identity in an appraisal report. What should the appraiser do? - ANS-Omit the client's identity
from the report but document the client's identity in the workfile.
An appraiser's peers are defined as other appraisers who: - ANS-Have expertise and
competency in a similar type of assignment
An appraiser's report must contain _________ to allow intended users to understand the scope
of work performed. - ANS-Sufficient information
An attended user is: - ANS-A party who is identified by the appraiser based on communication
with a client at the time of the assignment
An example of a relevant property characteristic that could affect a real property appraisal
assignment would be: - ANS-The fact that the subject property is affected by an easement
An extraordinary assumption may be used in an assignment only if: - ANS-Required to develop
credible results
An unacceptable assignment condition would be a condition that: - ANS-Limits the scope of
work to the extent that the value opinion is not credible, Precludes an appraiser's impartiality,
Limits report content, resulting in a misleading report (ALL of the answers listed)
And appraisers client requests anonymity and asks that their identity not appear in the Appraisal
Report That is prepared for the assignment. What must the appraiser do? - ANS-All of these
actions must be taken (State in the report that the clients identity has been withheld at the
clients request, use care not to violate the confidentiality section of the ETHICS RULE,
document the identity of the client in the workfile)
Appraisal practice includes only: - ANS-Valuation services provided by an individual acting as an
appraiser
Appraisers have broad _________ and significant _________ in determining the appropriate
scope of work in an assignment. - ANS-Flexibility, responsibility
As used in the JURISDICTIONAL EXCEPTION RULE, the term "law" includes ____________. -
ANS-All of these answers (court-made laws, legislative laws, administrative rules and
ordinances)
Bias is permitted in an appraisal as long as the bias is clearly disclosed to the report. -
ANS-False
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
