USPAP Exam Questions With Correct
Answers
Different appraisal regulations among states. - correct answersWhich is not one of the
contributing factors that led to a need for regulation in the appraisal profession?
Appraisal Subcommittee (ASC) - correct answersResponsible for the Federal oversight of state
real estate licensing and certification
TRUE - correct answers(T/F) The AppraisalSubcommittee monitors the activities of TAF to
determine if policies and procedures are consistent with title XI of FIRREA
Appraisal Subcommittee (ASC) - correct answersWhich board maintains the official National
Registry of appraisers?
Appraisal Practices Board (APB) - correct answersThe board that identifies and issues
voluntary guidance relating to recognized methods and techniques is the
TRUE - correct answers(T/F) State agencies may impose appraiser requirements above and
beyond those required by the Appraiser Qualifications Board and the Appraiser Standards
Board.
State Regulatory Agencies - correct answersWho is responsible for enforcing USPAP?
Contains terms that have a specific meaning in USPAP - correct answersThe definitions section
of USPAP
,Promote and maintain a high level of public trust in appraisal practice. - correct answersThe
preamble of USPAP sets the tone that the purpose of USPAP is to
A manner that is meaningful and not misleading. - correct answersThe preamble of USPAP
requires. Appraisers to communicate their analysis, opinions and conclusions in
3. Disclose the scope of work in the report. - correct answersThe Scope of Work Rule
establishes three general requirements. 1. Identify the problem, 2. Determine the appropriate
scope of work and
Illustrate the applicability of USPAP in specific situations. - correct answersShelia had
concerns about an appraisal situation and she was uncertain how to proceed. She consulted
the USPAP Advisory opinions which
Advisory Opinions - correct answersWhich is NOT a part of USPAP?
Standard 2 - correct answersWhich USPAP Standard addresses the reporting of an individual
in a real property appraisal?
Problem identification - correct answersThe USPAP Appraisal Process begins with
Reconciliation and final value opinion. - correct answersIn the USPAP Appraisal Process, which
is the final step in the development process?
All types of property. - correct answersThe USPAP Appraisal Process can be followed for
appraising what types of property?
Relationship to a previous appraisal or numerical benchmark. - correct answersAn appraisal
must be in a specific number, a range of numbers or a
, Workfile - correct answersThe subject of an appraisal review could be all or part of a REPORT,
a___________________________, or a combination of these
Do not - correct answersUSPAP definitions ____________________ specifically define the
term "Market Value" that is consistently applied by the appraiser when the type of value in
the assignment is market value.
An authorized representative of the lender - correct answersIn an assignment for which the
appraiser was hired by an appraisal management company (AMC) the appraiser may consider
the lender the client as long as the AMC is
Opinions and conclusions - correct answersWithin USPAP, the appraisers
_______________________________ are (is) always specific to the intended use
By name or type - correct answersIntended users in a specific assignment must be identified
Preference or inclination - correct answersUSPAP defines bias as a
________________________ that precludes an appraisers impartiality, independence or
objectivity in an assignment
Identify the problem - correct answersIn order to determine the scope of work to perform in
an assignment, what must the appraiser first do?
Assumption - correct answersCraig, a real property appraiser is not an expert in real estate
law. In every assignment, he includes a disclosure stating this fact and that in his conclusions,
he is considering the property to have good and marketable title. which best describes Craig's
action?
Answers
Different appraisal regulations among states. - correct answersWhich is not one of the
contributing factors that led to a need for regulation in the appraisal profession?
Appraisal Subcommittee (ASC) - correct answersResponsible for the Federal oversight of state
real estate licensing and certification
TRUE - correct answers(T/F) The AppraisalSubcommittee monitors the activities of TAF to
determine if policies and procedures are consistent with title XI of FIRREA
Appraisal Subcommittee (ASC) - correct answersWhich board maintains the official National
Registry of appraisers?
Appraisal Practices Board (APB) - correct answersThe board that identifies and issues
voluntary guidance relating to recognized methods and techniques is the
TRUE - correct answers(T/F) State agencies may impose appraiser requirements above and
beyond those required by the Appraiser Qualifications Board and the Appraiser Standards
Board.
State Regulatory Agencies - correct answersWho is responsible for enforcing USPAP?
Contains terms that have a specific meaning in USPAP - correct answersThe definitions section
of USPAP
,Promote and maintain a high level of public trust in appraisal practice. - correct answersThe
preamble of USPAP sets the tone that the purpose of USPAP is to
A manner that is meaningful and not misleading. - correct answersThe preamble of USPAP
requires. Appraisers to communicate their analysis, opinions and conclusions in
3. Disclose the scope of work in the report. - correct answersThe Scope of Work Rule
establishes three general requirements. 1. Identify the problem, 2. Determine the appropriate
scope of work and
Illustrate the applicability of USPAP in specific situations. - correct answersShelia had
concerns about an appraisal situation and she was uncertain how to proceed. She consulted
the USPAP Advisory opinions which
Advisory Opinions - correct answersWhich is NOT a part of USPAP?
Standard 2 - correct answersWhich USPAP Standard addresses the reporting of an individual
in a real property appraisal?
Problem identification - correct answersThe USPAP Appraisal Process begins with
Reconciliation and final value opinion. - correct answersIn the USPAP Appraisal Process, which
is the final step in the development process?
All types of property. - correct answersThe USPAP Appraisal Process can be followed for
appraising what types of property?
Relationship to a previous appraisal or numerical benchmark. - correct answersAn appraisal
must be in a specific number, a range of numbers or a
, Workfile - correct answersThe subject of an appraisal review could be all or part of a REPORT,
a___________________________, or a combination of these
Do not - correct answersUSPAP definitions ____________________ specifically define the
term "Market Value" that is consistently applied by the appraiser when the type of value in
the assignment is market value.
An authorized representative of the lender - correct answersIn an assignment for which the
appraiser was hired by an appraisal management company (AMC) the appraiser may consider
the lender the client as long as the AMC is
Opinions and conclusions - correct answersWithin USPAP, the appraisers
_______________________________ are (is) always specific to the intended use
By name or type - correct answersIntended users in a specific assignment must be identified
Preference or inclination - correct answersUSPAP defines bias as a
________________________ that precludes an appraisers impartiality, independence or
objectivity in an assignment
Identify the problem - correct answersIn order to determine the scope of work to perform in
an assignment, what must the appraiser first do?
Assumption - correct answersCraig, a real property appraiser is not an expert in real estate
law. In every assignment, he includes a disclosure stating this fact and that in his conclusions,
he is considering the property to have good and marketable title. which best describes Craig's
action?
