USPAP Questions and Answers 100% Solved
A tangible object that is not real estate is A) overly priced B) personal property C) machinery D)
borrowed property personal property
Appraisal practice includes only A) valuation services performed by an individual acting as an
appraiser B) market value appraisals C) work completed by licensed and certified appraisers D)
appraisal, appraisal review, and appraisal consulting valuation services performed by an
individual acting as an appraiser
Who maintains the official national registry of state certified and licensed appraisers (REAL
ESTATE only)?A) AQB (Appraisal Qualifications Board) B) ASB (Appraisal Standards Board)
C) TAF (The Appraisal Foundation) D) ASC (Appraisal Subcommittee) Appraisal
subcommittee
True or False....It is unethical to accept an assignment with the understanding that payment will
be made if and when the loan closes. True
,True or False...Under USPAP confidential information is information the appraiser receives from
the client, is not available from any other source and is identified by the client as confidential.
True
True or False....An appraiser may only disclose confidential information to the client and to
persons specifically authorized by the client. False -- peers, due process, state regulatory
agencies also
True or False...The Competency Rule requires the appraiser to disclose lack of knowledge or
experience prior to agreeing to accept an assignment. True
True or False...The three parts of the Ethics Rule are Conduct, Management, Confidentiality
True
True or False....An appraiser may accept assignments with predetermined opinions and
conclusions as long as the purchase contract supports the opinion or conclusion False, no
predetermined results
True or False....Bias is allowed in an appraisal as long as it is disclosed in the report. False
, True or False...Payment of a fee to procure appraisal assignments is permitted if disclosed in the
certification and in any transmittal letter. True
True or False...An appraiser must obtain the necessary competency prior to accepting the
assignment. False
In an assignment, the scope of work is an ______ process. ongoing
In order to determine the appropriate scope of work, the appraiser must _____ the problem to be
solved. identify
An appraiser must not allow client objectives to _____ the assignment results. bias
Appraisers have broad ____ and significant ____ in determining the appropriate scope of work.
flexibility/ responsibility
An appraisers' report must contain the _____ to allow intended users to understand the scope of
work performed. scope of work decision
A tangible object that is not real estate is A) overly priced B) personal property C) machinery D)
borrowed property personal property
Appraisal practice includes only A) valuation services performed by an individual acting as an
appraiser B) market value appraisals C) work completed by licensed and certified appraisers D)
appraisal, appraisal review, and appraisal consulting valuation services performed by an
individual acting as an appraiser
Who maintains the official national registry of state certified and licensed appraisers (REAL
ESTATE only)?A) AQB (Appraisal Qualifications Board) B) ASB (Appraisal Standards Board)
C) TAF (The Appraisal Foundation) D) ASC (Appraisal Subcommittee) Appraisal
subcommittee
True or False....It is unethical to accept an assignment with the understanding that payment will
be made if and when the loan closes. True
,True or False...Under USPAP confidential information is information the appraiser receives from
the client, is not available from any other source and is identified by the client as confidential.
True
True or False....An appraiser may only disclose confidential information to the client and to
persons specifically authorized by the client. False -- peers, due process, state regulatory
agencies also
True or False...The Competency Rule requires the appraiser to disclose lack of knowledge or
experience prior to agreeing to accept an assignment. True
True or False...The three parts of the Ethics Rule are Conduct, Management, Confidentiality
True
True or False....An appraiser may accept assignments with predetermined opinions and
conclusions as long as the purchase contract supports the opinion or conclusion False, no
predetermined results
True or False....Bias is allowed in an appraisal as long as it is disclosed in the report. False
, True or False...Payment of a fee to procure appraisal assignments is permitted if disclosed in the
certification and in any transmittal letter. True
True or False...An appraiser must obtain the necessary competency prior to accepting the
assignment. False
In an assignment, the scope of work is an ______ process. ongoing
In order to determine the appropriate scope of work, the appraiser must _____ the problem to be
solved. identify
An appraiser must not allow client objectives to _____ the assignment results. bias
Appraisers have broad ____ and significant ____ in determining the appropriate scope of work.
flexibility/ responsibility
An appraisers' report must contain the _____ to allow intended users to understand the scope of
work performed. scope of work decision
