USPAP Questions and Answers Verified by
Experts
Which of the following must be summarized in a written mass appraisal report? C.
procedures for collecting, validating, and reporting data.
Levels of trade is a market reference in? D. personal property appraisers
When appraising a business equity interest, the appraiser must identify? A. all relevant
buy, sell, and options agreement.
If an appraiser agrees to develop an opinion of market value for a property on which there is a
current agreement of sell. The agreement of sale must be? A. analyzed in the appraisal.
The income approach to value must be developed in an appraisal when? C. it is necessary
for credible assignment results.
Who is responsible for the scope of work decision in the assignment? A. an appraiser
, When must an appraiser develop an opinion of highest and best use? A. when necessary
for credible assignment results
In developing an appraisal, the appraiser must? D. not commit a substantial error that
significantly affects the appraisal.
What is the final step in the appraisal development? C. reconciliation
What specific requirements if any apply to the development of value of opinion that is based on
non-market financing? B. identify the financing terms and develop an opinion of their
affect on value.
At a firm with multiple appraisers, clients require the chief of appraiser to cosign all report's
certification. If reports of one staff appraiser's were later found to contain USPAP violation, the
chief appraiser must? B. takes full responsibility for the assignment results and the content
of the report by signing the certificate.
All appraisal reports must contain? C. Sufficient information to enable intended users to
understand the report properly.
Experts
Which of the following must be summarized in a written mass appraisal report? C.
procedures for collecting, validating, and reporting data.
Levels of trade is a market reference in? D. personal property appraisers
When appraising a business equity interest, the appraiser must identify? A. all relevant
buy, sell, and options agreement.
If an appraiser agrees to develop an opinion of market value for a property on which there is a
current agreement of sell. The agreement of sale must be? A. analyzed in the appraisal.
The income approach to value must be developed in an appraisal when? C. it is necessary
for credible assignment results.
Who is responsible for the scope of work decision in the assignment? A. an appraiser
, When must an appraiser develop an opinion of highest and best use? A. when necessary
for credible assignment results
In developing an appraisal, the appraiser must? D. not commit a substantial error that
significantly affects the appraisal.
What is the final step in the appraisal development? C. reconciliation
What specific requirements if any apply to the development of value of opinion that is based on
non-market financing? B. identify the financing terms and develop an opinion of their
affect on value.
At a firm with multiple appraisers, clients require the chief of appraiser to cosign all report's
certification. If reports of one staff appraiser's were later found to contain USPAP violation, the
chief appraiser must? B. takes full responsibility for the assignment results and the content
of the report by signing the certificate.
All appraisal reports must contain? C. Sufficient information to enable intended users to
understand the report properly.
