USPAP With 153 Test Questions
When an extraordinary assumption is used in an appraisal, the report
must state the extraordinary assumption and
1) also value the property without the extraordinary assumption
2) explain it in an addendum to the report
3) provide proof of client approval for the extraordinary assumption
4) state that its use may have affected the assignment results -
Correct Answer ✔ ✔ 4) state that its use may have affected the
assignment results
What is the purpose of including a signed certification in an appraisal
report?
1) For the appraiser to acknowledge his or her ethical obligations
2) To certify that the appraiser was of sound mind
,3) To prove that an actual written report was provided by the
appraiser
4) Because it is required by Fannie Mae - Correct Answer ✔ ✔ 1)
For the appraiser to acknowledge his or her ethical obligations
According to USPAP, any appraiser who signs any part of an appraisal
report is required to
1) inspect the property
2) sign a certification
3) sign the letter of transmittal
4) read the report - Correct Answer ✔ ✔ 2) sign a certification
An appraiser provides an oral report of a real property appraisal.
Which statement is CORRECT?
1) The appraiser must send a written, signed, and dated certification
to the client after she provides the oral report.
,2) The appraiser has no USPAP reporting obligations because she
provided an oral report.
3) The appraiser must add a signed and dated certification to her
appraisal workfile.
4) Because she gave an oral report, the appraiser does not have to
sign a certification. - Correct Answer ✔ ✔ 3) The appraiser must
add a signed and dated certification to her appraisal workfile.
USPAP requires an appraiser to obtain a release from a previous client
before appraising the same property for a new client.
1) True
2) False - Correct Answer ✔ ✔ 2) False
An appraiser completes an appraisal for Bank A. Two months later, he
is contacted by Bank B, who asks him to "readdress" his prior report
to them. Which statement is TRUE about the appraiser's USPAP
obligations?
, 1) He is not permitted to do a new appraisal for Bank B because he
appraised the same property for Bank A within the last three years
2) He can "readdress" the report only if the value and/or market
conditions have not changed
3) He is not permitted to "readdress" the report to Bank B
4) He can "readdress" the report if he obtains permission from Bank A
- Correct Answer ✔ ✔ 3) He is not permitted to "readdress" the
report to Bank B
If a client requests a more current valuation on a property that was
the subject of a prior assignment, this is a(n) ____________
1) recertification of value
2) extension of a prior assignment
3) new assignment
When an extraordinary assumption is used in an appraisal, the report
must state the extraordinary assumption and
1) also value the property without the extraordinary assumption
2) explain it in an addendum to the report
3) provide proof of client approval for the extraordinary assumption
4) state that its use may have affected the assignment results -
Correct Answer ✔ ✔ 4) state that its use may have affected the
assignment results
What is the purpose of including a signed certification in an appraisal
report?
1) For the appraiser to acknowledge his or her ethical obligations
2) To certify that the appraiser was of sound mind
,3) To prove that an actual written report was provided by the
appraiser
4) Because it is required by Fannie Mae - Correct Answer ✔ ✔ 1)
For the appraiser to acknowledge his or her ethical obligations
According to USPAP, any appraiser who signs any part of an appraisal
report is required to
1) inspect the property
2) sign a certification
3) sign the letter of transmittal
4) read the report - Correct Answer ✔ ✔ 2) sign a certification
An appraiser provides an oral report of a real property appraisal.
Which statement is CORRECT?
1) The appraiser must send a written, signed, and dated certification
to the client after she provides the oral report.
,2) The appraiser has no USPAP reporting obligations because she
provided an oral report.
3) The appraiser must add a signed and dated certification to her
appraisal workfile.
4) Because she gave an oral report, the appraiser does not have to
sign a certification. - Correct Answer ✔ ✔ 3) The appraiser must
add a signed and dated certification to her appraisal workfile.
USPAP requires an appraiser to obtain a release from a previous client
before appraising the same property for a new client.
1) True
2) False - Correct Answer ✔ ✔ 2) False
An appraiser completes an appraisal for Bank A. Two months later, he
is contacted by Bank B, who asks him to "readdress" his prior report
to them. Which statement is TRUE about the appraiser's USPAP
obligations?
, 1) He is not permitted to do a new appraisal for Bank B because he
appraised the same property for Bank A within the last three years
2) He can "readdress" the report only if the value and/or market
conditions have not changed
3) He is not permitted to "readdress" the report to Bank B
4) He can "readdress" the report if he obtains permission from Bank A
- Correct Answer ✔ ✔ 3) He is not permitted to "readdress" the
report to Bank B
If a client requests a more current valuation on a property that was
the subject of a prior assignment, this is a(n) ____________
1) recertification of value
2) extension of a prior assignment
3) new assignment
