7-HR NATIONAL USPAP COURSE 2024 NEW VERSION
FINAL EXAM WITH COMPLETE 100 QUESTIONS AND
CORRECT ANSWERS GRADED A+
The ASB considers suggestions for changes to USPAP from: - ANSWER -
>Appraisers, users of appraisal services, regulators, and others
You have a suggestion for a change to USPAP, and you want to tell the
ASB about it. When making your suggestion, it is helpful to the ASB if
you: - ANSWER ->Explain how the proposed change will enhance public
trust in appraisal practice
The ASB has received numerous public comment letters in response to
an exposure draft. When considering these comments, the ASB's
primary focus is: - ANSWER ->The reasoning and insight presented in
the letter
The term "credible," as used in USPAP, refers to: - ANSWER ->Appraisal
development
An appraisal reviewer uses the word "misleading" in relation to the
work under review. Assuming the reviewer has used this term properly,
the reviewer is referring to: - ANSWER ->The report under review
Assignment results in a real property appraisal assignment would
include: - ANSWER ->The highest and best use conclusion
In a real property appraisal assignment, assignment conditions would
NOT include: - ANSWER ->Assignment due date
,The revision to the definition of Personal Property for 2020-21 was
made for the purpose of: - ANSWER ->Including items that are
developed and stored electronically
According to the definition of personal inspection in USPAP: - ANSWER -
>An appraiser is not expected to perform specialized testing or use
special equipment
An appraiser values a property based on viewing high-definition video
footage shot from a drone piloted by the appraiser's assistant. The
appraiser did not visit the property. The appraiser views and reviews
the video footage so many times that she truly feels like she has been
at the property. May the appraiser sign a certification indicating that
she made a personal inspection of the subject property? - ANSWER -
>No, because the appraiser was never physically present at the
property
The definition of misleading in the 2020-21 USPAP specifies that a
misrepresentation, misstatement, or concealment of relevant facts or
conclusions: - ANSWER ->May be intentional or unintentional
Features that affect a property's value or marketability are: - ANSWER -
>Relevant characteristics
An appraiser inserts this statement in an appraisal report. "The dwelling
has one bedroom and therefore does not meet the demands of typical
buyers in its market." What is this statement? - ANSWER ->Both a
physical characteristic and an assignment result
Physical characteristics are best described as: - ANSWER ->Facts
, An appraiser is developing a market value appraisal. What should he or
she do with regard to the definition of value? - ANSWER ->Identify the
definition of market value that is appropriate for the assignment
In a real property appraisal assignment, assignment conditions would
NOT include: - ANSWER ->Assignment due date
One who is expected to render valuation services competently and in a
manner that is independent, impartial, and objective, is the definition
of: - ANSWER ->Appraiser
Assignment elements include all of the following except: - ANSWER -
>Due date for report submission
An appraiser completes an appraisal on a property, using a current
effective date, and transmits the report to the client. The client
subsequently requests the appraiser to revise the appraisal to change
the effective date to a retrospective date. May the appraiser comply
with this request as part of the original assignment? - ANSWER ->No,
changing the effective date results in a new assignment
An appraiser is offered an appraisal review assignment by a potential
new client. What must the appraiser do before determining the scope
of work for this assignment? - ANSWER ->Identify the assignment
elements
An appraiser is asked by a client, a residential mortgage lender, to value
a mixed-use property solely as a residence and omit any information
about the property's non-residential characteristics from the appraisal
report. The appraiser complies with the client's request. What is the
most appropriate USPAP term to describe the appraiser's actions? -
ANSWER ->Misleading
FINAL EXAM WITH COMPLETE 100 QUESTIONS AND
CORRECT ANSWERS GRADED A+
The ASB considers suggestions for changes to USPAP from: - ANSWER -
>Appraisers, users of appraisal services, regulators, and others
You have a suggestion for a change to USPAP, and you want to tell the
ASB about it. When making your suggestion, it is helpful to the ASB if
you: - ANSWER ->Explain how the proposed change will enhance public
trust in appraisal practice
The ASB has received numerous public comment letters in response to
an exposure draft. When considering these comments, the ASB's
primary focus is: - ANSWER ->The reasoning and insight presented in
the letter
The term "credible," as used in USPAP, refers to: - ANSWER ->Appraisal
development
An appraisal reviewer uses the word "misleading" in relation to the
work under review. Assuming the reviewer has used this term properly,
the reviewer is referring to: - ANSWER ->The report under review
Assignment results in a real property appraisal assignment would
include: - ANSWER ->The highest and best use conclusion
In a real property appraisal assignment, assignment conditions would
NOT include: - ANSWER ->Assignment due date
,The revision to the definition of Personal Property for 2020-21 was
made for the purpose of: - ANSWER ->Including items that are
developed and stored electronically
According to the definition of personal inspection in USPAP: - ANSWER -
>An appraiser is not expected to perform specialized testing or use
special equipment
An appraiser values a property based on viewing high-definition video
footage shot from a drone piloted by the appraiser's assistant. The
appraiser did not visit the property. The appraiser views and reviews
the video footage so many times that she truly feels like she has been
at the property. May the appraiser sign a certification indicating that
she made a personal inspection of the subject property? - ANSWER -
>No, because the appraiser was never physically present at the
property
The definition of misleading in the 2020-21 USPAP specifies that a
misrepresentation, misstatement, or concealment of relevant facts or
conclusions: - ANSWER ->May be intentional or unintentional
Features that affect a property's value or marketability are: - ANSWER -
>Relevant characteristics
An appraiser inserts this statement in an appraisal report. "The dwelling
has one bedroom and therefore does not meet the demands of typical
buyers in its market." What is this statement? - ANSWER ->Both a
physical characteristic and an assignment result
Physical characteristics are best described as: - ANSWER ->Facts
, An appraiser is developing a market value appraisal. What should he or
she do with regard to the definition of value? - ANSWER ->Identify the
definition of market value that is appropriate for the assignment
In a real property appraisal assignment, assignment conditions would
NOT include: - ANSWER ->Assignment due date
One who is expected to render valuation services competently and in a
manner that is independent, impartial, and objective, is the definition
of: - ANSWER ->Appraiser
Assignment elements include all of the following except: - ANSWER -
>Due date for report submission
An appraiser completes an appraisal on a property, using a current
effective date, and transmits the report to the client. The client
subsequently requests the appraiser to revise the appraisal to change
the effective date to a retrospective date. May the appraiser comply
with this request as part of the original assignment? - ANSWER ->No,
changing the effective date results in a new assignment
An appraiser is offered an appraisal review assignment by a potential
new client. What must the appraiser do before determining the scope
of work for this assignment? - ANSWER ->Identify the assignment
elements
An appraiser is asked by a client, a residential mortgage lender, to value
a mixed-use property solely as a residence and omit any information
about the property's non-residential characteristics from the appraisal
report. The appraiser complies with the client's request. What is the
most appropriate USPAP term to describe the appraiser's actions? -
ANSWER ->Misleading
