USPAP (Example Questions and Answers from the book) 2025/2026

USPAP (Example Questions and Answers from the book) 2025/2026 Different appraisal regulations among states. - Answer -Which is not one of the contributing factors that led to a need for regulation in the appraisal profession? Appraisal Subcommittee (ASC) - Answer -Responsible for the Federal oversight of state real estate licensing and certification TRUE - Answer -(T/F) The Appraisal Subcommittee monitors the activities of TAF to determine if policies and procedures are consistent with title XI of FIRREA Appraisal Subcommittee (ASC) - Answer -Which board maintains the official National Registry of appraisers? Appraisal Practices Board (APB) - Answer -The board that identifies and issues voluntary guidance relating to recognized methods and techniques is the TRUE - Answer -(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 - Answer -Who is responsible for enforcing USPAP? Contains terms that have a specific meaning in USPAP - Answer -The definitions section of USPAP Promote and maintain a high level of public trust in appraisal practice. - Answer -The preamble of USPAP sets the tone that the purpose of USPAP is toA manner that is meaningful and not misleading. - Answer -The preamble of USPAP requires. Appraisers to communicate their analysis, opinions and conclusions in 3. Disclose the scope of work in the report. - Answer -The 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. - Answer -Shelia had concerns about an appraisal situation and she was uncertain how to proceed. She consulted the USPAP Advisory opinions which Advisory Opinions - Answer -Which is NOT a part of USPAP? Standard 2 - Answer -Which USPAP Standard addresses the reporting of an individual in a real property appraisal? Problem identification - Answer -The USPAP Appraisal Process begins with Reconciliation and final value opinion. - Answer -In the USPAP Appraisal Process, which is the final step in the development process? All types of property. - Answer -The USPAP Appraisal Process can be followed for appraising what types of property? Relationship to a previous appraisal or numerical benchmark. - Answer -An appraisal must be in a specific number, a range of numbers or a Workfile - Answer -The subject of an appraisal review could be all or part of a REPORT, a___________________________, or a combination of these Do not - Answer -USPAP 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.