USPAP EXAM REVIEW QUESTIONS
WITH VERIFIED ANSWERS
\Q\.Identifying an individual specifically as an appraiser who must comply with USPAP in a
valuation service is established by
a) expectations about the manner in which the individual provides valuation services.
b) the license level of the appraiser.
c) the individual's credentials.
d) the type of service that requires an opinion. - ANSWERS✔-expectations about the manner in
which the individual provides valuation services.
\Q\.When an appraiser considers the amount and type of information he will research and also
the analyses he will apply in an appraisal or appraisal review assignment, the decision that
results is identified as
a) valuation services.
b) assignment results.
c) market analysis.
d) scope of work. - ANSWERS✔-scope of work
\Q\.Based on the requirements found in the ETHICS RULE, when must an appraiser comply with
USPAP?
a) when required by law, regulation, or agreement with the client or other intended users
b) when performing a valuation service
,c) when the client is aware the individual is an appraiser
d) when the services include a written appraisal report - ANSWERS✔-when required by law,
regulation, or agreement with the client or other intended users
\Q\.When reporting assignment results for an appraisal, what date(s) are required in the
appraisal report?
a) inspection date and signature date
b) effective date only
c) effective date and date of the report
d) signature date only - ANSWERS✔-effective date and date of the repor
\Q\.The ETHICS RULE makes a distinction between when an appraiser must comply with USPAP
and when an appraiser should comply. How does this distinction apply to services that fall
outside appraisal practice?
a) Laws and regulations may not apply to these services, but an appraiser has ethical obligations
when acting in the role of an appraiser.
b) Compliance with USPAP is optional.
c) Valuation services performed by appraisers are not subject to USPAP.
d) The appraiser's ethical obligations are limited to appraisal and appraisal review. -
ANSWERS✔-Laws and regulations may not apply to these services, but an appraiser has ethical
obligations when acting in the role of an appraiser.
\Q\.Who may provide suggestions on changes to USPAP?
a) members of the general public
b) all of these answers
,c) users of appraisal services
d) appraisers - ANSWERS✔-all of these answers
\Q\.What assignment condition is defined as directly related to a specific assignment, which is
contrary to what is known by the appraiser to exist on the effective date of the assignment
results, but is used for purposes of analysis?
an extraordinary assumption
a jurisdictional exception
a hypothetical condition
an assumption - ANSWERS✔-a hypothetical condition
\Q\.A reviewer used additional data not available to the original appraiser. When is this
acceptable review practice under USPAP?
when the data is not used to impeach or discredit the original appraiser's value opinion
when the data is not used in a review that includes the reviewer's own opinion of value
when the data supports facts in the appraisal report under review
when the data discredits the data in the appraisal report under review - ANSWERS✔-when the
data is not used to impeach or discredit the original appraiser's value opinion
\Q\.An appraiser has electronically transmitted an appraisal report to a client. What does the
appraiser need to know about workfile requirements?
A digital signature on the certification of the electronic workfile copy will not qualify as a true
copy.
A certification signature on the electronic copy for the workfile is not required.
A paper photocopy must be retained in the workfile in order to satisfy a true copy.
, An electronic copy of the appraisal report transmitted to the client satisfies the workfile
requirement as a true copy of the report. - ANSWERS✔-An electronic copy of the appraisal
report transmitted to the client satisfies the workfile requirement as a true copy of the report.
\Q\.What must an individual, who is not acting in the role of an appraiser, do when performing
a valuation service that is outside the appraisal practice?
Identify the service as consulting.
Comply with all applicable sections of USPAP.
Not misrepresent the capacity of his or her services.
Not use any appraisal knowledge or expertise in the service. - ANSWERS✔-Not misrepresent the
capacity of his or her services.
\Q\.What organization sets the Congressionally authorized standards and qualifications for real
estate appraisers?
Federal Financial Institutions Examinations Council
The Appraisal Foundation
Appraisal Subcommittee
Ad-Hoc Committee - ANSWERS✔-The Appraisal Foundation
\Q\.An appraiser agrees to perform an assignment and soon realizes that she previously
performed a valuation service involving the property within the last three years. What is the
appraiser's first obligation?
Withdraw from the assignment.
The appraiser has no disclosure obligation because she didn't perform an appraisal in the prior
service.
WITH VERIFIED ANSWERS
\Q\.Identifying an individual specifically as an appraiser who must comply with USPAP in a
valuation service is established by
a) expectations about the manner in which the individual provides valuation services.
b) the license level of the appraiser.
c) the individual's credentials.
d) the type of service that requires an opinion. - ANSWERS✔-expectations about the manner in
which the individual provides valuation services.
\Q\.When an appraiser considers the amount and type of information he will research and also
the analyses he will apply in an appraisal or appraisal review assignment, the decision that
results is identified as
a) valuation services.
b) assignment results.
c) market analysis.
d) scope of work. - ANSWERS✔-scope of work
\Q\.Based on the requirements found in the ETHICS RULE, when must an appraiser comply with
USPAP?
a) when required by law, regulation, or agreement with the client or other intended users
b) when performing a valuation service
,c) when the client is aware the individual is an appraiser
d) when the services include a written appraisal report - ANSWERS✔-when required by law,
regulation, or agreement with the client or other intended users
\Q\.When reporting assignment results for an appraisal, what date(s) are required in the
appraisal report?
a) inspection date and signature date
b) effective date only
c) effective date and date of the report
d) signature date only - ANSWERS✔-effective date and date of the repor
\Q\.The ETHICS RULE makes a distinction between when an appraiser must comply with USPAP
and when an appraiser should comply. How does this distinction apply to services that fall
outside appraisal practice?
a) Laws and regulations may not apply to these services, but an appraiser has ethical obligations
when acting in the role of an appraiser.
b) Compliance with USPAP is optional.
c) Valuation services performed by appraisers are not subject to USPAP.
d) The appraiser's ethical obligations are limited to appraisal and appraisal review. -
ANSWERS✔-Laws and regulations may not apply to these services, but an appraiser has ethical
obligations when acting in the role of an appraiser.
\Q\.Who may provide suggestions on changes to USPAP?
a) members of the general public
b) all of these answers
,c) users of appraisal services
d) appraisers - ANSWERS✔-all of these answers
\Q\.What assignment condition is defined as directly related to a specific assignment, which is
contrary to what is known by the appraiser to exist on the effective date of the assignment
results, but is used for purposes of analysis?
an extraordinary assumption
a jurisdictional exception
a hypothetical condition
an assumption - ANSWERS✔-a hypothetical condition
\Q\.A reviewer used additional data not available to the original appraiser. When is this
acceptable review practice under USPAP?
when the data is not used to impeach or discredit the original appraiser's value opinion
when the data is not used in a review that includes the reviewer's own opinion of value
when the data supports facts in the appraisal report under review
when the data discredits the data in the appraisal report under review - ANSWERS✔-when the
data is not used to impeach or discredit the original appraiser's value opinion
\Q\.An appraiser has electronically transmitted an appraisal report to a client. What does the
appraiser need to know about workfile requirements?
A digital signature on the certification of the electronic workfile copy will not qualify as a true
copy.
A certification signature on the electronic copy for the workfile is not required.
A paper photocopy must be retained in the workfile in order to satisfy a true copy.
, An electronic copy of the appraisal report transmitted to the client satisfies the workfile
requirement as a true copy of the report. - ANSWERS✔-An electronic copy of the appraisal
report transmitted to the client satisfies the workfile requirement as a true copy of the report.
\Q\.What must an individual, who is not acting in the role of an appraiser, do when performing
a valuation service that is outside the appraisal practice?
Identify the service as consulting.
Comply with all applicable sections of USPAP.
Not misrepresent the capacity of his or her services.
Not use any appraisal knowledge or expertise in the service. - ANSWERS✔-Not misrepresent the
capacity of his or her services.
\Q\.What organization sets the Congressionally authorized standards and qualifications for real
estate appraisers?
Federal Financial Institutions Examinations Council
The Appraisal Foundation
Appraisal Subcommittee
Ad-Hoc Committee - ANSWERS✔-The Appraisal Foundation
\Q\.An appraiser agrees to perform an assignment and soon realizes that she previously
performed a valuation service involving the property within the last three years. What is the
appraiser's first obligation?
Withdraw from the assignment.
The appraiser has no disclosure obligation because she didn't perform an appraisal in the prior
service.
