USPAP EXAM, FINAL EXAM, PRACTICE EXAM AND COURSE
EXAM LATEST ACTUAL EXAM TEST WITH QUESTIONS AND
CORRECT DETAILED ANSWERS | GRADED A+
The Appraisal Foundation has the authority to enforce the requirements of USPAP. - ANSWER False;
The Appraisal Foundation is a private entity. The Foundation and its boards have no enforcement
authority in any jurisdiction.
Which Foundation board is responsible for USPAP? - ANSWER Appraisal Standards Board (ASB)
Currently, the boards within The Appraisal Foundation include: - ANSWER Appraisal Standards Board,
Appraiser Qualifications Board, Board of Trustees
Which entity is responsible for establishing education and experience requirements for licensing and
certification of appraisers? - ANSWER Appraiser Qualifications Board (AQB)
Which entity appoints members of the AQB and ASB? - ANSWER Board of Trustees (BOT)
Qualification criteria for appraiser certification and recertification are disseminated to state appraisal
boards by the: - ANSWER Appraiser Qualifications Board (AQB)
Advisory Opinions are best described as - ANSWER not part of USPAP, but included as reference
material
USPAP is written, amended, and interpreted by the: - ANSWER Appraisal Standards Board (ASB)
USPAP is enforced by: - ANSWER State appraiser licensing/certification agencies
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - ANSWER Writing, interpreting,
and amending USPAP
WRONG ANSWERs: Monitoring the practices, procedures, and activities of The Appraisal Foundation,
Maintaining a National Registry of licensed and certified appraisers, Overseeing each state's
appraiser licensing and certification program are handled by the ASC
,Which entity maintains the official National Registry of state-certified and licensed appraisers? -
ANSWER Appraisal Subcommittee (ASC)
Who is responsible for issuing credentials to individual appraisers? - ANSWER State appraisal
regulatory agencies
Why are USPAP Advisory Opinions issued? - ANSWER To offer advice
Which of these is considered an integral part of USPAP and has the same weight as the components
they address? - ANSWER Comments
Which part of USPAP establishes the requirements for workfile content for an appraisal or appraisal
review assignment? - ANSWER RECORD KEEPING RULE
In USPAP, the appraisal process is divided into two distinct types of activity: _________ and
__________. - ANSWER Development, reporting
The first step in the appraisal process is: - ANSWER Identify the problem
Which step in the appraisal process involves communication of the appraiser's opinions and
conclusions? - ANSWER Reporting
To which property types does USPAP apply? - ANSWER Both tangible and intangible property
What is the stated purpose of USPAP? - ANSWER Promote and maintain a high level of public trust in
appraisal practice
The PREAMBLE states that USPAP intended to benefit: - ANSWER Appraisers and users of appraisal
services
When obligated by law or regulation, an appraiser _______ comply with USPAP. - ANSWER Must
The requirement for USPAP compliance in an appraisal assignment could be the result of: - ANSWER
Any of these ANSWERs
, An appraiser has the professional responsibility to identify the capacity in which he or she is
performing. - ANSWER True
When performing valuation services outside of appraisal practice, an individual must be careful not
to __________ the client and other intended users about his or her role. - ANSWER Mislead
A valuation service that is premised upon advocacy: - ANSWER It cannot be performed by an
individual acting as an appraiser
USPAP states that in a situation when an individual is not required by law, regulation, or agreement
to comply with USPAP: - ANSWER The individual should still comply when he or she is acting as an
appraiser
A preference or inclination that precludes an appraiser's impartiality, independence, or objectivity is:
- ANSWER Bias
An appraiser is permitted to be biased when performing an appraisal, as long as the bias is properly
disclosed. - ANSWER False
If an appraiser assumes a condition to be true, and evidence supports that belief, although that fact
is not certain, this is an example of: - ANSWER An extraordinary assumption
If an appraiser assumes a condition to be true that does not exist for the purposes of analysis, this is
an example of: - ANSWER A hypothetical condition
An appraiser receives a copy of a signed sales agreement for an office building, which specifies the
agreed-upon amount of $950,000. What does this figure represent? - ANSWER Price
"The monetary relationship between properties and those who buy, sell or use those properties" is
the definition of: - ANSWER Value
By using a published cost manual, an appraiser determines that the construction cost of a 2,500
square foot dwelling is $400,000. This figure represents the dwelling's: - ANSWER Cost
EXAM LATEST ACTUAL EXAM TEST WITH QUESTIONS AND
CORRECT DETAILED ANSWERS | GRADED A+
The Appraisal Foundation has the authority to enforce the requirements of USPAP. - ANSWER False;
The Appraisal Foundation is a private entity. The Foundation and its boards have no enforcement
authority in any jurisdiction.
Which Foundation board is responsible for USPAP? - ANSWER Appraisal Standards Board (ASB)
Currently, the boards within The Appraisal Foundation include: - ANSWER Appraisal Standards Board,
Appraiser Qualifications Board, Board of Trustees
Which entity is responsible for establishing education and experience requirements for licensing and
certification of appraisers? - ANSWER Appraiser Qualifications Board (AQB)
Which entity appoints members of the AQB and ASB? - ANSWER Board of Trustees (BOT)
Qualification criteria for appraiser certification and recertification are disseminated to state appraisal
boards by the: - ANSWER Appraiser Qualifications Board (AQB)
Advisory Opinions are best described as - ANSWER not part of USPAP, but included as reference
material
USPAP is written, amended, and interpreted by the: - ANSWER Appraisal Standards Board (ASB)
USPAP is enforced by: - ANSWER State appraiser licensing/certification agencies
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - ANSWER Writing, interpreting,
and amending USPAP
WRONG ANSWERs: Monitoring the practices, procedures, and activities of The Appraisal Foundation,
Maintaining a National Registry of licensed and certified appraisers, Overseeing each state's
appraiser licensing and certification program are handled by the ASC
,Which entity maintains the official National Registry of state-certified and licensed appraisers? -
ANSWER Appraisal Subcommittee (ASC)
Who is responsible for issuing credentials to individual appraisers? - ANSWER State appraisal
regulatory agencies
Why are USPAP Advisory Opinions issued? - ANSWER To offer advice
Which of these is considered an integral part of USPAP and has the same weight as the components
they address? - ANSWER Comments
Which part of USPAP establishes the requirements for workfile content for an appraisal or appraisal
review assignment? - ANSWER RECORD KEEPING RULE
In USPAP, the appraisal process is divided into two distinct types of activity: _________ and
__________. - ANSWER Development, reporting
The first step in the appraisal process is: - ANSWER Identify the problem
Which step in the appraisal process involves communication of the appraiser's opinions and
conclusions? - ANSWER Reporting
To which property types does USPAP apply? - ANSWER Both tangible and intangible property
What is the stated purpose of USPAP? - ANSWER Promote and maintain a high level of public trust in
appraisal practice
The PREAMBLE states that USPAP intended to benefit: - ANSWER Appraisers and users of appraisal
services
When obligated by law or regulation, an appraiser _______ comply with USPAP. - ANSWER Must
The requirement for USPAP compliance in an appraisal assignment could be the result of: - ANSWER
Any of these ANSWERs
, An appraiser has the professional responsibility to identify the capacity in which he or she is
performing. - ANSWER True
When performing valuation services outside of appraisal practice, an individual must be careful not
to __________ the client and other intended users about his or her role. - ANSWER Mislead
A valuation service that is premised upon advocacy: - ANSWER It cannot be performed by an
individual acting as an appraiser
USPAP states that in a situation when an individual is not required by law, regulation, or agreement
to comply with USPAP: - ANSWER The individual should still comply when he or she is acting as an
appraiser
A preference or inclination that precludes an appraiser's impartiality, independence, or objectivity is:
- ANSWER Bias
An appraiser is permitted to be biased when performing an appraisal, as long as the bias is properly
disclosed. - ANSWER False
If an appraiser assumes a condition to be true, and evidence supports that belief, although that fact
is not certain, this is an example of: - ANSWER An extraordinary assumption
If an appraiser assumes a condition to be true that does not exist for the purposes of analysis, this is
an example of: - ANSWER A hypothetical condition
An appraiser receives a copy of a signed sales agreement for an office building, which specifies the
agreed-upon amount of $950,000. What does this figure represent? - ANSWER Price
"The monetary relationship between properties and those who buy, sell or use those properties" is
the definition of: - ANSWER Value
By using a published cost manual, an appraiser determines that the construction cost of a 2,500
square foot dwelling is $400,000. This figure represents the dwelling's: - ANSWER Cost
