USPAP 15-Hour Course Exam Solved Correctly To Score A+ |
Updated
1. The Preamble states that USPAP is for appraisers and users of appraisal services.
2. The stated purpose of USPAP Promote and maintain a high level of public tru
in appraisal practice.
3. When obligated by law or comply with USPAP.
regulation an appraiser must
4. USPAP applies to which types of prop- Tangible and Intangible
erties?
5. Valuation services is not a subset of appraisal practice.
6. An appraiser has the professional to identify the capacity in which he or she is
re- sponsibility
per- forming.
7. Reasons why an appraiser would pre- 1. Agreement with client.
pare an appraisal assignment in con- 2. Law or regulation.
formance with USPAP
3. Voluntary choice.
8. An appraiser who provides an ap-
praisal service that is not an True
appraisal, appraisal review, or
appraisal consult- ing assignment
does not have work- file
obligations associated with the as-
signment.
9. An individual is not prohibited
from providing valuation services
that in- volve advocacy while False
acting as an ap- praiser.
10. When performing valuation
services outside of appraisal
practice, ap-
Mislead
, USPAP 15-Hour Course Exam Solved Correctly To Score A+ |
Updated
praisers must be careful not to
the client and
other intended users about their
role.
The individual should still comply when acting
11. USPAP states that in a situation as an appraiser.
when an individual is not required
by law, regulation, or agreement
to comply with USPAP:
12. An appraiser is engaged to teach The parts of USPAP that apply generally to ap-
an
appraisal course. What parts of USPAP praisal practice.
apply?
13. The Appraisal Practices Board 2010
(APB) was created when?
14. The APB is a(n) independent board.
15. Boards within The Appraisal 1. Board of Trustees (BOT)
Founda- tion (TAF)
2. Appraisal Standards Board (ASB)
3. Appraisal Qualifications Board (AQB)
4. Appraisal Practices Board (APB)
16. APB is a private entity.
17. The APB has authority to enforce False
the requirements of USPAP.
18. Who has the only jurisdiction and
au- thority over appraisers? States
19. ASB Develops, interprets, and amends USPAP.
20. Advisory opinions Not part of USPAP; reference material only.
, USPAP 15-Hour Course Exam Solved Correctly To Score A+ |
Updated
21. APB Guidance is voluntary.
22. ASC Maintains the oflcial National Registry of state
cer- tified and licensed appraisers.
23. State appraisal regulatory responsible for issuing credentials to
commit- tees
individual appraisers.
24. Responsibilities of ASC: • Establishes, improves, and promulgates the U
PAP
• Subject, content, and substance of
USPAP and other communication related to
appraisal stan- dards.
• Establishes standards of professional
appraisal practice for the guidance and
education of ap- praisers and users of
appraisal services.
• Maintains the oflcial National Registry
of state certified and licensed appraisers.
25. Developing, amending, and interpret- ASC
ing USPAP is NOT a responsibility of
26. 12. USPAP divides the appraisal Develop and report
process into two distinct types of
ac- tivity:
27. Identify the problem The first step in the appraisal process.
28. Communication The reporting process involves
of the appraiser's
opinions and conclusions.
29. AQB
, USPAP 15-Hour Course Exam Solved Correctly To Score A+ |
Updated
• Disseminates to state appraisal boards
the qual- ifications criteria for appraiser
certifications and recertification.
• Responsible for establishing education
and ex- perience requirements for licensing
and certifica- tion of appraisers.
30. BOT appoints members of the APB, AQB, ASB.
31. The ethical obligations of USPAP apply Individual appraisers.
to
32. Bias is never allowed.
33. In appraisal practice, advocating never permitted.
the cause or interest of any party
or issue is
34. If an appraiser has appraised a
prop- erty multiple times within
the prior 3 years he must disclose True
the number of times he appraised
the property to a prospective
client.
35. 3 years Prior to accepting an assignment, an
appraiser must disclose any service he
provided regarding the subject property
for a period of
36. An appraiser has been asked to com- No
plete an appraisal assignment. The
fee is to be paid when when the
loan closes. According to USPAP,
may the
Updated
1. The Preamble states that USPAP is for appraisers and users of appraisal services.
2. The stated purpose of USPAP Promote and maintain a high level of public tru
in appraisal practice.
3. When obligated by law or comply with USPAP.
regulation an appraiser must
4. USPAP applies to which types of prop- Tangible and Intangible
erties?
5. Valuation services is not a subset of appraisal practice.
6. An appraiser has the professional to identify the capacity in which he or she is
re- sponsibility
per- forming.
7. Reasons why an appraiser would pre- 1. Agreement with client.
pare an appraisal assignment in con- 2. Law or regulation.
formance with USPAP
3. Voluntary choice.
8. An appraiser who provides an ap-
praisal service that is not an True
appraisal, appraisal review, or
appraisal consult- ing assignment
does not have work- file
obligations associated with the as-
signment.
9. An individual is not prohibited
from providing valuation services
that in- volve advocacy while False
acting as an ap- praiser.
10. When performing valuation
services outside of appraisal
practice, ap-
Mislead
, USPAP 15-Hour Course Exam Solved Correctly To Score A+ |
Updated
praisers must be careful not to
the client and
other intended users about their
role.
The individual should still comply when acting
11. USPAP states that in a situation as an appraiser.
when an individual is not required
by law, regulation, or agreement
to comply with USPAP:
12. An appraiser is engaged to teach The parts of USPAP that apply generally to ap-
an
appraisal course. What parts of USPAP praisal practice.
apply?
13. The Appraisal Practices Board 2010
(APB) was created when?
14. The APB is a(n) independent board.
15. Boards within The Appraisal 1. Board of Trustees (BOT)
Founda- tion (TAF)
2. Appraisal Standards Board (ASB)
3. Appraisal Qualifications Board (AQB)
4. Appraisal Practices Board (APB)
16. APB is a private entity.
17. The APB has authority to enforce False
the requirements of USPAP.
18. Who has the only jurisdiction and
au- thority over appraisers? States
19. ASB Develops, interprets, and amends USPAP.
20. Advisory opinions Not part of USPAP; reference material only.
, USPAP 15-Hour Course Exam Solved Correctly To Score A+ |
Updated
21. APB Guidance is voluntary.
22. ASC Maintains the oflcial National Registry of state
cer- tified and licensed appraisers.
23. State appraisal regulatory responsible for issuing credentials to
commit- tees
individual appraisers.
24. Responsibilities of ASC: • Establishes, improves, and promulgates the U
PAP
• Subject, content, and substance of
USPAP and other communication related to
appraisal stan- dards.
• Establishes standards of professional
appraisal practice for the guidance and
education of ap- praisers and users of
appraisal services.
• Maintains the oflcial National Registry
of state certified and licensed appraisers.
25. Developing, amending, and interpret- ASC
ing USPAP is NOT a responsibility of
26. 12. USPAP divides the appraisal Develop and report
process into two distinct types of
ac- tivity:
27. Identify the problem The first step in the appraisal process.
28. Communication The reporting process involves
of the appraiser's
opinions and conclusions.
29. AQB
, USPAP 15-Hour Course Exam Solved Correctly To Score A+ |
Updated
• Disseminates to state appraisal boards
the qual- ifications criteria for appraiser
certifications and recertification.
• Responsible for establishing education
and ex- perience requirements for licensing
and certifica- tion of appraisers.
30. BOT appoints members of the APB, AQB, ASB.
31. The ethical obligations of USPAP apply Individual appraisers.
to
32. Bias is never allowed.
33. In appraisal practice, advocating never permitted.
the cause or interest of any party
or issue is
34. If an appraiser has appraised a
prop- erty multiple times within
the prior 3 years he must disclose True
the number of times he appraised
the property to a prospective
client.
35. 3 years Prior to accepting an assignment, an
appraiser must disclose any service he
provided regarding the subject property
for a period of
36. An appraiser has been asked to com- No
plete an appraisal assignment. The
fee is to be paid when when the
loan closes. According to USPAP,
may the
