15 hour USPAP - Appraisal Institute Test Questions With Passed Solution
1. Exposure Time Is retrospective opinion based on analysis of past events assuming a
competitive open market
2. 5 areas of Ap- Completeness
praisal Review Accuracy
quality Adequacy
Relevance
Reasonableness
3. Appraisal Prac- Valuation services performed by an individual acting as an appraiser, including but
tice not limited to appraisal and appraisal review.
USPAP only applies to Appraisal Practice
4. Ethics Rule Sets requirements for integrity, impartiality, objectivity, etc
Conduct - no bias / advocacy
Management - don't accept assignments that contingent on pre determined
results
Confidentiality- appraiser — client relationship
5. Advisory Opinion Illustrate the applicability of Appraisal standards in specific situations. Communi-
cated by ASB; doesn't establish new standards or interpret existing standards.
6. Standard Rules Extension of the rules and get into specific requirements in each discipline and
property types
7. Rules Cover general practice policies and the Standard Rules relate these policies to
specific disciplines and assignment types
8. Comment Integral part of USPAP and are extensions of the Rules. Have same weight as
the component they address.
9. Preamble
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1. Exposure Time Is retrospective opinion based on analysis of past events assuming a
competitive open market
2. 5 areas of Ap- Completeness
praisal Review Accuracy
quality Adequacy
Relevance
Reasonableness
3. Appraisal Prac- Valuation services performed by an individual acting as an appraiser, including but
tice not limited to appraisal and appraisal review.
USPAP only applies to Appraisal Practice
4. Ethics Rule Sets requirements for integrity, impartiality, objectivity, etc
Conduct - no bias / advocacy
Management - don't accept assignments that contingent on pre determined
results
Confidentiality- appraiser — client relationship
5. Advisory Opinion Illustrate the applicability of Appraisal standards in specific situations. Communi-
cated by ASB; doesn't establish new standards or interpret existing standards.
6. Standard Rules Extension of the rules and get into specific requirements in each discipline and
property types
7. Rules Cover general practice policies and the Standard Rules relate these policies to
specific disciplines and assignment types
8. Comment Integral part of USPAP and are extensions of the Rules. Have same weight as
the component they address.
9. Preamble
1/4
