USPAP exam review questions and answers already graded a+ |
verified
1. Identifying an individual specifically as an appraiser expectations about the
who must comply with USPAP in a valuation service is manner in which
the indi-
established by vidual provides
valuation services.
a) expectations about the manner in which the
indi-vidual provides valuation services.
b) the license level of the appraiser.
c) the individual's credentials.
d) the type of service that requires an opinion.
2. When an appraiser considers the amount and type of scope of work
information he will research and also the analyses
he will apply in an appraisal or appraisal review
assign-ment, the decision that results is
identified as
a) valuation services.
b) assignment results.
c) market analysis.
d) scope of work.
3. Based on the requirements found in the ETHICS RULE, when required by
law,
when must an appraiser comply with USPAP? appraisal,
what
date(s) are
a) when required by law, regulation, or required in
agreement with the client or other intended
the
users
appraisal
b) when performing a valuation service report?
c)when the client is aware the individual is an
apprais-er
d)when the services include a written appraisal
report
4. When reporting assignment results for an
, USPAP exam review questions and answers already graded a+ |
verified
gulation, or agreement with the client or other in-tended users
tective date and date of the repor
, USPAP exam review questions and answers already graded a+ |
verified
a) inspection date and signature date
b) effective date only
c) effective date and date of the report
d) signature date only
Laws and regulations
5. The ETHICS RULE makes a distinction between may not apply to
when an appraiser must comply with USPAP and
when an appraiser should comply. How does this these ser-vices, but
distinction apply to services that fall outside an appraiser has
appraisal practice? ethical obligations
when acting in the role
a) Laws and regulations may not apply to these
ser-vices, but an appraiser has ethical of an ap-praiser.
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.
6. Who may provide suggestions on changes to
USPAP?
all of these answers
a) members of the general public
b) all of these answers
c) users of appraisal services
d) appraisers
7. What assignment condition is defined as directly relat- a hypothetical
condition
ed 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
, USPAP exam review questions and answers already graded a+ |
verified
a jurisdictional
exception a
hypothetical condition
an assumption
when the data is not
8. A reviewer used additional data not available to
the original appraiser. When is this acceptable used to impeach or
review practice under USPAP? discred-
it the original appraiser's
value opinion
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
9. An appraiser has electronically transmitted an An electronic copy of
ap-praisal report to a client. What does the
appraiser need to know about workfile the appraisal report
requirements? transmit-ted to the
client satisfies the
workfile requirement
A digital signature on the certification of the electronic as a true copy of
the re-
workfile copy will not qualify as a true copy. port.
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.
10. What must an individual, who is not acting in the
role of an appraiser, do when performing a
valuation
verified
1. Identifying an individual specifically as an appraiser expectations about the
who must comply with USPAP in a valuation service is manner in which
the indi-
established by vidual provides
valuation services.
a) expectations about the manner in which the
indi-vidual provides valuation services.
b) the license level of the appraiser.
c) the individual's credentials.
d) the type of service that requires an opinion.
2. When an appraiser considers the amount and type of scope of work
information he will research and also the analyses
he will apply in an appraisal or appraisal review
assign-ment, the decision that results is
identified as
a) valuation services.
b) assignment results.
c) market analysis.
d) scope of work.
3. Based on the requirements found in the ETHICS RULE, when required by
law,
when must an appraiser comply with USPAP? appraisal,
what
date(s) are
a) when required by law, regulation, or required in
agreement with the client or other intended
the
users
appraisal
b) when performing a valuation service report?
c)when the client is aware the individual is an
apprais-er
d)when the services include a written appraisal
report
4. When reporting assignment results for an
, USPAP exam review questions and answers already graded a+ |
verified
gulation, or agreement with the client or other in-tended users
tective date and date of the repor
, USPAP exam review questions and answers already graded a+ |
verified
a) inspection date and signature date
b) effective date only
c) effective date and date of the report
d) signature date only
Laws and regulations
5. The ETHICS RULE makes a distinction between may not apply to
when an appraiser must comply with USPAP and
when an appraiser should comply. How does this these ser-vices, but
distinction apply to services that fall outside an appraiser has
appraisal practice? ethical obligations
when acting in the role
a) Laws and regulations may not apply to these
ser-vices, but an appraiser has ethical of an ap-praiser.
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.
6. Who may provide suggestions on changes to
USPAP?
all of these answers
a) members of the general public
b) all of these answers
c) users of appraisal services
d) appraisers
7. What assignment condition is defined as directly relat- a hypothetical
condition
ed 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
, USPAP exam review questions and answers already graded a+ |
verified
a jurisdictional
exception a
hypothetical condition
an assumption
when the data is not
8. A reviewer used additional data not available to
the original appraiser. When is this acceptable used to impeach or
review practice under USPAP? discred-
it the original appraiser's
value opinion
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
9. An appraiser has electronically transmitted an An electronic copy of
ap-praisal report to a client. What does the
appraiser need to know about workfile the appraisal report
requirements? transmit-ted to the
client satisfies the
workfile requirement
A digital signature on the certification of the electronic as a true copy of
the re-
workfile copy will not qualify as a true copy. port.
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.
10. What must an individual, who is not acting in the
role of an appraiser, do when performing a
valuation
