ASA USPAP Exam Questions and
Answers
USPAP was formed in 1986 after what crisis? - ANSWERS-S&L
Which foundation board establishes minimum education and experience for certification and
recertification of real property appraisers and supervisors. - ANSWERS-Appraisers Qualifications
Board
Which board write, amends, and interprets USPAP? - ANSWERS-Appraisal Standards Board
What is the duty of The Appraisal Subcommittee? - ANSWERS-It has a duty to ensure that the
government has sufficient controls in place over all real property appraisal activity to
protect the federally regulated financial institutions from loss.
_________ are an integral part of USPAP and have the same weight as the
component they address. - ANSWERS-Comments
_____ and _____ offer advice and guidance, but do not establish new standards or
interpret existing standards. - ANSWERS-AOs and FAQs
_______________________________ is a valuation service performed by an individual
acting in the role of an appraiser. - ANSWERS-appraisal practice
When performing valuation services outside of appraisal practice, appraisers must be
,careful not to ______________________ the client and other intended users about their
role. - ANSWERS-misrepresent
For assignments other than appraisal or appraisal review, there are no
___________________or ______________________ requirements in USPAP. - ANSWERS-
recording keeping or workfile
If an individual who is both a business broker and an appraiser
provides a value opinion for a specific property to be used in an
offering document, the service is always outside appraisal
practice. T or F? - ANSWERS-F
An individual must comply with USPAP when required by law,
regulation, or agreement (with the client or other intended users). T or F - ANSWERS-T
Appraisal practice pertains only to appraisals. T or F - ANSWERS-F
The purpose of USPAP is to promote and maintain a high level of
public trust in professional appraisal practice. - ANSWERS-T
Business brokerage, appraisal reviews, and business appraisals are all included within
A. appraisal practice.
B. consulting.
C. valuation services.
D. market analysis. - ANSWERS-C
, The PREAMBLE states that USPAP is:
A. only for appraisers.
B. for appraisers and users of appraisal services.
C. limited to state certified or licensed appraisers.
D. only for users of appraisal services. - ANSWERS-B
According to USPAP, the party or parties who engage an appraiser in a specific assignment
defines the
A. client.
B. party who pays the fee.
C. appraiser's peers.
D. other intended users. - ANSWERS-A
For real property appraisers, USPAP is enforced by
A. The Appraisal Foundation.
B. the Appraisal Standards Board.
C. the Appraisal Subcommittee, through Congress.
D. state regulatory agencies. - ANSWERS-D
For business appraisers, USPAP is enforced by
A. accrediting and certifying professional membership organizations.
B. the Appraisal Standards Board.
C. the Appraisal Subcommittee, through Congress.
D. state regulatory agencies. - ANSWERS-A
Appraisal practice includes only
Answers
USPAP was formed in 1986 after what crisis? - ANSWERS-S&L
Which foundation board establishes minimum education and experience for certification and
recertification of real property appraisers and supervisors. - ANSWERS-Appraisers Qualifications
Board
Which board write, amends, and interprets USPAP? - ANSWERS-Appraisal Standards Board
What is the duty of The Appraisal Subcommittee? - ANSWERS-It has a duty to ensure that the
government has sufficient controls in place over all real property appraisal activity to
protect the federally regulated financial institutions from loss.
_________ are an integral part of USPAP and have the same weight as the
component they address. - ANSWERS-Comments
_____ and _____ offer advice and guidance, but do not establish new standards or
interpret existing standards. - ANSWERS-AOs and FAQs
_______________________________ is a valuation service performed by an individual
acting in the role of an appraiser. - ANSWERS-appraisal practice
When performing valuation services outside of appraisal practice, appraisers must be
,careful not to ______________________ the client and other intended users about their
role. - ANSWERS-misrepresent
For assignments other than appraisal or appraisal review, there are no
___________________or ______________________ requirements in USPAP. - ANSWERS-
recording keeping or workfile
If an individual who is both a business broker and an appraiser
provides a value opinion for a specific property to be used in an
offering document, the service is always outside appraisal
practice. T or F? - ANSWERS-F
An individual must comply with USPAP when required by law,
regulation, or agreement (with the client or other intended users). T or F - ANSWERS-T
Appraisal practice pertains only to appraisals. T or F - ANSWERS-F
The purpose of USPAP is to promote and maintain a high level of
public trust in professional appraisal practice. - ANSWERS-T
Business brokerage, appraisal reviews, and business appraisals are all included within
A. appraisal practice.
B. consulting.
C. valuation services.
D. market analysis. - ANSWERS-C
, The PREAMBLE states that USPAP is:
A. only for appraisers.
B. for appraisers and users of appraisal services.
C. limited to state certified or licensed appraisers.
D. only for users of appraisal services. - ANSWERS-B
According to USPAP, the party or parties who engage an appraiser in a specific assignment
defines the
A. client.
B. party who pays the fee.
C. appraiser's peers.
D. other intended users. - ANSWERS-A
For real property appraisers, USPAP is enforced by
A. The Appraisal Foundation.
B. the Appraisal Standards Board.
C. the Appraisal Subcommittee, through Congress.
D. state regulatory agencies. - ANSWERS-D
For business appraisers, USPAP is enforced by
A. accrediting and certifying professional membership organizations.
B. the Appraisal Standards Board.
C. the Appraisal Subcommittee, through Congress.
D. state regulatory agencies. - ANSWERS-A
Appraisal practice includes only
