Uspap 15 hour Test Questions And Answers | Verified

Uspap 15 hour Test Questions And Answers | Verified USPAP has 4 sections - Answer- Preamble Definitions Rules Standards BOT - Board of Trustees - Answer- Volunteer leadership & oversight to foundation Governing body of foundation AQB appraiser qualification board - Answer- Sets minimum qualification criteria that must be met before entering the profession & qualifications to maintain credentials ASB (Appraisal Standards Board) - Answer- Establishes USPAP Writes, amends & interprets USPAP USPAP was created to - Answer- to promote and preserve public trust in professional appraisal practice Title XI (11) FIRREA - Answer- Provided recognition & authorized federal financial institution regulatory agencies to reference USPAP in their regulations The foundation - Answer- Private entity, not a government agency 1 part of a 3 part regulatory system for real property appraisers ASC (Appraisal Subcommittee) - Answer- Has supervisory role over state appraiser regulatory agencies & real property appraisers Operations funded by state/licensed appraiser through license renewal- national registry fee Maintains a national registry of state certified & licensed appraisers Appraiser - Answer- One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. Who must comply with USPAP - Answer- An individual must comply with USPAP when required by law, regulation, or agreement with the client or other intended users And individual should comply with USPAP when choosing to represent oneself as an appraiser Valuation service - Answer- a service pertaining to an aspect of property value, regardless of the type of service and whether it is performed by appraisers or by others. Appraisal Practice - Answer- Valuation services performed by an individual acting as an appraiser, including but not limited to appraisal and appraisal review. Other services provided by an appraiser & within appraisal practice might include - Answer- Teaching appraisal courses Performing a feasibility study Writing an appraisal article Performing a market study User expectations - Answer- Identify the capacity in which she is performing & inquire about the intended users expections When performing services outside appraisal practice, do not misrepresent yourself Can choose to provide a valuation service as an appraiser or in some other capacity, but must not violate public trust Ethics Rule - Answer- A USPAP rule that requires appraisers to avoid actions that could be considered misleading or fraudulent An appraiser must promote and preserve public trust inherent in professional appraisal practice by observing the highest standards of professional ethics a law or regulation - Answer- Appraisers must comply with requirements of USPAP when obligated by law or regulation Bias - Answer- A preference or precludes an appraisers impartiality, independent or objectivity assumption - Answer- Something that is taken to be true Extraordinary Assumption - Answer- an assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser's opinions or conclusions. Hypothetical Condition - Answer- a condition, directly related 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 the purpose of analysis. (What if) Exposure time - Answer- an opinion, based on supporting market data, of the length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. cost - Answer- The actual or estimated amount required to create, reproduce, replace or obtain a property Is a fact Price - Answer- the amount asked, offered, or paid for a property Becomes a fact once stated Value - Answer- The monetary relationship between properties and those who buy sell or use those properties expressed as an opinion client - Answer- The party or parties who engage an appraiser by employment or contract in a specific assignment whether directly or through an agent Assignment conditions include: - Answer- Assumptions, extraordinary assumptions, hypothetical conditions, laws and regulations, jurisdictional exceptions, and other conditions that affect the scope of work. assignment - Answer- A valuation service that is provided by an appraiser as a consequence of an agreement with a client. Assignment Results - Answer- An appraiser's opinions or conclusions, not limited to value, that were developed when performing an appraisal assignment, an appraisal review assignment, or a valuation service other than an appraisal or appraisal review. confidential information - Answer- identified by the client as confidential when providing it to an appraiser and that is not available from any other source; or classified as confidential or private by applicable law or regulation. Record keeping rule - Answer- An appraiser must prepare a workfile for each appraisal or appraisal review assignment. A workfile must be in existence prior to the issuance of any report. A written summary of an oral report must be added to the workfile within a reasonable time after the issuance of the oral report The contents of a work file - Answer- The name of the client and the identity by name or type of any other intended users True copies of all written reports Summaries of all oral reports or testimony-including the appraisers signed and dated certification All other data information and documentation to support the opinions and conclusions and to show compliance with USPAP Retaining the work file - Answer- At least 5 years after preparation or at least 2 years after final disposition if any judicial proceeding in which the appraiser provided testimony (which very rarely happens) USPAP says these are minimums Work file access - Answer- A work file must be made available by the appraiser when required by a state appraiser regulatory agency or due process of law Anyone that worked on the assignment must have access to the work file Competency Rule - Answer- An appraiser must: (1) be competent to perform the assignment, (2) acquire the necessary competency to perform the assignment, or (3) decline or withdraw from the assignment. In all cases, the appraiser must perform competently when completing the assignment