USPAP EXAM REPORTED
QUESTIONS WITH COMPLETE
SOLUTIONS
What is the primary purpose of an appraiser making an inspection of the subject
property? - Answer-To collect information about characteristics that are relevant to
value
An extraordinary assumption may be used in an assignment only if: - Answer-The
appraiser has a reasonable basis for the extraordinary assumption
When an appraiser provides a current value opinion on a proposed new building, he or
she is utilizing a(an) _____________ that the proposed improvements are completed as
of the effective date of the appraisal. - Answer-Hypothetical condition
Select the most complete answer. An unacceptable assignment condition would be a
condition that: - Answer-All of the answers listed would be unacceptable assignment
conditions
Precludes an appraiser's impartiality
Limits the scope of work to the extent that the value opinion is not credible
Limits report content, resulting in a misleading report
An appraiser performs a research assignment, in which the appraiser completes
research for a client but does not develop any opinions or conclusions. Which statement
is TRUE regarding this assignment? - Answer-This is not an appraisal, but it is part of
appraisal practice.
Which statement is TRUE regarding USPAP and the three approaches to value? -
Answer-An assignment condition may require an appraiser to develop an approach that
he or she would otherwise consider unnecessary.
When developing a sales comparison approach under USPAP: - Answer-The appraiser
must analyze such data as are available to indicate a value conclusion
When analyzing listings of the subject property in a real property appraisal assignment,
USPAP requires an appraiser to analyze, at a minimum, ____________. - Answer-
Current listings
If an appraiser is asked to appraise a property on which there is a known, current
agreement of sale, the agreement must be: - Answer-Analyzed in the appraisal
, When analyzing the subject property's sales history in a real property appraisal
assignment, an appraiser is required by USPAP to analyze ______________. - Answer-
All sales of the subject property that occurred within three years prior to the effective
date of the appraisal
When is it necessary to analyze prior listings of the subject property in a real property
appraisal assignment? - Answer-When such analysis is relevant to the current
assignment
True or False. Standards Rule 1-5 requires an appraiser to analyze the sales history of
the comparable sales. - Answer-False
The process of reconciliation entails ___________. - Answer-. Careful consideration of
the quality and quantity of data
STANDARD 2 sets forth requirements for: - Answer-Appraisal report content
- The use of standard appraisal reporting forms: - Answer-Is not required by
STANDARD 2
What is the essential difference between the two written report options? - Answer-The
level of detail and information
The written report options set forth in Standards Rule 2-2 are - Answer-Appraisal Report
and Restricted Appraisal Report
What is the importance of stating the date of the report? - Answer-It establishes the
appraiser's perspective on the market
- When reporting the results of an appraisal, the two dates that must be included are: -
Answer-Effective date and report date
Which of the following is NOT required by USPAP to be in an Appraisal Report? -
Answer-Client's specific name
In a Restricted Appraisal Report, the exclusion of any of the valuation approaches must
be: - Answer-Explained
In an Appraisal Report, the scope of work used to develop the appraisal must be: -
Answer-Summarized
In an appraisal assignment, an appraiser identifies an additional intended user in
addition to the client. Does USPAP permit the appraiser to provide a Restricted
Appraisal Report in this assignment? - Answer-No
QUESTIONS WITH COMPLETE
SOLUTIONS
What is the primary purpose of an appraiser making an inspection of the subject
property? - Answer-To collect information about characteristics that are relevant to
value
An extraordinary assumption may be used in an assignment only if: - Answer-The
appraiser has a reasonable basis for the extraordinary assumption
When an appraiser provides a current value opinion on a proposed new building, he or
she is utilizing a(an) _____________ that the proposed improvements are completed as
of the effective date of the appraisal. - Answer-Hypothetical condition
Select the most complete answer. An unacceptable assignment condition would be a
condition that: - Answer-All of the answers listed would be unacceptable assignment
conditions
Precludes an appraiser's impartiality
Limits the scope of work to the extent that the value opinion is not credible
Limits report content, resulting in a misleading report
An appraiser performs a research assignment, in which the appraiser completes
research for a client but does not develop any opinions or conclusions. Which statement
is TRUE regarding this assignment? - Answer-This is not an appraisal, but it is part of
appraisal practice.
Which statement is TRUE regarding USPAP and the three approaches to value? -
Answer-An assignment condition may require an appraiser to develop an approach that
he or she would otherwise consider unnecessary.
When developing a sales comparison approach under USPAP: - Answer-The appraiser
must analyze such data as are available to indicate a value conclusion
When analyzing listings of the subject property in a real property appraisal assignment,
USPAP requires an appraiser to analyze, at a minimum, ____________. - Answer-
Current listings
If an appraiser is asked to appraise a property on which there is a known, current
agreement of sale, the agreement must be: - Answer-Analyzed in the appraisal
, When analyzing the subject property's sales history in a real property appraisal
assignment, an appraiser is required by USPAP to analyze ______________. - Answer-
All sales of the subject property that occurred within three years prior to the effective
date of the appraisal
When is it necessary to analyze prior listings of the subject property in a real property
appraisal assignment? - Answer-When such analysis is relevant to the current
assignment
True or False. Standards Rule 1-5 requires an appraiser to analyze the sales history of
the comparable sales. - Answer-False
The process of reconciliation entails ___________. - Answer-. Careful consideration of
the quality and quantity of data
STANDARD 2 sets forth requirements for: - Answer-Appraisal report content
- The use of standard appraisal reporting forms: - Answer-Is not required by
STANDARD 2
What is the essential difference between the two written report options? - Answer-The
level of detail and information
The written report options set forth in Standards Rule 2-2 are - Answer-Appraisal Report
and Restricted Appraisal Report
What is the importance of stating the date of the report? - Answer-It establishes the
appraiser's perspective on the market
- When reporting the results of an appraisal, the two dates that must be included are: -
Answer-Effective date and report date
Which of the following is NOT required by USPAP to be in an Appraisal Report? -
Answer-Client's specific name
In a Restricted Appraisal Report, the exclusion of any of the valuation approaches must
be: - Answer-Explained
In an Appraisal Report, the scope of work used to develop the appraisal must be: -
Answer-Summarized
In an appraisal assignment, an appraiser identifies an additional intended user in
addition to the client. Does USPAP permit the appraiser to provide a Restricted
Appraisal Report in this assignment? - Answer-No
