BASIC APPRAISAL PROCEDURES – FINAL
EXAM – Official Real Estate Appraisal
Qualifying Education Blueprint Replica.
• SECTION 1: APPRAISAL PRINCIPLES & ETHICS (USPAP, Competency, Scope of
Work, Confidentiality) – 12 Questions
Q1: Under USPAP, which of the following is NOT one of the three components of the
Competency Rule?
A. Being competent to perform the assignment
B. Acquiring the necessary competency to perform the assignment
C. Declining or withdrawing from the assignment
D. Disclosing all prior appraisal opinions to the client
Correct Answer: D
Rationale: Correct because per USPAP Competency Rule, an appraiser must (1) be
competent, (2) acquire competency, or (3) decline/withdraw. Disclosure of prior
opinions is not a component of the Competency Rule.
Q2: Per USPAP Ethics Rule, an appraiser must perform assignments with:
A. Impartiality, objectivity, and independence
B. Bias toward the client's desired outcome
C. Confidentiality only when requested by the client
D. Competency in all property types regardless of experience
Correct Answer: A
Rationale: Correct because per USPAP Ethics Rule, an appraiser must perform
assignments with impartiality, objectivity, and independence, avoiding conflicts of
interest.
,Q3: The Scope of Work Rule requires the appraiser to:
A. Use the same scope of work for all residential assignments
B. Identify the problem to be solved and develop an appropriate scope of work
C. Accept the client's predetermined scope without modification
D. Perform a full interior inspection for every appraisal assignment
Correct Answer: B
Rationale: Correct because per USPAP Scope of Work Rule, the appraiser must
identify the problem to be solved and develop an appropriate scope of work based on
the assignment's intended use and intended users.
Q4: Under USPAP Record Keeping Rule, an appraiser must retain the workfile for:
A. 3 years after the date of the appraisal report
B. 5 years after the date of the appraisal report, or 2 years after final disposition of
any related judicial proceeding
C. 7 years after the date of the appraisal report
D. Permanently for all appraisal assignments
Correct Answer: B
Rationale: Correct because per USPAP Record Keeping Rule, the workfile must be
retained for at least 5 years after the date of the appraisal report, or 2 years after
final disposition of any related judicial proceeding, whichever period expires last.
Q5: Which USPAP Rule specifically addresses advertising and solicitation practices?
A. Ethics Rule
B. Competency Rule
C. Scope of Work Rule
D. Record Keeping Rule
Correct Answer: A
,Rationale: Correct because per USPAP Ethics Rule, advertising and solicitation
provisions are included, prohibiting misleading or fraudulent advertising and
requiring truthfulness in all professional activities.
Q6: An appraiser is asked to appraise a specialized industrial property but has only
residential experience. According to USPAP, the appraiser may:
A. Accept the assignment and use residential comparable sales
B. Accept the assignment if the fee is sufficiently high
C. Decline the assignment or acquire competency through education or association
with a competent appraiser
D. Complete the assignment with a limiting condition that industrial expertise is not
required
Correct Answer: C
Rationale: Correct because per USPAP Competency Rule, competency can be achieved
through education, assistance from a competent appraiser, or the appraiser must
decline the assignment if competency cannot be obtained.
Q7: The Preamble to USPAP primarily serves to:
A. Establish legally enforceable regulations for all real estate transactions
B. Set forth the mission and purpose of the Appraisal Foundation
C. Define the enforceable standards for appraisal practice
D. Provide the philosophical foundation and context for the Standards
Correct Answer: D
Rationale: Correct because per USPAP structure, the Preamble provides the
philosophical foundation, context, and objectives that guide the development and
application of the Standards and Rules.
Q8: Per USPAP, an appraiser must maintain the confidentiality of:
A. Only the final value conclusion
, B. All assignment results and client identity unless disclosure is legally required or
authorized
C. Only the physical characteristics of the subject property
D. Information that is already publicly available
Correct Answer: B
Rationale: Correct because per USPAP Ethics Rule confidentiality provisions, an
appraiser must not disclose assignment results or confidential information except as
specifically authorized or when legally required.
Q9: Which of the following best describes the difference between an appraisal and an
appraisal review assignment?
A. An appraisal review requires a higher fee than an appraisal
B. An appraisal review develops and reports an opinion about the quality of another
appraiser's work
C. An appraisal review is only performed by state appraisal boards
D. An appraisal review does not require USPAP compliance
Correct Answer: B
Rationale: Correct because per USPAP, an appraisal review assignment develops and
reports an opinion about the quality of another appraiser's work, whereas an
appraisal develops an opinion of value.
Q10: Under USPAP, the Scope of Work decision is influenced by all EXCEPT:
A. The intended use of the appraisal
B. The intended users of the appraisal
C. The appraiser's personal preference for inspection type
D. The type and definition of value
Correct Answer: C
Rationale: Correct because per USPAP Scope of Work Rule, the scope of work decision
must be based on assignment elements including intended use, intended users, and
type of value, not the appraiser's personal preference.
EXAM – Official Real Estate Appraisal
Qualifying Education Blueprint Replica.
• SECTION 1: APPRAISAL PRINCIPLES & ETHICS (USPAP, Competency, Scope of
Work, Confidentiality) – 12 Questions
Q1: Under USPAP, which of the following is NOT one of the three components of the
Competency Rule?
A. Being competent to perform the assignment
B. Acquiring the necessary competency to perform the assignment
C. Declining or withdrawing from the assignment
D. Disclosing all prior appraisal opinions to the client
Correct Answer: D
Rationale: Correct because per USPAP Competency Rule, an appraiser must (1) be
competent, (2) acquire competency, or (3) decline/withdraw. Disclosure of prior
opinions is not a component of the Competency Rule.
Q2: Per USPAP Ethics Rule, an appraiser must perform assignments with:
A. Impartiality, objectivity, and independence
B. Bias toward the client's desired outcome
C. Confidentiality only when requested by the client
D. Competency in all property types regardless of experience
Correct Answer: A
Rationale: Correct because per USPAP Ethics Rule, an appraiser must perform
assignments with impartiality, objectivity, and independence, avoiding conflicts of
interest.
,Q3: The Scope of Work Rule requires the appraiser to:
A. Use the same scope of work for all residential assignments
B. Identify the problem to be solved and develop an appropriate scope of work
C. Accept the client's predetermined scope without modification
D. Perform a full interior inspection for every appraisal assignment
Correct Answer: B
Rationale: Correct because per USPAP Scope of Work Rule, the appraiser must
identify the problem to be solved and develop an appropriate scope of work based on
the assignment's intended use and intended users.
Q4: Under USPAP Record Keeping Rule, an appraiser must retain the workfile for:
A. 3 years after the date of the appraisal report
B. 5 years after the date of the appraisal report, or 2 years after final disposition of
any related judicial proceeding
C. 7 years after the date of the appraisal report
D. Permanently for all appraisal assignments
Correct Answer: B
Rationale: Correct because per USPAP Record Keeping Rule, the workfile must be
retained for at least 5 years after the date of the appraisal report, or 2 years after
final disposition of any related judicial proceeding, whichever period expires last.
Q5: Which USPAP Rule specifically addresses advertising and solicitation practices?
A. Ethics Rule
B. Competency Rule
C. Scope of Work Rule
D. Record Keeping Rule
Correct Answer: A
,Rationale: Correct because per USPAP Ethics Rule, advertising and solicitation
provisions are included, prohibiting misleading or fraudulent advertising and
requiring truthfulness in all professional activities.
Q6: An appraiser is asked to appraise a specialized industrial property but has only
residential experience. According to USPAP, the appraiser may:
A. Accept the assignment and use residential comparable sales
B. Accept the assignment if the fee is sufficiently high
C. Decline the assignment or acquire competency through education or association
with a competent appraiser
D. Complete the assignment with a limiting condition that industrial expertise is not
required
Correct Answer: C
Rationale: Correct because per USPAP Competency Rule, competency can be achieved
through education, assistance from a competent appraiser, or the appraiser must
decline the assignment if competency cannot be obtained.
Q7: The Preamble to USPAP primarily serves to:
A. Establish legally enforceable regulations for all real estate transactions
B. Set forth the mission and purpose of the Appraisal Foundation
C. Define the enforceable standards for appraisal practice
D. Provide the philosophical foundation and context for the Standards
Correct Answer: D
Rationale: Correct because per USPAP structure, the Preamble provides the
philosophical foundation, context, and objectives that guide the development and
application of the Standards and Rules.
Q8: Per USPAP, an appraiser must maintain the confidentiality of:
A. Only the final value conclusion
, B. All assignment results and client identity unless disclosure is legally required or
authorized
C. Only the physical characteristics of the subject property
D. Information that is already publicly available
Correct Answer: B
Rationale: Correct because per USPAP Ethics Rule confidentiality provisions, an
appraiser must not disclose assignment results or confidential information except as
specifically authorized or when legally required.
Q9: Which of the following best describes the difference between an appraisal and an
appraisal review assignment?
A. An appraisal review requires a higher fee than an appraisal
B. An appraisal review develops and reports an opinion about the quality of another
appraiser's work
C. An appraisal review is only performed by state appraisal boards
D. An appraisal review does not require USPAP compliance
Correct Answer: B
Rationale: Correct because per USPAP, an appraisal review assignment develops and
reports an opinion about the quality of another appraiser's work, whereas an
appraisal develops an opinion of value.
Q10: Under USPAP, the Scope of Work decision is influenced by all EXCEPT:
A. The intended use of the appraisal
B. The intended users of the appraisal
C. The appraiser's personal preference for inspection type
D. The type and definition of value
Correct Answer: C
Rationale: Correct because per USPAP Scope of Work Rule, the scope of work decision
must be based on assignment elements including intended use, intended users, and
type of value, not the appraiser's personal preference.
