15hr National USPAP Course Exam – Complete Study Guide
with Updated Questions and 100% Verified Answers
1. Which Foundationboard is responsiblefor USPAP?: Appraisal StandardsBoard (ASB)
Appraisal Subcommittee(ASC)
Consumer Financial Protection Bureau (CFPB)
Appraiser Qualifications Board (AQB)
2. The Appraisal Foundation has the authority to enforce the requirements of USPAP.
T or F: false
The Appraisal Foundationis a private entity. The Foundationand its boards have no enforcementauthority in any
jurisdiction.
3. Currently, the boards within The Appraisal Foundationinclude:: AppraisalStan-
dards Board, Appraiser Qualifications Board, Board of Trustees
4. Bias is permitted in an appraisal as long as the bias is clearly disclosed in the report.:
False
5. In appraisal practice, advocating the cause or interest of any party or issue is:: Not
permitted
Under the ETHICS RULE, an individual acting as an appraiser must not advocatethe cause or interest of any party or
issue.
6. The ethical obligationsof USPAP apply to:: Individual appraisers
USPAP does not apply to appraisal companies; however, the ETHICS RULE exhorts appraisers who are employed b
companieswho do not conductthemselvesin accordancewith USPAPto take whateverstepsare appropriateto ensure
USPAP compliance. USPAP does not apply to appraisal clients.
7. An appraiser must disclose any service he or she provided regarding the subject
property for a period of prior to agreeing to perform the
assignment.:Threeyears
,8. An appraiser is disclosing to a client the fact that she had previously -praised
ap the
subject property within the prior three years. When making this disclosure, the
appraiser must be careful to:: Not discloseconfidentialinformationfrom the
previousassignment
, 9. An appraiser has been asked to complete an appraisal assignment.fee Theis to be
paid only if the loan closes. According to USPAP, may the appraiser accept the
assignment under these conditions?: No, the feearrangementis an unethicalcontingency
arrangement and violates the ETHICS RULE.
10. In a real propertyappraisal assignmentpreparedfor a mortgagelender,an
appraiser is permitted by USPAP to base his compensation for an appraisal
assignment
on:: Whetheror not the reportis transmittedto the client by the duedate
An appraiser may base his or her fee on whether or not the report is delivered in a timely manner. However, the other
answerchoiceswere all listed in the ETHICS RULE as unethicalcontingencies.
11. The Confidentiality section of the ETHICS RULE prohibits an appraiser from
disclosing confidential information or to unauthoriẓed parties.: Assign-
ment results
12. An appraiser concludes that a subject property has functional inadequa -cies. This
conclusionis:: An assignment result and must be treated as confidential
13. In most cases, an appraiser may share from an appraisal as-
signment with other appraisers without obtaining the client's consent.: Physical
characteristics
14. An appraiser completes an appraisal and transmits the report to the client. The
report copy retained in the appraiser's workfile does not have a signature affixed to it.
Is this permissible under USPAP?: No,
a true copymust includea signature
15. An appraiser prepared an appraisal report in April 2019. He testified in court
regarding the value of the property in January 2020. The decision was ren-dered in
February 2020 and was appealed in April 2020. The appellate court heard the case in
January 2021 and remanded the case for reconsideration by the lower court. Final
disposition of the case occurred in September 2021. At a minimum, how long must the
appraiser retain his workfile?: April 2024
An appraiser must retain the workfile for five years after preparationor two years after final disposition of any judicial
proceedingin which the appraiser provided testimony related to the assignment, whichever period is later. April 2024
with Updated Questions and 100% Verified Answers
1. Which Foundationboard is responsiblefor USPAP?: Appraisal StandardsBoard (ASB)
Appraisal Subcommittee(ASC)
Consumer Financial Protection Bureau (CFPB)
Appraiser Qualifications Board (AQB)
2. The Appraisal Foundation has the authority to enforce the requirements of USPAP.
T or F: false
The Appraisal Foundationis a private entity. The Foundationand its boards have no enforcementauthority in any
jurisdiction.
3. Currently, the boards within The Appraisal Foundationinclude:: AppraisalStan-
dards Board, Appraiser Qualifications Board, Board of Trustees
4. Bias is permitted in an appraisal as long as the bias is clearly disclosed in the report.:
False
5. In appraisal practice, advocating the cause or interest of any party or issue is:: Not
permitted
Under the ETHICS RULE, an individual acting as an appraiser must not advocatethe cause or interest of any party or
issue.
6. The ethical obligationsof USPAP apply to:: Individual appraisers
USPAP does not apply to appraisal companies; however, the ETHICS RULE exhorts appraisers who are employed b
companieswho do not conductthemselvesin accordancewith USPAPto take whateverstepsare appropriateto ensure
USPAP compliance. USPAP does not apply to appraisal clients.
7. An appraiser must disclose any service he or she provided regarding the subject
property for a period of prior to agreeing to perform the
assignment.:Threeyears
,8. An appraiser is disclosing to a client the fact that she had previously -praised
ap the
subject property within the prior three years. When making this disclosure, the
appraiser must be careful to:: Not discloseconfidentialinformationfrom the
previousassignment
, 9. An appraiser has been asked to complete an appraisal assignment.fee Theis to be
paid only if the loan closes. According to USPAP, may the appraiser accept the
assignment under these conditions?: No, the feearrangementis an unethicalcontingency
arrangement and violates the ETHICS RULE.
10. In a real propertyappraisal assignmentpreparedfor a mortgagelender,an
appraiser is permitted by USPAP to base his compensation for an appraisal
assignment
on:: Whetheror not the reportis transmittedto the client by the duedate
An appraiser may base his or her fee on whether or not the report is delivered in a timely manner. However, the other
answerchoiceswere all listed in the ETHICS RULE as unethicalcontingencies.
11. The Confidentiality section of the ETHICS RULE prohibits an appraiser from
disclosing confidential information or to unauthoriẓed parties.: Assign-
ment results
12. An appraiser concludes that a subject property has functional inadequa -cies. This
conclusionis:: An assignment result and must be treated as confidential
13. In most cases, an appraiser may share from an appraisal as-
signment with other appraisers without obtaining the client's consent.: Physical
characteristics
14. An appraiser completes an appraisal and transmits the report to the client. The
report copy retained in the appraiser's workfile does not have a signature affixed to it.
Is this permissible under USPAP?: No,
a true copymust includea signature
15. An appraiser prepared an appraisal report in April 2019. He testified in court
regarding the value of the property in January 2020. The decision was ren-dered in
February 2020 and was appealed in April 2020. The appellate court heard the case in
January 2021 and remanded the case for reconsideration by the lower court. Final
disposition of the case occurred in September 2021. At a minimum, how long must the
appraiser retain his workfile?: April 2024
An appraiser must retain the workfile for five years after preparationor two years after final disposition of any judicial
proceedingin which the appraiser provided testimony related to the assignment, whichever period is later. April 2024
