USPAP Progress Exam questions and answers
verified
An Appraiser must retain a Any assignment that is covered by standard
workfile for" rules.
5 years after preparation or at least 2 years
after final disposition of judicial proceedings in
which testimony was given, whichever period
expires last.
According to STANDARD 3, an The review appraiser may be asked to develop
appraiser performing an his or her own opinion of value as part of the
appraisal review must do all of review assignment, but the primary purpose of
the following except: appraisal review is to form an opinion about
the quality of another appraiser's work.
An appraiser who commits a rendering services in a careless or negligent
series of small errors that affect manner.
the credibility of the
assignment results has
violated the rule against
, Evan is preparing the appraisal Competency Rule
of a single-unit dwelling. The
family room requires extensive
repairs due to water damage.
The client, a lending institution,
has given instructions to Evan
to utilize a hypothetical
condition
and report the value of the
subject property as if repairs
had already been made. Evan
has only worked on "as is"
assignments. While working
on the sales comparison
approach, Evan finds
comparable sales that are in
the same condition as the
subject property pre-repairs.
He uses these sales, but does
not make adjustments to
reflect the hypothetical condition.
This results in an "as
repaired" value that is nearly the
same as the "as is" value. When
Evan reports his findings to the
client, the client is surprised at
verified
An Appraiser must retain a Any assignment that is covered by standard
workfile for" rules.
5 years after preparation or at least 2 years
after final disposition of judicial proceedings in
which testimony was given, whichever period
expires last.
According to STANDARD 3, an The review appraiser may be asked to develop
appraiser performing an his or her own opinion of value as part of the
appraisal review must do all of review assignment, but the primary purpose of
the following except: appraisal review is to form an opinion about
the quality of another appraiser's work.
An appraiser who commits a rendering services in a careless or negligent
series of small errors that affect manner.
the credibility of the
assignment results has
violated the rule against
, Evan is preparing the appraisal Competency Rule
of a single-unit dwelling. The
family room requires extensive
repairs due to water damage.
The client, a lending institution,
has given instructions to Evan
to utilize a hypothetical
condition
and report the value of the
subject property as if repairs
had already been made. Evan
has only worked on "as is"
assignments. While working
on the sales comparison
approach, Evan finds
comparable sales that are in
the same condition as the
subject property pre-repairs.
He uses these sales, but does
not make adjustments to
reflect the hypothetical condition.
This results in an "as
repaired" value that is nearly the
same as the "as is" value. When
Evan reports his findings to the
client, the client is surprised at
