RPA LEVEL 3 PRACTICE EXAMS ANSWERS AND
QUESTIONS SET A+
✔✔The loss of value in equal increments down to an estimated salvage value is an
example of: - ✔✔Straight-line depreciation
✔✔An item that can be owned but does not fit the definition of a real property is: -
✔✔Personal property
✔✔Gross Margin Method - ✔✔Know the formulas
✔✔Gross margin method - ✔✔Technique for estimating the ending inventory amount
without a physical count; useful when the percentage of gross margin to sales remains
relatively stable from one accounting period to the next.
✔✔straight-line depreciation method - ✔✔allocates the depreciable cost of an asset in
equal periodic amounts over its useful life
✔✔Straight-line depreciation method - ✔✔Know the formulas Ex: (cost - salvage value)
/ useful life
✔✔Allocation of value method - ✔✔Know the formulas
✔✔The "Mobilia Rule" states that personal property is taxable at the - ✔✔domicile of the
owner
✔✔Consigned goods are listed on personal property records under the - ✔✔Owner
✔✔What is the current RCNLD of the equipment using the information below?
Equipment cost in 2005 - $548,935
Cost Index 2005 - 912.8
Cost Index 2018 - 1183.4 - ✔✔$711.667
, ✔✔One source of generally accepted appraisal practice is: - ✔✔Uniform Standards of
Professional Appraisal Practice
✔✔The USPAP STANDARD Rule that applies to Mass Appraisal Reporting is: -
✔✔STANDARD Rule 6
✔✔USPAP is developed, interpreted, and amended by the - ✔✔Appraisal Standards
Board
✔✔The type and extent of research and analyses in an assignment defines which
USPAP term? - ✔✔Scope of Work
✔✔Define an Appraisal - ✔✔An appraisal is an opinion and estimate of value arrived at
by logical analysis of available data by an appraiser
✔✔What board develops, publishes, interprets, and amends USPAP? - ✔✔Appraisal
Standards Board
✔✔Which Texas Property Tax Code Section requires the appraisal districts to comply
with USPAP? - ✔✔Section 23.01
✔✔Code of Ethics: Seven Principles. Registrants must. 1) - ✔✔Be guided by the
principle that property tazation should be fair and uniform, and apply all laws, rules,
methods, and procedures, in a uniform mannor, to all taxpayers
✔✔Code of Ethics: Seven Principles. Registrants must. 2) - ✔✔Not accept or solicit any
gift, favor, or service that might reasonably tend to influence the registrant in the
discharge of official duties, with the following exceptions:
a) The benefit is used solely to defray the expenses that accrue in the performance of
duties or activities in connection with the office which are non-reimbursable by the state
or political subdivision
b) A political contribution as defined by Title 15 of the Election Code, or
c) An item with a value of less than $50, excluding cash or negotiable instrument
✔✔Code of Ethics: Seven Principles. Registrants must. 3) - ✔✔Not use information
received in connection with the duties of an appraiser, assessor, or collector for their
own purposes, unless such information can be known by ordinary means to any
ordinary citizen
✔✔Code of Ethics: Seven Principles. Registrants must. 4) - ✔✔Not engage in an official
act that is dishonest, misleading, fraudulent, deceptive, or in violation of the law
QUESTIONS SET A+
✔✔The loss of value in equal increments down to an estimated salvage value is an
example of: - ✔✔Straight-line depreciation
✔✔An item that can be owned but does not fit the definition of a real property is: -
✔✔Personal property
✔✔Gross Margin Method - ✔✔Know the formulas
✔✔Gross margin method - ✔✔Technique for estimating the ending inventory amount
without a physical count; useful when the percentage of gross margin to sales remains
relatively stable from one accounting period to the next.
✔✔straight-line depreciation method - ✔✔allocates the depreciable cost of an asset in
equal periodic amounts over its useful life
✔✔Straight-line depreciation method - ✔✔Know the formulas Ex: (cost - salvage value)
/ useful life
✔✔Allocation of value method - ✔✔Know the formulas
✔✔The "Mobilia Rule" states that personal property is taxable at the - ✔✔domicile of the
owner
✔✔Consigned goods are listed on personal property records under the - ✔✔Owner
✔✔What is the current RCNLD of the equipment using the information below?
Equipment cost in 2005 - $548,935
Cost Index 2005 - 912.8
Cost Index 2018 - 1183.4 - ✔✔$711.667
, ✔✔One source of generally accepted appraisal practice is: - ✔✔Uniform Standards of
Professional Appraisal Practice
✔✔The USPAP STANDARD Rule that applies to Mass Appraisal Reporting is: -
✔✔STANDARD Rule 6
✔✔USPAP is developed, interpreted, and amended by the - ✔✔Appraisal Standards
Board
✔✔The type and extent of research and analyses in an assignment defines which
USPAP term? - ✔✔Scope of Work
✔✔Define an Appraisal - ✔✔An appraisal is an opinion and estimate of value arrived at
by logical analysis of available data by an appraiser
✔✔What board develops, publishes, interprets, and amends USPAP? - ✔✔Appraisal
Standards Board
✔✔Which Texas Property Tax Code Section requires the appraisal districts to comply
with USPAP? - ✔✔Section 23.01
✔✔Code of Ethics: Seven Principles. Registrants must. 1) - ✔✔Be guided by the
principle that property tazation should be fair and uniform, and apply all laws, rules,
methods, and procedures, in a uniform mannor, to all taxpayers
✔✔Code of Ethics: Seven Principles. Registrants must. 2) - ✔✔Not accept or solicit any
gift, favor, or service that might reasonably tend to influence the registrant in the
discharge of official duties, with the following exceptions:
a) The benefit is used solely to defray the expenses that accrue in the performance of
duties or activities in connection with the office which are non-reimbursable by the state
or political subdivision
b) A political contribution as defined by Title 15 of the Election Code, or
c) An item with a value of less than $50, excluding cash or negotiable instrument
✔✔Code of Ethics: Seven Principles. Registrants must. 3) - ✔✔Not use information
received in connection with the duties of an appraiser, assessor, or collector for their
own purposes, unless such information can be known by ordinary means to any
ordinary citizen
✔✔Code of Ethics: Seven Principles. Registrants must. 4) - ✔✔Not engage in an official
act that is dishonest, misleading, fraudulent, deceptive, or in violation of the law
