USPAP 15-Hour Course| 171 QUESTIONS| WITH COMPLETE SOLUTIONS

The Preamble states that USPAP is correct answer: for appraisers and users of appraisal services. The stated purpose of USPAP correct answer: Promote and maintain a high level of public trust in appraisal practice. When obligated by law or regulation an appraiser must correct answer: comply with USPAP. USPAP applies to which types of properties? correct answer: Tangible and Intangible Valuation services correct answer: is not a subset of appraisal practice. An appraiser has the professional responsibility correct answer: to identify the capacity in which he or she is performing. Reasons why an appraiser would prepare an appraisal assignment in conformance with USPAP correct answer: 1. Agreement with client. 2. Law or regulation. 3. Voluntary choice. An appraiser who provides an appraisal service that is not an appraisal, appraisal review, or appraisal consulting assignment does not have workfile obligations associated with the assignment. correct answer: True An individual is not prohibited from providing valuation services that involve advocacy while acting as an appraiser. correct answer: False When performing valuation services outside of appraisal practice, appraisers must be careful not to _________________ the client and other intended users about their role. correct answer: Mislead USPAP states that in a situation when an individual is not required by law, regulation, or agreement to comply with USPAP: correct answer: The individual should still comply when acting as an appraiser. An appraiser is engaged to teach an appraisal course. What parts of USPAP apply? correct answer: The parts of USPAP that apply generally to appraisal practice. The Appraisal Practices Board (APB) was created when? correct answer: 2010 The APB is a(n) correct answer: independent board. Boards within The Appraisal Foun