USPAP Final Exam Questions With 100% Correct Answers | Latest Update Graded A+ 2023/2024

USPAP Final Exam Questions With 100% Correct Answers | Latest Update Graded A+ 2023/2024. One of an appraiser's obligations with regard to user expectations is to: Not permitted to An individual is ______________ provide valuation services that involve advocacy while acting as an appraiser. The individual should still comply when he or she is acting as an appraiser USPAP states that in a situation when an individual is not required by law, regulation, or agreement to comply with USPAP: Mislead When performing valuation services outside of appraisal practice, appraisers must be careful not to __________ the client and other intended users about their role. Individual appraisers only The ethical obligations of USPAP apply to: He must disclose the number of times he has appraised the property within the prior three years. An appraiser has appraised a property multiple times within the prior three years. He is asked by a prospective client to appraise the property again. Which statement is TRUE? Three years Prior to accepting an assignment, an appraiser must disclose any service he or she provided regarding the subject property for a period of _________. No, the fee arrangement is an unethical contingency arrangement and violates the ETHICS RULE. An appraiser has been asked to complete an appraisal assignment. The fee is to be paid when and if the loan closes. According to USPAP, may the appraiser accept the assignment under these conditions? Allowed if properly disclosed The payment of fees by the appraiser in connection with the procurement of an assignment is: Not A subject property's physical characteristics are ________ assignment results. The client and is identified as confidential, but is not available from other sources Confidential information under USPAP is information the appraiser receives from: Authorized by the client The disclosure of confidential information to a third party is unethical unless: April 2020 An appraiser prepared an appraisal report in April 2015. He testified in court regarding the value of the property in January 2016. The decision was rendered in February 2016 and was appealed in March 2016. The appellate court heard the case in January 2017 and remanded the case for reconsideration by the lower court. Final disposition of the case occurred in September 2017. At a minimum, how long must the appraiser retain his workfile? The workfile must be in existence prior to the issuance of a report. Which statement about an appraiser's workfile is TRUE? Under USPAP, trainees have the same workfile obligations as licensed or certified appraisers. Which statement about appraisal trainees and workfile obligations is TRUE? Flexibility, responsibility Appraisers have broad _________ and significant _________ in determining the appropriate scope of work in an assignment. Necessary for determining the appropriate scope of work Identification of the intended use of an appraiser's opinions and conclusions is: Laws and regulations Extraordinary assumptions Hypothetical conditions Examples of assignment conditions could include: (select the most complete answer) Identified by the appraiser on the basis of communication with the client Intended use is: Appraiser The responsibility for the scope of work decision rests with the: Ongoing In an assignment, the scope of work is an ___________ process. A scope of work decision Exclusion of a valuation approach that is not applicable in a given assignment is an example of: Sufficient information An appraiser's report must contain ____________ to allow intended users to understand the scope of work performed. The appraiser is solely responsible If a client’s objectives result in an appraiser developing biased assignment results: Comply with that law or regulation When a law or regulation precludes compliance with any part of USPAP, appraisers must: Identify the law, comply with the law, disclose in the report the part of USPAP that is voided, and cite in the report the law that caused the jurisdictional exception If an assignment involves a jurisdictional exception, what must an appraiser do? To preserve the balance of USPAP if compliance with a part of USPAP is precluded by law or regulation What is the purpose of the JURISDICTIONAL EXCEPTION RULE? Constitutions, legislative and court-made law, and administrative rules and ordinances As used in the JURISDICTIONAL EXCEPTION RULE, the term “law” includes ____________. A jurisdictional exception is automatically created If a law or regulation precludes an appraiser with complying with a part of USPAP: