USPAP Practice Questions and Answers

USPAP in enforces by State regulatory agencies and professional appraisal organizations Which of the following establishes minimum criteria for real property appraiser certification and licensing Appraiser foundation advisory board Why are advisory opinions Used? To illustrate the applicability of appraisal standards Which one of the following is an assignment condition Extraordinary assumption Appraisal practice is defined as Evaluation service performed by an individual acting as an appraiser Credibility is judged in the context of the Intended use The purpose of USPAP is to Promote it maintain a high level of public trust An appraiser must perform assignments with Impartially, objectively, and Independence without the accommodation of public interest The ethical rule states an appraiser must Promote and preserve public trust inherent in appraisal practice A work file must be maintained for all Appraisal or appraisal review assignments Determining the scope of work Takes place at the beginning of an assignment and does not change The scope of work rule addresses Research Analysis and reporting Assignment conditions must not limit the scope of work to such degree at the assignment results are not Credible In an assignment involving a jurisdictional expectation an appraiser must cite in the report the law or regulation requiring The expectation The review appraiser must conduct the appraisal review In the context of market conditions as of the Original inspection date