7-HR NATIONAL USPAP COURSE FINAL EXAM
NEWEST UPDATE 2024 QUESTIONS AND VERIFIED
ANSWERS GRADED A+
Which of these is NOT required to be incl uded in a Restricted Appraisal Report prepared in compliance
with USPAP?
The definition of value
An appraiser is performing an appraisal assignment for a client, which is a government agency. The
appraiser will be reporting the appraisal in a Restricted Appraisal Report. Is the appraiser required to
provide this client with access to the appraisal workfile?
No
An appraiser is asked to perform a real property appraisal that is based on an exterior -only inspection of
the subject property from the street. The appraiser makes the inspection and completes the appraisal.
In the report, the appraiser must:
Disclose the extent of the property inspection
An appraiser develops an appraisal and reports it in a Restricted Appraisal Report. The workfile in
support of the report must be sufficient to:
Produce an Appraisal Report
An appraiser is engaged by a client to prepare a market analysis for a certain type of property in a
defined geographic area. No specific subject property is identified and no value opinion is developed.
Does USPAP require the appraiser to create and maintain a workfile for this assignment?
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No
An appraiser prepares a cost approach as part of a real property appraisal assignment and reports the
appraisal in a Restricted Appraisal Report. The appraiser uses a published cost service as the source for
the estimate of cost new for the property improv ements. In the workfile, is the appraiser required to
copy and include the pages from the published cost service?
No, the workfile may contain a reference to the location of this information.
An appraiser is performing an appraisal for a government agenc y. No testimony is required in this
assignment. The agency has a regulation that requires appraisers to retain their appraisal workfiles for 4
years after preparation. Is this a jurisdictional exception?
No, an appraiser may comply with both the regulation and USPAP by retaining the workfile for
5 years
An appraiser completes a mortgage lending appraisal and reports it on the URAR form. The lender's
underwriter contacts the appraiser and asks the appraiser to remove one of the comparable sales
because the underwriter does not think it is sufficiently similar to the subject. What should the appraiser
do?
Not remove the comparable sale, because doing so might result in a misleading report
An appraiser completes an appraisal for a client and transmits the r eport. Two weeks later, the client
contacts the appraiser and asks the appraiser to add a new intended user to the report and re -send it.
What should the appraiser do?
Treat the request as a new assignment
An appraiser completes an appraisal and transmit s the report to the client. Several weeks later, another
lender contacts the appraiser and asks the appraiser to provide a "reliance letter" that will enable that
other lender to rely on the report for their own use. Which statement is TRUE about this situ ation?
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The appraiser should not issue such a letter because it would essentially add an intended user
after the fact.
An appraiser wishes to perform an assignment but does not possess the knowledge and experience to
complete it competently. The appraiser notifies the client of the lack of knowledge and experience and
takes steps to obtain the knowledge and experience. Actions taken by the appraiser to obtain the
knowledge and experience might include:
All of these
An appraiser completes an appraisal for a mortgage lender and transmits the report. A month later, a
different lender asks the appraiser to readdress the report to them. The appraiser decides to treat the
request as a new assignment. Which statement is TRUE regarding this situation?
The apprais er is required to disclose to the new client that he or she previously provided
appraisal services on the subject property.
An appraiser completes an appraisal assignment for Lender A and transmits the report. Several days
later, Lender B contacts the ap praiser and asks the appraiser to change the client name on the appraisal
report to Lender B and transmit the report to them. What should the appraiser do?
Treat the request from Lender B as a new assignment
An appraiser is required by USPAP to disclose any prior services that he or she performed regarding the
subject property within:
Three years prior to the agreement to perform the assignment
An appraiser has agreed to perform an appraisal assignment on a property. During the appraiser's
inspection of the property, he suddenly realizes that approximately two years prior, he had performed
an appraisal review of an appraisal on this property that was completed by another appraiser. What
should the appraiser d o in accordance with USPAP? Powered by TCPDF (www.tcpdf.org)
3 / 3
NEWEST UPDATE 2024 QUESTIONS AND VERIFIED
ANSWERS GRADED A+
Which of these is NOT required to be incl uded in a Restricted Appraisal Report prepared in compliance
with USPAP?
The definition of value
An appraiser is performing an appraisal assignment for a client, which is a government agency. The
appraiser will be reporting the appraisal in a Restricted Appraisal Report. Is the appraiser required to
provide this client with access to the appraisal workfile?
No
An appraiser is asked to perform a real property appraisal that is based on an exterior -only inspection of
the subject property from the street. The appraiser makes the inspection and completes the appraisal.
In the report, the appraiser must:
Disclose the extent of the property inspection
An appraiser develops an appraisal and reports it in a Restricted Appraisal Report. The workfile in
support of the report must be sufficient to:
Produce an Appraisal Report
An appraiser is engaged by a client to prepare a market analysis for a certain type of property in a
defined geographic area. No specific subject property is identified and no value opinion is developed.
Does USPAP require the appraiser to create and maintain a workfile for this assignment?
1 / 3
No
An appraiser prepares a cost approach as part of a real property appraisal assignment and reports the
appraisal in a Restricted Appraisal Report. The appraiser uses a published cost service as the source for
the estimate of cost new for the property improv ements. In the workfile, is the appraiser required to
copy and include the pages from the published cost service?
No, the workfile may contain a reference to the location of this information.
An appraiser is performing an appraisal for a government agenc y. No testimony is required in this
assignment. The agency has a regulation that requires appraisers to retain their appraisal workfiles for 4
years after preparation. Is this a jurisdictional exception?
No, an appraiser may comply with both the regulation and USPAP by retaining the workfile for
5 years
An appraiser completes a mortgage lending appraisal and reports it on the URAR form. The lender's
underwriter contacts the appraiser and asks the appraiser to remove one of the comparable sales
because the underwriter does not think it is sufficiently similar to the subject. What should the appraiser
do?
Not remove the comparable sale, because doing so might result in a misleading report
An appraiser completes an appraisal for a client and transmits the r eport. Two weeks later, the client
contacts the appraiser and asks the appraiser to add a new intended user to the report and re -send it.
What should the appraiser do?
Treat the request as a new assignment
An appraiser completes an appraisal and transmit s the report to the client. Several weeks later, another
lender contacts the appraiser and asks the appraiser to provide a "reliance letter" that will enable that
other lender to rely on the report for their own use. Which statement is TRUE about this situ ation?
2 / 3
The appraiser should not issue such a letter because it would essentially add an intended user
after the fact.
An appraiser wishes to perform an assignment but does not possess the knowledge and experience to
complete it competently. The appraiser notifies the client of the lack of knowledge and experience and
takes steps to obtain the knowledge and experience. Actions taken by the appraiser to obtain the
knowledge and experience might include:
All of these
An appraiser completes an appraisal for a mortgage lender and transmits the report. A month later, a
different lender asks the appraiser to readdress the report to them. The appraiser decides to treat the
request as a new assignment. Which statement is TRUE regarding this situation?
The apprais er is required to disclose to the new client that he or she previously provided
appraisal services on the subject property.
An appraiser completes an appraisal assignment for Lender A and transmits the report. Several days
later, Lender B contacts the ap praiser and asks the appraiser to change the client name on the appraisal
report to Lender B and transmit the report to them. What should the appraiser do?
Treat the request from Lender B as a new assignment
An appraiser is required by USPAP to disclose any prior services that he or she performed regarding the
subject property within:
Three years prior to the agreement to perform the assignment
An appraiser has agreed to perform an appraisal assignment on a property. During the appraiser's
inspection of the property, he suddenly realizes that approximately two years prior, he had performed
an appraisal review of an appraisal on this property that was completed by another appraiser. What
should the appraiser d o in accordance with USPAP? Powered by TCPDF (www.tcpdf.org)
3 / 3
