USPAP EXAM QUESTIONS AND ANSWERS.
During problem identification, determination of what element is a
judgement of the appraiser that requires competency for that type of
assignment?
Correct Answer -Relevant property characteristics
Uspap does not establish:
Correct Answer -time limit for inspection of appraisal work files by
jurisdictions.
If a property that once had a high radon level present, but has since been
remedied, the prior condition may cause the appraiser to use what in the
assignment?
Correct Answer -Extraordinary assumption
An appraiser has been asked to appraise a one-acre segment of a five-acre
parcel, USPAP requires the appraiser to:
Correct Answer -obtain data from sources reliable for the intended use of
the appraisal.
Recommending an specific buyer action based upon a value opinion would
be appraisal practice with no specific performance standards and
Correct Answer -no scope of work or work file requirement.
The board of the appraisal foundation that identifies & addresses issues
relating to recognized methods & techniques is the
Correct Answer -APPRAISAL PRACTICE BOARD(APB)
,APPRAISAL PRACTICE BOARD(APB)
Correct Answer -is responsible for identifying & issuing opinions on
recognized valuation method & techniques & offers voluntary guidance in
topic areas that appraisers & users of appraisal services consider most
significant.
When something is uncertain yet necessary to the development of the value
opinion, the appraiser must identify the uncertainty as:
Correct Answer -An extraordinary assumption
Marketing time
Correct Answer -is an opinion of the amount of time it might take to sell a
real or personal property interest at the concluded market value level during
the period immediately after the effective date of an appraisal.
which is part of the appraiser's scope of work decision?
Correct Answer -Exclusion of a valuation approach
An appraiser must not disclose
Correct Answer -1- confidential information 2- assignment results to anyone
other than the client, persons specifically authorized by the client, state
appraiser regulatory agencies, third parties as may be authorized by due
process of law, or a duly authorized professional peer review committee
except when such disclosure to a committee would violate applicable law or
regulation. A member of a duly authorized professional peer review
committee must not disclose confidential information presented to the
committee.
, A final inspection
Correct Answer -is an extension of the original assignment if it is part of the
original agreement for services. If the service was not specified in the
original assignment, the final inspection request must be treated as a new
assignment, with disclosure of the prior assignment.
Fees based on the amount of the value opinion are
Correct Answer -prohibited in the management section of the ethics rule.
According to uspap, an appraisal update is a new assignment.
Correct Answer -A recertification of value confirms whether the conditions
of a prior opinion have met, & thus does not change the effective date.
If the assignment includes the reviewer developing his own opinion of value
for the subject property of the work under review,
Correct Answer -that opinion is an appraisal.
The comments to standards rule 3-6 states that a reviewer who signs any
part of a report or a letter of transmittal
Correct Answer -must also sign the certification.
intangible property or business asset appraisal is addressed in standard 9
Correct Answer -Business appraisal development
Standard 3 permits the reviewer to consider data not available as of the
effective date of the appraisal being reviewed, however
During problem identification, determination of what element is a
judgement of the appraiser that requires competency for that type of
assignment?
Correct Answer -Relevant property characteristics
Uspap does not establish:
Correct Answer -time limit for inspection of appraisal work files by
jurisdictions.
If a property that once had a high radon level present, but has since been
remedied, the prior condition may cause the appraiser to use what in the
assignment?
Correct Answer -Extraordinary assumption
An appraiser has been asked to appraise a one-acre segment of a five-acre
parcel, USPAP requires the appraiser to:
Correct Answer -obtain data from sources reliable for the intended use of
the appraisal.
Recommending an specific buyer action based upon a value opinion would
be appraisal practice with no specific performance standards and
Correct Answer -no scope of work or work file requirement.
The board of the appraisal foundation that identifies & addresses issues
relating to recognized methods & techniques is the
Correct Answer -APPRAISAL PRACTICE BOARD(APB)
,APPRAISAL PRACTICE BOARD(APB)
Correct Answer -is responsible for identifying & issuing opinions on
recognized valuation method & techniques & offers voluntary guidance in
topic areas that appraisers & users of appraisal services consider most
significant.
When something is uncertain yet necessary to the development of the value
opinion, the appraiser must identify the uncertainty as:
Correct Answer -An extraordinary assumption
Marketing time
Correct Answer -is an opinion of the amount of time it might take to sell a
real or personal property interest at the concluded market value level during
the period immediately after the effective date of an appraisal.
which is part of the appraiser's scope of work decision?
Correct Answer -Exclusion of a valuation approach
An appraiser must not disclose
Correct Answer -1- confidential information 2- assignment results to anyone
other than the client, persons specifically authorized by the client, state
appraiser regulatory agencies, third parties as may be authorized by due
process of law, or a duly authorized professional peer review committee
except when such disclosure to a committee would violate applicable law or
regulation. A member of a duly authorized professional peer review
committee must not disclose confidential information presented to the
committee.
, A final inspection
Correct Answer -is an extension of the original assignment if it is part of the
original agreement for services. If the service was not specified in the
original assignment, the final inspection request must be treated as a new
assignment, with disclosure of the prior assignment.
Fees based on the amount of the value opinion are
Correct Answer -prohibited in the management section of the ethics rule.
According to uspap, an appraisal update is a new assignment.
Correct Answer -A recertification of value confirms whether the conditions
of a prior opinion have met, & thus does not change the effective date.
If the assignment includes the reviewer developing his own opinion of value
for the subject property of the work under review,
Correct Answer -that opinion is an appraisal.
The comments to standards rule 3-6 states that a reviewer who signs any
part of a report or a letter of transmittal
Correct Answer -must also sign the certification.
intangible property or business asset appraisal is addressed in standard 9
Correct Answer -Business appraisal development
Standard 3 permits the reviewer to consider data not available as of the
effective date of the appraisal being reviewed, however
