1. . The Preamble states that USPAP is: for appraisers and users of
appraisal services.
2. The stated purpose of USPAP: Promote and maintain a high level of public trust
in appraisal practice.
3. When obligated by law or regulation an appraiser must: comply with USPAP
4. USPAP applies to which types of properties?: Tangible and Intangible
5. Valuation services: is not a subset of appraisal practice.
6. An appraiser has the professional responsibility: to identify the capacity in
which he or she is performing.
7. Reasons why an appraiser would prepare an appraisal assignment in con-
formance with USPAP: 1. Agreement with client.
2. Law or regulation.
3. Voluntary choice.
8. 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.: True
9. An individual is not prohibited from providing valuation services that in-
volve advocacy while acting as an appraiser.: False
10. When performing valuation services outside of appraisal practice, apprais-
ers must be careful not to the client and other intended
users about their role.: Mislead
11. USPAP states that in a situation when an individual is not required by
law, regulation, or agreement to comply with USPAP:: The individual should still
comply when acting as an appraiser.
12. An appraiser is engaged to teach an appraisal course. What parts of USPAP
apply?: The parts of USPAP that apply generally to appraisal practice.
13. The Appraisal Practices Board (APB) was created when?: 2010
14. The APB is a(n): independent board.
15. Boards within The Appraisal Foundation (TAF): 1. Board of Trustees (BOT)
2. Appraisal Standards Board (ASB)
3. Appraisal Qualifications Board (AQB)
4. Appraisal Practices Board (APB)
16. APB is a: private entity.
17. The APB has authority to enforce the requirements of USPAP.: False
18. Who has the only jurisdiction and authority over appraisers?: States
19. ASB: Develops, interprets, and amends USPAP.
20. Advisory opinions: Not part of USPAP; reference material only.
21. APB: Guidance is voluntary.
, 22. ASC: Maintains the official National Registry of state certified and licensed
appraisers.
23. State appraisal regulatory committees: responsible for issuing credentials to
individual appraisers.
24. Responsibilities of ASC:: • Establishes, improves, and promulgates the US-
PAP
• Subject, content, and substance of USPAP and other communication related to
appraisal standards.
• Establishes standards of professional appraisal practice for the guidance and
education of appraisers and users of appraisal services.
• Maintains the official National Registry of state certified and licensed appraisers.
25. Developing, amending, and interpreting USPAP is NOT a responsibility
of: ASC
26. 12. USPAP divides the appraisal process into two distinct types of activi-
ty:: Develop and report
27. Identify the problem: The first step in the appraisal process.
28. Communication: The reporting process involves of the
appraiser's opinions and conclusions.
29. AQB: • Disseminates to state appraisal boards the qualifications criteria for
appraiser certifications and recertification.
• Responsible for establishing education and experience requirements for licensing
and certification of appraisers.
30. BOT: appoints members of the APB, AQB, ASB.
31. The ethical obligations of USPAP apply to: Individual appraisers.
32. Bias: is never allowed.
33. In appraisal practice, advocating the cause or interest of any party or issue
is: never permitted.
34. If an appraiser has appraised a property multiple times within the prior 3
years he must disclose the number of times he appraised the property to a
prospective client.: True
35. 3 years: Prior to accepting an assignment, an appraiser must disclose any
service he provided regarding the subject property for a period of
36. An appraiser has been asked to complete an appraisal assignment. The
fee is to be paid when when the loan closes. According to USPAP, may the
appraiser accept the assignment under the conditions?: No
37. The payment of fees by the appraiser in connection with the procurement
of an assignment is: allowed if properly disclosed
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appraisal services.
2. The stated purpose of USPAP: Promote and maintain a high level of public trust
in appraisal practice.
3. When obligated by law or regulation an appraiser must: comply with USPAP
4. USPAP applies to which types of properties?: Tangible and Intangible
5. Valuation services: is not a subset of appraisal practice.
6. An appraiser has the professional responsibility: to identify the capacity in
which he or she is performing.
7. Reasons why an appraiser would prepare an appraisal assignment in con-
formance with USPAP: 1. Agreement with client.
2. Law or regulation.
3. Voluntary choice.
8. 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.: True
9. An individual is not prohibited from providing valuation services that in-
volve advocacy while acting as an appraiser.: False
10. When performing valuation services outside of appraisal practice, apprais-
ers must be careful not to the client and other intended
users about their role.: Mislead
11. USPAP states that in a situation when an individual is not required by
law, regulation, or agreement to comply with USPAP:: The individual should still
comply when acting as an appraiser.
12. An appraiser is engaged to teach an appraisal course. What parts of USPAP
apply?: The parts of USPAP that apply generally to appraisal practice.
13. The Appraisal Practices Board (APB) was created when?: 2010
14. The APB is a(n): independent board.
15. Boards within The Appraisal Foundation (TAF): 1. Board of Trustees (BOT)
2. Appraisal Standards Board (ASB)
3. Appraisal Qualifications Board (AQB)
4. Appraisal Practices Board (APB)
16. APB is a: private entity.
17. The APB has authority to enforce the requirements of USPAP.: False
18. Who has the only jurisdiction and authority over appraisers?: States
19. ASB: Develops, interprets, and amends USPAP.
20. Advisory opinions: Not part of USPAP; reference material only.
21. APB: Guidance is voluntary.
, 22. ASC: Maintains the official National Registry of state certified and licensed
appraisers.
23. State appraisal regulatory committees: responsible for issuing credentials to
individual appraisers.
24. Responsibilities of ASC:: • Establishes, improves, and promulgates the US-
PAP
• Subject, content, and substance of USPAP and other communication related to
appraisal standards.
• Establishes standards of professional appraisal practice for the guidance and
education of appraisers and users of appraisal services.
• Maintains the official National Registry of state certified and licensed appraisers.
25. Developing, amending, and interpreting USPAP is NOT a responsibility
of: ASC
26. 12. USPAP divides the appraisal process into two distinct types of activi-
ty:: Develop and report
27. Identify the problem: The first step in the appraisal process.
28. Communication: The reporting process involves of the
appraiser's opinions and conclusions.
29. AQB: • Disseminates to state appraisal boards the qualifications criteria for
appraiser certifications and recertification.
• Responsible for establishing education and experience requirements for licensing
and certification of appraisers.
30. BOT: appoints members of the APB, AQB, ASB.
31. The ethical obligations of USPAP apply to: Individual appraisers.
32. Bias: is never allowed.
33. In appraisal practice, advocating the cause or interest of any party or issue
is: never permitted.
34. If an appraiser has appraised a property multiple times within the prior 3
years he must disclose the number of times he appraised the property to a
prospective client.: True
35. 3 years: Prior to accepting an assignment, an appraiser must disclose any
service he provided regarding the subject property for a period of
36. An appraiser has been asked to complete an appraisal assignment. The
fee is to be paid when when the loan closes. According to USPAP, may the
appraiser accept the assignment under the conditions?: No
37. The payment of fees by the appraiser in connection with the procurement
of an assignment is: allowed if properly disclosed
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