USPAP 15-Hour Course
1. Limits the scope of work to the extent that the value opinion is not credible.
2. Precludes an appraiser's impartiality.
3. Limits report content, resulting in a misleading report. - ANS-Unacceptable assignment
condition.
12. USPAP divides the appraisal process into two distinct types of activity: - ANS-Develop and
report
2-Stage - ANS-An appraisal review can be a _______________ assignment; an appraisal
review and a value opinion by the reviewer.
3 - ANS-Under STANDARD 8, a personal property appraiser has _________ different report
options.
3 years - ANS-Prior to accepting an assignment, an appraiser must disclose any service he
provided regarding the subject property for a period of
6 Standard Rules - ANS-Standard 1 contains this many rules.
A prospective appraisal - ANS-Developing an opinion of value of a property as of a specific
future date is:
A reasonable and applicable time - ANS-When appraising personal property, the appraiser must
analyze prior sales of the subject over what time period?
A signed certification must be inserted into the workfile - ANS-If a reviewer provides an oral
report of an appraisal review:
Advisory opinions - ANS-Not part of USPAP; reference material only.
All oral and written reports covered in USPAP - ANS-Which reports require a signed
certification?
All sales of the subject property that occurred within 3 years of the effective date of the
appraisal. - ANS-When analyzing the subject property's sales history in a real property appraisal
assignment, an appraiser is required by USPAP to analyze
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? - ANS-No
An appraiser has the professional responsibility - ANS-to identify the capacity in which he or she
is performing.
An appraiser is engaged to teach an appraisal course. What parts of USPAP apply? - ANS-The
parts of USPAP that apply generally to appraisal practice.
An appraiser must document the client's identity in the workfile. - ANS-If a client wishes to
remain anonymous the appraiser must:
An appraiser must obtain the necessary competency prior to accepting the assignment. -
ANS-False
An appraiser prepared an appraisal report in April 2009. He testified in court regarding the value
of the property in January 2010. The decision was rendered in February 2010 and was
appealed in March 2010. The appellate court heard the case in January 2011 and remanded the
, case for reconsideration by the lower court final disposition of the case occurred in Sept 2011.
At a minimum, how long must the appraiser retain his workfile? - ANS-April 2014
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. - ANS-True
An appraiser's peers - ANS-Others who have expertise and competency in a similar type of
assignment.
An assignment condition may require an appraiser to develop an approach that he or she would
otherwise consider unnecessary. - ANS-USPAP and the 3 approaches to value.
An individual is not prohibited from providing valuation services that involve advocacy while
acting as an appraiser. - ANS-False
Analyzed in the appraisal - ANS-If an appraiser is asked to appraise a property on which there
is known, current agreement of sale, the agreement must be
APB - ANS-Guidance is voluntary.
APB is a - ANS-private entity.
Appraisal Report or Restricted Use Appraisal Report - ANS-A written business appraisal report
must be prepared in accordance with:
Appraisal Review
Appraisal
Real Property Appraisal Consulting - ANS-Under STANDARD 3, what can be reviewed?
AQB - ANS-• 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.
ASB - ANS-Develops, interprets, and amends USPAP.
ASC - ANS-Maintains the official National Registry of state certified and licensed appraisers.
Assignment conditions - ANS-Laws and regulations that apply to an appraisal for a federally
regulated lending transaction would be considered:
Be tested an checked for errors and reasonableness. - ANS-The results of DCF Analysis
should:
beyond typical residential appraisal competency - ANS-The competency required to appraise
subsidized housing extends:
Bias - ANS-is never allowed.
Boards within The Appraisal Foundation (TAF) - ANS-1. Board of Trustees (BOT)
2. Appraisal Standards Board (ASB)
3. Appraisal Qualifications Board (AQB)
4. Appraisal Practices Board (APB)
BOT - ANS-appoints members of the APB, AQB, ASB.
Both real and personal property - ANS-STANDARD 6, Mass Appraisal, applies to:
Careful consideration of the quality and quantity of data - ANS-The process of reconciliation
entails
Clarify, explain, or elaborate on a Rule or Standards Rule - ANS-What is the purpose of
Statements on Appraisal Standards in USPAP?
Client's specific name - ANS-Not required by USPAP to be in a Summary Appraisal Report
1. Limits the scope of work to the extent that the value opinion is not credible.
2. Precludes an appraiser's impartiality.
3. Limits report content, resulting in a misleading report. - ANS-Unacceptable assignment
condition.
12. USPAP divides the appraisal process into two distinct types of activity: - ANS-Develop and
report
2-Stage - ANS-An appraisal review can be a _______________ assignment; an appraisal
review and a value opinion by the reviewer.
3 - ANS-Under STANDARD 8, a personal property appraiser has _________ different report
options.
3 years - ANS-Prior to accepting an assignment, an appraiser must disclose any service he
provided regarding the subject property for a period of
6 Standard Rules - ANS-Standard 1 contains this many rules.
A prospective appraisal - ANS-Developing an opinion of value of a property as of a specific
future date is:
A reasonable and applicable time - ANS-When appraising personal property, the appraiser must
analyze prior sales of the subject over what time period?
A signed certification must be inserted into the workfile - ANS-If a reviewer provides an oral
report of an appraisal review:
Advisory opinions - ANS-Not part of USPAP; reference material only.
All oral and written reports covered in USPAP - ANS-Which reports require a signed
certification?
All sales of the subject property that occurred within 3 years of the effective date of the
appraisal. - ANS-When analyzing the subject property's sales history in a real property appraisal
assignment, an appraiser is required by USPAP to analyze
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? - ANS-No
An appraiser has the professional responsibility - ANS-to identify the capacity in which he or she
is performing.
An appraiser is engaged to teach an appraisal course. What parts of USPAP apply? - ANS-The
parts of USPAP that apply generally to appraisal practice.
An appraiser must document the client's identity in the workfile. - ANS-If a client wishes to
remain anonymous the appraiser must:
An appraiser must obtain the necessary competency prior to accepting the assignment. -
ANS-False
An appraiser prepared an appraisal report in April 2009. He testified in court regarding the value
of the property in January 2010. The decision was rendered in February 2010 and was
appealed in March 2010. The appellate court heard the case in January 2011 and remanded the
, case for reconsideration by the lower court final disposition of the case occurred in Sept 2011.
At a minimum, how long must the appraiser retain his workfile? - ANS-April 2014
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. - ANS-True
An appraiser's peers - ANS-Others who have expertise and competency in a similar type of
assignment.
An assignment condition may require an appraiser to develop an approach that he or she would
otherwise consider unnecessary. - ANS-USPAP and the 3 approaches to value.
An individual is not prohibited from providing valuation services that involve advocacy while
acting as an appraiser. - ANS-False
Analyzed in the appraisal - ANS-If an appraiser is asked to appraise a property on which there
is known, current agreement of sale, the agreement must be
APB - ANS-Guidance is voluntary.
APB is a - ANS-private entity.
Appraisal Report or Restricted Use Appraisal Report - ANS-A written business appraisal report
must be prepared in accordance with:
Appraisal Review
Appraisal
Real Property Appraisal Consulting - ANS-Under STANDARD 3, what can be reviewed?
AQB - ANS-• 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.
ASB - ANS-Develops, interprets, and amends USPAP.
ASC - ANS-Maintains the official National Registry of state certified and licensed appraisers.
Assignment conditions - ANS-Laws and regulations that apply to an appraisal for a federally
regulated lending transaction would be considered:
Be tested an checked for errors and reasonableness. - ANS-The results of DCF Analysis
should:
beyond typical residential appraisal competency - ANS-The competency required to appraise
subsidized housing extends:
Bias - ANS-is never allowed.
Boards within The Appraisal Foundation (TAF) - ANS-1. Board of Trustees (BOT)
2. Appraisal Standards Board (ASB)
3. Appraisal Qualifications Board (AQB)
4. Appraisal Practices Board (APB)
BOT - ANS-appoints members of the APB, AQB, ASB.
Both real and personal property - ANS-STANDARD 6, Mass Appraisal, applies to:
Careful consideration of the quality and quantity of data - ANS-The process of reconciliation
entails
Clarify, explain, or elaborate on a Rule or Standards Rule - ANS-What is the purpose of
Statements on Appraisal Standards in USPAP?
Client's specific name - ANS-Not required by USPAP to be in a Summary Appraisal Report
