USPAP 15 Hour Course Review- PART 3
Correct 100%
Valuation Services: - ANSWER Services pertaining to aspects of property value. (Can
be valuation services by others than appraisers)
Appraisal Practice: - ANSWER Valuation services performed by an individual acting as
an appraiser including, but not limited to appraisal or appraisal review.
What appraisal services are covered by USPAP: - ANSWER Appraisal, Appraisal
Review, other services while acting in the role of an appraiser.
Appraisal Practice is a: - ANSWER Subset of the broader concept of valuation services.
If an individual who both a broker and an appraiser provides a "value" opinion for a
specific property to be used in listing agreement ,he service is always outside of
appraisal practice. - ANSWER FALSE
An individual must comply with USPAP when required by law, regulation or agreement.
- ANSWER TRUE
Appraisal practice pertains only to market value appraisals. - ANSWER FALSE
An appraiser has a professional responsibility to identify the capacity in which he or she
is performing. - ANSWER TRUE
The purpose of USPAP is o promote and maintain a high level of public trust in
professional appraisal practice. - ANSWER TRUE
Real estate brokerage, appraisal revise, and real property appraisal are all included
within: - ANSWER Valuation Services.
The PREAMBLE of USPAP states that the standards are: - ANSWER For appraisers
and users of appraisal services
According to USPAP, the part or parties who engage an appraiser in specific
assignment defines the: - ANSWER Client
USPAP is enforce by: - ANSWER State Regulatory agency
A Workfile must be maintained for: - ANSWER appraisal and appraisal review
assignments only.
Correct 100%
Valuation Services: - ANSWER Services pertaining to aspects of property value. (Can
be valuation services by others than appraisers)
Appraisal Practice: - ANSWER Valuation services performed by an individual acting as
an appraiser including, but not limited to appraisal or appraisal review.
What appraisal services are covered by USPAP: - ANSWER Appraisal, Appraisal
Review, other services while acting in the role of an appraiser.
Appraisal Practice is a: - ANSWER Subset of the broader concept of valuation services.
If an individual who both a broker and an appraiser provides a "value" opinion for a
specific property to be used in listing agreement ,he service is always outside of
appraisal practice. - ANSWER FALSE
An individual must comply with USPAP when required by law, regulation or agreement.
- ANSWER TRUE
Appraisal practice pertains only to market value appraisals. - ANSWER FALSE
An appraiser has a professional responsibility to identify the capacity in which he or she
is performing. - ANSWER TRUE
The purpose of USPAP is o promote and maintain a high level of public trust in
professional appraisal practice. - ANSWER TRUE
Real estate brokerage, appraisal revise, and real property appraisal are all included
within: - ANSWER Valuation Services.
The PREAMBLE of USPAP states that the standards are: - ANSWER For appraisers
and users of appraisal services
According to USPAP, the part or parties who engage an appraiser in specific
assignment defines the: - ANSWER Client
USPAP is enforce by: - ANSWER State Regulatory agency
A Workfile must be maintained for: - ANSWER appraisal and appraisal review
assignments only.
