National USPAP 15 hr final study guide
Correct 100%
Which statement is TRUE regarding an appraiser's signature obligations ?An appraiser
may give blanket authorization for another person to sign any and all appraisal reports
for him or her.
An appraiser may authorize another person to sign a report for him or her on an
individual assignment-by assignment basis.
An appraiser may affix the signature of another appraiser without his or her consent,
under certain circumstances
All of the answers listed are true - ANSWER
While an appraiser is working on an appraisal assignment, she realizes that the
property is more complex than she had originally thought, and she concludes that she
does not possess the knowledge and experience to complete the assignment. If she
wishes to complete the assignment, what is the FIRST thing that she must do as
required by USPAP? - ANSWER Notify the client of her lack of knowledge and
experience
A written business appraisal report must be prepared in accordance with which of the
following options ? - ANSWER Appraisal Report or Restricted Appraisal Report
How many comparable sales must be utilized in the sales comparison approach, as per
USPAP STANDARD 1? - ANSWER Three
An appraiser's workfile must be in existence - ANSWER Prior to the transmission of a
report or other communication of assignment results
Which term is defined as an opinion of the length of time the property interest being
appraised would have been offered on the market prior to the hypothetical
consummation of a sale at market value on the effective date of the appraisal ? -
ANSWER Exposure Time
STANDARD 1 of USPAP addresses - ANSWER Real property appraisal development
Which of these entities is NOT part of the federal government? Appraisal Subcommittee
Bureau of Consumer Financial Protection
Appraisal Standards Board
Department of Housing and Urban Development - ANSWER Appraisal Standards Board
Who is responsible for identifying intended users in an appraisal assignment? -
ANSWER appraiser
Correct 100%
Which statement is TRUE regarding an appraiser's signature obligations ?An appraiser
may give blanket authorization for another person to sign any and all appraisal reports
for him or her.
An appraiser may authorize another person to sign a report for him or her on an
individual assignment-by assignment basis.
An appraiser may affix the signature of another appraiser without his or her consent,
under certain circumstances
All of the answers listed are true - ANSWER
While an appraiser is working on an appraisal assignment, she realizes that the
property is more complex than she had originally thought, and she concludes that she
does not possess the knowledge and experience to complete the assignment. If she
wishes to complete the assignment, what is the FIRST thing that she must do as
required by USPAP? - ANSWER Notify the client of her lack of knowledge and
experience
A written business appraisal report must be prepared in accordance with which of the
following options ? - ANSWER Appraisal Report or Restricted Appraisal Report
How many comparable sales must be utilized in the sales comparison approach, as per
USPAP STANDARD 1? - ANSWER Three
An appraiser's workfile must be in existence - ANSWER Prior to the transmission of a
report or other communication of assignment results
Which term is defined as an opinion of the length of time the property interest being
appraised would have been offered on the market prior to the hypothetical
consummation of a sale at market value on the effective date of the appraisal ? -
ANSWER Exposure Time
STANDARD 1 of USPAP addresses - ANSWER Real property appraisal development
Which of these entities is NOT part of the federal government? Appraisal Subcommittee
Bureau of Consumer Financial Protection
Appraisal Standards Board
Department of Housing and Urban Development - ANSWER Appraisal Standards Board
Who is responsible for identifying intended users in an appraisal assignment? -
ANSWER appraiser
