©FYNDLAY 2025 ALL RIGHTS RESERVED 5:17 PM A+
USPAP 15 Hour Course Examples. Exam
Questions And Answers |Latest 2025 |
Guaranteed Pass
Should an appraiser change his opinion of value if it is less than a 1% difference in value if
promised more work would come his way if he did? - Answer✔No, an appraiser must be able to
perform assignments without accommodation of personal interests and without advocating the
cause or interest of any party.
If a client wants to know the current value as though repaired on a house that had severe
flooding, what type of assignment condition should the appraiser use? - Answer✔Hypothetical
Condition: the property as if repaired does not currently exist
A client has repaired a property that was damaged due to flooding. Many neighboring
properties in the same situation soon developed mold problems. The client currently shows no
evidence of mold, what type of assignment condition should you use if the client wants a
current value opinion? - Answer✔Extraordinary assumption: as of the date of value, the fact of
the potential condition (i.e. mold) is unknown, and it is reasonable to believe the current
condition is true.
An appraiser performed the cost approach in an appraisal of a new warehouse. The buyer paid
1.9 million, the appraised value was 2 million. Identify each of the three components: the
reproduction cost developed by the appraiser, the 1.9 million, and the 2 million. (Fact, estimate
of fact, and opinion) - Answer✔The reproduction cost developed by the appraiser is an
estimate of fact.
The 1.9 million is the price as a stated fact.
The 2 million value is the appraiser opinion.
1
, ©FYNDLAY 2025 ALL RIGHTS RESERVED 5:17 PM A+
I accept assignments from an Appraisal Management Company that has informed me they are
an authorized agent for the lenders they represent.. As the AMC is not my client, they have
requested that I only identify the lender they are representing as the client. USPAP says the
appraisers client is the party who engages the appraiser. Is it ethical to omit the AMC's name as
the client on my reports? - Answer✔Yes, if the AMC is acting as an agent for a lender,
identifying only the lender as your client is acceptable. However, the appraiser must be aware
of situations where disclosure of the AMC might be required by law, regulation, or the
secondary market.
A client requests "a number" over the phone in advance of the written appraisal report. How
should an appraiser handle this type of request? - Answer✔This is an additional report - an oral
report. A summary of the oral report and a signed and dated certification must be included in
the workfile. Additionally, the workfile must contain a true copy of the written report that is
delivered to the client.
A client contacts a broker to leaser her office property. The broker also provides appraisal
services, but the client was not aware of that when she contracted with the broker. Is this
assignment a valuation service or is it an appraisal service? - Answer✔This is a valuation service,
but because the client does not have expectations that the broker will act in the role of an
appraiser it is not appraisal practice. It is incumbent, however, on the individual no to
misrepresent his/her role in the assignment.
I know appraisers who consistently conclude that the market value of any property they
appraise is equal to the contract sales price. In doing so, they facilitate sales and financing of
purchases, which is apparently what keeps their clients happy. Is this a violation of USPAP? -
Answer✔A contract price can be a good indicator of a property's market value, and it may be
logical and reasonable for the appraiser to conclude that they are the same. However, this is
not always the case. A contract sales price, while a significant piece of market data, must not
become a target in an appraisal assignment. Competent analysis of relevant and credible
market data must be the appraiser basis for a market value conclusion.
If I have appraised a property multiple times within the previous three years, do I have to
disclose the number of appraisal services? ("I have appraised this property three times in three
2
USPAP 15 Hour Course Examples. Exam
Questions And Answers |Latest 2025 |
Guaranteed Pass
Should an appraiser change his opinion of value if it is less than a 1% difference in value if
promised more work would come his way if he did? - Answer✔No, an appraiser must be able to
perform assignments without accommodation of personal interests and without advocating the
cause or interest of any party.
If a client wants to know the current value as though repaired on a house that had severe
flooding, what type of assignment condition should the appraiser use? - Answer✔Hypothetical
Condition: the property as if repaired does not currently exist
A client has repaired a property that was damaged due to flooding. Many neighboring
properties in the same situation soon developed mold problems. The client currently shows no
evidence of mold, what type of assignment condition should you use if the client wants a
current value opinion? - Answer✔Extraordinary assumption: as of the date of value, the fact of
the potential condition (i.e. mold) is unknown, and it is reasonable to believe the current
condition is true.
An appraiser performed the cost approach in an appraisal of a new warehouse. The buyer paid
1.9 million, the appraised value was 2 million. Identify each of the three components: the
reproduction cost developed by the appraiser, the 1.9 million, and the 2 million. (Fact, estimate
of fact, and opinion) - Answer✔The reproduction cost developed by the appraiser is an
estimate of fact.
The 1.9 million is the price as a stated fact.
The 2 million value is the appraiser opinion.
1
, ©FYNDLAY 2025 ALL RIGHTS RESERVED 5:17 PM A+
I accept assignments from an Appraisal Management Company that has informed me they are
an authorized agent for the lenders they represent.. As the AMC is not my client, they have
requested that I only identify the lender they are representing as the client. USPAP says the
appraisers client is the party who engages the appraiser. Is it ethical to omit the AMC's name as
the client on my reports? - Answer✔Yes, if the AMC is acting as an agent for a lender,
identifying only the lender as your client is acceptable. However, the appraiser must be aware
of situations where disclosure of the AMC might be required by law, regulation, or the
secondary market.
A client requests "a number" over the phone in advance of the written appraisal report. How
should an appraiser handle this type of request? - Answer✔This is an additional report - an oral
report. A summary of the oral report and a signed and dated certification must be included in
the workfile. Additionally, the workfile must contain a true copy of the written report that is
delivered to the client.
A client contacts a broker to leaser her office property. The broker also provides appraisal
services, but the client was not aware of that when she contracted with the broker. Is this
assignment a valuation service or is it an appraisal service? - Answer✔This is a valuation service,
but because the client does not have expectations that the broker will act in the role of an
appraiser it is not appraisal practice. It is incumbent, however, on the individual no to
misrepresent his/her role in the assignment.
I know appraisers who consistently conclude that the market value of any property they
appraise is equal to the contract sales price. In doing so, they facilitate sales and financing of
purchases, which is apparently what keeps their clients happy. Is this a violation of USPAP? -
Answer✔A contract price can be a good indicator of a property's market value, and it may be
logical and reasonable for the appraiser to conclude that they are the same. However, this is
not always the case. A contract sales price, while a significant piece of market data, must not
become a target in an appraisal assignment. Competent analysis of relevant and credible
market data must be the appraiser basis for a market value conclusion.
If I have appraised a property multiple times within the previous three years, do I have to
disclose the number of appraisal services? ("I have appraised this property three times in three
2
