USPAP final Exam Questions With correct
Answers
The boards within the Appraisal foundation include - correct answersAppraisal standards
board, appraisal qualificatioms board, appraisal practices board, board of trustees
Which independent board was created within the appraisal foundation in 2010 - correct
answersAppraisal practices board APB
Does the appraisal foundation have the authority to enforce the requirements of USPAP -
correct answersNo
Which entity is responsible for establishing education and experience requirements for
licensing and certification of appraisers - correct answersAppraiser qualifications board
Which entity appoints members of the APB, AQB, ASB - correct answersBOT board of trustees
USPAP was developed interpreted and amended by - correct answersAppraisal standards
board ASB
The guidance issued by the Appraisal standards board is considered - correct
answersVoluntary
Advisory opinions are best described as - correct answersNot a part of USPAP, but included as
reference material.
, Under FIRREA USPAP is enforced by - correct answersState Appraiser licensing/certification
agencies
The first step in the appraisal process is - correct answersIdentify the problem
Which step in the appraisal process involves communication of the appraisers opinions and
conclusions - correct answersReporting
In USPAP the appraisal process is divided into two distinct types of activity - correct
answersDeveloping and reporting
A preference or inclination that precludes an appraisers impartiality, independence or
objectivity - correct answersBias
An appraiser is not permitted to be ______ when performing an appraisal - correct answersAn
advocate
The terms extraordinary assumption and hypothetical condition - correct answersHave
different meanings within USPAP
If an appraiser assumes a condition to be true, and evidence supports that belief, although
that fact is not certain - correct answersExtraordinary assumption
If an appraiser assumes a condition to be true that does not exist for the purpose of analysis -
correct answersHypothetical condition
Using a public cost manual to determine the construction cost the result is - correct
answersCost
Answers
The boards within the Appraisal foundation include - correct answersAppraisal standards
board, appraisal qualificatioms board, appraisal practices board, board of trustees
Which independent board was created within the appraisal foundation in 2010 - correct
answersAppraisal practices board APB
Does the appraisal foundation have the authority to enforce the requirements of USPAP -
correct answersNo
Which entity is responsible for establishing education and experience requirements for
licensing and certification of appraisers - correct answersAppraiser qualifications board
Which entity appoints members of the APB, AQB, ASB - correct answersBOT board of trustees
USPAP was developed interpreted and amended by - correct answersAppraisal standards
board ASB
The guidance issued by the Appraisal standards board is considered - correct
answersVoluntary
Advisory opinions are best described as - correct answersNot a part of USPAP, but included as
reference material.
, Under FIRREA USPAP is enforced by - correct answersState Appraiser licensing/certification
agencies
The first step in the appraisal process is - correct answersIdentify the problem
Which step in the appraisal process involves communication of the appraisers opinions and
conclusions - correct answersReporting
In USPAP the appraisal process is divided into two distinct types of activity - correct
answersDeveloping and reporting
A preference or inclination that precludes an appraisers impartiality, independence or
objectivity - correct answersBias
An appraiser is not permitted to be ______ when performing an appraisal - correct answersAn
advocate
The terms extraordinary assumption and hypothetical condition - correct answersHave
different meanings within USPAP
If an appraiser assumes a condition to be true, and evidence supports that belief, although
that fact is not certain - correct answersExtraordinary assumption
If an appraiser assumes a condition to be true that does not exist for the purpose of analysis -
correct answersHypothetical condition
Using a public cost manual to determine the construction cost the result is - correct
answersCost
