USPAP Questions with Complete Solutions
the PREAMBLE state that USPAP is for appraisers and users of appraisal services
according to USPAP, the party or parties who engage an appraiser ina specific assignment
defines the client
USPAP is developed, interptreted and amended by the Appraisal Standards Board (ASB)
Which of the following best describes the statements on Appraisal Standards? have the
full weight of a standards Rule and can be adopted by the ASB only after exposure and comment
if an appraiser assumes a condition to be true that does not exist for purposes of analysis, this is
an example of? Hypothetical condition
why are USPAP advisory opinions issued? to illustrate the applicability of appraisal
standards.
,if an appraiser assumes a condition to be true and evidence supports that belief, although that fact
is not certain, this is an example of extraordinary assumption.
a workfile must be maintained for appraisal and appraisal review assignments only
advisory opinions are best described as not pare of USPAP, but included as a form of
guidance
a party who is identified by the appraiser based upon communication with the client at the time
of the assignment is? the intended user
a tangible object that is not real estate is personal property
appraisal practice includes only valuation services performed by an individual acting as an
appraiser
who maintains the official national registry of state certified and licensed appraisers?
Appraisal Subcommittee.
, it is unethical to accept an assignment with the understanding that payment will be mad if and
when the loan closes TRUE
under USPAS, confidential information is information the appraiser receives from the client, is
not available from any other source, and is identified by the client as confidential TRUE
An appraiser may only disclose confidential information to the client and parties specifically
authorized by the client FALSE
the COMPETENCY RULE requires the appraiser to disclose lack of knowledge or experience
prior to agreeing to perform an assignment. TRUE
the RECORD KEEPING RULE state that a workfile must be retained for five years or seven
years in the even testimony is given by appraiser FALSE
an appraiser is not permitted to use or communicate a report or assignment results that are
misleading or fraudulent. TRUE
the PREAMBLE state that USPAP is for appraisers and users of appraisal services
according to USPAP, the party or parties who engage an appraiser ina specific assignment
defines the client
USPAP is developed, interptreted and amended by the Appraisal Standards Board (ASB)
Which of the following best describes the statements on Appraisal Standards? have the
full weight of a standards Rule and can be adopted by the ASB only after exposure and comment
if an appraiser assumes a condition to be true that does not exist for purposes of analysis, this is
an example of? Hypothetical condition
why are USPAP advisory opinions issued? to illustrate the applicability of appraisal
standards.
,if an appraiser assumes a condition to be true and evidence supports that belief, although that fact
is not certain, this is an example of extraordinary assumption.
a workfile must be maintained for appraisal and appraisal review assignments only
advisory opinions are best described as not pare of USPAP, but included as a form of
guidance
a party who is identified by the appraiser based upon communication with the client at the time
of the assignment is? the intended user
a tangible object that is not real estate is personal property
appraisal practice includes only valuation services performed by an individual acting as an
appraiser
who maintains the official national registry of state certified and licensed appraisers?
Appraisal Subcommittee.
, it is unethical to accept an assignment with the understanding that payment will be mad if and
when the loan closes TRUE
under USPAS, confidential information is information the appraiser receives from the client, is
not available from any other source, and is identified by the client as confidential TRUE
An appraiser may only disclose confidential information to the client and parties specifically
authorized by the client FALSE
the COMPETENCY RULE requires the appraiser to disclose lack of knowledge or experience
prior to agreeing to perform an assignment. TRUE
the RECORD KEEPING RULE state that a workfile must be retained for five years or seven
years in the even testimony is given by appraiser FALSE
an appraiser is not permitted to use or communicate a report or assignment results that are
misleading or fraudulent. TRUE
