USPAP Questions with Complete Solutions
What is the difference between USPAP standards and advisory opinions? Standards have
the full force and effect of USPAP and advisory opinions don't
Which of the following is treated as "other communication" by the appraisal standards board
Advisory opinions
what is the first step in the appraisal process define the problem
USPAP is structures to follow what process appraisal process
the appraisal process is divided among what two activities development and reporting
why does USPAP define only certain terms? to address terms that differ in meaning frmo
their common usage
,terms in the definitions section have distinct meaning in the context of their use within USPAP as
compared to dictionary definitions true
an appraiser is performing a valuation assignment for a federal financial institution. what
definition of market value should the appraiser use in this assignmnet? FIRREA
an appraiser with a financial interest in a property must not appraise the property if possessing
that interest comprises the appraiser's impartiality
a preference that precludes an appraisers impartiality in an assingmnet is best defined as
bias
a property owner has asked an appraiser to work on a tax appeal assignemnt, but only if the tax
value can be lowered. what must the appraiser consider in this situation? it appears the
client wants the appraiser to act as an advocate
the definition of advocacy is not defined the definitions section of USPAP because the
definition is sufficient
,an appraiser is performing an appraisal of an apartment building and plans to physically inspect
only a sample number of each of the unit types in the building. What type of assignment
condition should the appraiser use specific to this situation? extraordinary assumption
an appraisal is based on a "what if" scenario. How does USPAP identify an assignment condition
that is contrary to what exists? hypothetical condition
an assignment involves a proposed renovation, what term best applies to the assignment
condition if the appraiser's conclusion is based on a current value as If the renovation is already
done? hypothetical condition
which term best applies to conditions that are generally supposed in most appraisal assignments,
such as a property having a clear title? assumption
the monetary relationship between properties and those who buy, sell, or use those properties,
defines what term? value
a USPAP term that is never a fact, but is always an opinion best defines value
, an appraiser must be careful not to mislead when using what term alongside price?
estimate
when an appraiser estimates the construction cost of improvements for a property, what is the
appraisers essentially providing an estimate of a fact
what answers best defines an appraisal assignment the valuation service that is provided
as a consequence of an agreement between an appraiser and client. An agreement between an
appraiser and client to provide a valuation service
confidential information applies to information classified as confidential by applicable
law or regulation
an appraiser provided an opinion of value to a client, which USPAP defines as assignment
results
intended users in an appraisal report must be identified by name or type
What is the difference between USPAP standards and advisory opinions? Standards have
the full force and effect of USPAP and advisory opinions don't
Which of the following is treated as "other communication" by the appraisal standards board
Advisory opinions
what is the first step in the appraisal process define the problem
USPAP is structures to follow what process appraisal process
the appraisal process is divided among what two activities development and reporting
why does USPAP define only certain terms? to address terms that differ in meaning frmo
their common usage
,terms in the definitions section have distinct meaning in the context of their use within USPAP as
compared to dictionary definitions true
an appraiser is performing a valuation assignment for a federal financial institution. what
definition of market value should the appraiser use in this assignmnet? FIRREA
an appraiser with a financial interest in a property must not appraise the property if possessing
that interest comprises the appraiser's impartiality
a preference that precludes an appraisers impartiality in an assingmnet is best defined as
bias
a property owner has asked an appraiser to work on a tax appeal assignemnt, but only if the tax
value can be lowered. what must the appraiser consider in this situation? it appears the
client wants the appraiser to act as an advocate
the definition of advocacy is not defined the definitions section of USPAP because the
definition is sufficient
,an appraiser is performing an appraisal of an apartment building and plans to physically inspect
only a sample number of each of the unit types in the building. What type of assignment
condition should the appraiser use specific to this situation? extraordinary assumption
an appraisal is based on a "what if" scenario. How does USPAP identify an assignment condition
that is contrary to what exists? hypothetical condition
an assignment involves a proposed renovation, what term best applies to the assignment
condition if the appraiser's conclusion is based on a current value as If the renovation is already
done? hypothetical condition
which term best applies to conditions that are generally supposed in most appraisal assignments,
such as a property having a clear title? assumption
the monetary relationship between properties and those who buy, sell, or use those properties,
defines what term? value
a USPAP term that is never a fact, but is always an opinion best defines value
, an appraiser must be careful not to mislead when using what term alongside price?
estimate
when an appraiser estimates the construction cost of improvements for a property, what is the
appraisers essentially providing an estimate of a fact
what answers best defines an appraisal assignment the valuation service that is provided
as a consequence of an agreement between an appraiser and client. An agreement between an
appraiser and client to provide a valuation service
confidential information applies to information classified as confidential by applicable
law or regulation
an appraiser provided an opinion of value to a client, which USPAP defines as assignment
results
intended users in an appraisal report must be identified by name or type
