USPAP Exam Questions with Correct Answers| Latest Update Guaranteed Success
A reviewer performing an appraisal review must not sign the work under review unless he or
she intends to accept the responsibility as a co-signer of the work. True
If a reviewer provides an oral report of an appraisal review a signed certification must be
inserted into the workfile
If an appraiser is asked to develop an opinion of the quality of another appraiser's work and to
agree or disagree with the value conclusion this is a two-stage assignment
Which of these examples indicates that a reviewer DID NOT develop his own opinion of value in
an appraisal review assignment? I reject the value conclusion as lacking credibility due to
the errors and inconsistencies found.
An appraisal review report must be separate from the work under review
A reviewer is responsible for ensuring that there is __________ in a review report so that it can
be properly understood by __________. Sufficient information; intended users
A reviewer is preparing an appraisal review report using a pre-printed form that was created by
the client. The form does not have space for all of the minimum report content requirements of
USPAP. What should the reviewer do? Supplement the form with the required content
items
STANDARD 5 is most similar in structure to: STANDARD 1
STANDARD 5, Mass Appraisal, Development, applies to: Both real and personal property
,Notifications sent to property owners of the results of a mass appraisal, which may be required
by public policy, are considered: Notifications, and not reports
In a written mass appraisal report prepared under STANDARD 6, what is the purpose of a signed
certification? It serves as an appraiser's acknowledgement of his or her ethical obligations
An appraiser is engaged by her local county assessment board to complete an appraisal on an
apartment building for ad valorem taxation purposes. Which USPAP STANDARD(S) apply to this
assignment? STANDARDS 1 and 2
In a personal property appraisal assignment that includes multiple objects as part of the same
assignment: The objects that are more significant to the assignment results should be the
focus of the analysis
An appraiser must recognize that there are distinct levels of trade in personal property, and
each may have different comparable data. True
When appraising personal property, the appraiser must analyze prior sales of the subject over
what time period? A reasonable and applicable time
Under STANDARD 8, a personal property appraiser has ____ written report options. Two
Which of the following reports require a signed certification? All oral and written reports
covered in USPAP
An appraiser is developing an appraisal and will be reporting it in a Restricted Appraisal Report.
Because this less detailed reporting option is being used, is the appraiser permitted to use an
abbreviated appraisal development process? No
, A client has asked an appraiser to provide a value based on "rules of thumb". What should the
appraiser do? Not do it
A written business appraisal report must be prepared in accordance with which of the following
options? Appraisal Report or Restricted Appraisal Report
An appraiser's certification in a business or intangible asset appraisal report does not:
Contain a reference to the inspection of the subject property*
An appraisal that takes into consideration the full effect of known environmental
contamination would be considered: "As-is"
Which of the following statements BEST describes Advisory Opinions? They are not part of
USPAP but illustrate applicability and provide guidance.
The competency required to appraise subsidized housing extends beyond typical residential
appraisal competency. True
In an appraisal report, the use of terms that reflect a scale such as "good" or "average":
Should include explanation that provides context
An appraiser agrees to provide a market value appraisal for a client. Which statement is true
about this situation? It is essential that the appraiser identify the source of the definition of
value to be used.
An appraiser provides raw AVM output to a client. This is: Not an appraisal, and no workfile
is required
A reviewer performing an appraisal review must not sign the work under review unless he or
she intends to accept the responsibility as a co-signer of the work. True
If a reviewer provides an oral report of an appraisal review a signed certification must be
inserted into the workfile
If an appraiser is asked to develop an opinion of the quality of another appraiser's work and to
agree or disagree with the value conclusion this is a two-stage assignment
Which of these examples indicates that a reviewer DID NOT develop his own opinion of value in
an appraisal review assignment? I reject the value conclusion as lacking credibility due to
the errors and inconsistencies found.
An appraisal review report must be separate from the work under review
A reviewer is responsible for ensuring that there is __________ in a review report so that it can
be properly understood by __________. Sufficient information; intended users
A reviewer is preparing an appraisal review report using a pre-printed form that was created by
the client. The form does not have space for all of the minimum report content requirements of
USPAP. What should the reviewer do? Supplement the form with the required content
items
STANDARD 5 is most similar in structure to: STANDARD 1
STANDARD 5, Mass Appraisal, Development, applies to: Both real and personal property
,Notifications sent to property owners of the results of a mass appraisal, which may be required
by public policy, are considered: Notifications, and not reports
In a written mass appraisal report prepared under STANDARD 6, what is the purpose of a signed
certification? It serves as an appraiser's acknowledgement of his or her ethical obligations
An appraiser is engaged by her local county assessment board to complete an appraisal on an
apartment building for ad valorem taxation purposes. Which USPAP STANDARD(S) apply to this
assignment? STANDARDS 1 and 2
In a personal property appraisal assignment that includes multiple objects as part of the same
assignment: The objects that are more significant to the assignment results should be the
focus of the analysis
An appraiser must recognize that there are distinct levels of trade in personal property, and
each may have different comparable data. True
When appraising personal property, the appraiser must analyze prior sales of the subject over
what time period? A reasonable and applicable time
Under STANDARD 8, a personal property appraiser has ____ written report options. Two
Which of the following reports require a signed certification? All oral and written reports
covered in USPAP
An appraiser is developing an appraisal and will be reporting it in a Restricted Appraisal Report.
Because this less detailed reporting option is being used, is the appraiser permitted to use an
abbreviated appraisal development process? No
, A client has asked an appraiser to provide a value based on "rules of thumb". What should the
appraiser do? Not do it
A written business appraisal report must be prepared in accordance with which of the following
options? Appraisal Report or Restricted Appraisal Report
An appraiser's certification in a business or intangible asset appraisal report does not:
Contain a reference to the inspection of the subject property*
An appraisal that takes into consideration the full effect of known environmental
contamination would be considered: "As-is"
Which of the following statements BEST describes Advisory Opinions? They are not part of
USPAP but illustrate applicability and provide guidance.
The competency required to appraise subsidized housing extends beyond typical residential
appraisal competency. True
In an appraisal report, the use of terms that reflect a scale such as "good" or "average":
Should include explanation that provides context
An appraiser agrees to provide a market value appraisal for a client. Which statement is true
about this situation? It is essential that the appraiser identify the source of the definition of
value to be used.
An appraiser provides raw AVM output to a client. This is: Not an appraisal, and no workfile
is required
