USPAP 73 Test Exam Questions
An appraiser is leaving the appraisal firm. What should be done
regarding the appraiser's workfiles?
A. The appraiser must take possession of the workfiles.
D. The workfiles must be maintained in a secure environment by an
independent third party
B. The firm must take possession of the workfiles.
C. The appraiser must have custody or make arrangements for access,
retrieval, and retention of the workfiles. - Correct Answer ✔ ✔ C.
The appraiser must have custody or make arrangements for access,
retrieval, and retention of the workfiles.
When a law or regulation precludes compliance with any part of
USPAP, appraisers must
,A. ignore USPAP.
B. ignore the law and adhere to USPAP.
C. be allowed to take exception to the law and regulations.
D. comply with that law or regulation. - Correct Answer ✔ ✔ D.
comply with that law or regulation.
The purpose of the JURISDICTIONAL EXCEPTION RULE is to
A. allow for cooperation with other professional appraisers.
C. place additional requirements on the appraiser.
B. preserve the balance of USPAP if compliance with one or more of
its parts is precluded by law or regulation.
D. permit acceptance of assignments in other geographic areas -
Correct Answer ✔ ✔ B. preserve the balance of USPAP if
,compliance with one or more of its parts is precluded by law or
regulation.
An appraiser's peers are defined as other appraisers who
C. hold the same level of state licensure.
D. practice in the same market
A. have a similar level of education.
B. have expertise and competency in a similar type of assignment. -
Correct Answer ✔ ✔ B. have expertise and competency in a
similar type of assignment.
Confidential information under USPAP is information the appraiser
A. receives from a broker or dealer.
C. receives from the client and is identified as confidential but is
available from other sources.
, B. receives from another appraiser.
D. receives from the client, is identified by the client as confidential,
and is not available from other sources - Correct Answer ✔ ✔ D.
receives from the client, is identified by the client as confidential, and
is not available from other sources
In order to agree to perform an assignment when an appraiser initially
lacks the knowledge or experience to complete an assignment
competently, the appraiser must
A. associate with an appraiser qualified to complete the assignment.
B. ask for more time and reduce the fee.
C. refer the appraisal to appraisers qualified to complete the
assignment.
D. disclose to the client, prior to agreeing to perform the assignment,
the lack of knowledge or experience - Correct Answer ✔ ✔ D.
An appraiser is leaving the appraisal firm. What should be done
regarding the appraiser's workfiles?
A. The appraiser must take possession of the workfiles.
D. The workfiles must be maintained in a secure environment by an
independent third party
B. The firm must take possession of the workfiles.
C. The appraiser must have custody or make arrangements for access,
retrieval, and retention of the workfiles. - Correct Answer ✔ ✔ C.
The appraiser must have custody or make arrangements for access,
retrieval, and retention of the workfiles.
When a law or regulation precludes compliance with any part of
USPAP, appraisers must
,A. ignore USPAP.
B. ignore the law and adhere to USPAP.
C. be allowed to take exception to the law and regulations.
D. comply with that law or regulation. - Correct Answer ✔ ✔ D.
comply with that law or regulation.
The purpose of the JURISDICTIONAL EXCEPTION RULE is to
A. allow for cooperation with other professional appraisers.
C. place additional requirements on the appraiser.
B. preserve the balance of USPAP if compliance with one or more of
its parts is precluded by law or regulation.
D. permit acceptance of assignments in other geographic areas -
Correct Answer ✔ ✔ B. preserve the balance of USPAP if
,compliance with one or more of its parts is precluded by law or
regulation.
An appraiser's peers are defined as other appraisers who
C. hold the same level of state licensure.
D. practice in the same market
A. have a similar level of education.
B. have expertise and competency in a similar type of assignment. -
Correct Answer ✔ ✔ B. have expertise and competency in a
similar type of assignment.
Confidential information under USPAP is information the appraiser
A. receives from a broker or dealer.
C. receives from the client and is identified as confidential but is
available from other sources.
, B. receives from another appraiser.
D. receives from the client, is identified by the client as confidential,
and is not available from other sources - Correct Answer ✔ ✔ D.
receives from the client, is identified by the client as confidential, and
is not available from other sources
In order to agree to perform an assignment when an appraiser initially
lacks the knowledge or experience to complete an assignment
competently, the appraiser must
A. associate with an appraiser qualified to complete the assignment.
B. ask for more time and reduce the fee.
C. refer the appraisal to appraisers qualified to complete the
assignment.
D. disclose to the client, prior to agreeing to perform the assignment,
the lack of knowledge or experience - Correct Answer ✔ ✔ D.
