National USPAP Course Exam
What indicates that a reviewer DID NOT develop his own opinion of
value in an appraisal review assignment? - Correct Answer ✔ ✔ I
reject the value conclusion as lacking credibility due to the errors and
inconsistencies found.
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 -
Correct Answer ✔ ✔ this is a two-stage assignment
STANDARD 5 is most similar in structure to: - Correct Answer ✔ ✔
Standard 1
STANDARD 5, Mass Appraisal, Development, applies to: - Correct
Answer ✔ ✔ 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: -
Correct Answer ✔ ✔ Notifications, and not reports
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? - Correct Answer ✔ ✔ STANDARDS 1 and 2
In a personal property appraisal assignment that includes multiple
objects as part of the same assignment: - Correct Answer ✔ ✔
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. -
Correct Answer ✔ ✔ True
,When appraising personal property, the appraiser must analyze prior
sales of the subject over what time period? - Correct Answer ✔ ✔
A reasonable and applicable time
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? - Correct Answer ✔ ✔ no
Under STANDARD 8, a personal property appraiser has ____ written
report options. - Correct Answer ✔ ✔ 2
An appraiser's certification in a business or intangible asset appraisal
report does not: - Correct Answer ✔ ✔ Contain a reference to
the inspection of the subject property*
A written business appraisal report must be prepared in accordance
with: - Correct Answer ✔ ✔ Appraisal Report or Restricted
Appraisal Report
, An appraisal that takes into consideration the full effect of known
environmental contamination would be considered: - Correct Answer
✔ ✔ "As-is"
In an appraisal report, the use of terms that reflect a scale such as
"good" or "average": - Correct Answer ✔ ✔ Should include
explanation that provides context
The competency required to appraise subsidized housing extends
beyond typical residential appraisal competency. - Correct Answer
✔ ✔ true
An appraiser agrees to provide a market value appraisal for a client.
What is true about this situation? - Correct Answer ✔ ✔ 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: - Correct
Answer ✔ ✔ Not an appraisal, and no workfile is required
What indicates that a reviewer DID NOT develop his own opinion of
value in an appraisal review assignment? - Correct Answer ✔ ✔ I
reject the value conclusion as lacking credibility due to the errors and
inconsistencies found.
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 -
Correct Answer ✔ ✔ this is a two-stage assignment
STANDARD 5 is most similar in structure to: - Correct Answer ✔ ✔
Standard 1
STANDARD 5, Mass Appraisal, Development, applies to: - Correct
Answer ✔ ✔ 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: -
Correct Answer ✔ ✔ Notifications, and not reports
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? - Correct Answer ✔ ✔ STANDARDS 1 and 2
In a personal property appraisal assignment that includes multiple
objects as part of the same assignment: - Correct Answer ✔ ✔
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. -
Correct Answer ✔ ✔ True
,When appraising personal property, the appraiser must analyze prior
sales of the subject over what time period? - Correct Answer ✔ ✔
A reasonable and applicable time
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? - Correct Answer ✔ ✔ no
Under STANDARD 8, a personal property appraiser has ____ written
report options. - Correct Answer ✔ ✔ 2
An appraiser's certification in a business or intangible asset appraisal
report does not: - Correct Answer ✔ ✔ Contain a reference to
the inspection of the subject property*
A written business appraisal report must be prepared in accordance
with: - Correct Answer ✔ ✔ Appraisal Report or Restricted
Appraisal Report
, An appraisal that takes into consideration the full effect of known
environmental contamination would be considered: - Correct Answer
✔ ✔ "As-is"
In an appraisal report, the use of terms that reflect a scale such as
"good" or "average": - Correct Answer ✔ ✔ Should include
explanation that provides context
The competency required to appraise subsidized housing extends
beyond typical residential appraisal competency. - Correct Answer
✔ ✔ true
An appraiser agrees to provide a market value appraisal for a client.
What is true about this situation? - Correct Answer ✔ ✔ 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: - Correct
Answer ✔ ✔ Not an appraisal, and no workfile is required
