USPAP Exam Questions and Answers: 15-
Hour National McKissock Course, Exams
An appraiser performs an appraisal review and develops her own
opinion of property value as part of the assignment. When reporting
the assignment results, the appraiser needs to provide ____ signed
certification(s). - ANSWER>>one
A reviewer is responsible for ensuring that there is __________ in a
review report so that it can be properly understood by __________. -
ANSWER>>sufficient information, intended users
If a client withholds the identity of the appraiser who completed the
work under review, the reviewer: - ANSWER>>must state this fact in
the review report
An appraisal review report: - ANSWER>>must be separate from the
work under review
A reviewer performing an appraisal review must not sign the work
under review unless he or she: - ANSWER>>intends to accept the
responsibility as a co-signer of the work
If a reviewer provides an oral report of an appraisal review: -
ANSWER>>a signed certification must be inserted into the workfile
A statement by a reviewer that "the value opinion stated in the
appraisal report is not adequately supported" would be an indication
that the reviewer ________ develop his or her own value opinion. -
ANSWER>>did not
Which of these examples indicates that a reviewer DID NOT develop
his own opinion of value in an appraisal review assignment? -
,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: -
ANSWER>>this is a two-stage assignment
The process of valuing a universe of properties using standard
methodology, employing common data, and allowing for statistical
testing is: - ANSWER>>mass appraisal
STANDARD 5, Mass Appraisal, Development, applies to: -
ANSWER>>both real and personal property
In a written mass appraisal report prepared under STANDARD 6, what
is the purpose of a signed certification? - ANSWER>>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? - ANSWER>>STANDARDS 1 and 2
Notifications sent to property owners of the results of a mass appraisal,
which may be required by public policy, are considered: -
ANSWER>>notifications, and not reports
In a personal property appraisal assignment that includes multiple
objects as part of the same assignment: - ANSWER>>The objects that
are more significant to the assignment results should be the focus of
the analysis
When appraising personal property, the appraiser must analyze prior
sales of the subject over what time period? - ANSWER>>a reasonable
and applicable time
, An appraiser must recognize that there are distinct levels of trade in
personal property, and each may have different comparable data. -
ANSWER>>true
Under STANDARD 8, a personal property appraiser has ____ written
report options. - ANSWER>>two
Which of the following reports require a signed certification? -
ANSWER>>All oral and written reports covered in USPAP
When reporting the results of a business appraisal, which of these is
NOT a permissible option for an appraiser? - ANSWER>>limited report
An appraiser's certification in a business or intangible asset appraisal
report does NOT: - ANSWER>>Contain a reference to the inspection
of the subject property
A written business appraisal report must be prepared in accordance
with which of the following options? - ANSWER>>Appraisal Report or
Restricted Appraisal Report
An evaluation of real property collateral, as defined in the Agencies'
Guidelines, is considered _________ under USPAP. - ANSWER>>an
appraisal
An appraiser is valuing an environmentally contaminated property.
Does USPAP require the appraiser to be an expert in the scientific
aspects of contamination? - ANSWER>>no
In an appraisal report, the use of terms that reflect a scale such as
"good" or "average": - ANSWER>>Should include explanation that
provides context
The use of supported conclusions related to race, color, or religion in
an appraisal may be prohibited by applicable law. - ANSWER>>true
Hour National McKissock Course, Exams
An appraiser performs an appraisal review and develops her own
opinion of property value as part of the assignment. When reporting
the assignment results, the appraiser needs to provide ____ signed
certification(s). - ANSWER>>one
A reviewer is responsible for ensuring that there is __________ in a
review report so that it can be properly understood by __________. -
ANSWER>>sufficient information, intended users
If a client withholds the identity of the appraiser who completed the
work under review, the reviewer: - ANSWER>>must state this fact in
the review report
An appraisal review report: - ANSWER>>must be separate from the
work under review
A reviewer performing an appraisal review must not sign the work
under review unless he or she: - ANSWER>>intends to accept the
responsibility as a co-signer of the work
If a reviewer provides an oral report of an appraisal review: -
ANSWER>>a signed certification must be inserted into the workfile
A statement by a reviewer that "the value opinion stated in the
appraisal report is not adequately supported" would be an indication
that the reviewer ________ develop his or her own value opinion. -
ANSWER>>did not
Which of these examples indicates that a reviewer DID NOT develop
his own opinion of value in an appraisal review assignment? -
,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: -
ANSWER>>this is a two-stage assignment
The process of valuing a universe of properties using standard
methodology, employing common data, and allowing for statistical
testing is: - ANSWER>>mass appraisal
STANDARD 5, Mass Appraisal, Development, applies to: -
ANSWER>>both real and personal property
In a written mass appraisal report prepared under STANDARD 6, what
is the purpose of a signed certification? - ANSWER>>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? - ANSWER>>STANDARDS 1 and 2
Notifications sent to property owners of the results of a mass appraisal,
which may be required by public policy, are considered: -
ANSWER>>notifications, and not reports
In a personal property appraisal assignment that includes multiple
objects as part of the same assignment: - ANSWER>>The objects that
are more significant to the assignment results should be the focus of
the analysis
When appraising personal property, the appraiser must analyze prior
sales of the subject over what time period? - ANSWER>>a reasonable
and applicable time
, An appraiser must recognize that there are distinct levels of trade in
personal property, and each may have different comparable data. -
ANSWER>>true
Under STANDARD 8, a personal property appraiser has ____ written
report options. - ANSWER>>two
Which of the following reports require a signed certification? -
ANSWER>>All oral and written reports covered in USPAP
When reporting the results of a business appraisal, which of these is
NOT a permissible option for an appraiser? - ANSWER>>limited report
An appraiser's certification in a business or intangible asset appraisal
report does NOT: - ANSWER>>Contain a reference to the inspection
of the subject property
A written business appraisal report must be prepared in accordance
with which of the following options? - ANSWER>>Appraisal Report or
Restricted Appraisal Report
An evaluation of real property collateral, as defined in the Agencies'
Guidelines, is considered _________ under USPAP. - ANSWER>>an
appraisal
An appraiser is valuing an environmentally contaminated property.
Does USPAP require the appraiser to be an expert in the scientific
aspects of contamination? - ANSWER>>no
In an appraisal report, the use of terms that reflect a scale such as
"good" or "average": - ANSWER>>Should include explanation that
provides context
The use of supported conclusions related to race, color, or religion in
an appraisal may be prohibited by applicable law. - ANSWER>>true
