USPAP 15-Hour Course
1. restricts the scope of the work to the point where the value opinion cannot be trusted. 2.
Precludes an appraiser's impartiality.
3. restricts the content of the report, resulting in a report that is misleading. -
ANSUnacceptable assignment condition 12. USPAP divides the appraisal process into two
distinct types of activity: - ANSDevelop and report
2-Stage - ANSAAn appraisal review might be an assignment that consists of an appraisal
review and the reviewer's value opinion. 3 - ANSUnder STANDARD 8, a personal property
appraiser has _________ different report options.
3 years - ANSPrior to accepting an assignment, an appraiser must disclose any service he
provided regarding the subject property for a period of
6 Standard Rules - ANSStandard 1 contains this many rules.
A prospective appraisal - ANSDeveloping an opinion of value of a property as of a specific
future date is:
A reasonable and applicable time - ANSWhen appraising personal property, the appraiser
must analyze prior sales of the subject over what time period?
A signed certification must be inserted into the workfile - ANSIf a reviewer provides an oral
report of an appraisal review:
Advisory opinions - ANS are not a part of the USPAP; they are only used as a reference.
The USPAP covers all written and oral reports. ANSWER: Which reports require a signed
certification? All sales of the subject property that occurred within 3 years of the effective
date of the appraisal. - ANSWhen analyzing the subject property's sales history in a real
property appraisal assignment, an appraiser is required by USPAP to analyze
An appraiser has been asked to complete an appraisal assignment. The fee is to be paid
when when the loan closes. - ANSNo, in accordance with USPAP, may the appraiser accept
the assignment. An appraiser has the professional responsibility - ANSto identify the
capacity in which he or she is performing.
An appraisal course will be taught by an appraiser. What parts of USPAP apply? - ANSThe
parts of USPAP that apply generally to appraisal practice.
The client's identity must be recorded in the workfile by the appraiser. - ANSIf the client
wishes to remain anonymous, the appraiser must: An appraiser must obtain the necessary
competency prior to accepting the assignment. - ANSFalse
An appraiser prepared an appraisal report in April 2009. In January 2010, he provided
evidence in court regarding the property's value. In February 2010, the decision was made,
and it was appealed in March 2010. The appellate court heard the case in January 2011 and
remanded the case for reconsideration by the lower court final disposition of the case
occurred in Sept 2011. At a minimum, how long must the appraiser retain his workfile? -
ANSApril 2014
An appraiser who provides an appraisal service that is not an appraisal, appraisal review, or
appraisal consulting assignment does not have workfile obligations associated with the
assignment. - ANSTrue
An appraiser's peers - ANSOthers who have expertise and competency in a similar type of
assignment.
1. restricts the scope of the work to the point where the value opinion cannot be trusted. 2.
Precludes an appraiser's impartiality.
3. restricts the content of the report, resulting in a report that is misleading. -
ANSUnacceptable assignment condition 12. USPAP divides the appraisal process into two
distinct types of activity: - ANSDevelop and report
2-Stage - ANSAAn appraisal review might be an assignment that consists of an appraisal
review and the reviewer's value opinion. 3 - ANSUnder STANDARD 8, a personal property
appraiser has _________ different report options.
3 years - ANSPrior to accepting an assignment, an appraiser must disclose any service he
provided regarding the subject property for a period of
6 Standard Rules - ANSStandard 1 contains this many rules.
A prospective appraisal - ANSDeveloping an opinion of value of a property as of a specific
future date is:
A reasonable and applicable time - ANSWhen appraising personal property, the appraiser
must analyze prior sales of the subject over what time period?
A signed certification must be inserted into the workfile - ANSIf a reviewer provides an oral
report of an appraisal review:
Advisory opinions - ANS are not a part of the USPAP; they are only used as a reference.
The USPAP covers all written and oral reports. ANSWER: Which reports require a signed
certification? All sales of the subject property that occurred within 3 years of the effective
date of the appraisal. - ANSWhen analyzing the subject property's sales history in a real
property appraisal assignment, an appraiser is required by USPAP to analyze
An appraiser has been asked to complete an appraisal assignment. The fee is to be paid
when when the loan closes. - ANSNo, in accordance with USPAP, may the appraiser accept
the assignment. An appraiser has the professional responsibility - ANSto identify the
capacity in which he or she is performing.
An appraisal course will be taught by an appraiser. What parts of USPAP apply? - ANSThe
parts of USPAP that apply generally to appraisal practice.
The client's identity must be recorded in the workfile by the appraiser. - ANSIf the client
wishes to remain anonymous, the appraiser must: An appraiser must obtain the necessary
competency prior to accepting the assignment. - ANSFalse
An appraiser prepared an appraisal report in April 2009. In January 2010, he provided
evidence in court regarding the property's value. In February 2010, the decision was made,
and it was appealed in March 2010. The appellate court heard the case in January 2011 and
remanded the case for reconsideration by the lower court final disposition of the case
occurred in Sept 2011. At a minimum, how long must the appraiser retain his workfile? -
ANSApril 2014
An appraiser who provides an appraisal service that is not an appraisal, appraisal review, or
appraisal consulting assignment does not have workfile obligations associated with the
assignment. - ANSTrue
An appraiser's peers - ANSOthers who have expertise and competency in a similar type of
assignment.
