USPAP 15-hour course | |
Study |online |at |https://quizlet.com/_5o1dk7
1. The concept of public trust means that an appraiser must act:: in the public's
| | | | | | | | | | | | |
interest
|
2. USPAP establishes standards that are applicable in the appraisal of:: real
| | | | | | | | | |
property, intangible property, and personal property
| | | | | |
3. Which statement isTRUE regardingThe Appraisal Foundation and USPAP
| | | | | | | | |
enforcement authority?: The Appraisal Foundation does not have the authority to
| | | | | | | | | | |
enforce the requirements of USPAP.
| | | | |
4. Which entity is responsible for establishing education and experience re-
| | | | | | | | |
quirements for licensing and certification of appraisers?: Appraiser Qualifica-
| | | | | | | | |
tions Board (AQB)
| | |
5. Qualification criteria for appraiser certification and recertification are dis- | | | | | | | |
seminated to state appraisal boards by the:: Appraiser Qualifications Board
| | | | | | | | | |
(AQB)
|
6. Which entity appoints members of the Foundation's independent Boards?-
| | | | | | | |
:Board of Trustees (BOT)
| | | |
7. USPAP is developed, interpreted, and amended by the:: Appraisal Standards
| | | | | | | | |
Board (ASB)
| |
8. Advisory Opinions are best described as: Not part of USPAP, but included as
| | | | | | | | | | | |
reference material
| |
9. The ASB is considering comment letters written by members of the public
| | | | | | | | | | |
regarding a proposed revision to USPAP.When reviewing these comment
| | | | | | | | | |
letters, the ASB focuses on:: The reasoning and insight presented in the letter
| | | | | | | | | | | | |
10. Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?: De-
| | | | | | | | | |
veloping, amending, and interpreting USPAP
| | | | |
11. Who is responsible for issuing credentials to individual appraisers?: State
| | | | | | | | |
appraisal regulatory agencies
| | |
12. Under FIRREA, USPAP is enforced by:: State appraiser licensing/certification
| | | | | | | |
agencies
|
13. Which entity maintains the official national registry of state-certified and
| | | | | | | | |
licensed appraisers?: Appraisal Subcommittee (ASC)
| | | | |
14. In USPAP, the appraisal process is divided into two distinct types of
| | | | | | | | | | |
activity:
| and | .: development, reporting | | |
15. Which step in the appraisal process involves communication of the ap-
| | | | | | | | | |
praiser's opinions and conclusions?: reporting
| | | | |
16. The first step in the appraisal process is:: Identify the problem
| | | | | | | | | |
17. Apreference or inclination that precludes an appraiser's impartiality,inde-
| | | | | | | | |
pendence, or objectivity is:: bias
| | | | |
18. An appraiser is not permitted to be
| when performing an | | | | | | | |
appraisal.: an advocate
| | |
1 |/ |11
, USPAP 15-hour course | |
Study |online |at |https://quizlet.com/_5o1dk7
19. conveys a mental state that does not favor one side over another at the | | | | | | | | | | | | |
outset of an investigation is what?: impartiality
| | | | | | |
20. representing the cause or interest of another, even if that cause or interest | | | | | | | | | | | |
does not necessarily coincide with one's own beliefs, opinions, conclusions,
| | | | | | | | | |
or recommendations is what?: advocacy
| | | | |
21. If an appraiser assumes a condition to be true, and evidence supports that
| | | | | | | | | | | |
belief, although that fact is not certain, this is an example of:: an extraordinary
| | | | | | | | | | | | | |
assumption
|
22. If an appraiser assumes a condition to be true that does not exist for the
| | | | | | | | | | | | | |
purposes of analysis, this is an example of:: hypothetical condition
| | | | | | | | | |
23. The terms extraordinary assumption and hypothetical condition:: Have
| | | | | | |
different meanings within USPAP
| | | |
24. By using a published cost manual, an appraiser determines that the
| | | | | | | | | |
construction cost of a 2,500 square foot dwelling is $400,000.This figure
| | | | | | | | | | | |
represents the dwelling's:: cost
| | | |
25. "The monetary relationship between properties and those who buy, sell or
| | | | | | | | | |
use those properties" is the definition of:: value
| | | | | | | |
26. Which of these statements isTRUE about the USPAP definition of client?- | | | | | | | | | | |
: The client may engage the appraiser through an agent.
| | | | | | | | |
27. Which statement about intended users isTRUE?: The client is always an | | | | | | | | | | |
intended user
| |
28. Who makes the identification of the intended use in an assignment?: the
| | | | | | | | | | |
appraiser
|
29. An intended user is:: A party who is identified by the appraiser based on
| | | | | | | | | | | | |
communication with the client at the time of the assignment
| | | | | | | | | |
30. A real estate broker completes a Comparative Market Analysis (CMA) on a
| | | | | | | | | | |
property that he wants to list for sale.What would this be considered?: a
| | | | | | | | | | | | | |
valuation service
| |
31. Which is the broader category of services?: valuation services | | | | | | | |
32. A workfile must be maintained for:: All appraisal andappraisal review assign-
| | | | | | | | | | |
ments
|
33. Appraisal practice includes only:: Valuation services provided by an individual | | | | | | | | |
acting as an appraiser
| | | |
34. In USPAP, each Standard is composed of:: Standards rules
| | | | | | | |
35. What is the stated purpose of USPAP?: Promote and maintain a high level of
| | | | | | | | | | | | |
public trust in appraisal practice
| | | | |
36. The PREAMBLE states that USPAP is:: For appraisers and users of appraisal
| | | | | | | | | | |
services
|
2 |/ |11
Study |online |at |https://quizlet.com/_5o1dk7
1. The concept of public trust means that an appraiser must act:: in the public's
| | | | | | | | | | | | |
interest
|
2. USPAP establishes standards that are applicable in the appraisal of:: real
| | | | | | | | | |
property, intangible property, and personal property
| | | | | |
3. Which statement isTRUE regardingThe Appraisal Foundation and USPAP
| | | | | | | | |
enforcement authority?: The Appraisal Foundation does not have the authority to
| | | | | | | | | | |
enforce the requirements of USPAP.
| | | | |
4. Which entity is responsible for establishing education and experience re-
| | | | | | | | |
quirements for licensing and certification of appraisers?: Appraiser Qualifica-
| | | | | | | | |
tions Board (AQB)
| | |
5. Qualification criteria for appraiser certification and recertification are dis- | | | | | | | |
seminated to state appraisal boards by the:: Appraiser Qualifications Board
| | | | | | | | | |
(AQB)
|
6. Which entity appoints members of the Foundation's independent Boards?-
| | | | | | | |
:Board of Trustees (BOT)
| | | |
7. USPAP is developed, interpreted, and amended by the:: Appraisal Standards
| | | | | | | | |
Board (ASB)
| |
8. Advisory Opinions are best described as: Not part of USPAP, but included as
| | | | | | | | | | | |
reference material
| |
9. The ASB is considering comment letters written by members of the public
| | | | | | | | | | |
regarding a proposed revision to USPAP.When reviewing these comment
| | | | | | | | | |
letters, the ASB focuses on:: The reasoning and insight presented in the letter
| | | | | | | | | | | | |
10. Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?: De-
| | | | | | | | | |
veloping, amending, and interpreting USPAP
| | | | |
11. Who is responsible for issuing credentials to individual appraisers?: State
| | | | | | | | |
appraisal regulatory agencies
| | |
12. Under FIRREA, USPAP is enforced by:: State appraiser licensing/certification
| | | | | | | |
agencies
|
13. Which entity maintains the official national registry of state-certified and
| | | | | | | | |
licensed appraisers?: Appraisal Subcommittee (ASC)
| | | | |
14. In USPAP, the appraisal process is divided into two distinct types of
| | | | | | | | | | |
activity:
| and | .: development, reporting | | |
15. Which step in the appraisal process involves communication of the ap-
| | | | | | | | | |
praiser's opinions and conclusions?: reporting
| | | | |
16. The first step in the appraisal process is:: Identify the problem
| | | | | | | | | |
17. Apreference or inclination that precludes an appraiser's impartiality,inde-
| | | | | | | | |
pendence, or objectivity is:: bias
| | | | |
18. An appraiser is not permitted to be
| when performing an | | | | | | | |
appraisal.: an advocate
| | |
1 |/ |11
, USPAP 15-hour course | |
Study |online |at |https://quizlet.com/_5o1dk7
19. conveys a mental state that does not favor one side over another at the | | | | | | | | | | | | |
outset of an investigation is what?: impartiality
| | | | | | |
20. representing the cause or interest of another, even if that cause or interest | | | | | | | | | | | |
does not necessarily coincide with one's own beliefs, opinions, conclusions,
| | | | | | | | | |
or recommendations is what?: advocacy
| | | | |
21. If an appraiser assumes a condition to be true, and evidence supports that
| | | | | | | | | | | |
belief, although that fact is not certain, this is an example of:: an extraordinary
| | | | | | | | | | | | | |
assumption
|
22. If an appraiser assumes a condition to be true that does not exist for the
| | | | | | | | | | | | | |
purposes of analysis, this is an example of:: hypothetical condition
| | | | | | | | | |
23. The terms extraordinary assumption and hypothetical condition:: Have
| | | | | | |
different meanings within USPAP
| | | |
24. By using a published cost manual, an appraiser determines that the
| | | | | | | | | |
construction cost of a 2,500 square foot dwelling is $400,000.This figure
| | | | | | | | | | | |
represents the dwelling's:: cost
| | | |
25. "The monetary relationship between properties and those who buy, sell or
| | | | | | | | | |
use those properties" is the definition of:: value
| | | | | | | |
26. Which of these statements isTRUE about the USPAP definition of client?- | | | | | | | | | | |
: The client may engage the appraiser through an agent.
| | | | | | | | |
27. Which statement about intended users isTRUE?: The client is always an | | | | | | | | | | |
intended user
| |
28. Who makes the identification of the intended use in an assignment?: the
| | | | | | | | | | |
appraiser
|
29. An intended user is:: A party who is identified by the appraiser based on
| | | | | | | | | | | | |
communication with the client at the time of the assignment
| | | | | | | | | |
30. A real estate broker completes a Comparative Market Analysis (CMA) on a
| | | | | | | | | | |
property that he wants to list for sale.What would this be considered?: a
| | | | | | | | | | | | | |
valuation service
| |
31. Which is the broader category of services?: valuation services | | | | | | | |
32. A workfile must be maintained for:: All appraisal andappraisal review assign-
| | | | | | | | | | |
ments
|
33. Appraisal practice includes only:: Valuation services provided by an individual | | | | | | | | |
acting as an appraiser
| | | |
34. In USPAP, each Standard is composed of:: Standards rules
| | | | | | | |
35. What is the stated purpose of USPAP?: Promote and maintain a high level of
| | | | | | | | | | | | |
public trust in appraisal practice
| | | | |
36. The PREAMBLE states that USPAP is:: For appraisers and users of appraisal
| | | | | | | | | | |
services
|
2 |/ |11
