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USPAP EXAM NEWEST 2026 ACTUAL EXAM WITH COMPLETE
QUESTIONS AND CORRECT DETAILED ANSWERS (100% VERIFIED
ANSWERS) |ALREADY GRADED A+| ||PROFESSOR VERIFIED||
Madeline performs an appraisal of a four-unit residential property.
The effective date is January 4, 2021. The date of the report is
January 8, 2021. Madeline receives a notice that her appraisal will
be used in a court case involving the subject property. She
provides expert testimony in this case on November 10, 2021.
Final disposition of the court case occurs on April 26, 2022. How
long must she retain this workfile? - ANSWER-January 8 of 2026
An appraiser must create and maintain a workfile for: - ANSWER-
Any assignment that is covered by Standards Rules
An appraiser is offered an appraisal assignment by a very picky
potential client. The potential client specifies that all comparable
sales used in the appraisal must have closed within the last 90
days. The appraiser is familiar with the property and the market
area and thinks there might be sales that are over 90 days old
that are better comparables because they are more physically
similar to the subject. What should the appraiser do? - ANSWER-
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Communicate with the client and have them agree that the
appraiser will determine which sales to use
When an appraiser uses a hypothetical condition in an appraisal,
USPAP requires the appraiser to: - ANSWER-Clearly and
conspicuously state the use of the hypothetical condition in the
report
Which term is defined as an assignment condition established by
applicable law or regulation, which precludes an appraiser from
complying with a part of USPAP? - ANSWER-Jurisdictional
exception
Which of these actions would be considered significant appraisal
assistance when performed by an appraiser? - ANSWER-
Research and selection of comparable sales
An appraiser develops a value opinion on a single-unit dwelling
and does not develop the income approach. In the Appraisal
Report prepared for the assignment, the appraiser: - ANSWER-
Must state the reason for excluding the income approach
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According to USPAP, what is the primary reason for inspecting a
property that is the subject of an appraisal? - ANSWER-To gather
information about the characteristics of a property that are
relevant to its value
Robert agrees to appraise a split-level home in a town 100 miles
south of his office. While he is not generally familiar with that
area, Robert rationalizes: "I have appraised houses like this one
for 20 years. How hard could it be?"
When Robert pulls up to the house, he notices the subject is in a
gated community. Robert had never appraised a property in a
gated community. As Robert inspected the interior of the subject
he noted several items and finishes with which he was not
familiar: marble floor coverings; upscale, built-in freezers; and a
wine cellar. As Robert exits the back door, he notices the subject
property fronts on a river. While this river does not connect
directly with the ocean, it does connect with a network of streams
that do, ultimately lead to the ocean.
Robert is quite concerned. He has had no experience appraising
a house with some of the features he has seen; and he has never
appraised wat - ANSWER-Robert should contact the client as
soon as possible and explain that he lacks the knowledge and
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experience to complete the assignment competently. If he feels
he can obtain the required level of competency, and the client
allows him, then Robert may proceed with the assignment.
The SCOPE OF WORK RULE states that an appraisal or
appraisal review report must contain sufficient information so that:
- ANSWER-The client and other intended users understand the
scope of work performed by the appraiser
You have reviewed the appraisal of a house in a suburban area
that was performed for an estate. The effective date was the date
of inspection. You note in your review report that the proper
effective date should have been the date of death of the
deceased, and submit the review to your client. Two weeks later
the client calls you. They thank you for the review, and note that
they cannot reach the original appraiser. They need the appraisal
very soon, and ask that, as part of the review process, you alter
the appraisal report under review to change the effective date,
and then sign the report certification. What should you do? -
ANSWER-Do not sign the report, and explain that the review
process is separate and distinct from the appraisal under review
USPAP EXAM NEWEST 2026 ACTUAL EXAM WITH COMPLETE
QUESTIONS AND CORRECT DETAILED ANSWERS (100% VERIFIED
ANSWERS) |ALREADY GRADED A+| ||PROFESSOR VERIFIED||
Madeline performs an appraisal of a four-unit residential property.
The effective date is January 4, 2021. The date of the report is
January 8, 2021. Madeline receives a notice that her appraisal will
be used in a court case involving the subject property. She
provides expert testimony in this case on November 10, 2021.
Final disposition of the court case occurs on April 26, 2022. How
long must she retain this workfile? - ANSWER-January 8 of 2026
An appraiser must create and maintain a workfile for: - ANSWER-
Any assignment that is covered by Standards Rules
An appraiser is offered an appraisal assignment by a very picky
potential client. The potential client specifies that all comparable
sales used in the appraisal must have closed within the last 90
days. The appraiser is familiar with the property and the market
area and thinks there might be sales that are over 90 days old
that are better comparables because they are more physically
similar to the subject. What should the appraiser do? - ANSWER-
,2|Page
Communicate with the client and have them agree that the
appraiser will determine which sales to use
When an appraiser uses a hypothetical condition in an appraisal,
USPAP requires the appraiser to: - ANSWER-Clearly and
conspicuously state the use of the hypothetical condition in the
report
Which term is defined as an assignment condition established by
applicable law or regulation, which precludes an appraiser from
complying with a part of USPAP? - ANSWER-Jurisdictional
exception
Which of these actions would be considered significant appraisal
assistance when performed by an appraiser? - ANSWER-
Research and selection of comparable sales
An appraiser develops a value opinion on a single-unit dwelling
and does not develop the income approach. In the Appraisal
Report prepared for the assignment, the appraiser: - ANSWER-
Must state the reason for excluding the income approach
,3|Page
According to USPAP, what is the primary reason for inspecting a
property that is the subject of an appraisal? - ANSWER-To gather
information about the characteristics of a property that are
relevant to its value
Robert agrees to appraise a split-level home in a town 100 miles
south of his office. While he is not generally familiar with that
area, Robert rationalizes: "I have appraised houses like this one
for 20 years. How hard could it be?"
When Robert pulls up to the house, he notices the subject is in a
gated community. Robert had never appraised a property in a
gated community. As Robert inspected the interior of the subject
he noted several items and finishes with which he was not
familiar: marble floor coverings; upscale, built-in freezers; and a
wine cellar. As Robert exits the back door, he notices the subject
property fronts on a river. While this river does not connect
directly with the ocean, it does connect with a network of streams
that do, ultimately lead to the ocean.
Robert is quite concerned. He has had no experience appraising
a house with some of the features he has seen; and he has never
appraised wat - ANSWER-Robert should contact the client as
soon as possible and explain that he lacks the knowledge and
, 4|Page
experience to complete the assignment competently. If he feels
he can obtain the required level of competency, and the client
allows him, then Robert may proceed with the assignment.
The SCOPE OF WORK RULE states that an appraisal or
appraisal review report must contain sufficient information so that:
- ANSWER-The client and other intended users understand the
scope of work performed by the appraiser
You have reviewed the appraisal of a house in a suburban area
that was performed for an estate. The effective date was the date
of inspection. You note in your review report that the proper
effective date should have been the date of death of the
deceased, and submit the review to your client. Two weeks later
the client calls you. They thank you for the review, and note that
they cannot reach the original appraiser. They need the appraisal
very soon, and ask that, as part of the review process, you alter
the appraisal report under review to change the effective date,
and then sign the report certification. What should you do? -
ANSWER-Do not sign the report, and explain that the review
process is separate and distinct from the appraisal under review
