USPAP PRACTICE TEST QUESTIONS AND 100% CORRECT ANSWERS

USPAP PRACTICE TEST QUESTIONS AND 100% CORRECT ANSWERS Q.The PREAMBLE states the purpose of USPAP is to maintain public ___ in the appraisal practice by establishing requirements for appraisers. - ANSWERS-trust Q.USPAP benefits providers of appraisal services and - ANSWERS-users of appraisal services. Q.Which is NOT considered significant real property appraisal assistance? - ANSWERS-collecting employment data for use in analysis Q.A valuation service performed by an individual acting as an appraiser requires the appraiser to - ANSWERS-inquire about the intended user's expectations. Q.When an individual is performing valuation services outside of appraisal practice, that individual must be careful to - ANSWERS-not misrepresent his role. Q.When choosing to provide a valuation service as an appraiser or in some other capacity, great care must be taken to - ANSWERS-maintain public trust. Q.A real property appraiser teaching appraisal is engaged in - ANSWERS-appraisal practice with no applicable Standards (1-10). Q.A lender has telephoned an appraiser to determine the high and low sales prices in the past year that took place in the Green Hills Subdivision. No mention was made of a subject property by the lender. The appraiser has supplied a list of all of the sales within the past year in the subdivision and billed the lender for service. The service being provided by the appraiser is - ANSWERS-appraisal practice with no performance standards or record keeping requirements. Q.In accordance with USPAP, which is NOT an expectation when acting in the role of an appraiser? - ANSWERS-holding a state license or certification Q.Compliance with USPAP is required when obligated by - ANSWERS-agreement, law, or regulation. Q.When an appraiser is providing a service other than an appraisal or appraisal review, which would NOT apply? - ANSWERS-RECORD KEEPING RULE Q.Zachary's client instructs him to report a specific property value as a condition of the assignment. The assignment - ANSWERS-is a violation of the ETHICS RULE. Q.Which of these activities does the Conduct section of the ETHICS RULE prohibit? - ANSWERS-criminal conduct Q.Jack appraised a residential dwelling that is located across the street from a factory that he determined is negatively affecting the value of the subject property. Jack applied a location adjustment in his sales comparison approach. However, the client asked that the factory not be discussed in the appraisal report. Since Jack addressed the condition with an adjustment, has he complied with USPAP? - ANSWERS-no, omitting the discussion could produce a misleading report Q.Anthony received an appraisal assignment for a property that was previously appraised by him. He understands that be must handle confidential information appropriately. What else must Anthony do? - ANSWERS-make proper disclosure regarding the prior assignment Q.Marcus was hired to appraise a home that be had previously appraised one year ago. May Marcus accept the assignment? - ANSWERS-yes, as long as he discloses the previous service on the property to the client and in the subsequent report certification Q.A real property appraiser has paid a fee to procure an appraisal assignment. According to the Management section of the ETHICS RULE, where must the fee be disclosed? - ANSWERS-in the certification and any transmittal letter Q.Josh received an appraisal request from a lender-client who told him, to immediately call if the value on the property is less than the amount stipulated by the lender, as he doesn't intend to pay for an appraisal that won't benefit his position. Will acceptance of this assignment be in compliance with USPAP? - ANSWERS-no, an appraiser may not accept an assignment with unacceptable assignment conditions Q.Which of the following would NOT be considered an unacceptable fee arrangement? - ANSWERS-fee based on the volume of total business from a particular client Q.According to the Management section of the ETHICS RULE, an appraiser affixes his or her signature in an assignment for what purpose ? - ANSWERS-certify recognition and acceptance of USPAP responsibilities Q.A real property appraiser has taken great precaution to safeguard his electronic signature; however, the signature has been illegally obtained and used without the appraiser's authorization. Has the appraiser violated USPAP? - ANSWERS-no, if the appraiser used great care, he is not responsible for unauthorized use Q.Confidential information can be disclosed to persons specifically authorized by the client, state appraisal agencies, third parties as authorized by law, or a(n) - ANSWERS-duly authorized professional peer review committee.