NATIONAL USPAP 15 HOUR
COURSE TEST QUESTIONS AND
ANSWERS
Which statement is FALSE regarding STANDARD 1? - Answer-It covers real and
personal property appraisal development.
STANDARD 1 contains six Standards Rules, covering the development of a real
property appraisal. It mirrors the appraisal process and can be used as a convenient
checklist.
The requirements of STANDARD 1 can be used as a checklist by an appraiser who is
developing a real property appraisal. - Answer-True
An appraiser's client wishes to remain anonymous, and asks the appraiser not to
include client's identity in an appraisal report. What should the appraiser do? - Answer-
Omit the client's identity from the report but document the client's identity in the workfile
If a mortgage borrower receives a copy of an appraisal report from a mortgage lender
as a result of disclosure requirements: - Answer-This does not make the borrower an
intended user
Parties who receive a copy of an appraisal or appraisal review report as a consequence
of disclosure requirements applicable to an appraiser's client do not become intended
users of the report unless they were specifically identified by the appraiser at the time of
the assignment.
When does a series of minor errors potentially result in a USPAP violation? - Answer-
When the series of errors affects the credibility of the results
Which statement is TRUE regarding exposure time? - Answer-It is always assumed to
precede the effective date of the appraisal.
Exposure time is always assumed to occur prior to the effective date of the appraisal. It
is only necessary when exposure time is a component of the definition of value being
used.
Exposure time is: - Answer-An opinion developed by an appraiser
When appraising a property with proposed improvements, what type of value opinion is
permitted by USPAP? - Answer-Both current and prospective values
,An example of a relevant property characteristic that could affect a real property
appraisal assignment would be: - Answer-The fact that the subject property is affected
by an easement
What is the primary purpose of an appraiser making an inspection of the subject
property?
. - Answer-To collect information about characteristics that are relevant to value
AO-2 advises that the primary purpose of a property inspection is to collect information
about the characteristics of the subject property that are relevant to its value. USPAP
does not require that the subject property be inspected
An extraordinary assumption may be used in an assignment only if: - Answer-Required
to develop credible results
When an appraiser provides a current value opinion on a proposed new building, he or
she is utilizing a(an) _____________ that the proposed improvements are completed as
of the effective date of the appraisal. - Answer-Hypothetical condition
An unacceptable assignment condition would be a condition that:
Limits report content, resulting in a misleading report
Limits the scope of work to the extent that the value opinion is not credible
Precludes an appraiser's impartiality - Answer-All of the answers listed
Which statement is TRUE regarding USPAP and the three approaches to value? -
Answer-An assignment condition may require an appraiser to develop an approach that
he or she would otherwise consider unnecessary.
A client may request that an appraiser develop an approach to value that the appraiser
considers unnecessary; this would be an assignment condition. The other statements
are false.
When developing a sales comparison approach under USPAP: - Answer-The appraiser
must analyze such data as are available to indicate a value conclusion
USPAP only requires that an appraiser analyze such comparable sales data as are
available to indicate a value conclusion
When analyzing the subject property's sales history in a real property appraisal
assignment, an appraiser is required by USPAP to analyze ______________. - Answer-
All sales of the subject property that occurred within three years prior to the effective
date of the appraisal
, When analyzing listings of the subject property in a real property appraisal assignment,
USPAP requires an appraiser to analyze, at a minimum, ____________. - Answer-
Current listings
Standards Rule 1-5(a) requires appraisers to analyze current listings and agreements.
Analyzing prior listings may be an assignment condition specified by certain clients, but
it is not specifically required by USPAP.
When is it necessary to analyze prior listings of the subject property in a real property
appraisal assignment? - Answer-When such analysis is relevant to the current
assignment
In the development of an appraisal, the appraiser is required to: - Answer-Not commit a
substantial error that significantly affects the appraisal
The process of reconciliation entails ___________. - Answer-Careful consideration of
the quality and quantity of data
When is it necessary to analyze prior listings of the subject property in a real property
appraisal assignment? - Answer-When such analysis is relevant to the current
assignment
In the development of an appraisal, the appraiser is required to: - Answer-Not commit a
substantial error that significantly affects the appraisal
The process of reconciliation entails ___________. - Answer-Careful consideration of
the quality and quantity of data
Which statement is FALSE regarding STANDARD 1? - Answer-It covers real and
personal property appraisal development.
The use of standard appraisal reporting forms - Answer-Is not required by STANDARD
2
USPAP states, STANDARD 2 addresses the content and level of information required in
a report... STANDARD 2 does not dictate the form, format, or style
STANDARD 2 sets forth requirements for - Answer-Appraisal report content
The two written report options stated in Standards Rule 2-2 are - Answer-Appraisal
Report and Restricted Appraisal Report
What is the essential difference between the two reporting options? - Answer-The
content and level of information
COURSE TEST QUESTIONS AND
ANSWERS
Which statement is FALSE regarding STANDARD 1? - Answer-It covers real and
personal property appraisal development.
STANDARD 1 contains six Standards Rules, covering the development of a real
property appraisal. It mirrors the appraisal process and can be used as a convenient
checklist.
The requirements of STANDARD 1 can be used as a checklist by an appraiser who is
developing a real property appraisal. - Answer-True
An appraiser's client wishes to remain anonymous, and asks the appraiser not to
include client's identity in an appraisal report. What should the appraiser do? - Answer-
Omit the client's identity from the report but document the client's identity in the workfile
If a mortgage borrower receives a copy of an appraisal report from a mortgage lender
as a result of disclosure requirements: - Answer-This does not make the borrower an
intended user
Parties who receive a copy of an appraisal or appraisal review report as a consequence
of disclosure requirements applicable to an appraiser's client do not become intended
users of the report unless they were specifically identified by the appraiser at the time of
the assignment.
When does a series of minor errors potentially result in a USPAP violation? - Answer-
When the series of errors affects the credibility of the results
Which statement is TRUE regarding exposure time? - Answer-It is always assumed to
precede the effective date of the appraisal.
Exposure time is always assumed to occur prior to the effective date of the appraisal. It
is only necessary when exposure time is a component of the definition of value being
used.
Exposure time is: - Answer-An opinion developed by an appraiser
When appraising a property with proposed improvements, what type of value opinion is
permitted by USPAP? - Answer-Both current and prospective values
,An example of a relevant property characteristic that could affect a real property
appraisal assignment would be: - Answer-The fact that the subject property is affected
by an easement
What is the primary purpose of an appraiser making an inspection of the subject
property?
. - Answer-To collect information about characteristics that are relevant to value
AO-2 advises that the primary purpose of a property inspection is to collect information
about the characteristics of the subject property that are relevant to its value. USPAP
does not require that the subject property be inspected
An extraordinary assumption may be used in an assignment only if: - Answer-Required
to develop credible results
When an appraiser provides a current value opinion on a proposed new building, he or
she is utilizing a(an) _____________ that the proposed improvements are completed as
of the effective date of the appraisal. - Answer-Hypothetical condition
An unacceptable assignment condition would be a condition that:
Limits report content, resulting in a misleading report
Limits the scope of work to the extent that the value opinion is not credible
Precludes an appraiser's impartiality - Answer-All of the answers listed
Which statement is TRUE regarding USPAP and the three approaches to value? -
Answer-An assignment condition may require an appraiser to develop an approach that
he or she would otherwise consider unnecessary.
A client may request that an appraiser develop an approach to value that the appraiser
considers unnecessary; this would be an assignment condition. The other statements
are false.
When developing a sales comparison approach under USPAP: - Answer-The appraiser
must analyze such data as are available to indicate a value conclusion
USPAP only requires that an appraiser analyze such comparable sales data as are
available to indicate a value conclusion
When analyzing the subject property's sales history in a real property appraisal
assignment, an appraiser is required by USPAP to analyze ______________. - Answer-
All sales of the subject property that occurred within three years prior to the effective
date of the appraisal
, When analyzing listings of the subject property in a real property appraisal assignment,
USPAP requires an appraiser to analyze, at a minimum, ____________. - Answer-
Current listings
Standards Rule 1-5(a) requires appraisers to analyze current listings and agreements.
Analyzing prior listings may be an assignment condition specified by certain clients, but
it is not specifically required by USPAP.
When is it necessary to analyze prior listings of the subject property in a real property
appraisal assignment? - Answer-When such analysis is relevant to the current
assignment
In the development of an appraisal, the appraiser is required to: - Answer-Not commit a
substantial error that significantly affects the appraisal
The process of reconciliation entails ___________. - Answer-Careful consideration of
the quality and quantity of data
When is it necessary to analyze prior listings of the subject property in a real property
appraisal assignment? - Answer-When such analysis is relevant to the current
assignment
In the development of an appraisal, the appraiser is required to: - Answer-Not commit a
substantial error that significantly affects the appraisal
The process of reconciliation entails ___________. - Answer-Careful consideration of
the quality and quantity of data
Which statement is FALSE regarding STANDARD 1? - Answer-It covers real and
personal property appraisal development.
The use of standard appraisal reporting forms - Answer-Is not required by STANDARD
2
USPAP states, STANDARD 2 addresses the content and level of information required in
a report... STANDARD 2 does not dictate the form, format, or style
STANDARD 2 sets forth requirements for - Answer-Appraisal report content
The two written report options stated in Standards Rule 2-2 are - Answer-Appraisal
Report and Restricted Appraisal Report
What is the essential difference between the two reporting options? - Answer-The
content and level of information
