USPAP TRAINING COURSE TEST
QUESTIONS WIT COMPLETE
SOLUTIONS
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
The process of reconciliation entails ___________. - Answer-Careful consideration of
the quality and quantity of data
Standards Rule 1-5 requires an appraiser to analyze the sales history of the comparable
sales. - Answer-false
STANDARD 2 sets forth requirements for: - Answer-Appraisal report content
The use of standard appraisal reporting forms: - Answer-Is not required by STANDARD
2
The written report options set forth in Standards Rule 2-2 are - Answer-Appraisal Report
and Restricted Appraisal Report
What is the importance of stating the date of the report? - Answer-It establishes the
appraiser's perspective on the market
Which of the following is NOT required by USPAP to be in an Appraisal Report? -
Answer-client's specific name
In a Restricted Appraisal Report, the exclusion of any of the valuation approaches must
be: - Answer-explained
In an Appraisal Report, the scope of work used to develop the appraisal must be: -
Answer-summarized
Compared to a value opinion expressed in an Appraisal Report, a value opinion
expressed in a Restricted Appraisal Report is: - Answer-equally credible
Which statement is TRUE regarding a workfile for an assignment in which a Restricted
Appraisal Report is provided? - Answer-The appraiser must maintain a workfile for this
assignment
, In an appraisal assignment, an appraiser identifies an additional intended user in
addition to the client. Does USPAP permit the appraiser to provide a Restricted
Appraisal Report in this assignment? - Answer-no
When an extraordinary assumption is used in an appraisal, the report must state the
extraordinary assumption and: - Answer-state that its use may have affected the
assignment results
Does USPAP require an appraiser to disclose any significant real property appraisal
assistance that was provided in an appraisal assignment? - Answer-yes, in all cases
According to USPAP, any appraiser who signs any part of an appraisal report is
required to: - Answer-sign the certification
What is the purpose of including a signed certification in an appraisal report? - Answer-
for the appraiser to acknowledge his or her ethical obligations
An appraiser provides an oral report of a real property appraisal assignment. Which
statement is CORRECT? - Answer-The appraiser must add a signed and dated
certification to her appraisal workfile.
A written summary of an oral appraisal report must be added to the appraiser's workfile
______________ the issuance of an oral report. - Answer-within a reasonable time after
To the extent possible and appropriate, oral appraisal reports for real property must
address the substantive matters that apply to a(n) - Answer-appraisal report
Which statement is TRUE regarding a Recertification of Value? - Answer-It does not
change the effective date of the value.
If a client requests a more current valuation on a property that was the subject of a prior
assignment, this is a(n) ____________. - Answer-new assignment
USPAP requires an appraiser to obtain a release from a previous client before
appraising the same property for a new client. - Answer-false
An appraiser completes an appraisal for Bank A. Two months later, he is contacted by
Bank B, who asks him to "readdress" his prior report to them. Which statement is TRUE
about the appraiser's USPAP obligations? - Answer-He is not permitted to "readdress"
the report to Bank B
The client must be the only intended user for: - Answer-Restricted Appraisal Reports
If a supervising appraiser makes changes to a trainee's appraisal report which the
trainee does not agree with, the trainee should: - Answer-not sign the certification
QUESTIONS WIT COMPLETE
SOLUTIONS
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
The process of reconciliation entails ___________. - Answer-Careful consideration of
the quality and quantity of data
Standards Rule 1-5 requires an appraiser to analyze the sales history of the comparable
sales. - Answer-false
STANDARD 2 sets forth requirements for: - Answer-Appraisal report content
The use of standard appraisal reporting forms: - Answer-Is not required by STANDARD
2
The written report options set forth in Standards Rule 2-2 are - Answer-Appraisal Report
and Restricted Appraisal Report
What is the importance of stating the date of the report? - Answer-It establishes the
appraiser's perspective on the market
Which of the following is NOT required by USPAP to be in an Appraisal Report? -
Answer-client's specific name
In a Restricted Appraisal Report, the exclusion of any of the valuation approaches must
be: - Answer-explained
In an Appraisal Report, the scope of work used to develop the appraisal must be: -
Answer-summarized
Compared to a value opinion expressed in an Appraisal Report, a value opinion
expressed in a Restricted Appraisal Report is: - Answer-equally credible
Which statement is TRUE regarding a workfile for an assignment in which a Restricted
Appraisal Report is provided? - Answer-The appraiser must maintain a workfile for this
assignment
, In an appraisal assignment, an appraiser identifies an additional intended user in
addition to the client. Does USPAP permit the appraiser to provide a Restricted
Appraisal Report in this assignment? - Answer-no
When an extraordinary assumption is used in an appraisal, the report must state the
extraordinary assumption and: - Answer-state that its use may have affected the
assignment results
Does USPAP require an appraiser to disclose any significant real property appraisal
assistance that was provided in an appraisal assignment? - Answer-yes, in all cases
According to USPAP, any appraiser who signs any part of an appraisal report is
required to: - Answer-sign the certification
What is the purpose of including a signed certification in an appraisal report? - Answer-
for the appraiser to acknowledge his or her ethical obligations
An appraiser provides an oral report of a real property appraisal assignment. Which
statement is CORRECT? - Answer-The appraiser must add a signed and dated
certification to her appraisal workfile.
A written summary of an oral appraisal report must be added to the appraiser's workfile
______________ the issuance of an oral report. - Answer-within a reasonable time after
To the extent possible and appropriate, oral appraisal reports for real property must
address the substantive matters that apply to a(n) - Answer-appraisal report
Which statement is TRUE regarding a Recertification of Value? - Answer-It does not
change the effective date of the value.
If a client requests a more current valuation on a property that was the subject of a prior
assignment, this is a(n) ____________. - Answer-new assignment
USPAP requires an appraiser to obtain a release from a previous client before
appraising the same property for a new client. - Answer-false
An appraiser completes an appraisal for Bank A. Two months later, he is contacted by
Bank B, who asks him to "readdress" his prior report to them. Which statement is TRUE
about the appraiser's USPAP obligations? - Answer-He is not permitted to "readdress"
the report to Bank B
The client must be the only intended user for: - Answer-Restricted Appraisal Reports
If a supervising appraiser makes changes to a trainee's appraisal report which the
trainee does not agree with, the trainee should: - Answer-not sign the certification
