-hr National USPAP Course questions and answers

Who is responsible for issuing credentials to individual appraisers? - Correct AnswerState appraiser regulatory agencies are responsible for receiving and processing applications for licensure and certification, and for issuing credentials to qualified individuals. Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - Correct AnswerUSPAP is written, interpreted, and amended by the Appraisal Standards Board (ASB). The other answers listed are all responsibilities of the ASC. USPAP is enforced by: - Correct Answer-The responsibility of enforcing USPAP is provided to the individual state appraiser licensing and certification agencies. The USPAP Blueprint - Correct Answer-The PREAMBLE describes the overall purpose and structure of USPAP. The PREAMBLE includes a section titled STATEMENTS ON APPRAISAL STANDARDS. Statements are not addressed in this course since there are currently no active Statements. The DEFINITIONS section contains terms that have distinct meanings in USPAP. The ETHICS RULE describes the general ethical requirements for appraisers. The RECORD KEEPING RULE defines what must be included in a workfile for an appraisal or appraisal review assignment. The COMPETENCY RULE describes general performance requirements for appraisers. The SCOPE OF WORK RULE elaborates on problem identification, determination of an appropriate scope of work, and disclosure of the scope of work that was performed. The JURISDICTIONAL EXCEPTION RULE recognizes that laws or regulations take precedence over USPAP in certain situations. The USPAP Blueprint, Part Two - Correct Answer-STANDARD 1 - Real Property Appraisal, Development STANDARD 2 - Real Property Appraisal, Reporting STANDARD 3 - Appraisal Review, Development STANDARD 4 - Appraisal Review, Reporting STANDARD 5 - Mass Appraisal, Development STANDARD 6 - Mass Appraisal, Reporting STANDARD 7 - Personal Property Appraisal, Development STANDARD 8 - Personal Property Appraisal, Reporting STANDARD 9 - Business Appraisal, Development STANDARD 10 - Business Appraisal, Reporting Which of these is considered an integral part of USPAP and has the same weight as the components they address? - Correct Answer-Comments are an integral part of USPAP and have the same weight as the components they address. Advisory Opinions, USPAP Q & As and USPAP FAQs are considered "other communications." In USPAP, the appraisal process is divided into two distinct types of activity: _________ and __________. - Correct Answer-In USPAP, the appraisal process is divided into two distinct types of activity: development and reporting. Advisory Opinions are best described as - Correct Answer-Advisory Opinions and Frequently Asked Questions are additional reference materials that provide guidance only and illustrate appraisal standards and offer advice. The requirement for USPAP compliance in an appraisal assignment could be the result of: - Correct Answer-The requirement to comply with USPAP could be triggered by law, regulation, agreement with the client, or the appraiser's choice. "The monetary relationship between properties and those who buy, sell or use those properties" is the definition of: - Correct Answer-Value is defined in USPAP as the monetary relationship between properties and those who buy, sell or use those properties, expressed as an opinion of the worth of a property at a given time. Appraisal practice includes only: - Correct Answer-Appraisal practice is defined as: valuation services performed by an individual acting as an appraiser, including but not limited to appraisal and appraisal review. A real estate broker completes a Comparative Market Analysis (CMA) on a property that she wants to list for sale. What would this be considered? - Correct Answer-A valuation service A key distinction between appraisal practice and other types of valuation services is that only appraisers conduct appraisal practice. The broker is not providing this service as an appraiser; therefore, it is not part of appraisal practice. "The monetary relationship between properties and those who buy, sell or use those properties" is the definition of: - Correct Answer-Value is defined in USPAP as the monetary relationship between properties and those who buy, sell or use those properties, expressed as an opinion of the worth of a property at a given time. Appraisal practice includes only: - Correct Answer-Valuation services provided by an individual acting as an appraiser If an appraiser assumes a condition to be true that does not exist for the purposes of analysis, this is an example of: - Correct Answer-A hypothetical condition is used to appraise a property under a condition contrary to known fact. The ethical obligations of USPAP apply to: - Correct Answer-Individual appraisers