15 hr national USPAP course UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Which of these is NOT one of the steps required by USPAP when an appraiser wishes to perform
an assignment for which he or she initially lacks the knowledge and experience? - CORRECT
ANSWER Use a hypothetical condition to complete the assignment as though the
appraiser already had the knowledge and experience
In order to perform an assignment for which an appraiser initially lacks the knowledge and
experience to complete competently, the appraiser must: - CORRECT ANSWER Disclose
to the client, prior to agreeing to perform the assignment, the lack of knowledge or experience
Three appraisers work together on an appraisal assignment. What would NOT be an appropriate
workfile arrangement under USPAP? - CORRECT ANSWER The workfile is posted on
the Internet, so that anyone who wants to see it will be able to access it.
When multiple appraisers work on an assignment, each one may maintain a separate copy of the
workfile. It is also permissible for a single workfile to be created, as long as all of the appraisers
who have workfile obligations are able to access it.
The requirement to create and maintain a workfile for an appraisal or appraisal review
assignment applies to: - CORRECT ANSWER All appraisers, regardless of credential
level
In USPAP, each Standard is composed of:
Standards Rules - CORRECT ANSWER Each Standard is composed of Standards Rules
that identify the requirements and guidance applicable to that Standard.
"The type and extent of research and analyses in an appraisal or appraisal review assignment" is
the definition of ___________. - CORRECT ANSWER Scope of work
,Appraisal practice includes only: - CORRECT ANSWER Valuation services provided by
an individual acting as an appraiser
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 workfile must be maintained for: - CORRECT ANSWER Appraisal and appraisal
review assignments only
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
Which is the broader category of services? - CORRECT ANSWER Valuation Services
An intended user is: - CORRECT ANSWER A party who is identified by the appraiser
based on communication with the client at the time of the assignment
Intended user is the client and any other party identified as users by the appraiser based on
communication with the client at the time of the assignment.
Who is responsible for making the identification of the intended use in an assignment? -
CORRECT ANSWER The appraiser
An appraiser performs an appraisal assignment and develops an opinion of value. This value
opinion is - CORRECT ANSWER an assignment result
If an appraiser develops an appraisal on a property and concludes a value opinion, that value
opinion is an assignment result.
, According to USPAP, the party or parties who engage an appraiser in a specific assignment
defines the: - CORRECT ANSWER Client
It is permissible for an appraiser to be engaged in an assignment by an agent, who is acting on
behalf of the client. - CORRECT ANSWER True
"The monetary relationship between properties and those who buy, sell or use those properties"
is the definition of: - CORRECT ANSWER Value
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.
If an appraiser assumes a condition to be true, and evidence supports that belief, although that
fact is not certain, this is an example of: - CORRECT ANSWER An extraordinary
assumption
A preference or inclination that precludes an appraiser's impartiality, independence, or
objectivity is: - CORRECT ANSWER Bias
An appraiser is permitted to be biased when performing an appraisal, as long as the bias is
properly disclosed. - CORRECT ANSWER False
When performing valuation services outside of appraisal practice, an individual must be careful
not to __________ the client and other intended users about his or her role. - CORRECT
ANSWER Mislead
A valuation service that is premised upon advocacy: - CORRECT ANSWER Cannot be
performed by an individual acting as an appraiser
ACTUAL Exam Questions and CORRECT
Answers
Which of these is NOT one of the steps required by USPAP when an appraiser wishes to perform
an assignment for which he or she initially lacks the knowledge and experience? - CORRECT
ANSWER Use a hypothetical condition to complete the assignment as though the
appraiser already had the knowledge and experience
In order to perform an assignment for which an appraiser initially lacks the knowledge and
experience to complete competently, the appraiser must: - CORRECT ANSWER Disclose
to the client, prior to agreeing to perform the assignment, the lack of knowledge or experience
Three appraisers work together on an appraisal assignment. What would NOT be an appropriate
workfile arrangement under USPAP? - CORRECT ANSWER The workfile is posted on
the Internet, so that anyone who wants to see it will be able to access it.
When multiple appraisers work on an assignment, each one may maintain a separate copy of the
workfile. It is also permissible for a single workfile to be created, as long as all of the appraisers
who have workfile obligations are able to access it.
The requirement to create and maintain a workfile for an appraisal or appraisal review
assignment applies to: - CORRECT ANSWER All appraisers, regardless of credential
level
In USPAP, each Standard is composed of:
Standards Rules - CORRECT ANSWER Each Standard is composed of Standards Rules
that identify the requirements and guidance applicable to that Standard.
"The type and extent of research and analyses in an appraisal or appraisal review assignment" is
the definition of ___________. - CORRECT ANSWER Scope of work
,Appraisal practice includes only: - CORRECT ANSWER Valuation services provided by
an individual acting as an appraiser
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 workfile must be maintained for: - CORRECT ANSWER Appraisal and appraisal
review assignments only
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
Which is the broader category of services? - CORRECT ANSWER Valuation Services
An intended user is: - CORRECT ANSWER A party who is identified by the appraiser
based on communication with the client at the time of the assignment
Intended user is the client and any other party identified as users by the appraiser based on
communication with the client at the time of the assignment.
Who is responsible for making the identification of the intended use in an assignment? -
CORRECT ANSWER The appraiser
An appraiser performs an appraisal assignment and develops an opinion of value. This value
opinion is - CORRECT ANSWER an assignment result
If an appraiser develops an appraisal on a property and concludes a value opinion, that value
opinion is an assignment result.
, According to USPAP, the party or parties who engage an appraiser in a specific assignment
defines the: - CORRECT ANSWER Client
It is permissible for an appraiser to be engaged in an assignment by an agent, who is acting on
behalf of the client. - CORRECT ANSWER True
"The monetary relationship between properties and those who buy, sell or use those properties"
is the definition of: - CORRECT ANSWER Value
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.
If an appraiser assumes a condition to be true, and evidence supports that belief, although that
fact is not certain, this is an example of: - CORRECT ANSWER An extraordinary
assumption
A preference or inclination that precludes an appraiser's impartiality, independence, or
objectivity is: - CORRECT ANSWER Bias
An appraiser is permitted to be biased when performing an appraisal, as long as the bias is
properly disclosed. - CORRECT ANSWER False
When performing valuation services outside of appraisal practice, an individual must be careful
not to __________ the client and other intended users about his or her role. - CORRECT
ANSWER Mislead
A valuation service that is premised upon advocacy: - CORRECT ANSWER Cannot be
performed by an individual acting as an appraiser
