ASA USPAP EXAM QUESTIONS WITH
CORRECT MARKING SCHEME
Which foundation board establishes minimum education and experience for certification
and
recertification of real property appraisers and supervisors. - Answer- Appraisers
Qualifications Board
Which board write, amends, and interprets USPAP? - Answer- Appraisal Standards
Board
What is the duty of The Appraisal Subcommittee? - Answer- It has a duty to ensure that
the
government has sufficient controls in place over all real property appraisal activity to
protect the federally regulated financial institutions from loss.
_________ are an integral part of USPAP and have the same weight as the
component they address. - Answer- Comments
_____ and _____ offer advice and guidance, but do not establish new standards or
interpret existing standards. - Answer- AOs and FAQs
USPAP was formed in 1986 after what crisis? - Answer- S&L
_______________________________ is a valuation service performed by an individual
acting in the role of an appraiser. - Answer- appraisal practice
When performing valuation services outside of appraisal practice, appraisers must be
careful not to ______________________ the client and other intended users about their
role. - Answer- misrepresent
For assignments other than appraisal or appraisal review, there are no
___________________or ______________________ requirements in USPAP. -
Answer- recording keeping or workfile
If an individual who is both a business broker and an appraiser
provides a value opinion for a specific property to be used in an
offering document, the service is always outside appraisal
practice. T or F? - Answer- F
An individual must comply with USPAP when required by law,
regulation, or agreement (with the client or other intended users). T or F - Answer- T
Appraisal practice pertains only to appraisals. T or F - Answer- F
, The purpose of USPAP is to promote and maintain a high level of
public trust in professional appraisal practice. - Answer- T
Business brokerage, appraisal reviews, and business appraisals are all included within
A. appraisal practice.
B. consulting.
C. valuation services.
D. market analysis. - Answer- C
The PREAMBLE states that USPAP is:
A. only for appraisers.
B. for appraisers and users of appraisal services.
C. limited to state certified or licensed appraisers.
D. only for users of appraisal services. - Answer- B
According to USPAP, the party or parties who engage an appraiser in a specific
assignment
defines the
A. client.
B. party who pays the fee.
C. appraiser's peers.
D. other intended users. - Answer- A
For real property appraisers, USPAP is enforced by
A. The Appraisal Foundation.
B. the Appraisal Standards Board.
C. the Appraisal Subcommittee, through Congress.
D. state regulatory agencies. - Answer- D
For business appraisers, USPAP is enforced by
A. accrediting and certifying professional membership organizations.
B. the Appraisal Standards Board.
C. the Appraisal Subcommittee, through Congress.
D. state regulatory agencies. - Answer- A
Appraisal practice includes only
A. appraisal and appraisal review assignments.
B. valuation services performed by an individual acting as an appraiser.
C. assignments completed by state credentialed appraisers.
D. appraisal assignments where written reports are transmitted. - Answer- B
If an appraiser assumes a condition to be true that does not exist for purposes of
analysis,
this is an example of
A. an extraordinary assumption.
CORRECT MARKING SCHEME
Which foundation board establishes minimum education and experience for certification
and
recertification of real property appraisers and supervisors. - Answer- Appraisers
Qualifications Board
Which board write, amends, and interprets USPAP? - Answer- Appraisal Standards
Board
What is the duty of The Appraisal Subcommittee? - Answer- It has a duty to ensure that
the
government has sufficient controls in place over all real property appraisal activity to
protect the federally regulated financial institutions from loss.
_________ are an integral part of USPAP and have the same weight as the
component they address. - Answer- Comments
_____ and _____ offer advice and guidance, but do not establish new standards or
interpret existing standards. - Answer- AOs and FAQs
USPAP was formed in 1986 after what crisis? - Answer- S&L
_______________________________ is a valuation service performed by an individual
acting in the role of an appraiser. - Answer- appraisal practice
When performing valuation services outside of appraisal practice, appraisers must be
careful not to ______________________ the client and other intended users about their
role. - Answer- misrepresent
For assignments other than appraisal or appraisal review, there are no
___________________or ______________________ requirements in USPAP. -
Answer- recording keeping or workfile
If an individual who is both a business broker and an appraiser
provides a value opinion for a specific property to be used in an
offering document, the service is always outside appraisal
practice. T or F? - Answer- F
An individual must comply with USPAP when required by law,
regulation, or agreement (with the client or other intended users). T or F - Answer- T
Appraisal practice pertains only to appraisals. T or F - Answer- F
, The purpose of USPAP is to promote and maintain a high level of
public trust in professional appraisal practice. - Answer- T
Business brokerage, appraisal reviews, and business appraisals are all included within
A. appraisal practice.
B. consulting.
C. valuation services.
D. market analysis. - Answer- C
The PREAMBLE states that USPAP is:
A. only for appraisers.
B. for appraisers and users of appraisal services.
C. limited to state certified or licensed appraisers.
D. only for users of appraisal services. - Answer- B
According to USPAP, the party or parties who engage an appraiser in a specific
assignment
defines the
A. client.
B. party who pays the fee.
C. appraiser's peers.
D. other intended users. - Answer- A
For real property appraisers, USPAP is enforced by
A. The Appraisal Foundation.
B. the Appraisal Standards Board.
C. the Appraisal Subcommittee, through Congress.
D. state regulatory agencies. - Answer- D
For business appraisers, USPAP is enforced by
A. accrediting and certifying professional membership organizations.
B. the Appraisal Standards Board.
C. the Appraisal Subcommittee, through Congress.
D. state regulatory agencies. - Answer- A
Appraisal practice includes only
A. appraisal and appraisal review assignments.
B. valuation services performed by an individual acting as an appraiser.
C. assignments completed by state credentialed appraisers.
D. appraisal assignments where written reports are transmitted. - Answer- B
If an appraiser assumes a condition to be true that does not exist for purposes of
analysis,
this is an example of
A. an extraordinary assumption.
