USPAP COURSE 4 MOCK TEST AND STUDY
MATERIAL WITH APPRAISAL SCENARIOS AND
COMPLIANCE APPLICATION PRACTICE
◉ · USPAP is enforced by:
Answer: State appraiser licensing/certification agencies
◉ · Which entity maintains the official National Registry of state-
certified and licensed appraisers?
Answer: Appraisal Subcommittee (ASC)
◉ · Which of these is considered an integral part of USPAP and has
the same weight as the components they address?
Answer: Comments
◉ · Which part of USPAP establishes the requirements for work file
content for an appraisal or appraisal review assignment?
Answer: RECORD KEEPING RULE
◉ · Why are USPAP Advisory Opinions issued?
Answer: To offer advice
,◉ · Which step in the appraisal process involves communication of
the appraiser's opinions and conclusions?
Answer: Reporting
◉ · In USPAP, the appraisal process is divided into two distinct types
of activity: _________ and __________.
Answer: Development, reporting
◉ · The first step in the appraisal process is:
Answer: Identify the problem
◉ · What is the stated purpose of USPAP?
Answer: Promote and maintain a high level of public trust in
appraisal practice
◉ · To which property types does USPAP apply?
Answer: Both tangible and intangible property
◉ · The PREAMBLE states that USPAP intended to benefit:
Answer: Appraisers and users of appraisal services
◉ · When obligated by law or regulation, an appraiser _______ comply
with USPAP.
,Answer: Must
◉ · The requirement for USPAP compliance in an appraisal
assignment could be the result of:
Answer: Law or regulation
Agreement with the client
****Any of these answers****
Voluntary choice by the appraiser
◉ · An appraiser has the professional responsibility to identify the
capacity in which he or she is performing.
Answer: True
◉ · 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.
Answer: Mislead
◉ · USPAP states that in a situation when an individual is not
required by law, regulation, or agreement to comply with USPAP:
Answer: The individual should still comply when he or she is acting
as an appraiser
, ◉ · A valuation service that is premised upon advocacy:
Answer: It cannot be performed by an individual acting as an
appraiser
◉ · An appraiser is permitted to be biased when performing an
appraisal, as long as the bias is properly disclosed.
Answer: False
◉ · A preference or inclination that precludes an appraiser's
impartiality, independence, or objectivity is:
Answer: Bias
◉ · If an appraiser assumes a condition to be true that does not exist
for the purposes of analysis, this is an example of:
Answer: A hypothetical condition
◉ · 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:
Answer: An extraordinary assumption
◉ · "The monetary relationship between properties and those who
buy, sell or use those properties" is the definition of:
Answer: Value
MATERIAL WITH APPRAISAL SCENARIOS AND
COMPLIANCE APPLICATION PRACTICE
◉ · USPAP is enforced by:
Answer: State appraiser licensing/certification agencies
◉ · Which entity maintains the official National Registry of state-
certified and licensed appraisers?
Answer: Appraisal Subcommittee (ASC)
◉ · Which of these is considered an integral part of USPAP and has
the same weight as the components they address?
Answer: Comments
◉ · Which part of USPAP establishes the requirements for work file
content for an appraisal or appraisal review assignment?
Answer: RECORD KEEPING RULE
◉ · Why are USPAP Advisory Opinions issued?
Answer: To offer advice
,◉ · Which step in the appraisal process involves communication of
the appraiser's opinions and conclusions?
Answer: Reporting
◉ · In USPAP, the appraisal process is divided into two distinct types
of activity: _________ and __________.
Answer: Development, reporting
◉ · The first step in the appraisal process is:
Answer: Identify the problem
◉ · What is the stated purpose of USPAP?
Answer: Promote and maintain a high level of public trust in
appraisal practice
◉ · To which property types does USPAP apply?
Answer: Both tangible and intangible property
◉ · The PREAMBLE states that USPAP intended to benefit:
Answer: Appraisers and users of appraisal services
◉ · When obligated by law or regulation, an appraiser _______ comply
with USPAP.
,Answer: Must
◉ · The requirement for USPAP compliance in an appraisal
assignment could be the result of:
Answer: Law or regulation
Agreement with the client
****Any of these answers****
Voluntary choice by the appraiser
◉ · An appraiser has the professional responsibility to identify the
capacity in which he or she is performing.
Answer: True
◉ · 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.
Answer: Mislead
◉ · USPAP states that in a situation when an individual is not
required by law, regulation, or agreement to comply with USPAP:
Answer: The individual should still comply when he or she is acting
as an appraiser
, ◉ · A valuation service that is premised upon advocacy:
Answer: It cannot be performed by an individual acting as an
appraiser
◉ · An appraiser is permitted to be biased when performing an
appraisal, as long as the bias is properly disclosed.
Answer: False
◉ · A preference or inclination that precludes an appraiser's
impartiality, independence, or objectivity is:
Answer: Bias
◉ · If an appraiser assumes a condition to be true that does not exist
for the purposes of analysis, this is an example of:
Answer: A hypothetical condition
◉ · 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:
Answer: An extraordinary assumption
◉ · "The monetary relationship between properties and those who
buy, sell or use those properties" is the definition of:
Answer: Value
