Principles of USPAP McKissok 2023 Passed
The Appraisal Practices Board (ADB)
Which independent board was created within The Appraisal Foundation in 2010?
The Appraisal Foundation does not have the authority to enforce the
requirements of USPAP
Which statement is TRUE regarding The Appraisal Foundation and USPAP
enforcement authority?
Board of Trustees, Appraisal Practices Board, Appraiser Qualifications Board,
Appraisal Standards Board
Currently, the boards within the Appraisal Foundation include:
The APB issues voluntary guidance on recognized valuation methods and
techniques.
What is the Appraisal Practices Board?
Not part of USPAP, but included as reference material.
Advisory Opinions are best described as:
Voluntary
The guidance issued by the Appraisal Practices Board is considered:
The Appraisal Standards Board (ASB)
USPAP is developed, interpreted, and amended by the:
Developing, amending, and interpreting USPAP
Which is NOT a responsibility of the Appraisal Subcommittee (ASC):
State appraisal regulatory agencies
Who is responsible for issuing credentials to individual appraisers?
Appraisal Subcommittee (ASC)
Which entity maintains the official national registry of state-certified and licensed
appraisers?
Identify the problem
The first step in the appraisal process is:
Reporting
Which step in the appraisal process involves communication of the appraiser's opinions
and conclusions?
Developing, Reporting
In USPAP, the appraisal process is divided into two distinct types of activity: _______
and ________.
The Appraisal Standards Board (ASB)
USPAP is developed, interpreted, and amended by the:
State appraiser licensing/certification agencies
Under FIRREA, USPAP is enforced by:
An advocate
An appraiser is not permitted to be __________ when performing an appraisal.
Bias
A preference or inclination that precludes an appraiser's impartiality, independence, or
objectivity is:
Have different meanings within USPAP
The terms extraordinary assumption and hypothetical condition:
, Hypothetical assumption
If an appraiser assumes a condition to be true that does not exist for the purposes of
analysis, this is an example of:
Extraordinary assumption
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:
Cost
By using a published cost manual, an appraiser determines that the construction cost of
a $2,500 square foot dwelling is $400,000. This figure represents the dwelling's:
Value
"The monetary relationship between properties and those who buy, sell, or use those
properties" is the definition of:
Client
According to USPAP, the party or parties who engage in a specific assignment defines
the:
The client may engage the appraiser through an agent
Which of these statements is TRUE about the USPAP definition of client?
The appraiser
Who makes the identification of the intended use in an assignment?
A party who is identified by the appraiser based on communication with the client
at the time of the assignment.
An intended user is:
The client is always an intended user
Which statement about intended users is TRUE?
Valuation service
A real estate broker completes a Comparative Market Analysis (CMA) on a property that
he wants to list for sale. What would this be considered?
Valuation services provided by an individual acting as an appraiser
Appraisal practice includes only:
Valuation services
Which is the broader category of services?
Standards Rules
In USPAP, each Standard is composed of:
Scope of work
"They type and extent of research and analyses in an assignment" is the definition of
_______.
Both tangible and intangible property
To which property types does USPAP apply?
Must
When obligated by law or regulation, an appraiser ________ comply with USPAP.
For appraisers and users of appraisal services
The PREAMBLE states that USPAP is:
Promote and maintain a high level of public trust in appraisal practice
What is the stated purpose of USPAP?
Identify the capacity in which he or she is performing
One of an appraiser's obligations with regard to user expectations is to:
The Appraisal Practices Board (ADB)
Which independent board was created within The Appraisal Foundation in 2010?
The Appraisal Foundation does not have the authority to enforce the
requirements of USPAP
Which statement is TRUE regarding The Appraisal Foundation and USPAP
enforcement authority?
Board of Trustees, Appraisal Practices Board, Appraiser Qualifications Board,
Appraisal Standards Board
Currently, the boards within the Appraisal Foundation include:
The APB issues voluntary guidance on recognized valuation methods and
techniques.
What is the Appraisal Practices Board?
Not part of USPAP, but included as reference material.
Advisory Opinions are best described as:
Voluntary
The guidance issued by the Appraisal Practices Board is considered:
The Appraisal Standards Board (ASB)
USPAP is developed, interpreted, and amended by the:
Developing, amending, and interpreting USPAP
Which is NOT a responsibility of the Appraisal Subcommittee (ASC):
State appraisal regulatory agencies
Who is responsible for issuing credentials to individual appraisers?
Appraisal Subcommittee (ASC)
Which entity maintains the official national registry of state-certified and licensed
appraisers?
Identify the problem
The first step in the appraisal process is:
Reporting
Which step in the appraisal process involves communication of the appraiser's opinions
and conclusions?
Developing, Reporting
In USPAP, the appraisal process is divided into two distinct types of activity: _______
and ________.
The Appraisal Standards Board (ASB)
USPAP is developed, interpreted, and amended by the:
State appraiser licensing/certification agencies
Under FIRREA, USPAP is enforced by:
An advocate
An appraiser is not permitted to be __________ when performing an appraisal.
Bias
A preference or inclination that precludes an appraiser's impartiality, independence, or
objectivity is:
Have different meanings within USPAP
The terms extraordinary assumption and hypothetical condition:
, Hypothetical assumption
If an appraiser assumes a condition to be true that does not exist for the purposes of
analysis, this is an example of:
Extraordinary assumption
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:
Cost
By using a published cost manual, an appraiser determines that the construction cost of
a $2,500 square foot dwelling is $400,000. This figure represents the dwelling's:
Value
"The monetary relationship between properties and those who buy, sell, or use those
properties" is the definition of:
Client
According to USPAP, the party or parties who engage in a specific assignment defines
the:
The client may engage the appraiser through an agent
Which of these statements is TRUE about the USPAP definition of client?
The appraiser
Who makes the identification of the intended use in an assignment?
A party who is identified by the appraiser based on communication with the client
at the time of the assignment.
An intended user is:
The client is always an intended user
Which statement about intended users is TRUE?
Valuation service
A real estate broker completes a Comparative Market Analysis (CMA) on a property that
he wants to list for sale. What would this be considered?
Valuation services provided by an individual acting as an appraiser
Appraisal practice includes only:
Valuation services
Which is the broader category of services?
Standards Rules
In USPAP, each Standard is composed of:
Scope of work
"They type and extent of research and analyses in an assignment" is the definition of
_______.
Both tangible and intangible property
To which property types does USPAP apply?
Must
When obligated by law or regulation, an appraiser ________ comply with USPAP.
For appraisers and users of appraisal services
The PREAMBLE states that USPAP is:
Promote and maintain a high level of public trust in appraisal practice
What is the stated purpose of USPAP?
Identify the capacity in which he or she is performing
One of an appraiser's obligations with regard to user expectations is to:
