National USPAP Course ENational USPAP Course Exam with 100% Correct Answers 2023xam 2o2324

The Appraisal Foundation has the authority to enforce the requirements of USPAP. - False Currently, the boards within the Appraisal Foundation include: - Appraisal Standards Board, Appraisal Qualifications Board, Board of Trustees Which Foundation board is responsible for USPAP? - Appraisal Standards Board Qualification criteria for appraiser certification and recertification are disseminated to state appraisal boards by the: - Appraisal Qualifications Board Which entity is responsible for establishing education and experience requirements for licensing and certification of appraisers? - Appraisal Qualifications Board Which entity appoints members of the AQB and ASB? - Board of Trustees USPAP is written, amended, and interpreted by the: - Appraisal Standards Board Advisory Opinions are best described as: - not part of USPAP, but included as reference material Who is responsible for issuing credentials to individual appraisers? - State appraisal regulatory agencies Which entity maintains the official National Registry of state-certified and licensed appraisers? - Appraisal Subcommittee (ASC) Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - writing, interpreting and amending USPAP USPAP is enforced by: - state appraiser licensing/certification agencies Which part of USPAP establishes the requirements for workfile content for an appraisal or appraisal review assignment? - Record Keeping Rule Why are USPAP Advisory Opinions issued? - to offer advice Which of these is considered an integral part of USPAP and has the same weight as the components they address? - comments The first step in the appraisal process is: - identify the problem In USPAP, the appraisal process is divided into two distinct types of activity: _________ and __________. - development, reporting Which step in the appraisal process involves communication of the appraiser's opinions and conclusions? - reporting The PREAMBLE states that USPAP intended to benefit: - appraisers and users of appraisal services When obligated by law or regulation, an appraiser _______ comply with USPAP. - must What is the stated purpose of USPAP? - Promote and maintain a high level of public trust in appraisal practice To which property types does USPAP apply? - Both tangible and intangible property An appraiser has the professional responsibility to identify the capacity in which he or she is performing. - true The requirement for USPAP compliance in an appraisal assignment could be the result of - law or regulation, voluntary choice by the appraiser, or agreement with the client A valuation service that is premised upon advocacy: - cannot be performed by an individual acting as an appraiser 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. - mislead USPAP states that in a situation when an individual is not required by law, regulation, or agreement to comply with USPAP: - the individual should still comply when he or she is acting as an appraiser A preference or inclination that precludes an appraiser's impartiality, independence, or objectivity is: - bias 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: - an extraordinary assumption If an appraiser assumes a condition to be true that does not exist for the purposes of analysis, this is an example of: - hypothetical condition 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: - cost "The monetary relationship between properties and those who buy, sell or use those properties" is the definition of: - value An appraiser receives a copy of a signed sales agreement for an office building, which specifies the agreed-upon amount of $950,000. What does this figure represent? - price An appraiser performs an appraisal assignment and develops an opinion of value. This value opinion is - an assignment result It is permissible for an appraiser to be engaged in an assignment by an agent, who is acting on behalf of the client. - true According to USPAP, the party or parties who engage an appraiser in a specific assignment defines the: - client Who is responsible for making the identification of the intended use in an assignment? - the appraiser An intended user is: - A party who is identified by the appraiser based on communication with the client at the time of the assignment Which is the broader category of services? - valuation services A workfile must be maintained for: - appraisal and appraisal review assignments only Appraisal practice includes only: - valuation services provided by an individual acting as an appraiser 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? - a valuation service An appraiser is permitted to be biased when performing an appraisal, as long as the