USPAP Practice Test Questions With 100% Correct Answers 2023

The PREAMBLE states the purpose of USPAP is to maintain public ___ in the appraisal practice by establishing requirements for appraisers. - trust USPAP benefits providers of appraisal services and - users of appraisal services. Which is NOT considered significant real property appraisal assistance? - collecting employment data for use in analysis A valuation service performed by an individual acting as an appraiser requires the appraiser to - inquire about the intended user's expectations. When an individual is performing valuation services outside of appraisal practice, that individual must be careful to - not misrepresent his role. When choosing to provide a valuation service as an appraiser or in some other capacity, great care must be taken to - maintain public trust. A real property appraiser teaching appraisal is engaged in - appraisal practice with no applicable Standards (1-10). A lender has telephoned an appraiser to determine the high and low sales prices in the past year that took place in the Green Hills Subdivision. No mention was made of a subject property by the lender. The appraiser has supplied a list of all of the sales within the past year in the subdivision and billed the lender for service. The service being provided by the appraiser is - appraisal practice with no performance standards or record keeping requirements. In accordance with USPAP, which is NOT an expectation when acting in the role of an appraiser? - holding a state license or certification Compliance with USPAP is required when obligated by - agreement, law, or regulation. When an appraiser is providing a service other than an appraisal or appraisal review, which would NOT apply? - RECORD KEEPING RULE Zachary's client instructs him to report a specific property value as a condition of the assignment. The assignment - is a violation of the ETHICS RULE. Which of these activities does the Conduct section of the ETHICS RULE prohibit? - criminal conduct Jack appraised a residential dwelling that is located across the street from a factory that he determined is negatively affecting the value of the subject property. Jack applied a location adjustment in his sales comparison approach. However, the client asked that the factory not be discussed in the appraisal report. Since Jack addressed the condition with an adjustment, has he complied with USPAP? - no, omitting the discussion could produce a misleading report Anthony received an appraisal assignment for a property that was previously appraised by him. He understands that be must handle confidential information appropriately. What else must Anthony do? - make proper disclosure regarding the prior assignment Marcus was hired to appraise a home that be had previously appraised one year ago. May Marcus accept the assignment? - yes, as long as he discloses the previous service on the property to the client and in the subsequent report certification A real property appraiser has paid a fee to procure an appraisal assignment. According to the Management section of the ETHICS RULE, where must the fee be disclosed? - in the certification and any transmittal letter Josh received an appraisal request from a lender-client who told him, to immediately call if the value on the property is less than the amount stipulated by the lender, as he doesn't intend to pay for an appraisal that won't benefit his position. Will acceptance of