USPAP Practice Questions and Detailed Answers

Which of the following establishes minimum criteria for real property appraisers' certification and licensing? D. Appraisers Qualification board The primary purpose of federal monitoring of state real estate appraisers' licensing and certifying agencies is to determine whether? D. Policies and procedures are consistent with Title XI of FIRREA Development of which of the following is NOT addressed by standards rule? D. Recommended list price Which of the following best describes advisory opinions? D. They do not establish new standards or interpret existing standards but are issued to illustrate the applicability of appraisal standards in specific situations. USPAP defines an appraiser as one who? D. who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. Under USPAP, confidential information is information that is classified as confidential or private by law or regulation or information the appraiser? D. receives from the client and is identified by the client as confidential and is not available from any other source. The type and extent of research and analysis in an assignment defines? B. Scope of work When an issue necessary to the development of the value of opinion is uncertain as of the effective date of the assignment results of the appraiser will use? D. Extraordinary assumption An intended user is? D. A party who is identified by the appraiser at the time of the assignment. Appraisal practice includes? D. All valuation services performed by an individual acting as an appraiser. An appraiser provides an opinion of market rent for a property, this is an example of? A. an appraisal An appraiser's peer are defined as other appraisers who? A. have expertise and competency in a similar type of assignment.