National USPAP Course Exam with 100% Correct
Answers 2024/2025
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
, National USPAP Course Exam with 100% Correct
Answers 2024/2025
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
, National USPAP Course Exam with 100% Correct
Answers 2024/2025
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
Answers 2024/2025
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
, National USPAP Course Exam with 100% Correct
Answers 2024/2025
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
, National USPAP Course Exam with 100% Correct
Answers 2024/2025
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
