15 HR NATIONAL USPAP 2020-2021,
USAP 15-HOUR COURSE, MCKISSOCK
USPAP CHAPTER 1&2 (DEFINATIONS),
MCKISSOCK USPAP CHAPTER 4,7,8,9…
What is appraisal practice a subset of? - Answer-Appraisal practice is a subset of
valuation services
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?
a) A valuation service
b) An appraisal
c) A USPAP service
d) Not an appraisal, but still part of appraisal practice - Answer-A) A valuation Service
A workfile must be maintained for:
a) All appraisal and appraisal review assignments
b) Valuation services that are outside USPAP
c) Oral appraisal reports only
d) Written appraisal reports only - Answer-a) All appraisal and appraisal review
assignments
Appraisal practice includes only:
a) Appraisal and appraisal review
b) Market value appraisals
c) Work completed by licensed and certified appraisers
d) Valuation services provided by an individual acting as an appraiser - Answer-d)
Valuation services provided by an individual acting as an appraiser
Which is a broader category of services?
a) Valuation services
b) Appraisal Practice - Answer-a) Valuation services
"The type and extent of research and analyses in an assignment" is the definition of
a) Report
b) Signature
,c) Scope of work
d) Intended use - Answer-c) Scope of work
In USPAP, each standard is composed of:
a) Voluntary guidance
b) Statements on appraisal standards
c) Standard rules
d) Practical advice - Answer-c) Standards Rules
Which independent board was created within The appraisal foundation in 2010?
a) Appraiser Qualifications Board (AQB)
b) Consumer Financial Protection Bureau (CFPB)
c) Appraisal Practices Board (APB)
d) Appraisal Subcommittee (ASC) - Answer-C) Appraisal Practices Board
Qualification criteria for appraiser certification and recertification are disseminated to
state appraisal boards by the:
a) Consumer Financial Protection Bureau (CFPB)
b) Appraisal Standards Board (ASB)
c) Board of Trustees (BOT)
d) Appraiser Qualifications Board (AQB) - Answer-d) Appraiser Qualifications Board
(AQB)
Advisory Opinions are best described as:
a) Subject to Fannie Mae Requirements
b) Issued by the Appraisal Subcommittee (ASC)
c) Not part of USPAP, but included as reference material
d) An alternative index to USPAP - Answer-C) Not part of USPAP, but included as
reference material
The guidance issued by the Appraisal Practices Board is Considered:
a) Part of USPAP
b) Only applicable in appraisals prepared for mortgage lending
c) Voluntary - Answer-C) Voluntary
USPAP is developed, interpreted, and amended by the:
a) Appraisal Subcommittee (ASC)
b) Appraisal Practices Board (APB)
c) Appraisal Standards Board (ASB)
d) Appraiser Qualifications Board (AQB) - Answer-C) Appraisal Standards Board (ASB)
,Which entity maintains the official national registry of state-certified and licensed
appraisers?
a) Appraisal Subcommittee (ASC)
b) Appraisal Standards Board (ASB)
c) Appraiser Qualifications Board (AQB)
d) The Appraisal Foundation (TAF) - Answer-a) Appraisal Subcommittee (ASC)
Which is NOT a responsibility of the Appraisal Subcommittee (ASC) ?
a) Developing, amending, and interpreting USPAP
b) Maintaining a national registry of licensed and certified appraisers
c) Monitoring the practices, procedures, and activities of The Appraisal Foundation
d) Monitoring each state's appraiser licensing and certification program - Answer-a)
Developing, amending, and interpreting USPAP
The first step in the appraisal process is
a) Perform market analysis and highest and best use
b) Reconcile the value indicators
c) Determine scope of work
d) Identify the problem - Answer-d) Identify the problem
Purpose of USPAP - Answer-To promote and maintain a high level of public trust in
appraisal practice by establishing requirements for appraisers.
USPAP is required by - Answer--Law
-Regulation
-Agreement (with the client or other intended users)
Property Types covered under USPAP - Answer--Tangible Property (both real and
personal property)
-Intangible Property (Business interests and others)
When MUST an appraiser comply with USPAP? - Answer-An individual must comply
with USPAP when required by law, regulation, or agreement with the client or other
intended users
When SHOULD an appraiser comply with USPAP? - Answer-An individual should
comply with USPAP when choosing to represent oneself as an appraiser
Acting as an appraiser means... - Answer--Representing oneself as an appraiser
- An expectation of appraisal competence in the service being provided
- An expectation that the service will be provided in a manner that is independent,
impartial, and objective
, The payment of fees by the appraiser in connection with the procurement of an
assignment is:
a) Allowed if properly disclosed
b) Prohibited by the ETHICS RULE
c) A scope of work decision considered unethical in all cases
d) A jurisdictional exception acceptable if acknowledged in the engagement letter -
Answer-a) Allowed if properly disclosed
The disclosure of confidential information to a third party is unethical unless:
a) Authorized by the client
b) Needed in another similar assignment
c) Instructed by an attorney
d) Beneficial to the borrower - Answer-a) Authorized by the client
A subject property's physical characteristics are _________ Assignment Results
a) Sometimes
b) Always
c) The same thing as
d) NOT - Answer-d) NOT
Confidential information under USPAP is information the appraiser receives from:
a) Another appraiser
b) The real estate agent
c) The client and is identified as confidential, but is not available from other sources
d) The client and is identified as confidential but is available from other sources -
Answer-c) The client and is identified as confidential, but is not available from other
sources
An appraiser prepared an appraisal report in April 2011. He testified in court regarding
the value of the property in January 2012. The decision was rendered in February 2012
and was appealed in March 2012. The appellate court heard the case in January 2013
and remanded the case for reconsideration by the lower court. Final disposition of the
case occurred in September 2013. At a minimum, how long must the appraiser retain
his work file?
a) September 2015
b) February 2014
c) September 2018
d) April 2016 - Answer-d) April 2016
Which statement about an appraiser's workfile is TRUE?
USAP 15-HOUR COURSE, MCKISSOCK
USPAP CHAPTER 1&2 (DEFINATIONS),
MCKISSOCK USPAP CHAPTER 4,7,8,9…
What is appraisal practice a subset of? - Answer-Appraisal practice is a subset of
valuation services
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?
a) A valuation service
b) An appraisal
c) A USPAP service
d) Not an appraisal, but still part of appraisal practice - Answer-A) A valuation Service
A workfile must be maintained for:
a) All appraisal and appraisal review assignments
b) Valuation services that are outside USPAP
c) Oral appraisal reports only
d) Written appraisal reports only - Answer-a) All appraisal and appraisal review
assignments
Appraisal practice includes only:
a) Appraisal and appraisal review
b) Market value appraisals
c) Work completed by licensed and certified appraisers
d) Valuation services provided by an individual acting as an appraiser - Answer-d)
Valuation services provided by an individual acting as an appraiser
Which is a broader category of services?
a) Valuation services
b) Appraisal Practice - Answer-a) Valuation services
"The type and extent of research and analyses in an assignment" is the definition of
a) Report
b) Signature
,c) Scope of work
d) Intended use - Answer-c) Scope of work
In USPAP, each standard is composed of:
a) Voluntary guidance
b) Statements on appraisal standards
c) Standard rules
d) Practical advice - Answer-c) Standards Rules
Which independent board was created within The appraisal foundation in 2010?
a) Appraiser Qualifications Board (AQB)
b) Consumer Financial Protection Bureau (CFPB)
c) Appraisal Practices Board (APB)
d) Appraisal Subcommittee (ASC) - Answer-C) Appraisal Practices Board
Qualification criteria for appraiser certification and recertification are disseminated to
state appraisal boards by the:
a) Consumer Financial Protection Bureau (CFPB)
b) Appraisal Standards Board (ASB)
c) Board of Trustees (BOT)
d) Appraiser Qualifications Board (AQB) - Answer-d) Appraiser Qualifications Board
(AQB)
Advisory Opinions are best described as:
a) Subject to Fannie Mae Requirements
b) Issued by the Appraisal Subcommittee (ASC)
c) Not part of USPAP, but included as reference material
d) An alternative index to USPAP - Answer-C) Not part of USPAP, but included as
reference material
The guidance issued by the Appraisal Practices Board is Considered:
a) Part of USPAP
b) Only applicable in appraisals prepared for mortgage lending
c) Voluntary - Answer-C) Voluntary
USPAP is developed, interpreted, and amended by the:
a) Appraisal Subcommittee (ASC)
b) Appraisal Practices Board (APB)
c) Appraisal Standards Board (ASB)
d) Appraiser Qualifications Board (AQB) - Answer-C) Appraisal Standards Board (ASB)
,Which entity maintains the official national registry of state-certified and licensed
appraisers?
a) Appraisal Subcommittee (ASC)
b) Appraisal Standards Board (ASB)
c) Appraiser Qualifications Board (AQB)
d) The Appraisal Foundation (TAF) - Answer-a) Appraisal Subcommittee (ASC)
Which is NOT a responsibility of the Appraisal Subcommittee (ASC) ?
a) Developing, amending, and interpreting USPAP
b) Maintaining a national registry of licensed and certified appraisers
c) Monitoring the practices, procedures, and activities of The Appraisal Foundation
d) Monitoring each state's appraiser licensing and certification program - Answer-a)
Developing, amending, and interpreting USPAP
The first step in the appraisal process is
a) Perform market analysis and highest and best use
b) Reconcile the value indicators
c) Determine scope of work
d) Identify the problem - Answer-d) Identify the problem
Purpose of USPAP - Answer-To promote and maintain a high level of public trust in
appraisal practice by establishing requirements for appraisers.
USPAP is required by - Answer--Law
-Regulation
-Agreement (with the client or other intended users)
Property Types covered under USPAP - Answer--Tangible Property (both real and
personal property)
-Intangible Property (Business interests and others)
When MUST an appraiser comply with USPAP? - Answer-An individual must comply
with USPAP when required by law, regulation, or agreement with the client or other
intended users
When SHOULD an appraiser comply with USPAP? - Answer-An individual should
comply with USPAP when choosing to represent oneself as an appraiser
Acting as an appraiser means... - Answer--Representing oneself as an appraiser
- An expectation of appraisal competence in the service being provided
- An expectation that the service will be provided in a manner that is independent,
impartial, and objective
, The payment of fees by the appraiser in connection with the procurement of an
assignment is:
a) Allowed if properly disclosed
b) Prohibited by the ETHICS RULE
c) A scope of work decision considered unethical in all cases
d) A jurisdictional exception acceptable if acknowledged in the engagement letter -
Answer-a) Allowed if properly disclosed
The disclosure of confidential information to a third party is unethical unless:
a) Authorized by the client
b) Needed in another similar assignment
c) Instructed by an attorney
d) Beneficial to the borrower - Answer-a) Authorized by the client
A subject property's physical characteristics are _________ Assignment Results
a) Sometimes
b) Always
c) The same thing as
d) NOT - Answer-d) NOT
Confidential information under USPAP is information the appraiser receives from:
a) Another appraiser
b) The real estate agent
c) The client and is identified as confidential, but is not available from other sources
d) The client and is identified as confidential but is available from other sources -
Answer-c) The client and is identified as confidential, but is not available from other
sources
An appraiser prepared an appraisal report in April 2011. He testified in court regarding
the value of the property in January 2012. The decision was rendered in February 2012
and was appealed in March 2012. The appellate court heard the case in January 2013
and remanded the case for reconsideration by the lower court. Final disposition of the
case occurred in September 2013. At a minimum, how long must the appraiser retain
his work file?
a) September 2015
b) February 2014
c) September 2018
d) April 2016 - Answer-d) April 2016
Which statement about an appraiser's workfile is TRUE?
