USPAP exam |2024 UPDATE |REAL EXAM QUESTIONS AND
VERIFIED ANSWERS/ACCURATE SOLUTIONS |GET IT 100%
CORRECT!! ALREADY GRADED A+
An appraiser is developing a market value opinion on a property that may
have environmental contamination, although the contamination status is
uncertain. The appraiser uses an extraordinary assumption to value the
property as if uncontaminated. In the appraisal report prepared for this
assignment, must the appraiser use the label "Extraordinary Assumption?"
- Correct Answer--USPAP does not require the use of the label
"extraordinary assumption" or "hypothetical condition," although the use of
such labels may be helpful in enabling intended user understanding.
The term "person(s)" which appears in the Nondiscrimination section of the
ETHICS RULE, includes: - Correct Answer--
Which statement is TRUE regarding STANDARD 6, which addresses
reporting of mass appraisals? - Correct Answer--
An appraiser makes a personal inspection of a property on February 11th,
develops a value conclusion, and provides an oral report of the property's
value on March 5th. On March 10th, the appraiser writes up a summary of
the oral report and a certification and inserts them in the workfile. What is
the date of report for this assignment? - Correct Answer--
JT is an appraiser and a consultant, and is engaged by an attorney to
provide litigation support in an advocacy role. JT has not been asked to
perform an appraisal or appraisal review assignment; rather, the attorney
wants JT, as a consultant, to assist in framing questions for cross-
,examination of an appraiser. What are JT's USPAP obligations when
performing in this role? - Correct Answer--
Eleven months ago, an appraiser completed an appraisal of a commercial
property, and the scope of work for this assignment included a personal
inspection. Today, the appraiser is engaged by a different client to perform
another appraisal on this property. The client tells the appraiser that the
property has not meaningfully changed during the last year and instructs
the appraiser to use information from the prior inspection and not make a
new inspection of the property. Does USPAP permit the appraiser to certify
in the new assignment report that they made a personal inspection of the
subject property? - Correct Answer--
An appraiser has been engaged to value a residential property for a large
mortgage lender. The client engaged a professional property inspector to
visit the property. The inspector sent the appraiser a detailed report that
included a floor plan, video clips, and high-definition photographs of every
room in the dwelling. The appraiser reviews this material carefully and
develops an opinion of value. In the appraisal report prepared for this
assignment, may the appraiser certify that they made a personal inspection
of the subject property? - Correct Answer--
A property that is the subject of an appraisal assignment was gifted from
grandparents to grandchild 30 months previously. Is the appraiser required
to analyze this prior transfer of the subject property? - Correct Answer--
Appraiser D performs an appraisal for an attorney for use in litigation. After
Appraiser D delivers the report, the employing attorney forwards a copy of
the appraisal report performed by the other side's appraiser (Appraiser X)
to Appraiser D. The attorney asks Appraiser D to read the report and find all
the holes and problem areas which will enable the attorney to discredit it on
,cross-examination. Is Appraiser D permitted by USPAP to do this? - Correct
Answer--
The ASB added a Nondiscrimination section to the ETHICS RULE for 2024.
What was the reason why the ASB took this action? - Correct Answer--
An appraiser is valuing a property that is zoned R-1 Residential. The
appraiser decides to value the property under the extraordinary assumption
that the property is zoned to allow commercial use. May the appraiser
complete this assignment using this extraordinary assumption as planned?
- Correct Answer--
According to the PREAMBLE, USPAP is promulgated for: - Correct Answer-
-
An appraiser is valuing a residential property. As part of the scope of work,
the appraiser personally views the exterior of the dwelling from the street
but does not actually set foot on the property. In their appraisal report,
should the appraiser certify that they made a personal inspection of the
subject property? - Correct Answer--
An appraiser develops an appraisal on a property and provides an oral a
report to the client. The client records the oral report and later produces a
transcription of the report. The client provides a copy of this transcription of
the oral report to a third party. Does that third party become an intended
user as a result of receiving this transcription? - Correct Answer--
In developing an appraisal of a vacant land property, an appraiser uses an
extraordinary assumption. In the Appraisal Report prepared for the
, assignment, the appraiser clearly and conspicuously discloses the use of
the extraordinary assumption. Does USPAP require the appraiser to meet
any additional reporting requirements associated with the use of this
extraordinary assumption? - Correct Answer--
Appraiser A is valuing a property for a residential lending transaction, and
the appraiser determines that the Fair Housing Act and ECOA are
applicable to the assignment. Under what circumstance would the
appraiser be permitted by USPAP to use or rely on an otherwise protected
characteristic in the development of this appraisal? - Correct Answer--
An appraiser values a residential property for a mortgage lender. In
accordance with federal law, the lender provides a copy of the appraisal
report to the borrower. Does the borrower become an intended user as a
result of receiving this report copy? - Correct Answer--
Which of these federal laws is specifically referenced in the
Nondiscrimination section of the ETHICS RULE? - Correct Answer--
A residential appraiser agrees to perform an appraisal on real property for
mortgage lending, for an FHA-insured loan. The appraiser is engaged by
an appraisal management company (AMC). Who is responsible for
determining what antidiscrimination laws apply to the assignment? -
Correct Answer--
A non-appraiser sends a comment letter to the ASB regarding a proposed
change to USPAP. What will happen with this letter? - Correct Answer--
VERIFIED ANSWERS/ACCURATE SOLUTIONS |GET IT 100%
CORRECT!! ALREADY GRADED A+
An appraiser is developing a market value opinion on a property that may
have environmental contamination, although the contamination status is
uncertain. The appraiser uses an extraordinary assumption to value the
property as if uncontaminated. In the appraisal report prepared for this
assignment, must the appraiser use the label "Extraordinary Assumption?"
- Correct Answer--USPAP does not require the use of the label
"extraordinary assumption" or "hypothetical condition," although the use of
such labels may be helpful in enabling intended user understanding.
The term "person(s)" which appears in the Nondiscrimination section of the
ETHICS RULE, includes: - Correct Answer--
Which statement is TRUE regarding STANDARD 6, which addresses
reporting of mass appraisals? - Correct Answer--
An appraiser makes a personal inspection of a property on February 11th,
develops a value conclusion, and provides an oral report of the property's
value on March 5th. On March 10th, the appraiser writes up a summary of
the oral report and a certification and inserts them in the workfile. What is
the date of report for this assignment? - Correct Answer--
JT is an appraiser and a consultant, and is engaged by an attorney to
provide litigation support in an advocacy role. JT has not been asked to
perform an appraisal or appraisal review assignment; rather, the attorney
wants JT, as a consultant, to assist in framing questions for cross-
,examination of an appraiser. What are JT's USPAP obligations when
performing in this role? - Correct Answer--
Eleven months ago, an appraiser completed an appraisal of a commercial
property, and the scope of work for this assignment included a personal
inspection. Today, the appraiser is engaged by a different client to perform
another appraisal on this property. The client tells the appraiser that the
property has not meaningfully changed during the last year and instructs
the appraiser to use information from the prior inspection and not make a
new inspection of the property. Does USPAP permit the appraiser to certify
in the new assignment report that they made a personal inspection of the
subject property? - Correct Answer--
An appraiser has been engaged to value a residential property for a large
mortgage lender. The client engaged a professional property inspector to
visit the property. The inspector sent the appraiser a detailed report that
included a floor plan, video clips, and high-definition photographs of every
room in the dwelling. The appraiser reviews this material carefully and
develops an opinion of value. In the appraisal report prepared for this
assignment, may the appraiser certify that they made a personal inspection
of the subject property? - Correct Answer--
A property that is the subject of an appraisal assignment was gifted from
grandparents to grandchild 30 months previously. Is the appraiser required
to analyze this prior transfer of the subject property? - Correct Answer--
Appraiser D performs an appraisal for an attorney for use in litigation. After
Appraiser D delivers the report, the employing attorney forwards a copy of
the appraisal report performed by the other side's appraiser (Appraiser X)
to Appraiser D. The attorney asks Appraiser D to read the report and find all
the holes and problem areas which will enable the attorney to discredit it on
,cross-examination. Is Appraiser D permitted by USPAP to do this? - Correct
Answer--
The ASB added a Nondiscrimination section to the ETHICS RULE for 2024.
What was the reason why the ASB took this action? - Correct Answer--
An appraiser is valuing a property that is zoned R-1 Residential. The
appraiser decides to value the property under the extraordinary assumption
that the property is zoned to allow commercial use. May the appraiser
complete this assignment using this extraordinary assumption as planned?
- Correct Answer--
According to the PREAMBLE, USPAP is promulgated for: - Correct Answer-
-
An appraiser is valuing a residential property. As part of the scope of work,
the appraiser personally views the exterior of the dwelling from the street
but does not actually set foot on the property. In their appraisal report,
should the appraiser certify that they made a personal inspection of the
subject property? - Correct Answer--
An appraiser develops an appraisal on a property and provides an oral a
report to the client. The client records the oral report and later produces a
transcription of the report. The client provides a copy of this transcription of
the oral report to a third party. Does that third party become an intended
user as a result of receiving this transcription? - Correct Answer--
In developing an appraisal of a vacant land property, an appraiser uses an
extraordinary assumption. In the Appraisal Report prepared for the
, assignment, the appraiser clearly and conspicuously discloses the use of
the extraordinary assumption. Does USPAP require the appraiser to meet
any additional reporting requirements associated with the use of this
extraordinary assumption? - Correct Answer--
Appraiser A is valuing a property for a residential lending transaction, and
the appraiser determines that the Fair Housing Act and ECOA are
applicable to the assignment. Under what circumstance would the
appraiser be permitted by USPAP to use or rely on an otherwise protected
characteristic in the development of this appraisal? - Correct Answer--
An appraiser values a residential property for a mortgage lender. In
accordance with federal law, the lender provides a copy of the appraisal
report to the borrower. Does the borrower become an intended user as a
result of receiving this report copy? - Correct Answer--
Which of these federal laws is specifically referenced in the
Nondiscrimination section of the ETHICS RULE? - Correct Answer--
A residential appraiser agrees to perform an appraisal on real property for
mortgage lending, for an FHA-insured loan. The appraiser is engaged by
an appraisal management company (AMC). Who is responsible for
determining what antidiscrimination laws apply to the assignment? -
Correct Answer--
A non-appraiser sends a comment letter to the ASB regarding a proposed
change to USPAP. What will happen with this letter? - Correct Answer--
