15 hr national USPAP course Exam
questions with correct answers
Which |Foundation |board |is |responsible |for |USPAP? |- |CORRECT |ANSWER✔✔-Appraisal |
Standards |Board |(ASB)
Appraisal |Subcommittee |(ASC)
Consumer |Financial |Protection |Bureau |(CFPB)
Appraiser |Qualifications |Board |(AQB)
The |Appraisal |Foundation |has |the |authority |to |enforce |the |requirements |of |USPAP.
T |or |F |- |CORRECT |ANSWER✔✔-false
The |Appraisal |Foundation |is |a |private |entity. |The |Foundation |and |its |boards |have |no |
enforcement |authority |in |any |jurisdiction.
Currently, |the |boards |within |The |Appraisal |Foundation |include: |- |CORRECT |ANSWER✔✔-
Appraisal |Standards |Board, |Appraiser |Qualifications |Board, |Board |of |Trustees
Bias |is |permitted |in |an |appraisal |as |long |as |the |bias |is |clearly |disclosed |in |the |report. |- |
CORRECT |ANSWER✔✔-False
In |appraisal |practice, |advocating |the |cause |or |interest |of |any |party |or |issue |is: |- |CORRECT |
ANSWER✔✔-Not |permitted
Under |the |ETHICS |RULE, |an |individual |acting |as |an |appraiser |must |not |advocate |the |cause |or |
interest |of |any |party |or |issue.
,The |ethical |obligations |of |USPAP |apply |to: |- |CORRECT |ANSWER✔✔-Individual |appraisers
USPAP |does |not |apply |to |appraisal |companies; |however, |the |ETHICS |RULE |exhorts |appraisers |
who |are |employed |by |companies |who |do |not |conduct |themselves |in |accordance |with |USPAP |
to |take |whatever |steps |are |appropriate |to |ensure |USPAP |compliance. |USPAP |does |not |apply |to
|appraisal |clients.
An |appraiser |must |disclose |any |service |he |or |she |provided |regarding |the |subject |property |for |
a |period |of |_________ |prior |to |agreeing |to |perform |the |assignment. |- |CORRECT |ANSWER✔✔-
Three |years
An |appraiser |is |disclosing |to |a |client |the |fact |that |she |had |previously |appraised |the |subject |
property |within |the |prior |three |years. |When |making |this |disclosure, |the |appraiser |must |be |
careful |to: |- |CORRECT |ANSWER✔✔-Not |disclose |confidential |information |from |the |previous |
assignment
An |appraiser |has |been |asked |to |complete |an |appraisal |assignment. |The |fee |is |to |be |paid |only |
if |the |loan |closes. |According |to |USPAP, |may |the |appraiser |accept |the |assignment |under |these |
conditions? |- |CORRECT |ANSWER✔✔-No, |the |fee |arrangement |is |an |unethical |contingency |
arrangement |and |violates |the |ETHICS |RULE.
In |a |real |property |appraisal |assignment |prepared |for |a |mortgage |lender, |an |appraiser |is |
permitted |by |USPAP |to |base |his |compensation |for |an |appraisal |assignment |on: |- |CORRECT |
ANSWER✔✔-Whether |or |not |the |report |is |transmitted |to |the |client |by |the |due |date
An |appraiser |may |base |his |or |her |fee |on |whether |or |not |the |report |is |delivered |in |a |timely |
manner. |However, |the |other |answer |choices |were |all |listed |in |the |ETHICS |RULE |as |unethical |
contingencies.
, The |Confidentiality |section |of |the |ETHICS |RULE |prohibits |an |appraiser |from |disclosing |
confidential |information |or |_________ |to |unauthorized |parties. |- |CORRECT |ANSWER✔✔-
Assignment |results
An |appraiser |concludes |that |a |subject |property |has |functional |inadequacies. |This |conclusion |is:
|- |CORRECT |ANSWER✔✔-An |assignment |result |and |must |be |treated |as |confidential
In |most |cases, |an |appraiser |may |share |__________ |from |an |appraisal |assignment |with |other |
appraisers |without |obtaining |the |client's |consent. |- |CORRECT |ANSWER✔✔-Physical |
characteristics
An |appraiser |completes |an |appraisal |and |transmits |the |report |to |the |client. |The |report |copy |
retained |in |the |appraiser's |workfile |does |not |have |a |signature |affixed |to |it. |Is |this |permissible |
under |USPAP? |- |CORRECT |ANSWER✔✔-No, |a |true |copy |must |include |a |signature
An |appraiser |prepared |an |appraisal |report |in |April |2019. |He |testified |in |court |regarding |the |
value |of |the |property |in |January |2020. |The |decision |was |rendered |in |February |2020 |and |was |
appealed |in |April |2020. |The |appellate |court |heard |the |case |in |January |2021 |and |remanded |the
|case |for |reconsideration |by |the |lower |court. |Final |disposition |of |the |case |occurred |in |
September |2021. |At |a |minimum, |how |long |must |the |appraiser |retain |his |workfile? |- |CORRECT |
ANSWER✔✔-April |2024
An |appraiser |must |retain |the |workfile |for |five |years |after |preparation |or |two |years |after |final |
disposition |of |any |judicial |proceeding |in |which |the |appraiser |provided |testimony |related |to |the
|assignment, |whichever |period |is |later. |April |2024 |(five |years |after |preparation) |is |longer |than |
September |2023 |(two |years |after |final |disposition).
Is |an |appraiser |permitted |by |USPAP |to |create |a |workfile |after |transmitting |the |report |to |the |
client? |- |CORRECT |ANSWER✔✔-NO
Which |statement |best |describes |the |word |"competency" |as |it |relates |to |appraisal |practice? |- |
CORRECT |ANSWER✔✔-It |is |fundamental |to |the |definition |of |"appraiser."
questions with correct answers
Which |Foundation |board |is |responsible |for |USPAP? |- |CORRECT |ANSWER✔✔-Appraisal |
Standards |Board |(ASB)
Appraisal |Subcommittee |(ASC)
Consumer |Financial |Protection |Bureau |(CFPB)
Appraiser |Qualifications |Board |(AQB)
The |Appraisal |Foundation |has |the |authority |to |enforce |the |requirements |of |USPAP.
T |or |F |- |CORRECT |ANSWER✔✔-false
The |Appraisal |Foundation |is |a |private |entity. |The |Foundation |and |its |boards |have |no |
enforcement |authority |in |any |jurisdiction.
Currently, |the |boards |within |The |Appraisal |Foundation |include: |- |CORRECT |ANSWER✔✔-
Appraisal |Standards |Board, |Appraiser |Qualifications |Board, |Board |of |Trustees
Bias |is |permitted |in |an |appraisal |as |long |as |the |bias |is |clearly |disclosed |in |the |report. |- |
CORRECT |ANSWER✔✔-False
In |appraisal |practice, |advocating |the |cause |or |interest |of |any |party |or |issue |is: |- |CORRECT |
ANSWER✔✔-Not |permitted
Under |the |ETHICS |RULE, |an |individual |acting |as |an |appraiser |must |not |advocate |the |cause |or |
interest |of |any |party |or |issue.
,The |ethical |obligations |of |USPAP |apply |to: |- |CORRECT |ANSWER✔✔-Individual |appraisers
USPAP |does |not |apply |to |appraisal |companies; |however, |the |ETHICS |RULE |exhorts |appraisers |
who |are |employed |by |companies |who |do |not |conduct |themselves |in |accordance |with |USPAP |
to |take |whatever |steps |are |appropriate |to |ensure |USPAP |compliance. |USPAP |does |not |apply |to
|appraisal |clients.
An |appraiser |must |disclose |any |service |he |or |she |provided |regarding |the |subject |property |for |
a |period |of |_________ |prior |to |agreeing |to |perform |the |assignment. |- |CORRECT |ANSWER✔✔-
Three |years
An |appraiser |is |disclosing |to |a |client |the |fact |that |she |had |previously |appraised |the |subject |
property |within |the |prior |three |years. |When |making |this |disclosure, |the |appraiser |must |be |
careful |to: |- |CORRECT |ANSWER✔✔-Not |disclose |confidential |information |from |the |previous |
assignment
An |appraiser |has |been |asked |to |complete |an |appraisal |assignment. |The |fee |is |to |be |paid |only |
if |the |loan |closes. |According |to |USPAP, |may |the |appraiser |accept |the |assignment |under |these |
conditions? |- |CORRECT |ANSWER✔✔-No, |the |fee |arrangement |is |an |unethical |contingency |
arrangement |and |violates |the |ETHICS |RULE.
In |a |real |property |appraisal |assignment |prepared |for |a |mortgage |lender, |an |appraiser |is |
permitted |by |USPAP |to |base |his |compensation |for |an |appraisal |assignment |on: |- |CORRECT |
ANSWER✔✔-Whether |or |not |the |report |is |transmitted |to |the |client |by |the |due |date
An |appraiser |may |base |his |or |her |fee |on |whether |or |not |the |report |is |delivered |in |a |timely |
manner. |However, |the |other |answer |choices |were |all |listed |in |the |ETHICS |RULE |as |unethical |
contingencies.
, The |Confidentiality |section |of |the |ETHICS |RULE |prohibits |an |appraiser |from |disclosing |
confidential |information |or |_________ |to |unauthorized |parties. |- |CORRECT |ANSWER✔✔-
Assignment |results
An |appraiser |concludes |that |a |subject |property |has |functional |inadequacies. |This |conclusion |is:
|- |CORRECT |ANSWER✔✔-An |assignment |result |and |must |be |treated |as |confidential
In |most |cases, |an |appraiser |may |share |__________ |from |an |appraisal |assignment |with |other |
appraisers |without |obtaining |the |client's |consent. |- |CORRECT |ANSWER✔✔-Physical |
characteristics
An |appraiser |completes |an |appraisal |and |transmits |the |report |to |the |client. |The |report |copy |
retained |in |the |appraiser's |workfile |does |not |have |a |signature |affixed |to |it. |Is |this |permissible |
under |USPAP? |- |CORRECT |ANSWER✔✔-No, |a |true |copy |must |include |a |signature
An |appraiser |prepared |an |appraisal |report |in |April |2019. |He |testified |in |court |regarding |the |
value |of |the |property |in |January |2020. |The |decision |was |rendered |in |February |2020 |and |was |
appealed |in |April |2020. |The |appellate |court |heard |the |case |in |January |2021 |and |remanded |the
|case |for |reconsideration |by |the |lower |court. |Final |disposition |of |the |case |occurred |in |
September |2021. |At |a |minimum, |how |long |must |the |appraiser |retain |his |workfile? |- |CORRECT |
ANSWER✔✔-April |2024
An |appraiser |must |retain |the |workfile |for |five |years |after |preparation |or |two |years |after |final |
disposition |of |any |judicial |proceeding |in |which |the |appraiser |provided |testimony |related |to |the
|assignment, |whichever |period |is |later. |April |2024 |(five |years |after |preparation) |is |longer |than |
September |2023 |(two |years |after |final |disposition).
Is |an |appraiser |permitted |by |USPAP |to |create |a |workfile |after |transmitting |the |report |to |the |
client? |- |CORRECT |ANSWER✔✔-NO
Which |statement |best |describes |the |word |"competency" |as |it |relates |to |appraisal |practice? |- |
CORRECT |ANSWER✔✔-It |is |fundamental |to |the |definition |of |"appraiser."
