USPAP 15-hour course Questions
The written report options set forth in Standards Rule 2-2 are -
Correct Answer ✔ ✔ Appraisal Report and Restricted Appraisal
Report
What is the importance of stating the date of the report? - Correct
Answer ✔ ✔ It establishes the appraiser's perspective on the
market
Which of the following is NOT required by USPAP to be in an Appraisal
Report? - Correct Answer ✔ ✔ client's specific name
In a Restricted Appraisal Report, the exclusion of any of the valuation
approaches must be: - Correct Answer ✔ ✔ explained
In an Appraisal Report, the scope of work used to develop the
appraisal must be: - Correct Answer ✔ ✔ summarized
,Compared to a value opinion expressed in an Appraisal Report, a
value opinion expressed in a Restricted Appraisal Report is: - Correct
Answer ✔ ✔ equally credible
Which statement is TRUE regarding a workfile for an assignment in
which a Restricted Appraisal Report is provided? - Correct Answer ✔
✔ The appraiser must maintain a workfile for this assignment
In an appraisal assignment, an appraiser identifies an additional
intended user in addition to the client. Does USPAP permit the
appraiser to provide a Restricted Appraisal Report in this assignment?
- Correct Answer ✔ ✔ no
When an extraordinary assumption is used in an appraisal, the report
must state the extraordinary assumption and: - Correct Answer ✔
✔ state that its use may have affected the assignment results
,Does USPAP require an appraiser to disclose any significant real
property appraisal assistance that was provided in an appraisal
assignment? - Correct Answer ✔ ✔ yes, in all cases
According to USPAP, any appraiser who signs any part of an appraisal
report is required to: - Correct Answer ✔ ✔ sign the certification
What is the purpose of including a signed certification in an appraisal
report? - Correct Answer ✔ ✔ for the appraiser to acknowledge
his or her ethical obligations
An appraiser provides an oral report of a real property appraisal
assignment. Which statement is CORRECT? - Correct Answer ✔ ✔
The appraiser must add a signed and dated certification to her
appraisal workfile.
A written summary of an oral appraisal report must be added to the
appraiser's workfile ______________ the issuance of an oral report. -
Correct Answer ✔ ✔ within a reasonable time after
, To the extent possible and appropriate, oral appraisal reports for real
property must address the substantive matters that apply to a(n) -
Correct Answer ✔ ✔ appraisal report
Which statement is TRUE regarding a Recertification of Value? -
Correct Answer ✔ ✔ It does not change the effective date of the
value.
If a client requests a more current valuation on a property that was
the subject of a prior assignment, this is a(n) ____________. - Correct
Answer ✔ ✔ new assignment
USPAP requires an appraiser to obtain a release from a previous client
before appraising the same property for a new client. - Correct
Answer ✔ ✔ false
An appraiser completes an appraisal for Bank A. Two months later, he
is contacted by Bank B, who asks him to "readdress" his prior report
to them. Which statement is TRUE about the appraiser's USPAP
The written report options set forth in Standards Rule 2-2 are -
Correct Answer ✔ ✔ Appraisal Report and Restricted Appraisal
Report
What is the importance of stating the date of the report? - Correct
Answer ✔ ✔ It establishes the appraiser's perspective on the
market
Which of the following is NOT required by USPAP to be in an Appraisal
Report? - Correct Answer ✔ ✔ client's specific name
In a Restricted Appraisal Report, the exclusion of any of the valuation
approaches must be: - Correct Answer ✔ ✔ explained
In an Appraisal Report, the scope of work used to develop the
appraisal must be: - Correct Answer ✔ ✔ summarized
,Compared to a value opinion expressed in an Appraisal Report, a
value opinion expressed in a Restricted Appraisal Report is: - Correct
Answer ✔ ✔ equally credible
Which statement is TRUE regarding a workfile for an assignment in
which a Restricted Appraisal Report is provided? - Correct Answer ✔
✔ The appraiser must maintain a workfile for this assignment
In an appraisal assignment, an appraiser identifies an additional
intended user in addition to the client. Does USPAP permit the
appraiser to provide a Restricted Appraisal Report in this assignment?
- Correct Answer ✔ ✔ no
When an extraordinary assumption is used in an appraisal, the report
must state the extraordinary assumption and: - Correct Answer ✔
✔ state that its use may have affected the assignment results
,Does USPAP require an appraiser to disclose any significant real
property appraisal assistance that was provided in an appraisal
assignment? - Correct Answer ✔ ✔ yes, in all cases
According to USPAP, any appraiser who signs any part of an appraisal
report is required to: - Correct Answer ✔ ✔ sign the certification
What is the purpose of including a signed certification in an appraisal
report? - Correct Answer ✔ ✔ for the appraiser to acknowledge
his or her ethical obligations
An appraiser provides an oral report of a real property appraisal
assignment. Which statement is CORRECT? - Correct Answer ✔ ✔
The appraiser must add a signed and dated certification to her
appraisal workfile.
A written summary of an oral appraisal report must be added to the
appraiser's workfile ______________ the issuance of an oral report. -
Correct Answer ✔ ✔ within a reasonable time after
, To the extent possible and appropriate, oral appraisal reports for real
property must address the substantive matters that apply to a(n) -
Correct Answer ✔ ✔ appraisal report
Which statement is TRUE regarding a Recertification of Value? -
Correct Answer ✔ ✔ It does not change the effective date of the
value.
If a client requests a more current valuation on a property that was
the subject of a prior assignment, this is a(n) ____________. - Correct
Answer ✔ ✔ new assignment
USPAP requires an appraiser to obtain a release from a previous client
before appraising the same property for a new client. - Correct
Answer ✔ ✔ false
An appraiser completes an appraisal for Bank A. Two months later, he
is contacted by Bank B, who asks him to "readdress" his prior report
to them. Which statement is TRUE about the appraiser's USPAP
