USPAP 15-Hour Course Questions And Answers Latest
Update
The concept of public trust means that an appraiser must act: - ANS--in the
| | | | | | | | | | | | |
public's interest
| |
USPAP establishes standards that are applicable in the appraisal of: -
| | | | | | | | | |
ANS--real property, intangible property, and personal property
| | | | | | |
Which statement is TRUE regarding The Appraisal Foundation and USPAP
| | | | | | | | |
enforcement authority? - ANS--The Appraisal Foundation does not have the
| | | | | | | | | |
authority to enforce the requirements of USPAP.
| | | | | | |
Which entity is responsible for establishing education and experience
| | | | | | | |
requirements for licensing and certification of appraisers? - ANS--Appraiser
| | | | | | | | |
Qualifications Board (AQB)
| | |
Qualification criteria for appraiser certification and recertification are
| | | | | | |
disseminated to state appraisal boards by the: - ANS--Appraiser
| | | | | | | | |
Qualifications Board (AQB)
| | |
Which entity appoints members of the Foundation's independent Boards? -
| | | | | | | | |
ANS--Board of Trustees (BOT)
| | | |
USPAP is developed, interpreted, and amended by the: - ANS--Appraisal
| | | | | | | | |
Standards Board (ASB)
| | |
Advisory Opinions are best described as - ANS--Not part of USPAP, but
| | | | | | | | | | |
included as reference material
| | | |
,The ASB is considering comment letters written by members of the public
| | | | | | | | | | |
regarding a proposed revision to USPAP. When reviewing these comment
| | | | | | | | | |
letters, the ASB focuses on: - ANS--The reasoning and insight presented in
| | | | | | | | | | | |
the letter
| |
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? -
| | | | | | | | | |
ANS--Developing, amending, and interpreting USPAP
| | | | |
Who is responsible for issuing credentials to individual appraisers? - ANS--
| | | | | | | | | |
State appraisal regulatory agencies
| | |
Under FIRREA, USPAP is enforced by: - ANS--State appraiser
| | | | | | | |
licensing/certification agencies
| |
Which entity maintains the official national registry of state-certified and
| | | | | | | | |
licensed appraisers? - ANS--Appraisal Subcommittee (ASC)
| | | | | |
In USPAP, the appraisal process is divided into two distinct types of
| | | | | | | | | | |
activity:
| and . - ANS--development, reporting
| | | | |
Which step in the appraisal process involves communication of the
| | | | | | | | |
appraiser's opinions and conclusions? - ANS--reporting
| | | | | |
The first step in the appraisal process is: - ANS--Identify the problem
| | | | | | | | | | |
A preference or inclination that precludes an appraiser's impartiality,
| | | | | | | |
independence, or objectivity is: - ANS--bias
| | | | | |
, An appraiser is not permitted to be
| | | | | | | when performing an | |
appraisal. - ANS--an advocate
| | | |
conveys a mental state that does not favor one side over another at the outset
| | | | | | | | | | | | | |
of an investigation is what? - ANS--impartiality
| | | | | | |
representing the cause or interest of another, even if that cause or interest
| | | | | | | | | | | |
does not necessarily coincide with one's own beliefs, opinions, conclusions,
| | | | | | | | | |
or recommendations is what? - ANS--advocacy
| | | | | |
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: - ANS--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: - ANS--hypothetical condition
| | | | | | | | | | |
The terms extraordinary assumption and hypothetical condition: - ANS-- Have
| | | | | | | | |
different meanings within USPAP
| | | |
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: - ANS--cost
| | | | |
"The monetary relationship between properties and those who buy, sell or use
| | | | | | | | | | |
those properties" is the definition of: - ANS--value
| | | | | | | |
Update
The concept of public trust means that an appraiser must act: - ANS--in the
| | | | | | | | | | | | |
public's interest
| |
USPAP establishes standards that are applicable in the appraisal of: -
| | | | | | | | | |
ANS--real property, intangible property, and personal property
| | | | | | |
Which statement is TRUE regarding The Appraisal Foundation and USPAP
| | | | | | | | |
enforcement authority? - ANS--The Appraisal Foundation does not have the
| | | | | | | | | |
authority to enforce the requirements of USPAP.
| | | | | | |
Which entity is responsible for establishing education and experience
| | | | | | | |
requirements for licensing and certification of appraisers? - ANS--Appraiser
| | | | | | | | |
Qualifications Board (AQB)
| | |
Qualification criteria for appraiser certification and recertification are
| | | | | | |
disseminated to state appraisal boards by the: - ANS--Appraiser
| | | | | | | | |
Qualifications Board (AQB)
| | |
Which entity appoints members of the Foundation's independent Boards? -
| | | | | | | | |
ANS--Board of Trustees (BOT)
| | | |
USPAP is developed, interpreted, and amended by the: - ANS--Appraisal
| | | | | | | | |
Standards Board (ASB)
| | |
Advisory Opinions are best described as - ANS--Not part of USPAP, but
| | | | | | | | | | |
included as reference material
| | | |
,The ASB is considering comment letters written by members of the public
| | | | | | | | | | |
regarding a proposed revision to USPAP. When reviewing these comment
| | | | | | | | | |
letters, the ASB focuses on: - ANS--The reasoning and insight presented in
| | | | | | | | | | | |
the letter
| |
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? -
| | | | | | | | | |
ANS--Developing, amending, and interpreting USPAP
| | | | |
Who is responsible for issuing credentials to individual appraisers? - ANS--
| | | | | | | | | |
State appraisal regulatory agencies
| | |
Under FIRREA, USPAP is enforced by: - ANS--State appraiser
| | | | | | | |
licensing/certification agencies
| |
Which entity maintains the official national registry of state-certified and
| | | | | | | | |
licensed appraisers? - ANS--Appraisal Subcommittee (ASC)
| | | | | |
In USPAP, the appraisal process is divided into two distinct types of
| | | | | | | | | | |
activity:
| and . - ANS--development, reporting
| | | | |
Which step in the appraisal process involves communication of the
| | | | | | | | |
appraiser's opinions and conclusions? - ANS--reporting
| | | | | |
The first step in the appraisal process is: - ANS--Identify the problem
| | | | | | | | | | |
A preference or inclination that precludes an appraiser's impartiality,
| | | | | | | |
independence, or objectivity is: - ANS--bias
| | | | | |
, An appraiser is not permitted to be
| | | | | | | when performing an | |
appraisal. - ANS--an advocate
| | | |
conveys a mental state that does not favor one side over another at the outset
| | | | | | | | | | | | | |
of an investigation is what? - ANS--impartiality
| | | | | | |
representing the cause or interest of another, even if that cause or interest
| | | | | | | | | | | |
does not necessarily coincide with one's own beliefs, opinions, conclusions,
| | | | | | | | | |
or recommendations is what? - ANS--advocacy
| | | | | |
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: - ANS--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: - ANS--hypothetical condition
| | | | | | | | | | |
The terms extraordinary assumption and hypothetical condition: - ANS-- Have
| | | | | | | | |
different meanings within USPAP
| | | |
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: - ANS--cost
| | | | |
"The monetary relationship between properties and those who buy, sell or use
| | | | | | | | | | |
those properties" is the definition of: - ANS--value
| | | | | | | |
