2025 15-hr National USPAP Course pt 3
Exam Questions with Complete Solutions
(Latest 2025).
The requirements of STANDARD 1 can be used as a checklist by an appraiser who is developing a real
property appraisal. - CORRECT ANSWERS true
Which statement is FALSE regarding STANDARD 1? - CORRECT ANSWERS It covers real and
personal property appraisal development.
An appraiser's client wishes to remain anonymous, and asks the appraiser not to include client's identity
in an appraisal report. What should the appraiser do? - CORRECT ANSWERS Omit the client's
identity from the report but document the client's identity in the workfile
If a mortgage borrower receives a copy of an appraisal report from a mortgage lender as a result of
disclosure requirements: - CORRECT ANSWERS This does not make the borrower an intended
user
When does a series of minor errors potentially result in a USPAP violation? - CORRECT ANSWERS
When the series of errors affects the credibility of the results
Which statement is TRUE regarding exposure time? - CORRECT ANSWERS It is always assumed
to precede the effective date of the appraisal.
Exposure time is: - CORRECT ANSWERS An opinion developed by an appraiser
What is the primary purpose of an appraiser making an inspection of the subject property? - CORRECT
ANSWERS To collect information about characteristics that are relevant to value
, An example of a relevant property characteristic that could affect a real property appraisal assignment
would be: - CORRECT ANSWERS The fact that the subject property is affected by an easement
An extraordinary assumption may be used in an assignment only if: - CORRECT ANSWERS
Required to develop credible results
When an appraiser provides a current value opinion on a proposed new building, he or she is utilizing
a(an) _____________ that the proposed improvements are completed as of the effective date of the
appraisal. - CORRECT ANSWERS Hypothetical condition
An unacceptable assignment condition would be a condition that: - CORRECT ANSWERS All of
the answers listed (limits the scope of work to the extent that the value opinion is not credible,
precludes an appraiser's impartiality, limits report content, resulting in a misleading report)
Which statement is TRUE regarding USPAP and the three approaches to value? - CORRECT ANSWERS
An assignment condition may require an appraiser to develop an approach that he or she would
otherwise consider unnecessary.
When developing a sales comparison approach under USPAP: - CORRECT ANSWERS The
appraiser must analyze such data as are available to indicate a value conclusion
When analyzing listings of the subject property in a real property appraisal assignment, USPAP requires
an appraiser to analyze, at a minimum, ____________. - CORRECT ANSWERS Current listings
When analyzing the subject property's sales and transfer history in a real property appraisal assignment,
an appraiser is required by USPAP to analyze ______________. - CORRECT ANSWERS All sales
or transfers of the subject property that occurred within three years prior to the effective date of the
appraisal
In the development of an appraisal, the appraiser is required to: - CORRECT ANSWERS Not
commit a substantial error that significantly affects the appraisal
Exam Questions with Complete Solutions
(Latest 2025).
The requirements of STANDARD 1 can be used as a checklist by an appraiser who is developing a real
property appraisal. - CORRECT ANSWERS true
Which statement is FALSE regarding STANDARD 1? - CORRECT ANSWERS It covers real and
personal property appraisal development.
An appraiser's client wishes to remain anonymous, and asks the appraiser not to include client's identity
in an appraisal report. What should the appraiser do? - CORRECT ANSWERS Omit the client's
identity from the report but document the client's identity in the workfile
If a mortgage borrower receives a copy of an appraisal report from a mortgage lender as a result of
disclosure requirements: - CORRECT ANSWERS This does not make the borrower an intended
user
When does a series of minor errors potentially result in a USPAP violation? - CORRECT ANSWERS
When the series of errors affects the credibility of the results
Which statement is TRUE regarding exposure time? - CORRECT ANSWERS It is always assumed
to precede the effective date of the appraisal.
Exposure time is: - CORRECT ANSWERS An opinion developed by an appraiser
What is the primary purpose of an appraiser making an inspection of the subject property? - CORRECT
ANSWERS To collect information about characteristics that are relevant to value
, An example of a relevant property characteristic that could affect a real property appraisal assignment
would be: - CORRECT ANSWERS The fact that the subject property is affected by an easement
An extraordinary assumption may be used in an assignment only if: - CORRECT ANSWERS
Required to develop credible results
When an appraiser provides a current value opinion on a proposed new building, he or she is utilizing
a(an) _____________ that the proposed improvements are completed as of the effective date of the
appraisal. - CORRECT ANSWERS Hypothetical condition
An unacceptable assignment condition would be a condition that: - CORRECT ANSWERS All of
the answers listed (limits the scope of work to the extent that the value opinion is not credible,
precludes an appraiser's impartiality, limits report content, resulting in a misleading report)
Which statement is TRUE regarding USPAP and the three approaches to value? - CORRECT ANSWERS
An assignment condition may require an appraiser to develop an approach that he or she would
otherwise consider unnecessary.
When developing a sales comparison approach under USPAP: - CORRECT ANSWERS The
appraiser must analyze such data as are available to indicate a value conclusion
When analyzing listings of the subject property in a real property appraisal assignment, USPAP requires
an appraiser to analyze, at a minimum, ____________. - CORRECT ANSWERS Current listings
When analyzing the subject property's sales and transfer history in a real property appraisal assignment,
an appraiser is required by USPAP to analyze ______________. - CORRECT ANSWERS All sales
or transfers of the subject property that occurred within three years prior to the effective date of the
appraisal
In the development of an appraisal, the appraiser is required to: - CORRECT ANSWERS Not
commit a substantial error that significantly affects the appraisal
