USPAP 15 Hour Course Exam Set 1
Questions And Answers
\Q\.Ethics Rule - ANSWERS✔-The rule requiring appraisers to act independently, objectively,
and without bias.
\Q\.Confidential Information - ANSWERS✔-Information that is private to the client and cannot
be shared without permission or legal requirement.
\Q\.Competency Rule - ANSWERS✔-USPAP requirement that the appraiser must be competent
to perform the assignment or take steps to become competent.
\Q\.Steps to gain competency - ANSWERS✔-Disclose lack of competency, acquire competency,
and document the actions taken.
\Q\.Scope of Work Rule - ANSWERS✔-The appraiser must determine and perform the scope
necessary to produce credible results.
\Q\.Credible Results - ANSWERS✔-Results that are well-supported and appropriate for the
intended use.
\Q\.Record Keeping Rule - ANSWERS✔-Workfile must be retained for at least 5 years or 2 years
after final disposition of any judicial action, whichever is longer.
\Q\.Workfile - ANSWERS✔-Must contain all data, reasoning, and support for the appraisal
conclusions.
, \Q\.Client - ANSWERS✔-The party who engages the appraiser.
\Q\.Intended User - ANSWERS✔-The party(ies) the appraiser intends will rely on the report.
\Q\.Intended Use - ANSWERS✔-The purpose of the appraisal and how the report will be used.
\Q\.Extraordinary Assumption - ANSWERS✔-An assumption presumed true but uncertain for
the purpose of analysis.
\Q\.Hypothetical Condition - ANSWERS✔-An assumption that is contrary to fact but assumed
to be true for analysis.
\Q\.Hypothetical vs Extraordinary - ANSWERS✔-Hypothetical = fake but pretend true;
Extraordinary = probably true but not verified.
\Q\.Standard 1 - ANSWERS✔-Standard governing the **development** of a real property
appraisal.
\Q\.Standard 2 - ANSWERS✔-Standard governing the **reporting** of a real property
appraisal.
\Q\.Development vs Reporting - ANSWERS✔-Standard 1 = Develop, Standard 2 = Report.
\Q\.Misleading Report - ANSWERS✔-A report that intentionally or carelessly misrepresents,
omits, or distorts information.
Questions And Answers
\Q\.Ethics Rule - ANSWERS✔-The rule requiring appraisers to act independently, objectively,
and without bias.
\Q\.Confidential Information - ANSWERS✔-Information that is private to the client and cannot
be shared without permission or legal requirement.
\Q\.Competency Rule - ANSWERS✔-USPAP requirement that the appraiser must be competent
to perform the assignment or take steps to become competent.
\Q\.Steps to gain competency - ANSWERS✔-Disclose lack of competency, acquire competency,
and document the actions taken.
\Q\.Scope of Work Rule - ANSWERS✔-The appraiser must determine and perform the scope
necessary to produce credible results.
\Q\.Credible Results - ANSWERS✔-Results that are well-supported and appropriate for the
intended use.
\Q\.Record Keeping Rule - ANSWERS✔-Workfile must be retained for at least 5 years or 2 years
after final disposition of any judicial action, whichever is longer.
\Q\.Workfile - ANSWERS✔-Must contain all data, reasoning, and support for the appraisal
conclusions.
, \Q\.Client - ANSWERS✔-The party who engages the appraiser.
\Q\.Intended User - ANSWERS✔-The party(ies) the appraiser intends will rely on the report.
\Q\.Intended Use - ANSWERS✔-The purpose of the appraisal and how the report will be used.
\Q\.Extraordinary Assumption - ANSWERS✔-An assumption presumed true but uncertain for
the purpose of analysis.
\Q\.Hypothetical Condition - ANSWERS✔-An assumption that is contrary to fact but assumed
to be true for analysis.
\Q\.Hypothetical vs Extraordinary - ANSWERS✔-Hypothetical = fake but pretend true;
Extraordinary = probably true but not verified.
\Q\.Standard 1 - ANSWERS✔-Standard governing the **development** of a real property
appraisal.
\Q\.Standard 2 - ANSWERS✔-Standard governing the **reporting** of a real property
appraisal.
\Q\.Development vs Reporting - ANSWERS✔-Standard 1 = Develop, Standard 2 = Report.
\Q\.Misleading Report - ANSWERS✔-A report that intentionally or carelessly misrepresents,
omits, or distorts information.
