USPAP Final Exam Correct Questions & Answers(GRADED A+)PACKAGE DEAL

The boards within the Appraisal foundation include - ANSWER Appraisal standards board, appraisal qualificatioms board, appraisal practices board, board of trustees Which independent board was created within the appraisal foundation in 2010 - ANSWER Appraisal practices board APB Does the apprai...

Which is not an element of problem identification? -assignment conditions -effective date of the opinions and conclusions -client and other intended users -reporting option to be used in the assignment - ANSWER Reporting option to be used in the assignment Most of the information necessary fo...

The Preamble states that USPAP is - ANSWER for appraisers and users of appraisal services. The stated purpose of USPAP - ANSWER Promote and maintain a high level of public trust in appraisal practice. When obligated by law or regulation an appraiser must - ANSWER comply with USPAP. USPAP ap...

Assignment conditions include: - ANSWER a. The length of time given to the appraiser to complete the assignment b. The amount of the appraiser's fee c. Laws and regulations that affect the assignment d. All of the answers listed Appraisers are permitted by USPAP to disclose confidential infor...

Different appraisal regulations among states. - ANSWER Which is not one of the contributing factors that led to a need for regulation in the appraisal profession? Appraisal Subcommittee (ASC) - ANSWER Responsible for the Federal oversight of state real estate licensing and certification TRUE -...

Prior to accepting an assignment or entering into an agreement to perform any assignment, the appraiser must have the knowledge and experience to complete the assignment or the appraiser must: [] Disclose the lack off knowledge and/or experience to the client before accepting the assignment []...

Who is responsible for issuing credentials to individual appraisers? - ANSWER State appraiser regulatory agencies are responsible for receiving and processing applications for licensure and certification, and for issuing credentials to qualified individuals. Which is NOT a responsibility of the A...

The concept of public trust means that an appraiser must act: - ANSWER in the public's interest USPAP establishes standards that are applicable in the appraisal of: - ANSWER real property, intangible property, and personal property Which statement is TRUE regarding The Appraisal Foundation an...

An Appraiser must retain a workfile for" - ANSWER Any assignment that is covered by standard rules. 5 years after preparation or at least 2 years after final disposition of judicial proceedings in which testimony was given, whichever period expires last. According to STANDARD 3, an appraiser ...

The Appraisal Foundation has the authority to enforce the requirements of USPAP. - ANSWER False Currently, the boards within the Appraisal Foundation include: - ANSWER Appraisal Standards Board, Appraisal Qualifications Board, Board of Trustees Which Foundation board is responsible for USPAP? ...

The PREAMBLE states the purpose of USPAP is to maintain public ___ in the appraisal practice by establishing requirements for appraisers. - ANSWER trust USPAP benefits providers of appraisal services and - ANSWER users of appraisal services. Which is NOT considered significant real property ap...

APPRAISAL - ANSWER (noun) act or process of developing an opinion of value; an opinion of value (adj) of or pertaining to appraising and related functions such as an appraisal practice or appraisal services APPRAISAL CONSULTING - ANSWER the act or process of developing an analysis, recommendatio...