USPAP Update 2022 QUESTIONS AND ANSWERS ALL CORRECT
5 views 0 purchase
Course
USPAP
Institution
USPAP
USPAP Update 2022 QUESTIONS AND ANSWERS ALL CORRECT
An appraiser completes an appraisal on residential real property for a client, who is a mortgage lender. The appraiser also identifies the buyer of the property as an intended user. A week after the report is transmitted to the client, the buye...
uspap update 2022 questions and answers all correct
an appraiser completes an appraisal on residential real property for a client
who is a mortgage lender the ap
Written for
USPAP
All documents for this subject (976)
Seller
Follow
Classroom
Reviews received
Content preview
USPAP Update 2022 QUESTIONS
AND ANSWERS ALL CORRECT
An appraiser completes an appraisal on residential real property for a client, who is
a mortgage lender. The appraiser also identifies the buyer of the property as an
intended user. A week after the report is transmitted to the client, the buyer
contacts the appraiser and wants to discuss the appraiser's opinions and
conclusions. Is the appraiser permitted by USPAP to disclose confidential
information or assignment results to the buyer? Correct Answer:
What is the best advice for a residential appraiser who is concerned about the
potential for unconscious bias and wants to make sure that intended users and
others have no perception of bias when reviewing the appraiser's work? Correct
Answer:
When is the ASB permitted to finalize a proposed change to USPAP? Correct
Answer:
When a new edition of USPAP is released, how is the effective date of this new
edition determined? Correct Answer:
An appraiser has agreed to perform an appraisal assignment for a mortgage lender
client. At the time of the agreement to perform the assignment, the client requested
the appraiser provide two street scene photos, a photo of the property located
directly across the street, a photo of the view from the rear of the subject property,
and an aerial photo from Google Maps or its equivalent. How would this request
BEST be classified? Correct Answer:
Which of these is an advantage to using the electronic version of USPAP, as
opposed to the printed (paper) version? Correct Answer:
Which of the following statements is true regarding appraisers and violations of the
ETHICS RULE? Correct Answer:
An appraiser values a three-unit residential property for a mortgage lender. After
the lender reviews the appraisal report, the lender accuses the appraiser of violating
a local fair housing law. The appraiser replies that there are so many state and local
, laws out there and they cannot be expected to know every single one of them. Who
is correct in this situation? Correct Answer:
How might a residential appraiser continually remind themselves of their ethical
obligations, including their obligation to perform objectively and without bias?
Correct Answer:
An appraiser is valuing a property in an area where a significant amount of crime
activity has recently been publicized. In the neighborhood description section of
the report, should the appraiser use the term "high-crime area?" Correct Answer:
According to the ASB, a systematic approach may be employed to use the USPAP
publication to answer USPAP-related questions. The first step in this approach is:
Correct Answer:
A certified general appraiser specializes in appraising golf courses and recreation
facilities. The appraiser agrees to perform an assignment on a golf course for an ad
valorem assessment appeal. Who are the appraiser's peers in this assignment?
Correct Answer:
An appraiser is verbally providing value ranges for properties to potential clients
before quoting appraisal fees and agreeing to perform assignments. The appraiser
does not prepare workfiles for the value ranges provided to the prospective clients.
The appraiser prepares a workfile only if and when a full inspection appraisal is
ordered by the client. At what point is the appraiser required by USPAP to prepare
a workfile for these assignments? Correct Answer:
FAQs in the USPAP publication provide advice to appraisers regarding many
different situations. According to the ASB, an appraiser who is concerned about
minimizing the likelihood of appraisal workfiles being damaged or destroyed in a
natural disaster should ___________. Correct Answer:
Which of the following phrases is the best description of USPAP? Correct Answer:
The ASB issues an exposure draft of proposed changes to USPAP. Which
statement is correct regarding the ASB's handling of comments made by appraisers
and other stakeholders? Correct Answer:
Under the requirements of USPAP STANDARD 2, a report must: Correct Answer:
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Classroom. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
