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USPAP Practice Exam 2 with 100% correct answers 2023/2024
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USPAP Practice Exam 2 with 100% correct answers 2023/2024
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USPAPPractice
Exam
2
with
100%
correct
answers
2023/2024
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:
-
answer--
Disclose
the
lack
of
knowledge
and/or
experience
to
the
client
before
accepting
the
assignment
-
Take
all
steps
necessary
or
appropriate
to
complete
the
assignment
competently
-
Describe
the
lack
of
knowledge
and/or
experience
and
the
steps
taken
to
complete
the
assignment
competently
in
the
report
The
appraiser
should
retain
his/her
records
for
an
appraisal
for
at
least:
-
answer-5
Years
The
act
or
process
of
developing
an
opinion
of
value
or
an
opinion
of
value
developed
without
invoking
the
DEPARTURE
RULE
is
considered:
-
answer-A
Complete
Appraisal
The
act
or
process
of
developing
an
opinion
of
value
or
an
opinion
of
value
developed
under
and
resulting
from
invoking
the
DEPARTURE
RULE
is
considered:
-
answer-A
Limited
Appraisal
Which
of
the
following
are
typically
considered
legally
competent
to
conclude
that
there
has
been
a
violation
of
USPAP?
-
answer-A
state
licensing/certification
agency
Review
appraisers
can
only
conclude
and
report
that
the
appraisal
report
under
review:
-
answer--
Does
not
comply
with
the
Rules,
requirements
and
specifications
of
USPAP.
-
Contains
no
reference,
mention,
or
coverage
of
required
information
or
documentation.
-Contains
no
evidence
or
support
for
analyses,
opinions,
or
conclusions
contained
in
the
appraisal
report
under
review.
A
current
version
of
USPAP
contains
ten
Statements
on
Appraisal
Standards
(3
of
which
are
retired),
which
have
_____of
/
than
a
'Standards'
Rule.
-
answer-Full
Weight
USPAP
contains
a
Preamble,
5
rules,
definitions,
and
____
Standards.
-
answer-10
The
following
is
true
about
Advisory
Opinions
-
answer-The
Advisory
Opinions
are
not
part
of
USPAP,
however
are
sometimes
included
for
convenience
of
reference.
They
do
not
have
the
same
status
as
Statements
on
Appraisal
Standards.
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