USPAP PRACTICE EXAM WITH QUESTIONS AND VERIFIED ANSWERS[ACTUAL EXAM 100%]
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Course
Ati mental health
Institution
Ati Mental Health
USPAP PRACTICE EXAM
WITH QUESTIONS AND
VERIFIED ANSWERS[ACTUAL
EXAM 100%]
Different appraisal regulations among states. - ANS---Which is not
one of the contributing factors that led to a need for regulation in the
appraisal profession?
Appraisal Subcommittee (ASC) - ANS---Responsible fo...
USPAP PRACTICE EXAM
WITH QUESTIONS AND
VERIFIED ANSWERS[ACTUAL
EXAM 100%]
Different appraisal regulations among states. - ANS✔✔---Which is not
one of the contributing factors that led to a need for regulation in the
appraisal profession?
Appraisal Subcommittee (ASC) - ANS✔✔---Responsible for the Federal
oversight of state real estate licensing and certification
Appraisal Subcommittee (ASC) - ANS✔✔---Which board maintains the
official National Registry of appraisers?
,Appraisal Practices Board (APB) - ANS✔✔---The board that identifies
and issues voluntary guidance relating to recognized methods and
techniques is the
TRUE - ANS✔✔---(T/F) State agencies may impose appraiser
requirements above and beyond those required by the Appraiser
Qualifications Board and the Appraiser Standards Board.
State Regulatory Agencies - ANS✔✔---Who is responsible for
enforcing USPAP?
TRUE - ANS✔✔---(T/F) The AppraisalSubcommittee monitors the
activities of TAF to determine if policies and procedures are
consistent with title XI of FIRREA
Contains terms that have a specific meaning in USPAP - ANS✔✔---
The definitions section of USPAP
A manner that is meaningful and not misleading. - ANS✔✔---The
preamble of USPAP requires. Appraisers to communicate their
analysis, opinions and conclusions in
3. Disclose the scope of work in the report. - ANS✔✔---The Scope of
Work Rule establishes three general requirements. 1. Identify the
problem, 2. Determine the appropriate scope of work and
Illustrate the applicability of USPAP in specific situations. - ANS✔✔---
Shelia had concerns about an appraisal situation and she was
uncertain how to proceed. She consulted the USPAP Advisory opinions
which
Advisory Opinions - ANS✔✔---Which is NOT a part of USPAP?
Standard 2 - ANS✔✔---Which USPAP Standard addresses the
reporting of an individual in a real property appraisal?
Problem identification - ANS✔✔---The USPAP Appraisal Process
begins with
, Promote and maintain a high level of public trust in appraisal practice.
- ANS✔✔---The preamble of USPAP sets the tone that the purpose of
USPAP is to
Reconciliation and final value opinion. - ANS✔✔---In the USPAP
Appraisal Process, which is the final step in the development process?
All types of property. - ANS✔✔---The USPAP Appraisal Process can be
followed for appraising what types of property?
Relationship to a previous appraisal or numerical benchmark. -
ANS✔✔---An appraisal must be in a specific number, a range of
numbers or a
Do not - ANS✔✔---USPAP definitions ____________________ specifically
define the term "Market Value" that is consistently applied by the
appraiser when the type of value in the assignment is market value.
An authorized representative of the lender - ANS✔✔---In an
assignment for which the appraiser was hired by an appraisal
management company (AMC) the appraiser may consider the lender
the client as long as the AMC is
Opinions and conclusions - ANS✔✔---Within USPAP, the appraisers
_______________________________ are (is) always specific to the intended
use
By name or type - ANS✔✔---Intended users in a specific assignment
must be identified
Workfile - ANS✔✔---The subject of an appraisal review could be all or
part of a REPORT, a___________________________, or a combination of
these
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