USPAP PRACTICE EXAM WITH QUESTIONS AND WELL VERIFIED ANSWERS [ACTUAL EXAM 100%] GRADED A+
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Ati mental health
Institution
Ati Mental Health
USPAP PRACTICE EXAM WITH
QUESTIONS AND WELL VERIFIED
ANSWERS [ACTUAL EXAM 100%] GRADED
A+
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---R...
USPAP PRACTICE EXAM WITH
QUESTIONS AND WELL VERIFIED
ANSWERS [ACTUAL EXAM 100%] GRADED
A+
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
TRUE - ANS✔✔---(T/F) The AppraisalSubcommittee monitors the activities of TAF to
determine if policies and procedures are consistent with title XI of FIRREA
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.
,Appraisal Subcommittee (ASC) - ANS✔✔---Which board maintains the official National
Registry of appraisers?
State Regulatory Agencies - ANS✔✔---Who is responsible for enforcing USPAP?
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
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
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
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
, Workfile - ANS✔✔---The subject of an appraisal review could be all or part of a
REPORT, a___________________________, or a combination of these
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
Preference or inclination - ANS✔✔---USPAP defines bias as a
________________________ that precludes an appraisers impartiality, independence or
objectivity in an assignment
Reconciliation and final value opinion. - ANS✔✔---In the USPAP Appraisal Process,
which is the final step in the development process?
Identify the problem - ANS✔✔---In order to determine the scope of work to perform in an
assignment, what must the appraiser first do?
Assumption - ANS✔✔---Craig, a real property appraiser is not an expert in real estate
law. In every assignment, he includes a disclosure stating this fact and that in his
conclusions, he is considering the property to have good and marketable title. which best
describes Craig's action?
Extraordinary Assumption - ANS✔✔---Appraiser Linda could not check the furnace to
see if it is in good working order as the utilities are off. As the home is relatively new and the
furnace appears to be in good condition, Linda believes it is in satisfactory working
condition, but she is not sure. She bases her conclusion on an
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