Exam (elaborations)
USPAP (Example Questions and Answers from the book) with Correct Answers
- Course
- Institution
USPAP (Example Questions and Answers from the book) with Correct Answers
[Show more]
Content preview
©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AMUSPAP (Example Questions and Answers from the book) with Correct Answers
Different appraisal regulations among states. - ✔️✔️Which is not one of the contributing
factors that led to a need for regulation in the appraisal profession?
Appraisal Subcommittee (ASC) - ✔️✔️Responsible for the Federal oversight of state real
estate licensing and certification
TRUE - ✔️✔️(T/F) The AppraisalSubcommittee monitors the activities of TAF to
determine if policies and procedures are consistent with title XI of FIRREA
Appraisal Subcommittee (ASC) - ✔️✔️Which board maintains the official National
Registry of appraisers?
Appraisal Practices Board (APB) - ✔️✔️The board that identifies and issues voluntary
guidance relating to recognized methods and techniques is the
TRUE - ✔️✔️(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 - ✔️✔️Who is responsible for enforcing USPAP?
Contains terms that have a specific meaning in USPAP - ✔️✔️The definitions section of
USPAP
Promote and maintain a high level of public trust in appraisal practice. - ✔️✔️The
preamble of USPAP sets the tone that the purpose of USPAP is to
A manner that is meaningful and not misleading. - ✔️✔️The preamble of USPAP requires.
Appraisers to communicate their analysis, opinions and conclusions in
1
,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
3. Disclose the scope of work in the report. - ✔️✔️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. - ✔️✔️Shelia had concerns
about an appraisal situation and she was uncertain how to proceed. She consulted the
USPAP Advisory opinions which
Advisory Opinions - ✔️✔️Which is NOT a part of USPAP?
Standard 2 - ✔️✔️Which USPAP Standard addresses the reporting of an individual in a
real property appraisal?
Problem identification - ✔️✔️The USPAP Appraisal Process begins with
Reconciliation and final value opinion. - ✔️✔️In the USPAP Appraisal Process, which is
the final step in the development process?
All types of property. - ✔️✔️The USPAP Appraisal Process can be followed for appraising
what types of property?
Relationship to a previous appraisal or numerical benchmark. - ✔️✔️An appraisal must
be in a specific number, a range of numbers or a
Workfile - ✔️✔️The subject of an appraisal review could be all or part of a REPORT,
a___________________________, or a combination of these
Do not - ✔️✔️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 - ✔️✔️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
2
, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
Opinions and conclusions - ✔️✔️Within USPAP, the appraisers
_______________________________ are (is) always specific to the intended use
By name or type - ✔️✔️Intended users in a specific assignment must be identified
Preference or inclination - ✔️✔️USPAP defines bias as a ________________________
that precludes an appraisers impartiality, independence or objectivity in an assignment
Identify the problem - ✔️✔️In order to determine the scope of work to perform in an
assignment, what must the appraiser first do?
Assumption - ✔️✔️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 - ✔️✔️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
Hypothetical condition. - ✔️✔️Chad appraised a property that had an inoperative air
conditioner at the date of the appraisal. Chad considered the air conditioner as if it was
working in the analysis, thus basing his opinions and conclusions on a
Price - ✔️✔️Considered factual once stated, this is the amount asked, offered or paid for
a property.
Cost - ✔️✔️The amount required to create, produce or obtain a property is known as
Exposure time - ✔️✔️An estimate of ______________________ is required by USPAP
when it is a component of the definition of market value in appraisal assignments for
real and personal property
Before - ✔️✔️Exposure time occurs_________________________ the effective date of
the appraisal assignment
3
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 OliviaWest. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78834 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now