National USPAP Course Exam with Verified Answers
The Appraisal Foundation has the au-
thority to enforce the requirements of
USPAP.
Currently, the boards within the Ap-
praisal Foundation include:
Which Foundation board is responsible
for USPAP?
Qualification criteria for appraiser certifi-...
National USPAP Course Exam with Verified Answers
The Appraisal Foundation has the au-
thority to enforce the requirements of False
USPAP.
Currently, the boards within the Ap- Appraisal Standards Board, Appraisal
praisal Foundation include: Qualifications Board, Board of Trustees
Which Foundation board is responsible
Appraisal Standards Board
for USPAP?
Qualification criteria for appraiser certifi-
cation and recertification are disseminat- Appraisal Qualifications Board
ed to state appraisal boards by the:
Which entity is responsible for establish-
ing education and experience require-
Appraisal Qualifications Board
ments for licensing and certification of
appraisers?
Which entity appoints members of the
Board of Trustees
AQB and ASB?
USPAP is written, amended, and inter-
Appraisal Standards Board
preted by the:
Advisory Opinions are best described not part of USPAP, but included as refer-
as: ence material
Who is responsible for issuing creden-
State appraisal regulatory agencies
tials to individual appraisers?
Which entity maintains the official Na-
tional Registry of state-certified and li- Appraisal Subcommittee (ASC)
censed appraisers?
Which is NOT a responsibility of the Ap- writing, interpreting and amending US-
praisal Subcommittee (ASC)? PAP
state appraiser licensing/certification
USPAP is enforced by:
agencies
Which part of USPAP establishes the re-
quirements for workfile content for an ap- Record Keeping Rule
praisal or appraisal review assignment?
Why are USPAP Advisory Opinions is-
to offer advice
sued?
, National USPAP Course Exam with Verified Answers
Which of these is considered an integral
part of USPAP and has the same weight comments
as the components they address?
The first step in the appraisal process is: identify the problem
In USPAP, the appraisal process is di-
vided into two distinct types of activity: development, reporting
and .
Which step in the appraisal process in-
volves communication of the appraiser's reporting
opinions and conclusions?
The PREAMBLE states that USPAP in- appraisers and users of appraisal ser-
tended to benefit: vices
When obligated by law or regulation, an
must
appraiser comply with USPAP.
Promote and maintain a high level of
What is the stated purpose of USPAP?
public trust in appraisal practice
To which property types does USPAP
Both tangible and intangible property
apply?
An appraiser has the professional re-
sponsibility to identify the capacity in true
which he or she is performing.
The requirement for USPAP compliance
law or regulation, voluntary choice by the
in an appraisal assignment could be the
appraiser, or agreement with the client
result of
A valuation service that is premised upon cannot be performed by an individual act-
advocacy: ing as an appraiser
When performing valuation services out-
side of appraisal practice, an individual
must be careful not to the mislead
client and other intended users about his
or her role.
USPAP states that in a situation when the individual should still comply when he
an individual is not required by law, regu- or she is acting as an appraiser
, lation, or agreement to comply with US-
PAP:
A preference or inclination that pre-
cludes an appraiser's impartiality, inde- bias
pendence, or objectivity is:
If an appraiser assumes a condition to be
true, and evidence supports that belief,
an extraordinary assumption
although that fact is not certain, this is an
example of:
If an appraiser assumes a condition to be
true that does not exist for the purposes hypothetical condition
of analysis, this is an example of:
By using a published cost manual, an
appraiser determines that the construc-
tion cost of a 2,500 square foot dwelling cost
is $400,000. This figure represents the
dwelling's:
"The monetary relationship between
properties and those who buy, sell or use value
those properties" is the definition of:
An appraiser receives a copy of a signed
sales agreement for an office building,
which specifies the agreed-upon amount price
of $950,000. What does this figure repre-
sent?
An appraiser performs an appraisal as-
signment and develops an opinion of val- an assignment result
ue. This value opinion is
It is permissible for an appraiser to be
engaged in an assignment by an agent, true
who is acting on behalf of the client.
According to USPAP, the party or parties
who engage an appraiser in a specific client
assignment defines the:
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