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15 hr national USPAP course Exam Questions and Answers
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15 hr national USPAP course Exam Questions and Answers
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15 hr national USPAP course ExamQuestions and Answers
Which iiFoundation iiboard iiis iiresponsible iifor iiUSPAP? ii- iiAnswers ii-Appraisal
iiStandards iiBoard ii(ASB)
Appraisal iiSubcommittee ii(ASC)
Consumer iiFinancial iiProtection iiBureau ii(CFPB)
Appraiser iiQualifications iiBoard ii(AQB)
The iiAppraisal iiFoundation iihas iithe iiauthority iito iienforce iithe iirequirements iiof iiUSPAP.
T iior iiF ii- iiAnswers ii-false
The iiAppraisal iiFoundation iiis iia iiprivate iientity. iiThe iiFoundation iiand iiits iiboards iihave
iino iienforcement iiauthority iiin iiany iijurisdiction.
Currently, iithe iiboards iiwithin iiThe iiAppraisal iiFoundation iiinclude: ii- iiAnswers ii-
Appraisal iiStandards iiBoard, iiAppraiser iiQualifications iiBoard, iiBoard iiof iiTrustees
Bias iiis iipermitted iiin iian iiappraisal iias iilong iias iithe iibias iiis iiclearly iidisclosed iiin iithe
iireport. ii- iiAnswers ii-False
In iiappraisal iipractice, iiadvocating iithe iicause iior iiinterest iiof iiany iiparty iior iiissue iiis: ii-
iiAnswers ii-Not iipermitted
Under iithe iiETHICS iiRULE, iian iiindividual iiacting iias iian iiappraiser iimust iinot iiadvocate
iithe iicause iior iiinterest iiof iiany iiparty iior iiissue.
The iiethical iiobligations iiof iiUSPAP iiapply iito: ii- iiAnswers ii-Individual iiappraisers
USPAP iidoes iinot iiapply iito iiappraisal iicompanies; iihowever, iithe iiETHICS iiRULE
iiexhorts iiappraisers iiwho iiare iiemployed iiby iicompanies iiwho iido iinot iiconduct
iithemselves iiin iiaccordance iiwith iiUSPAP iito iitake iiwhatever iisteps iiare iiappropriate iito
iiensure iiUSPAP iicompliance. iiUSPAP iidoes iinot iiapply iito iiappraisal iiclients.
,An iiappraiser iimust iidisclose iiany iiservice iihe iior iishe iiprovided iiregarding iithe iisubject
iiproperty iifor iia iiperiod iiof ii_________ iiprior iito iiagreeing iito iiperform iithe iiassignment. ii-
iiAnswers ii-Three iiyears
An iiappraiser iiis iidisclosing iito iia iiclient iithe iifact iithat iishe iihad iipreviously iiappraised
iithe iisubject iiproperty iiwithin iithe iiprior iithree iiyears. iiWhen iimaking iithis iidisclosure, iithe
iiappraiser iimust iibe iicareful iito: ii- iiAnswers ii-Not iidisclose iiconfidential iiinformation iifrom
iithe iiprevious iiassignment
An iiappraiser iihas iibeen iiasked iito iicomplete iian iiappraisal iiassignment. iiThe iifee iiis iito
iibe iipaid iionly iiif iithe iiloan iicloses. iiAccording iito iiUSPAP, iimay iithe iiappraiser iiaccept
iithe iiassignment iiunder iithese iiconditions? ii- iiAnswers ii-No, iithe iifee iiarrangement iiis iian
iiunethical iicontingency iiarrangement iiand iiviolates iithe iiETHICS iiRULE.
In iia iireal iiproperty iiappraisal iiassignment iiprepared iifor iia iimortgage iilender, iian
iiappraiser iiis iipermitted iiby iiUSPAP iito iibase iihis iicompensation iifor iian iiappraisal
iiassignment iion: ii- iiAnswers ii-Whether iior iinot iithe iireport iiis iitransmitted iito iithe iiclient
iiby iithe iidue iidate
An iiappraiser iimay iibase iihis iior iiher iifee iion iiwhether iior iinot iithe iireport iiis iidelivered iiin
iia iitimely iimanner. iiHowever, iithe iiother iianswer iichoices iiwere iiall iilisted iiin iithe
iiETHICS iiRULE iias iiunethical iicontingencies.
The iiConfidentiality iisection iiof iithe iiETHICS iiRULE iiprohibits iian iiappraiser iifrom
iidisclosing iiconfidential iiinformation iior ii_________ iito iiunauthorized iiparties. ii- iiAnswers
ii-Assignment iiresults
An iiappraiser iiconcludes iithat iia iisubject iiproperty iihas iifunctional iiinadequacies. iiThis
iiconclusion iiis: ii- iiAnswers ii-An iiassignment iiresult iiand iimust iibe iitreated iias
iiconfidential
In iimost iicases, iian iiappraiser iimay iishare ii__________ iifrom iian iiappraisal iiassignment
iiwith iiother iiappraisers iiwithout iiobtaining iithe iiclient's iiconsent. ii- iiAnswers ii-Physical
iicharacteristics
An iiappraiser iicompletes iian iiappraisal iiand iitransmits iithe iireport iito iithe iiclient. iiThe
iireport iicopy iiretained iiin iithe iiappraiser's iiworkfile iidoes iinot iihave iia iisignature iiaffixed
iito iiit. iiIs iithis iipermissible iiunder iiUSPAP? ii- iiAnswers ii-No, iia iitrue iicopy iimust iiinclude
iia iisignature
An iiappraiser iiprepared iian iiappraisal iireport iiin iiApril ii2019. iiHe iitestified iiin iicourt
iiregarding iithe iivalue iiof iithe iiproperty iiin iiJanuary ii2020. iiThe iidecision iiwas iirendered
iiin iiFebruary ii2020 iiand iiwas iiappealed iiin iiApril ii2020. iiThe iiappellate iicourt iiheard iithe
iicase iiin iiJanuary ii2021 iiand iiremanded iithe iicase iifor iireconsideration iiby iithe iilower
iicourt. iiFinal iidisposition iiof iithe iicase iioccurred iiin iiSeptember ii2021. iiAt iia iiminimum,
iihow iilong iimust iithe iiappraiser iiretain iihis iiworkfile? ii- iiAnswers ii-April ii2024
, An iiappraiser iimust iiretain iithe iiworkfile iifor iifive iiyears iiafter iipreparation iior iitwo iiyears
iiafter iifinal iidisposition iiof iiany iijudicial iiproceeding iiin iiwhich iithe iiappraiser iiprovided
iitestimony iirelated iito iithe iiassignment, iiwhichever iiperiod iiis iilater. iiApril ii2024 ii(five
iiyears iiafter iipreparation) iiis iilonger iithan iiSeptember ii2023 ii(two iiyears iiafter iifinal
iidisposition).
Is iian iiappraiser iipermitted iiby iiUSPAP iito iicreate iia iiworkfile iiafter iitransmitting iithe
iireport iito iithe iiclient? ii- iiAnswers ii-NO
Which iistatement iibest iidescribes iithe iiword ii"competency" iias iiit iirelates iito iiappraisal
iipractice? ii- iiAnswers ii-It iiis iifundamental iito iithe iidefinition iiof ii"appraiser."
Which iiof iithese iiis iiNOT iione iiof iithe iisteps iirequired iiby iiUSPAP iiwhen iian iiappraiser
iiwishes iito iiperform iian iiassignment iifor iiwhich iihe iior iishe iiinitially iilacks iithe iiknowledge
iiand iiexperience? ii- iiAnswers ii-Use iia iihypothetical iicondition iito iicomplete iithe
iiassignment iias iithough iithe iiappraiser iialready iihad iithe iiknowledge iiand iiexperience
In iiorder iito iiperform iian iiassignment iifor iiwhich iian iiappraiser iiinitially iilacks iithe
iiknowledge iiand iiexperience iito iicomplete iicompetently, iithe iiappraiser iimust: ii-
iiAnswers ii-Disclose iito iithe iiclient, iiprior iito iiagreeing iito iiperform iithe iiassignment, iithe
iilack iiof iiknowledge iior iiexperience
Three iiappraisers iiwork iitogether iion iian iiappraisal iiassignment. iiWhat iiwould iiNOT iibe
iian iiappropriate iiworkfile iiarrangement iiunder iiUSPAP? ii- iiAnswers ii-The iiworkfile iiis
iiposted iion iithe iiInternet, iiso iithat iianyone iiwho iiwants iito iisee iiit iiwill iibe iiable iito iiaccess
iiit.
When iimultiple iiappraisers iiwork iion iian iiassignment, iieach iione iimay iimaintain iia
iiseparate iicopy iiof iithe iiworkfile. iiIt iiis iialso iipermissible iifor iia iisingle iiworkfile iito iibe
iicreated, iias iilong iias iiall iiof iithe iiappraisers iiwho iihave iiworkfile iiobligations iiare iiable iito
iiaccess iiit.
The iirequirement iito iicreate iiand iimaintain iia iiworkfile iifor iian iiappraisal iior iiappraisal
iireview iiassignment iiapplies iito: ii- iiAnswers ii-All iiappraisers, iiregardless iiof iicredential
iilevel
In iiUSPAP, iieach iiStandard iiis iicomposed iiof:
Standards iiRules ii- iiAnswers ii-Each iiStandard iiis iicomposed iiof iiStandards iiRules iithat
iiidentify iithe iirequirements iiand iiguidance iiapplicable iito iithat iiStandard.
"The iitype iiand iiextent iiof iiresearch iiand iianalyses iiin iian iiappraisal iior iiappraisal iireview
iiassignment" iiis iithe iidefinition iiof ii___________. ii- iiAnswers ii-Scope iiof iiwork
Appraisal iipractice iiincludes iionly: ii- iiAnswers ii-Valuation iiservices iiprovided iiby iian
iiindividual iiacting iias iian iiappraiser
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