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15-Hour USPAP Course, Mckissock USPAP Chapter 1, 2,4,7,8,9 Exam Questions and Answers
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15-Hour USPAP Course, Mckissock USPAP Chapter 1, 2,4,7,8,9 Exam Questions and Answers
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15-Hour USPAP Course, MckissockUSPAP Chapter 1, 2,4,7,8,9 Exam
Questions and Answers
What iiis iiUSPAP? ii- iiAnswers ii-Uniform iiStandards iiof iiProfessional iiAppraisal iiPractice
Why iiwas iiUSPAP iideveloped? ii- iiAnswers ii-To iipromote iiand iimaintain iia iihigh iilevel iiof
iipublic iitrust iias iiwell iias iiconfidence iiin iiprofessional iiappraisal iipractice
What iiare iithe iibenefits iiof iiUSPAP? ii- iiAnswers ii-1) iiProvides iia iicommon iibasis iifor
iicomparison ii(eg iiare iiwe iidoing iithe iiappropriate iiwork iifor iithe iitype iiof iiassignment?)
2) iiProvides iia iireference iisource iifor iiall iiusers iiof iithe iidocument. ii
3) iiProvides iia iibasis iifor iiuniform iienforcement iifor iistate iiregulatory iiagencies. ii
4) iiProvides iia iireason iifor iiclients, iiother iiintended iiusers, iiand iithe iipublic iito iiplace
iitheir iitrust iiin iithe iiservices iiperformed iiby iiprofessional iiappraisers.
What iiis iithe iirole iiof iithe iiAppraisal iiStandards iiBoard ii(ASB) iiof iiThe iiAppraisal
iiFoundation? ii- iiAnswers ii-To iidevelop, iiinterpret, iiand iiamend iithe iiUniform iiStandards
iiof iiProfessional iiAppraisal iiPractice ii(USPAP).
What iiare iithe iifive iisections iiof iiUSPAP? ii- iiAnswers ii-Preamble
Definitions
Rules
Standards ii(Including iiStandards iiRules)
Statements iion iiAppraisal iiStandards ii(currently iino iiactive iistatements)
Are iithe iiAdvisory iiOpinions ii(AO) iiand iithe iiFrequently iiAsked iiQuestions ii(FAQ) iia iipart
iiof iiUSPAP? ii- iiAnswers ii-NO. iiThese iiare iireference iimaterials iiof ii"Other
iiCommunications". iiThey iiare iifor iiguidance iionly. iiThese iicommunications iido iinot
iiestablish iinew iiStandards iior iiinterpret iiexisting iiStandards iiand iiare iinot iia iipart iiof
iiUSPAP.
Who iienforces iithe iiadherence iiand iicontent iiof iiUSPAP? ii- iiAnswers ii-State iiand
iiFederal iiRegulatory iiAuthorities
,Who iiappoints iithe iiASB ii(Appraisal iiStandards iiBoard)? ii- iiAnswers ii-Members iiare
iiappointed iiby iithe iiBOT ii(Board iiof iiTrustees)
What iiis iithe iipurpose iiof iiUSPAP? ii- iiAnswers ii-The iipurpose iiis iito iipromote iiand
iimaintain iia iihigh iilevel iiof iipublic iitrust iiin iiappraisal iipractice iiby iiestablishing
iirequirements iifor iiappraisers.
Who iidoes iithe iiASB ii(Appraisal iiStandards iiBoard) iipromulgate iiUSPAP iifor? ii-
iiAnswers ii-It iiis iipromulgated iifor iiboth iiappraisers iiand iiusers iiof iiappraisal iiservices.
What iiis iithe iiappraiser's iiresponsibility? ii- iiAnswers ii-It iiis iito iiprotect iithe iioverall iipublic
iitrust.
How iidoes iiUSPAP iiaddress iithe iiethical iiand iiperformance iiobligations iiof iiappraisers?
ii- iiAnswers ii-USPAP iiaddresses iithe iiethical iiand iiperformance iiobligations iiof
iiappraisers iithrough iiDEFINITIONS, iiRULES, iiSTANDARDS, iiSTANDARDS iiRULES,
iiand iiSTATEMENTS ii(there iiare iicurrently iino iiactive iistatements).
What iido iithe iiDEFINITIONS iiportion iiof iiUSPAP iiestablish? ii- iiAnswers ii-The
iiDEFINITIONS iiestablish iithe iiapplication iiof iicertain iiterminology iiin iiUSPAP.
What iiis iithe iipurpose iiof iithe iiETHICS iiRULE? ii- iiAnswers ii-The iiETHICS iiRULE iisets
iiforth iithe iirequirements iifor iiintegrity, iiimpartiality, iiobjectivity, iiindependent iijudgment,
iiand iiethical iiconduct.
What iidoes iithe iiRECORD iiKEEPING iiRULE iiestablish? ii- iiAnswers ii-The iiRECORD
iiKEEPING iiRULE iiestablishes iithe iiworkfile iirequirements iifor iiappraisal iiand iiappraisal
iireview iiassignments.
What iidoes iithe iiCOMPETENCY iiRULE iido? ii- iiAnswers ii-The iiCOMPETENCY iiRULE
iipresents iipre-assignment iiand iiassignment iiconditions iifor iiknowledge iiand iiexperience.
Wat iidoes iithe iiSCOPE iiOF iiWORK iiRULE iido? ii- iiAnswers ii-The iiSCOPE iiOF iiWORK
iiRULE iipresents iiobligations iirelated iito iiproblem iiidentification, iiresearch, iiand iianalysis.
What iidoe iithe iiJURISDICTIONAL iiEXCEPTION iiRULE iido? ii- iiAnswers ii-The
iiJURISDICTIONAL iiEXCEPTION iiRULE iipreserves iithe iibalance iiof iiUSPAP iiif iia
iiportion iiis iicontrary iito iilaw iior iipublic iipolicy iiof iia iijurisdiction.
What iiis iithe iipurpose iiof iithe iiSTANDARDS? ii- iiAnswers ii-The iiSTANDARDS iiestablish
iithe iirequirements iifor iiappraisal iiand iiappraisal iireview iiand iithe iimanner iiin iiwhich
iieach iiis iicommunicated.
What iiis iithe iipurpose iiof iiSTANDARDS ii1 iiand ii2? ii- iiAnswers ii-STANDARDS ii1 ii& ii2
iiestablishes iirequirements iifor iithe iidevelopment iiand iicommunication iiof iia iireal
iiproperty iiappraisal.
,What iiis iithe iipurpose iiof iiSTANDARDS ii3 iiand ii4? ii- iiAnswers ii-STANDARDS ii3 iiand ii4
iiestablishes iirequirements iifor iithe iidevelopment iiand iicommunication iiof iian iiappraisal
iireview.
What iiis iithe iipurpose iiof iiSTANDARDS ii5 iiand ii6? ii- iiAnswers ii-STANDARDS ii5 ii& ii6
iiestablishes iirequirements iifor iithe iidevelopment iiand iicommunication iiof iia iimass
iiappraisal.
What iiis iithe iipurpose iiof iiSTANDARDS ii7 iiand ii8? ii- iiAnswers ii-STANDARDS ii7 iiand ii8
iiestablishes iirequirements iifor iithe iidevelopment iiand iicommunication iiof iia iipersonal
iiproperty iiappraisal.
What iiis iithe iipurpose iiof iiSTANDARDS ii9 iiand ii10? ii- iiAnswers ii-STANDARDS ii9 ii& ii10
iiestablishes iirequirements iifor iithe iidevelopment iiand iicommunication iiof iia iibusiness iior
iiintangible iiasset iiappraisal.
What iiis iithe iipurpose iiof iithe iiCOMMENTS iiof iiUSPAP? ii- iiAnswers ii-Comments iiare
iian iiintegral iipart iiof iiUSPAP iiand iihave iithe iisame iiweight iias iithe iicomponent iithey
iiaddress. iiThese iiextensions iiof iithe iiDEFINITIONS, iiRULES, iiand iiSTANDARDS
iiRULES iiprovide iiinterpretation iiand iiestablish iithe iicontext iiand iiconditions iifor
iiapplication.
Does iiUSPAP iiestablish iiwho iior iiwhich iiassignments iimust iicomply? ii- iiAnswers ii-NO.
iiUSPAP iidoes iinot iiestablish iiwho iior iiwhich iiassignments iimust iicomply.
What iiare iithe iilimitations iiof iiThe iiAppraisal iiFoundation? ii- iiAnswers ii-The iiAppraisal
iiFoundation iiis iinot iia iigovernment iientity. iiIt iidoes iinot iihave iithe iipower iito iimake,
iijudge, iior iienforce iilaw.
What iiare iithe iilimitations iiof iithe iiAppraisal iiStandards iiBoard? ii- iiAnswers ii-The
iiAppraisal iiStandards iiBoard iiis iinot iia iigovernment iientity. iiIt iidoes iinot iihave iithe iipower
iito iimake, iijudge, iior iienforce iilaw.
When iimust iian iiappraiser iicomply iiwith iiUSPAP? ii- iiAnswers ii-An iiappraiser iimust
iicomply iiwith iiUSPAP iiwhen iieither iithe iiservice iior iithe iiappraiser iiis iirequired iiby iilaw,
iiregulation, iior iiagreement iiwith iithe iiclient. iiIndividuals iimay iialso iichoose iito iicomply
iiwith iiUSPAP iiany iitime iithat iiindividual iiis iiperforming iithe iiservice iias iian iiappraiser.
What iimust iian iiappraiser iido iito iicomply iiwith iiUSPAP? ii- iiAnswers ii-- iiAn iiappraiser
iimust iiact iicompetently iiand iiin iia iimanner iithat iiis iiindependent, iiimpartial, iiand
iiobjective. ii
- iiAn iiappraiser iimust iicomply iiwith iithe iiETHICS iiRULE iiin iiall iiaspects iiof iiappraisal
iipractice. ii
, - iiAn iiappraiser iimust iimaintain iithe iidata, iiinformation iiand iianalysis iinecessary iito
iisupport iihis iior iiher iiopinions iifor iiappraisal iiand iiappraisal iireview iiassignments iiin
iiaccordance iiwith iithe iiRECORD iiKEEPING iiRULE.
- iiAn iiappraiser iimust iicomply iiwith iithe iiCOMPETENCY iiRULE iiand iithe
iiJURISDICTIONAL iiEXCEPTION iiRULE iifor iiall iiassignments. ii
- iiWhen iian iiappraiser iiprovides iian iiopinion iiof iivalue iiin iian iiassignment, iithe iiappraiser
iimust iialso iicomply iiwith iithe iiSCOPE iiOF iiWORK iiRULE, iithe iiRECORD iiKEEPING
iiRULE, iithe iiapplicable iidevelopment iiand iireporting iiStandards iiand iiapplicable
iiStatements ii(there iiare iicurrently iino iiactive iiStatements). ii
- iiWhen iian iiappraiser iiprovides iian iioption iiabout iithe iiquality iiof iianother iiappraiser's
iiwork iithat iiwas iiperformed iias iipart iiof iian iiappraisal iior iiappraisal iireview iiassignment,
iithe iiappraiser iimust iialso iicomply iiwith iithe iiSCOPE iiOF iiWORK iiRULE, iithe iiRECORD
iiKEEPING iiRULE, iiapplicable iiportions iiof iiSTANDARDS ii3 iiand ii4, iiand iiapplicable
iiStatements ii(there iiare iicurrently iino iiactive iiStatements).
- iiWhen iipreparing iian iiappraisal iior iiappraisal iireview iithat iiis iia iicomponent iiof iia iilarge
iiassignment iiwith iiadditional iiopinions, iiconclusions, iior iirecommendations, iithe
iiappraisal iior iiappraisal iireview iicomponent iimust iicomply iiwith iithe iiapplicable
iidevelopment iiand iireporting iiStandards iiand iiapplicable iiStatements ii(there iiare
iicurrently iino iiactive iiStatements), iiand iithe iiremaining iicomponent iiof iithe iiassignment
iimust iicomply iiwith iithe iiETHICS iiRULE, iithe iiCOMPETENCY iiRULE, iiand iithe
iiJURISDICTIONAL iiEXCEPTION iiRULE.
APPRAISAL ii- iiAnswers ii-The iiact iior iiprocess iiof iideveloping iian iiopinion iiof iivalue; iian
iiopinion iiof iivalue. iiThe iiact iiof iior iipertaining iito iiappraising iiand iirelated iifunctions iisuch
iias iiappraisal iipractice iior iiappraisal iiservices.
APPRAISAL iiPRACTICE ii- iiAnswers ii-Valuation iiservices iiperformed iiby iian iiindividual
iiacting iias iian iiappraiser, iiincluding iibut iinot iilimited iito iiappraisal iiand iiappraisal iireview.
APPRAISAL iiREVIEW ii- iiAnswers ii-The iiact iior iiprocess iiof iideveloping iiand iian iiopinion
iiabout iithe iiquality iiof iianother iiappraiser's iiwork iithat iiwas iiperformed iias iipart iiof iian
iiappraisal iior iiappraisal iireview iiassignment.
ii- iiAnswers ii-
The iiPreamble iistates iithat iiUSPAP iiis ii- iiAnswers ii-for iiappraisers iiand iiusers iiof
iiappraisal iiservices.
The iistated iipurpose iiof iiUSPAP ii- iiAnswers ii-Promote iiand iimaintain iia iihigh iilevel iiof
iipublic iitrust iiin iiappraisal iipractice.
When iiobligated iiby iilaw iior iiregulation iian iiappraiser iimust ii- iiAnswers ii-comply iiwith
iiUSPAP.
USPAP iiapplies iito iiwhich iitypes iiof iiproperties? ii- iiAnswers ii-Tangible iiand iiIntangible
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