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Progress Exam 08 USPAP Questions and Answers
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Progress Exam 08 USPAP Questions and Answers
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Progress Exam 08 USPAP Questionsand Answers
You iiare iiasked iito iireview iian iiappraisal iireport iiand iilimit iiyour iireview iito iionly iithe
iiincome iiapproach iito iivalue. iiIs iithis iipermissible, iiand iiwhy iior iiwhy iinot? ii- iiAnswers ii-
Yes, iithe iisubject iiof iian iiappraisal iireview iiassignment iimay iibe iiall iior iipart iiof iia iireport,
iithe iiworkfile, iior iia iicombination.
An iiappraiser iiis iiengaged iiby iia iiclient iito iivalue iia iiresidential iiproperty. iiAs iipart iiof iithe
iiengagement, iithe iiclient iisends iithe iiappraiser iia iiform iititled ii"Scope iiof iiWork
iiAgreement" iithat iiprovides iidetailed iiinstructions iiregarding iithe iiscope iiof iiwork iithe
iiappraiser iimust iiuse iifor iithe iiappraisal. iiMay iithe iiappraiser iiaccept iithe iiassignment
iiwhen iithe iiclient iispecifies iithe iiscope iiof iiwork? ii- iiAnswers ii-Yes, iibut iionly iiif iithe
iiclient-specified iiscope iiof iiwork iiallows iithe iiappraiser iito iiproduce iicredible iiassignment
iiresults
An iiappraiser iiis iiengaged iito iiappraise iia iiresidence iithat iifronts iia iitwo-lane iiresidential
iistreet. iiIt iiis iipublic iiknowledge iithat iithe iiCity iiCouncil iirecently iivoted iito iiwiden iithe
iistreet iito iifour iilanes iinext iiyear. iiHowever, iithe iiappraiser iiwas iinot iifamiliar iiwith iithe
iiCity's iiproposal iiand iitherefore iidid iinot iiconsider iithe iieffects iiof iithe iistreet iiwidening iiin
iithe iiappraisal. iiHas iithe iiappraiser iiviolated iithe iiCOMPETENCY iiRULE? ii- iiAnswers ii-
Yes, iithe iiappraiser iidid iinot iiconsider iithe iirelevant iicharacteristic. iiThe iimarket iiwill
iireact iitoday iito iithis iichange iiin iithe iifuture iiand iithe iiappraiser iishould iiconsider iithis
iireaction iiand iinote iiits iieffect iion iivalue
Appraiser iiElizabeth iiappraises iia iimixed-use iiproperty iifor iia iilender iiclient. iiIn iithe
iiappraisal iireport, iiElizabeth iidiscloses iithat iia iipower iiplant iiis iilocated iinear iithe iisubject
iiproperty, iiand iishe iiconsiders iiits iieffect iion iithe iisubject's iivalue iiand iimarketability.
iiShe iimakes iian iiadjustment iifor iithe iipower iiplant iiin iithe iisales iicomparison iiapproach.
iiThe iiclient iiinsists iiElizabeth iiremove iithe iidiscussion iiof iithe iipower iiplant iifrom iithe
iiappraisal iireport. iiElizabeth iijustifies iithe iiremoval iiof iithe iipower iiplant iifrom iiher
iicomments iibecause iishe iihas iiretained iithe iipower iiplant iiadjustments iiin iithe iisales
iicomparison iiapproach. iiIs iiElizabeth iicomplying iiwith iiUSPAP? ii- iiAnswers ii-No, iishe
iicould iihave iia iimisleading iireport
An iiappraiser iiis iileaving iian iiappraisal iifirm iiafter iibeing iithere iifor iionly iitwo iiyears. iiThe
iifirm's iiowner iirefuses iito iiallow iithe iiappraiser iito iitake iiphysical iicustody iiof iithe
iiappraiser's iiworkfiles. iiWhat iishould iithe iiappraiser iido? ii- iiAnswers ii-Make iiworkfile
iiaccess iiand iiretrieval iiarrangements iiwith iithe iifirm's iiowner
,USPAP iirequires iithe iiappraiser iito iireconcile ii- iiAnswers ii-both iithe iiresults iiof iithe
iidifferent iiapproaches iito iivalue iiand iithe iidata iiand iianalysis iiused iiin iieach iione.
Brianna iiis iiappraising iia iihouse iiof iiworship iion iia iihalf-acre iisite iiin iia iismall iitown. iiThe
iibuilding iiis iia iiunique iistructure iiin iithat iitown; iithere iiare iino iicomparable iisales iiknown
iito iiBrianna iiafter iian iiexhaustive iisearch iifor iidata. iiThe iiclient iihas iirequested iia iivalue
iiin iiuse iiappraisal iiof iithe iiproperty. iiOne iiweek iiafter iisubmitting iithe iireport, iithe iiclient
iiemails iiBrianna. iiThey iiare iidemanding iithat iishe iidevelop iian iiopinion iiof iihighest iiand
iibest iiuse iifor iithe iisubject iiproperty. iiIs iiBrianna iirequired iito iidevelop iian iiopinion iiof
iihighest iiand iibest iiuse iiin iithis iisituation? ii- iiAnswers ii-No. iiSTANDARD ii1 iiof iiUSPAP
iionly iirequires iia iidevelopment iiof iihighest iiand iibest iiuse iiwhen iian iiopinion iiof iimarket
iivalue iiis iideveloped, iiand iia iihighest iiand iibest iiuse iianalysis iiis iirequired iifor iicredibility.
Which iientity iisets iithe iiminimum iistandards iifor iilicensing iiand iicertification iiof
iiappraisers iiwhich iithe iistates iiare iirequired iito iiadopt? ii- iiAnswers ii-The iiAppraiser
iiQualifications iiBoard
How iimay iian iiopinion iiof iireasonable iiexposure iitime iibe iiderived? ii- iiAnswers ii-From
iianalysis iiof iidays iion iimarket iistatistics, iiinformation iion iisales, iiand iidata iiobtained
iifrom iimarket iiparticipants
Henrietta iiis iiappraising iia iisingle-unit iidwelling iito iiestablish iiasset iivalue iifor iiestate
iiplanning iipurposes. iiThe iiowner/client iihas iiindicated iithey iirequire iian ii"as iiis" iivalue iias
iiof iiJune ii10, iito iicorrespond iiwith iithe iidates iiof iiappraisals iibeing iiperformed iion iiother
iiassets. iiHenrietta's iiappraisal iiwill iibe iiused iiwith iithe iiowner's iiinvestment iiplanner iito
iicreate iian iiappropriate iifinancial iiplan. iiThe iidate iiof iiinspection iiis iiJune ii15, ii2019. iiThe
iieffective iidate iiis iiJune ii10, ii2019 iiper iithe iiclient's iirequest. iiThe iipayment iito iiHenrietta
iiis iimade iiJuly ii1, ii2019. iiPhotos iiof iithe iisubject iiproperty iiwere iitaken iion iithe iidate iiof
iiinspection. iiPhotos iiof iicomparable iisales iiwere iitaken iiJune ii16, ii2019. iiGeneral iidata
iiabout iithe iisubject iiwere iicollected iiJune ii17, ii2019. iiThe iidate iiof iithe iireport iiis iiJune
ii20, ii2019. iiGiven iithe iidates iiabove, iithe iiworkfile iimust iibe iiretained iiuntil: ii- iiAnswers ii-
June ii20, ii2024
An iiappraiser iiis iivaluing iian iiolder iiresidential iidwelling iifor iia iimortgage iilender. iiThe
iiappraiser iidecides iinot iito iidevelop iithe iicost iiapproach iias iipart iiof iithe iiassignment.
iiWhat iimust iithe iiappraiser iido? ii- iiAnswers ii-Explain iiin iithe iireport iias iito iiwhy iithe iicost
iiapproach iiwas iinot iideveloped
Which iientity iihas iifinal iiauthority iiover iiUSPAP iiand iiany iichanges iito iiUSPAP? ii-
iiAnswers ii-The iiAppraisal iiStandards iiBoard
An iiappraiser iimust iiretain iia iiwork iifile iifor iiat iileast: ii- iiAnswers ii-5 iiyears iiafter
iipreparation iior iiat iileast ii2 iiyears iiafter iifinal iidisposition iiof iijudicial iiproceedings iiin
iiwhich iitestimony iiwas iigiven, iiwhichever iiperiod iiexpires iilast.
, Supervising iiappraiser iiTom iireviews iihis iitrainee's iivideo iiof iithe iisubject iiproperty
iiwithout iiever iimaking iian iion-site iivisit. iiHe iithen iicertifies iithat iihe iipersonally iiinspected
iithe iiproperty iiin iithe iiappraisal iireport. iiHas iiTom iiviolated iiUSPAP? ii- iiAnswers ii-Yes,
iibecause iia ii"personal iiinspection" iitranslates iiinto iian iion-site iivisit, iinot iimerely iia iivideo
iireview.
Assignment iiresults iifor iian iiappraisal iiprepared iion iia ii4-unit iiresidential iiproperty iiwould
iiinclude: ii- iiAnswers ii-The iimarket iirent iifor iieach iiunit
You iisign iian iiappraisal iireport, iiand iiyour iisupervisor iialso iisigns iiit iion iithe iiline iias iia
iisupervisory iiappraiser. iiWho iiis iiresponsible iifor iithe iicontents iiof iithis iireport? ii-
iiAnswers ii-Both iiof iiyou iiequally
An iiappraiser iisometimes iipays iia iireferral iifee iior iicommission iiin iiorder iito iiobtain
iiappraisal iiassignments. iiThis iipractice iiis: ii- iiAnswers ii-allowed iiif iiit iiis iidisclosed.
An iiappraiser iimay iiperform iian iiappraisal iireview iiassignment iiunder iiUSPAP iifor iiany
iiof iithe iifollowing iiassignments iiEXCEPT: ii- iiAnswers ii-A iibroker's iiprice iiopinion ii(BPO)
iion iia iisingle-unit iidwelling.
An iiappraiser iinotes iia iicrack iiin iia iifoundation iibut iidoes iinot iiknow iiif iiit iiis iistructural iiin
iinature. iiThe iiappraiser iicompletes iithe iiappraisal iisubject iito iiinspection iiby iia iiqualified
iiprofessional iiand iivalues iithe iiproperty iias iithough iithe iicrack iiis iicosmetic iiand iinot
iistructural. iiThe iiappraiser iihas iiused ii__________ iiin iicompleting iithis iiappraisal. ii-
iiAnswers ii-an iiextraordinary iiassumption
According iito iiSTANDARD ii3, iian iiappraiser iiperforming iian iiappraisal iireview iimust iido
iiall iiof iithe iifollowing iiexcept: ii- iiAnswers ii-develop iihis iior iiher iiown iiopinion iiof iivalue.
What iiis iithe iiessential iidifference iibetween iithe iiAppraisal iiReport iiand iithe iiRestricted
iiAppraisal iiReport? ii- iiAnswers ii-The iilevel iiof iidetail
Agnes iiis iia iicertified iigeneral iiappraiser iiin iia iilarge iiurban iiarea. iiShe iiis iiconcerned
iiabout iiher iishrinking iiclient iibase, iiand iiattributes iithis iito iicompetition iiin iiher iimarket.
iiDetermined iito iicounter iiher iideclining iibusiness, iishe iidecides iito iiadvertise. iiAgnes
iiplaces iilarge iiads iion iiFacebook iiand iiTwitter iiwith iia iipicture iiof iiher iiholding iia
iiclipboard iiand iistanding iiin iifront iiof iia iilarge iioffice iibuilding iiin iithe iidowntown iiarea iiof
iiher iicity. iiShe iihas iinever iiappraised iithis iibuilding iior iiany iiother iidowntown iioffice
iibuilding. iiIn iithe iiad, iishe iiincludes iiher iiname, iithe iiname iiof iiher iibusiness, iiand
iicontact iiinformation. iiHas iiAgnes iiviolated iiUSPAP? ii- iiAnswers ii-Yes. iiThe iiETHICS
iiRULE iistates iithe iiappraiser iimust iinot iiadvertise iiin iia iifalse iior iimisleading iimanner.
iiSocial iimedia iiwould iibe iiincluded iiin iithis iistatement.
Disclosure iiof iithe iiscope iiof iiwork ii- iiAnswers ii-may iibe iiplaced iianywhere iiin iithe
iiappraisal iireport iiand iidoes iinot iineed iito iibe iilabeled.
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