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USPAP Progress Exam with correct Answers
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USPAP Progress Exam with correct Answers
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USPAP Progress Exam with correctAnswers
An iiAppraiser iimust iiretain iia iiworkfile iifor" ii- iiAnswers ii-Any iiassignment iithat iiis
iicovered iiby iistandard iirules.
5 iiyears iiafter iipreparation iior iiat iileast ii2 iiyears iiafter iifinal iidisposition iiof iijudicial
iiproceedings iiin iiwhich iitestimony iiwas iigiven, iiwhichever iiperiod iiexpires iilast.
According iito iiSTANDARD ii3, iian iiappraiser iiperforming iian iiappraisal iireview iimust iido
iiall iiof iithe iifollowing iiexcept: ii- iiAnswers ii-The iireview iiappraiser iimay iibe iiasked iito
iidevelop iihis iior iiher iiown iiopinion iiof iivalue iias iipart iiof iithe iireview iiassignment, iibut iithe
iiprimary iipurpose iiof iiappraisal iireview iiis iito iiform iian iiopinion iiabout iithe iiquality iiof
iianother iiappraiser's iiwork.
An iiappraiser iiwho iicommits iia iiseries iiof iismall iierrors iithat iiaffect iithe iicredibility iiof iithe
iiassignment iiresults iihas iiviolated iithe iirule iiagainst ii- iiAnswers ii-rendering iiservices iiin
iia iicareless iior iinegligent iimanner.
Evan iiis iipreparing iithe iiappraisal iiof iia iisingle-unit iidwelling. iiThe iifamily iiroom iirequires
iiextensive iirepairs iidue iito iiwater iidamage. iiThe iiclient, iia iilending iiinstitution, iihas iigiven
iiinstructions iito iiEvan iito iiutilize iia iihypothetical iicondition iiand iireport iithe iivalue iiof iithe
iisubject iiproperty iias iiif iirepairs iihad iialready iibeen iimade. iiEvan iihas iionly iiworked iion
ii"as iiis" iiassignments. iiWhile iiworking iion iithe iisales iicomparison iiapproach, iiEvan iifinds
iicomparable iisales iithat iiare iiin iithe iisame iicondition iias iithe iisubject iiproperty iipre-
repairs. iiHe iiuses iithese iisales, iibut iidoes iinot iimake iiadjustments iito iireflect iithe
iihypothetical iicondition. iiThis iiresults iiin iian ii"as iirepaired" iivalue iithat iiis iinearly iithe
iisame iias iithe ii"as iiis" iivalue. iiWhen iiEvan iireports iihis iifindings iito iithe iiclient, iithe iiclient
iiis iisurprised iiat iithe iirelatively iilow ii"as iirepaired" iivalue iiand iisends iithe iiappraisal iiout
iifor iian iiindependent iipeer iireview. iiThe iireviewer iinotes iithe iimissing iicondition
iiadjustments iiand iithe iisubsequent iiimpact iion iivalue ii- iiAnswers ii-Competency iiRule
Six iiSteps iiof iiUSPAP iiAppraisal iiProcess ii- iiAnswers ii-The iisix iisteps iiare:
ii1)define iithe iiproblem
2)identify iiscope iiof iiwork
3)perform iidata iicollection
4)apply iithe iiapproaches iito iivalue
, 5)reconcile
6) iireport.
According iito iiUSPAP, iievery iiappraisal iireport iimust iicontain iitwo iidates. iiThey iiare iithe:
ii- iiAnswers ii-According iito iiStandards iiRule ii2-2(vi), iithe iiappraiser iimust iistate iithe
iieffective iidate iiof iithe iiappraisal iiand iithe iidate iiof iithe iireport.
Elements iiin iiScope iiof iiWork( ii- iiAnswers ii-Elements iiin iithe iiscope iiof iiwork iidecision
iiinclude iiintended iiuse, iiintended iiusers, iithe iipurpose iiof iithe iiassignment iiand iithe iitype
iiof iivalue, iithe iieffective iidate(s), iirelevant iiproperty iicharacteristics, iiand iiassignment
iiconditions.
Harvey, iia iicertified iiresidential iiappraiser iiand iilicensed iibroker, iiis iicontacted iiby iia
iihome iiseller iito iiperform iia iicomparative iimarket iianalysis ii(CMA) iito iiassist iithe iiseller
iiin iimarketing iithe iihouse. iiHarvey iiis iimost iiprobably iiacting ii- iiAnswers ii-as iia iibroker
iiand iiis iioutside iiof iiappraisal iipractice.
How iimay iian iiopinion iiof iireasonable iiexposure iitime iibe iiderived?
A)By iiaveraging iihistorical iitime iion iimarket iifor iisimilarly iipriced iiproperties iiacross
iisimilar iimarkets
B)By iiaveraging iidays iion iimarket iifor iiall iiproperty iitypes iiin iithe iiimmediate iiarea
C)By iiassessing iiall iivalue iiranges iifor iithat iitype iiof iiproperty
D)From iianalysis iiof iidays iion iimarket iistatistics, iiinformation iion iisales, iiand iidata
iiobtained iifrom iimarket iiparticipants ii- iiAnswers ii-D.
Which iifederal iigovernment iientity iioversees iithe iiactivities iiof iiThe iiAppraisal
iiFoundation? ii- iiAnswers ii-Appraisal iiSubcommittee
Appraiser iiA iiasks iiAppraiser iiB iifor iisome iiinformation iiabout iia iibuilding iithat iiAppraiser
iiB iihad iirecently iiappraised. iiWhich iiof iithese iiis iinot iian iiassignment iiresult iiand iimay
iitherefore iibe iidisclosed iiby iiAppraiser iiB iiwithout iithe iiconsent iiof iiAppraiser iiB's iiclient?
A)The iigross iibuilding iiarea iiof iithe iibuilding
B)The iimarket iirent iifor iithe iibuilding
C)The iiappraiser's iiquality iirating iiof iithe iibuilding
D)The iiestimate iiof iieffective iiage iifor iithe iibuilding ii- iiAnswers ii-A. iigross iibuilding iiarea
iiis iia iiphysical iicharacteristic.
Disclosure iiof iithe iiscope iiof iiwork ii- iiAnswers ii-may iibe iiplaced iianywhere iiin iithe
iiappraisal iireport iiand iidoes iinot iineed iito iibe iilabeled.
An iiappraiser iivalues iia iiproperty iiunder iia iizoning iiclassification iithat iiis iidifferent iithan
iithe iiproperty's iiactual iizoning. iiIn iithe iiappraisal iireport, iithe iiappraiser iiclearly iiand
iiconspicuously iidiscloses iithe iiuse iiof iia iihypothetical iicondition. iiWhat iielse iimust iithe
iiappraiser iido? ii- iiAnswers ii-State iithat iithe iiuse iiof iithe iihypothetical iicondition iimight
iihave iiaffected iithe iiassignment iiresults.
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