USPAP EXAM LATEST 2024 ACTUAL QUESTIONS AND
CORRECT VERIFIED ANSWERS|ALREADY GRADED
A+|GUARANTEED TO PASS CONCEPTS
When an appraiser uses a hypothetical condition in an appraisal, USPAP
requires the appraiser to: - ANSWER-Clearly and conspicuously state the use of
the hypothetical condition in the report
Which term is defined as an assignment condition established by applicable law
or regulation, which precludes an appraiser from complying with a part of
USPAP? - ANSWER-Jurisdictional exception
Which of these actions would be considered significant appraisal assistance
when performed by an appraiser? - ANSWER-Research and selection of
comparable sales
An appraiser develops a value opinion on a single-unit dwelling and does not
develop the income approach. In the Appraisal Report prepared for the
assignment, the appraiser: - ANSWER-Must state the reason for excluding the
income approach
According to USPAP, what is the primary reason for inspecting a property that is
the subject of an appraisal? - ANSWER-To gather information about the
characteristics of a property that are relevant to its value
,Robert agrees to appraise a split-level home in a town 100 miles south of his
office. While he is not generally familiar with that area, Robert rationalizes: "I
have appraised houses like this one for 20 years. How hard could it be?"
When Robert pulls up to the house, he notices the subject is in a gated
community. Robert had never appraised a property in a gated community. As
Robert inspected the interior of the subject he noted several items and finishes
with which he was not familiar: marble floor coverings; upscale, built-in
freezers; and a wine cellar. As Robert exits the back door, he notices the subject
property fronts on a river. While this river does not connect directly with the
ocean, it does connect with a network of streams that do, ultimately lead to
the ocean.
Robert is quite concerned. He has had no experience appraising a house with
some of the features he has seen; and he has never appraised wat - ANSWER-
Robert should contact the client as soon as possible and explain that he lacks
the knowledge and experience to complete the assignment competently. If he
feels he can obtain the required level of competency, and the client allows him,
then Robert may proceed with the assignment.
The SCOPE OF WORK RULE states that an appraisal or appraisal review report
must contain sufficient information so that: - ANSWER-The client and other
intended users understand the scope of work performed by the appraiser
You have reviewed the appraisal of a house in a suburban area that was
performed for an estate. The effective date was the date of inspection. You
note in your review report that the proper effective date should have been the
date of death of the deceased, and submit the review to your client. Two
weeks later the client calls you. They thank you for the review, and note that
they cannot reach the original appraiser. They need the appraisal very soon,
and ask that, as part of the review process, you alter the appraisal report under
review to change the effective date, and then sign the report certification.
What should you do? - ANSWER-Do not sign the report, and explain that the
review process is separate and distinct from the appraisal under review
,If an appraiser has agreed with a client to keep the existence of an assignment
confidential, how long must the appraiser wait before agreeing to perform
another assignment on the same property? - ANSWER-Three years
A trainee appraiser provides significant appraisal assistance to a senior
appraiser. The trainee appraiser does not sign the certification, but instead the
trainee appraiser's name is listed in the certification as having provided
significant assistance. What else is the senior appraiser required to do in order
to meet USPAP requirements for disclosing significant appraisal assistance in an
Appraisal Report? - ANSWER-Summarize the extent of the assistance
somewhere in the report
An individual is both a real estate appraiser and a kitchen designer. He has
been asked to appraise a property in which he designed the kitchen one year
ago. Regarding this situation, which statement is TRUE? - ANSWER-The kitchen
design service performed on the property must be disclosed.
You are a certified residential appraiser, and are working with a supervising
certified general appraiser on an industrial appraisal. Your supervisor is a
certified general appraiser with 25 years' experience appraising shopping
centers, industrial facilities, and office buildings. You and the supervisor sign
the commercial reports you have been working on. While inspecting the
subject property you note a patch of blackened grass behind the building. The
black patch is near some overturned, open barrels. You made detailed notes
and took several photos. Your report has a detailed section about your
concerns.Your supervisor is concerned about your report. She told you the
client, a major bank, would not be happy about a report that details dying
grass. The supervisor tells you to remove that section of the report.You have
trepidations, but your supervisor threatened not to work with you anymore
unless you "remove t - ANSWER-Do not sign the report because deleting the
section about possible contamination will create a misleading report
A client makes several requests of an appraiser who is completing an appraisal
assignment. Which of these client requests is an assignment condition as
, defined by USPAP? - ANSWER-The appraiser must, at minimum, develop the
sales comparison and the cost approach
Which entity has final authority over USPAP and any changes to USPAP? -
ANSWER-The Appraisal Standards Board
Which statement is TRUE about the effective date of an appraisal? - ANSWER-It
establishes the context of the value opinion.
In order for an appraiser to use a hypothetical condition in the development of
an appraisal, USPAP requires which of the following conditions to be met? -
ANSWER-The use of the hypothetical condition must result in a credible
analysis
Which of these would be an assignment result in a residential appraisal
assignment? - ANSWER-Site value
An appraiser does not use the cost approach in the appraisal of a 100-year-old
duplex dwelling. What must the appraiser include in the Appraisal Report
prepared for the assignment, with regard to the exclusion of the cost
approach? - ANSWER-A statement of the reason for excluding the approach
An appraiser has agreed to perform an appraisal on a small residential income
property. The appraiser analyzes the assignment elements and establishes a
planned scope of work. Once established, the appraiser's scope of work -
ANSWER-Is flexible and can change as needed in the course of the assignment
An individual is both an appraiser and a real estate broker. What are the USPAP
obligations for this individual when performing valuation services outside of
appraisal practice? - ANSWER-The individual is required not to misrepresent his
or her role in performing this service
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