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USPAP Final Exam questions with complete solutions
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USPAP Final Exam questions with complete solutions
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USPAP Final Exam questions withcomplete solutions
The Appraisal Foundation has the authority to enforce the requirements of USPAP. - correct answer
✔✔False; The Appraisal Foundation is a private entity. The Foundation and its boards have no
enforcement authority in any jurisdiction.
Which Foundation board is responsible for USPAP? - correct answer ✔✔Appraisal Standards Board (ASB)
Currently, the boards within The Appraisal Foundation include: - correct answer ✔✔Appraisal Standards
Board, Appraiser Qualifications Board, Board of Trustees
Which entity is responsible for establishing education and experience requirements for licensing and
certification of appraisers? - correct answer ✔✔Appraiser Qualifications Board (AQB)
Which entity appoints members of the AQB and ASB? - correct answer ✔✔Board of Trustees (BOT)
Qualification criteria for appraiser certification and recertification are disseminated to state appraisal
boards by the: - correct answer ✔✔Appraiser Qualifications Board (AQB)
Advisory Opinions are best described as - correct answer ✔✔not part of USPAP, but included as
reference material
USPAP is written, amended, and interpreted by the: - correct answer ✔✔Appraisal Standards Board
(ASB)
USPAP is enforced by: - correct answer ✔✔State appraiser licensing/certification agencies
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - correct answer ✔✔Writing,
interpreting, and amending USPAP
,WRONG Answers: Monitoring the practices, procedures, and activities of The Appraisal Foundation,
Maintaining a National Registry of licensed and certified appraisers, Overseeing each state's appraiser
licensing and certification program are handled by the ASC
Which entity maintains the official National Registry of state-certified and licensed appraisers? - correct
answer ✔✔Appraisal Subcommittee (ASC)
Who is responsible for issuing credentials to individual appraisers? - correct answer ✔✔State appraisal
regulatory agencies
Why are USPAP Advisory Opinions issued? - correct answer ✔✔To offer advice
Which of these is considered an integral part of USPAP and has the same weight as the components they
address? - correct answer ✔✔Comments
Which part of USPAP establishes the requirements for workfile content for an appraisal or appraisal
review assignment? - correct answer ✔✔RECORD KEEPING RULE
In USPAP, the appraisal process is divided into two distinct types of activity: _________ and __________.
- correct answer ✔✔Development, reporting
The first step in the appraisal process is: - correct answer ✔✔Identify the problem
Which step in the appraisal process involves communication of the appraiser's opinions and conclusions?
- correct answer ✔✔Reporting
To which property types does USPAP apply? - correct answer ✔✔Both tangible and intangible property
What is the stated purpose of USPAP? - correct answer ✔✔Promote and maintain a high level of public
trust in appraisal practice
, The PREAMBLE states that USPAP intended to benefit: - correct answer ✔✔Appraisers and users of
appraisal services
When obligated by law or regulation, an appraiser _______ comply with USPAP. - correct answer
✔✔Must
The requirement for USPAP compliance in an appraisal assignment could be the result of: - correct
answer ✔✔Any of these answers
An appraiser has the professional responsibility to identify the capacity in which he or she is performing.
- correct answer ✔✔True
When performing valuation services outside of appraisal practice, an individual must be careful not to
__________ the client and other intended users about his or her role. - correct answer ✔✔Mislead
A valuation service that is premised upon advocacy: - correct answer ✔✔It cannot be performed by an
individual acting as an appraiser
USPAP states that in a situation when an individual is not required by law, regulation, or agreement to
comply with USPAP: - correct answer ✔✔The individual should still comply when he or she is acting as
an appraiser
A preference or inclination that precludes an appraiser's impartiality, independence, or objectivity is: -
correct answer ✔✔Bias
An appraiser is permitted to be biased when performing an appraisal, as long as the bias is properly
disclosed. - correct answer ✔✔False
If an appraiser assumes a condition to be true, and evidence supports that belief, although that fact is
not certain, this is an example of: - correct answer ✔✔An extraordinary assumption
If an appraiser assumes a condition to be true that does not exist for the purposes of analysis, this is an
example of: - correct answer ✔✔A hypothetical condition
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