USPAP 15-Hour Course Exam 2024 | USPAP
15 hour Course Actual Exam Update 2024
Questions and Correct Answers Rated A+
The Preamble states that USPAP is -ANSWER-for appraisers and
users of appraisal services.
The stated purpose of USPAP -ANSWER-Promote and maintain a
high level of public trust in appraisal practice.
When obligated by law or regulation an appraiser must -ANSWER-
comply with USPAP.
USPAP applies to which types of properties? -ANSWER-Tangible and
Intangible
Valuation services -ANSWER-is not a subset of appraisal practice.
An appraiser has the professional responsibility -ANSWER-to identify
the capacity in which he or she is performing.
Reasons why an appraiser would prepare an appraisal assignment in
conformance with USPAP -ANSWER-1. Agreement with client.
2. Law or regulation.
3. Voluntary choice.
An appraiser who provides an appraisal service that is not an
appraisal, appraisal review, or appraisal consulting assignment does
not have workfile obligations associated with the assignment. -
ANSWER-True
,An individual is not prohibited from providing valuation services that
involve advocacy while acting as an appraiser. -ANSWER-False
When performing valuation services outside of appraisal practice,
appraisers must be careful not to _________________ the client and
other intended users about their role. -ANSWER-Mislead
USPAP states that in a situation when an individual is not required by
law, regulation, or agreement to comply with USPAP: -ANSWER-The
individual should still comply when acting as an appraiser.
An appraiser is engaged to teach an appraisal course. What parts of
USPAP apply? -ANSWER-The parts of USPAP that apply generally to
appraisal practice.
The Appraisal Practices Board (APB) was created when? -ANSWER-
2010
The APB is a(n) -ANSWER-independent board.
Boards within The Appraisal Foundation (TAF) -ANSWER-1. Board of
Trustees (BOT)
2. Appraisal Standards Board (ASB)
3. Appraisal Qualifications Board (AQB)
4. Appraisal Practices Board (APB)
APB is a -ANSWER-private entity.
The APB has authority to enforce the requirements of USPAP. -
ANSWER-False
,Who has the only jurisdiction and authority over appraisers? -
ANSWER-States
ASB -ANSWER-Develops, interprets, and amends USPAP.
Advisory opinions -ANSWER-Not part of USPAP; reference material
only.
APB -ANSWER-Guidance is voluntary.
ASC -ANSWER-Maintains the official National Registry of state
certified and licensed appraisers.
State appraisal regulatory committees -ANSWER-responsible for
issuing credentials to individual appraisers.
Responsibilities of ASC: -ANSWER-• Establishes, improves, and
promulgates the USPAP
• Subject, content, and substance of USPAP and other communication
related to appraisal standards.
• Establishes standards of professional appraisal practice for the
guidance and education of appraisers and users of appraisal services.
• Maintains the official National Registry of state certified and licensed
appraisers.
Developing, amending, and interpreting USPAP is NOT a
responsibility of -ANSWER-ASC
12. USPAP divides the appraisal process into two distinct types of
activity: -ANSWER-Develop and report
Identify the problem -ANSWER-The first step in the appraisal process.
, Communication -ANSWER-The reporting process involves
________________ of the appraiser's opinions and conclusions.
AQB -ANSWER-• Disseminates to state appraisal boards the
qualifications criteria for appraiser certifications and recertification.
• Responsible for establishing education and experience requirements
for licensing and certification of appraisers.
BOT -ANSWER-appoints members of the APB, AQB, ASB.
The ethical obligations of USPAP apply to -ANSWER-Individual
appraisers.
Bias -ANSWER-is never allowed.
In appraisal practice, advocating the cause or interest of any party or
issue is -ANSWER-never permitted.
If an appraiser has appraised a property multiple times within the prior
3 years he must disclose the number of times he appraised the
property to a prospective client. -ANSWER-True
3 years -ANSWER-Prior to accepting an assignment, an appraiser
must disclose any service he provided regarding the subject property
for a period of
An appraiser has been asked to complete an appraisal assignment.
The fee is to be paid when when the loan closes. According to
USPAP, may the appraiser accept the assignment under the
conditions? -ANSWER-No
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