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USPAP PROGRESS EXAM COMPLETE EXAM 250
QUESTIONS AND DETAILED SOLUTIONS LATEST
UPDATE THIS YEAR
QUESTION: An appraiser is engaged to appraise a residence that fronts a two-lane residential
street. It is public knowledge that the City Council recently voted to widen the street to four
lanes next year. However, the appraiser was not familiar with the City's proposal and therefore
did not consider the effects of the street widening in the appraisal. Has the appraiser violated
the COMPETENCY RULE? - ANSWER-Yes, the appraiser did not consider the relevant
characteristic. The market will react today to this change in the future and the appraiser should
consider this reaction and note its effect on value
QUESTION: Appraiser Elizabeth appraises a mixed-use property for a lender client. In the
appraisal report, Elizabeth discloses that a power plant is located near the subject property, and
she considers its effect on the subject's value and marketability. She makes an adjustment for
the power plant in the sales comparison approach. The client insists Elizabeth remove the
discussion of the power plant from the appraisal report. Elizabeth justifies the removal of the
power plant from her comments because she has retained the power plant adjustments in the
sales comparison approach. Is Elizabeth complying with USPAP? - ANSWER-No, she could have
a misleading report
QUESTION: An appraiser is leaving an appraisal firm after being there for only two years. The
firm's owner refuses to allow the appraiser to take physical custody of the appraiser's workfiles.
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What should the appraiser do? - ANSWER-Make workfile access and retrieval arrangements
with the firm's owner
QUESTION: USPAP requires the appraiser to reconcile - ANSWER-both the results of the
different approaches to value and the data and analysis used in each one.
QUESTION: Brianna is appraising a house of worship on a half-acre site in a small town. The
building is a unique structure in that town; there are no comparable sales known to Brianna
after an exhaustive search for data. The client has requested a value in use appraisal of the
property. One week after submitting the report, the client emails Brianna. They are demanding
that she develop an opinion of highest and best use for the subject property. Is Brianna
required to develop an opinion of highest and best use in this situation? - ANSWER-No.
STANDARD 1 of USPAP only requires a development of highest and best use when an opinion of
market value is developed, and a highest and best use analysis is required for credibility.
QUESTION: Which entity sets the minimum standards for licensing and certification of
appraisers which the states are required to adopt? - ANSWER-The Appraiser Qualifications
Board
QUESTION: How may an opinion of reasonable exposure time be derived? - ANSWER-From
analysis of days on market statistics, information on sales, and data obtained from market
participants
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QUESTION: Henrietta is appraising a single-unit dwelling to establish asset value for estate
planning purposes. The owner/client has indicated they require an "as is" value as of June 10, to
correspond with the dates of appraisals being performed on other assets. Henrietta's appraisal
will be used with the owner's investment planner to create an appropriate financial plan. The
date of inspection is June 15, 2019. The effective date is June 10, 2019 per the client's request.
The payment to Henrietta is made July 1, 2019. Photos of the subject property were taken on
the date of inspection. Photos of comparable sales were taken June 16, 2019. General data
about the subject were collected June 17, 2019. The date of the report is June 20, 2019. Given
the dates above, the workfile must be retained until: - ANSWER-June 20, 2024
QUESTION: An appraiser is valuing an older residential dwelling for a mortgage lender. The
appraiser decides not to develop the cost approach as part of the assignment. What must the
appraiser do? - ANSWER-Explain in the report as to why the cost approach was not developed
You are asked to review an appraisal report and limit your review to only the income approach
to value. Is this permissible, and why or why not? - ANSWER-Yes, the subject of an appraisal
review assignment may be all or part of a report, the workfile, or a combination.
QUESTION: An appraiser is engaged by a client to value a residential property. As part of the
engagement, the client sends the appraiser a form titled "Scope of Work Agreement" that
provides detailed instructions regarding the scope of work the appraiser must use for the
appraisal. May the appraiser accept the assignment when the client specifies the scope of
work? - ANSWER-Yes, but only if the client-specified scope of work allows the appraiser to
produce credible assignment results
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QUESTION: Which entity has final authority over USPAP and any changes to USPAP? - ANSWER-
The Appraisal Standards Board
QUESTION: An appraiser must retain a work file for at least: - ANSWER-5 years after
preparation or at least 2 years after final disposition of judicial proceedings in which testimony
was given, whichever period expires last.
QUESTION: Supervising appraiser Tom reviews his trainee's video of the subject property
without ever making an on-site visit. He then certifies that he personally inspected the property
in the appraisal report. Has Tom violated USPAP? - ANSWER-Yes, because a "personal
inspection" translates into an on-site visit, not merely a video review.
QUESTION: Assignment results for an appraisal prepared on a 4-unit residential property would
include: - ANSWER-The market rent for each unit
QUESTION: You sign an appraisal report, and your supervisor also signs it on the line as a
supervisory appraiser. Who is responsible for the contents of this report? - ANSWER-Both of
you equally
QUESTION: An appraiser sometimes pays a referral fee or commission in order to obtain
appraisal assignments. This practice is: - ANSWER-allowed if it is disclosed.
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