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ASA USPAP FULL STUDY REVIEW SOLUTION
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ASA USPAP FULL STUDY REVIEW SOLUTION2023-2024
Prior to accepting an assignment or entering into an agreement to perform any assignment, the
appraiser must have the knowledge and experience to complete the assignment or the
appraiser must:
[] Disclose the lack off knowledge and/or experience to the client before accepting the
assignment
[] Take all steps necessary or appropriate to complete the assignment competently
[] Describe the lack of knowledge and/or experience and the steps taken to complete the
assignment competently in the report.
[] All of the above - All of the above
The appraiser should retain his/her records for an appraisal for at least:
[] 2 years
[] 5 years
[] 7 years
[] 10 years - 5 years
The act or process of developing an opinion of value or an opinion of value developed without
invoking the DEPARTURE RULE is considered:
[] A Limited Appraisal
[] A Complete Appraisal
[] A Summary Appraisal
[] A Restricted Appraisal - A Complete Appraisal
The act or process of developing an opinion of value or an opinion of value developed under
and resulting from invoking the DEPARTURE RULE is considered:
[] A Limited Appraisal
[] A Complete Appraisal
[] A Restricted Appraisal
[] A Summary Appraisal - A Limited Appraisal
Which of the following are typically considered legally competent to conclude that there has
been a violation of USPAP?
, [] An independent, third-party review appraiser
[] A state licensing/ certification agency
[] Both A and B
[] None of the above - A State licensing/ certification agency
Review appraisers can only conclude and report that the appraisal report under review:
[] Does not comply with the Rules, requirements and specifications of USPAP
[] Contains no reference, mention, or coverage of required information or documentation.
[] Contains no evidence or support for analyses, opinions, or conclusions contained in the
appraisal report under review
[] All of the above - All of the above
A current version of USPAP contains ten Statements on Appraisal Standards (3 of which are
retired), which have _______ of/ than a 'Standards' Rule.
[] Full Weight
[] Less Weight
[] No Weight
[] None of the above - Full Weight
Contains a Preamble, 5 rules, definitions, and _____ Standards.
[] 5
[] 6
[] 10
[] 12 - 10
The following is true about Advisory Opinions
[] The Advisory Opinions are a part of USPAP and carry as much weight as Statements on
Appraisal Standards.
[] The Advisory Opinions are not related to USPAP, however have the same binding weight as
Statements on Appraisal Standards.
[] The Advisory Opinions are not part of USPAP, however are sometimes included for
convenience of reference. They do not have the same status as Statements on Appraisal
Standards.
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