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USPAP (Example Questions and Answers from the book)
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USPAP (Example Questions and Answers from the book)
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USPAP (Example Questions andAnswers from the book)
Different iiappraisal iiregulations iiamong iistates. ii- iiCorrect iiAnswers ii-Which iiis iinot iione
iiof iithe iicontributing iifactors iithat iiled iito iia iineed iifor iiregulation iiin iithe iiappraisal
iiprofession?
Appraisal iiSubcommittee ii(ASC) ii- iiCorrect iiAnswers ii-Responsible iifor iithe iiFederal
iioversight iiof iistate iireal iiestate iilicensing iiand iicertification
TRUE ii- iiCorrect iiAnswers ii-(T/F) iiThe iiAppraisalSubcommittee iimonitors iithe iiactivities
iiof iiTAF iito iidetermine iiif iipolicies iiand iiprocedures iiare iiconsistent iiwith iititle iiXI iiof
iiFIRREA
Appraisal iiSubcommittee ii(ASC) ii- iiCorrect iiAnswers ii-Which iiboard iimaintains iithe
iiofficial iiNational iiRegistry iiof iiappraisers?
Appraisal iiPractices iiBoard ii(APB) ii- iiCorrect iiAnswers ii-The iiboard iithat iiidentifies iiand
iiissues iivoluntary iiguidance iirelating iito iirecognized iimethods iiand iitechniques iiis iithe
TRUE ii- iiCorrect iiAnswers ii-(T/F) iiState iiagencies iimay iiimpose iiappraiser iirequirements
iiabove iiand iibeyond iithose iirequired iiby iithe iiAppraiser iiQualifications iiBoard iiand iithe
iiAppraiser iiStandards iiBoard.
State iiRegulatory iiAgencies ii- iiCorrect iiAnswers ii-Who iiis iiresponsible iifor iienforcing
iiUSPAP?
Contains iiterms iithat iihave iia iispecific iimeaning iiin iiUSPAP ii- iiCorrect iiAnswers ii-The
iidefinitions iisection iiof iiUSPAP
Promote iiand iimaintain iia iihigh iilevel iiof iipublic iitrust iiin iiappraisal iipractice. ii- iiCorrect
iiAnswers ii-The iipreamble iiof iiUSPAP iisets iithe iitone iithat iithe iipurpose iiof iiUSPAP iiis iito
A iimanner iithat iiis iimeaningful iiand iinot iimisleading. ii- iiCorrect iiAnswers ii-The iipreamble
iiof iiUSPAP iirequires. iiAppraisers iito iicommunicate iitheir iianalysis, iiopinions iiand
iiconclusions iiin
,3. iiDisclose iithe iiscope iiof iiwork iiin iithe iireport. ii- iiCorrect iiAnswers ii-The iiScope iiof
iiWork iiRule iiestablishes iithree iigeneral iirequirements. ii1. iiIdentify iithe iiproblem, ii2.
iiDetermine iithe iiappropriate iiscope iiof iiwork iiand
Illustrate iithe iiapplicability iiof iiUSPAP iiin iispecific iisituations. ii- iiCorrect iiAnswers ii-
Shelia iihad iiconcerns iiabout iian iiappraisal iisituation iiand iishe iiwas iiuncertain iihow iito
iiproceed. iiShe iiconsulted iithe iiUSPAP iiAdvisory iiopinions iiwhich
Advisory iiOpinions ii- iiCorrect iiAnswers ii-Which iiis iiNOT iia iipart iiof iiUSPAP?
Standard ii2 ii- iiCorrect iiAnswers ii-Which iiUSPAP iiStandard iiaddresses iithe iireporting iiof
iian iiindividual iiin iia iireal iiproperty iiappraisal?
Problem iiidentification ii- iiCorrect iiAnswers ii-The iiUSPAP iiAppraisal iiProcess iibegins
iiwith
Reconciliation iiand iifinal iivalue iiopinion. ii- iiCorrect iiAnswers ii-In iithe iiUSPAP iiAppraisal
iiProcess, iiwhich iiis iithe iifinal iistep iiin iithe iidevelopment iiprocess?
All iitypes iiof iiproperty. ii- iiCorrect iiAnswers ii-The iiUSPAP iiAppraisal iiProcess iican iibe
iifollowed iifor iiappraising iiwhat iitypes iiof iiproperty?
Relationship iito iia iiprevious iiappraisal iior iinumerical iibenchmark. ii- iiCorrect iiAnswers ii-
An iiappraisal iimust iibe iiin iia iispecific iinumber, iia iirange iiof iinumbers iior iia
Workfile ii- iiCorrect iiAnswers ii-The iisubject iiof iian iiappraisal iireview iicould iibe iiall iior
iipart iiof iia iiREPORT, iia___________________________, iior iia iicombination iiof iithese
Do iinot ii- iiCorrect iiAnswers ii-USPAP iidefinitions ii____________________ iispecifically
iidefine iithe iiterm ii"Market iiValue" iithat iiis iiconsistently iiapplied iiby iithe iiappraiser iiwhen
iithe iitype iiof iivalue iiin iithe iiassignment iiis iimarket iivalue.
An iiauthorized iirepresentative iiof iithe iilender ii- iiCorrect iiAnswers ii-In iian iiassignment
iifor iiwhich iithe iiappraiser iiwas iihired iiby iian iiappraisal iimanagement iicompany ii(AMC)
iithe iiappraiser iimay iiconsider iithe iilender iithe iiclient iias iilong iias iithe iiAMC iiis
Opinions iiand iiconclusions ii- iiCorrect iiAnswers ii-Within iiUSPAP, iithe iiappraisers
ii_______________________________ iiare ii(is) iialways iispecific iito iithe iiintended iiuse
By iiname iior iitype ii- iiCorrect iiAnswers ii-Intended iiusers iiin iia iispecific iiassignment iimust
iibe iiidentified
Preference iior iiinclination ii- iiCorrect iiAnswers ii-USPAP iidefines iibias iias iia
ii________________________ iithat iiprecludes iian iiappraisers iiimpartiality,
iiindependence iior iiobjectivity iiin iian iiassignment
, Identify iithe iiproblem ii- iiCorrect iiAnswers ii-In iiorder iito iidetermine iithe iiscope iiof iiwork
iito iiperform iiin iian iiassignment, iiwhat iimust iithe iiappraiser iifirst iido?
Assumption ii- iiCorrect iiAnswers ii-Craig, iia iireal iiproperty iiappraiser iiis iinot iian iiexpert iiin
iireal iiestate iilaw. iiIn iievery iiassignment, iihe iiincludes iia iidisclosure iistating iithis iifact
iiand iithat iiin iihis iiconclusions, iihe iiis iiconsidering iithe iiproperty iito iihave iigood iiand
iimarketable iititle. iiwhich iibest iidescribes iiCraig's iiaction?
Extraordinary iiAssumption ii- iiCorrect iiAnswers ii-Appraiser iiLinda iicould iinot iicheck iithe
iifurnace iito iisee iiif iiit iiis iiin iigood iiworking iiorder iias iithe iiutilities iiare iioff. iiAs iithe iihome
iiis iirelatively iinew iiand iithe iifurnace iiappears iito iibe iiin iigood iicondition, iiLinda iibelieves
iiit iiis iiin iisatisfactory iiworking iicondition, iibut iishe iiis iinot iisure. iiShe iibases iiher
iiconclusion iion iian
Hypothetical iicondition. ii- iiCorrect iiAnswers ii-Chad iiappraised iia iiproperty iithat iihad iian
iiinoperative iiair iiconditioner iiat iithe iidate iiof iithe iiappraisal. iiChad iiconsidered iithe iiair
iiconditioner iias iiif iiit iiwas iiworking iiin iithe iianalysis, iithus iibasing iihis iiopinions iiand
iiconclusions iion iia
Price ii- iiCorrect iiAnswers ii-Considered iifactual iionce iistated, iithis iiis iithe iiamount
iiasked, iioffered iior iipaid iifor iia iiproperty.
Cost ii- iiCorrect iiAnswers ii-The iiamount iirequired iito iicreate, iiproduce iior iiobtain iia
iiproperty iiis iiknown iias
Exposure iitime ii- iiCorrect iiAnswers ii-An iiestimate iiof ii______________________ iiis
iirequired iiby iiUSPAP iiwhen iiit iiis iia iicomponent iiof iithe iidefinition iiof iimarket iivalue iiin
iiappraisal iiassignments iifor iireal iiand iipersonal iiproperty
Before ii- iiCorrect iiAnswers ii-Exposure iitime iioccurs_________________________ iithe
iieffective iidate iiof iithe iiappraisal iiassignment
After ii- iiCorrect iiAnswers ii-Marketing iitime iioccurs______________________ iithe
iieffective iidate iiof iithe iiappraisal iiassignment
Assignment iiresults ii- iiCorrect iiAnswers ii-_____________________________ iiare iithe
iiappraisers iiopinions iiand iiconclusions iideveloped iispecific iito iian iiassignment
Documentation iinecessary iito iisupport iithe iiappraiser's iianalysis, iiopinions iiand
iiconclusions ii- iiCorrect iiAnswers ii-Which iibest iidescribes iia iiwork iifile?
Identified iiby iithe iiclient iias iiconfidential iiand iinot iiavailable iifrom iiany iiother iisource. ii-
iiCorrect iiAnswers ii-Per iithe iiUSPAP iidefinition, iiin iiorder iifor iiinformation iito iibe
iiconsidered iiconfidential, iithe iiinformation iimust iibe
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