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7 HOUR USPAP EXAM | 2025 - 2026|100+QUESTIONS
AND VERIFIED ANSWERS|LATEST UPDATE|ALREADY
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What is true about an appraiser's description of the physical characteristics of a property? a) The physical chracteristics are treated as outside the appraisal practice b) The physical characteristics are not assignment results. c) The pyhsical characteristics must be verified with public records if the data is available through the normal course of business. d) The physical characteristics are confidential information. b) The physical characteristics are not assignment results. Standards Rule 1 - 2 is labeled to identify what area of the appraisal process? a) Approaches to Value b) Market Analysis and Highest and Best Use c) General Development Requirements d) Problem Identification d) Problem Identification An individual acting in the capacity of an appraiser is analyzing foreclosure rates in competing market areas. What USPAP Rule would defiitely NOT apply to this service? a) Competancy Rule b) Ethics Rule
c) Scope of Work Rule d) Jurisdictional Exception Rule C) Scope of Work Rule Which of the following would NOT be appropriate for an appraiser to issue a Restricted Appraisal Report? a) The other intended users cannot be named individually and need to be identified by type. b) The client (and, if applicable, named other intended users) do not need the level of information required in an Appraisal Report c) The intended use of the appraisal is appropriate for a report which may not contain supporting rationale for all of the opinions and conclusions set forth in the report. d) The client understands the limited utility of this reporting option. a) The other intended users cannot be named individually and need to be identified by type. Appraisers make suggestions for changes to USPAP, but who else suggests changes? a) Members of the general public b) Government agencies c) All of these answers d) Users of appraisal services c) All of these answers
disclosure requirements? a) The party becomes an intended user of the appraisal. b) The party does not become an intended user of the appraisal unless the appraiser has idenfified the party as an intended user. c) It creates a new assignment. d) The appriaser is obligated to add a supplement identifying the added party. b) The party does not become an intended user of the appraisal unless the appraiser has idenfified the party as an intended user. How is the credibility of an appraiser's assignment results always measured? a) in the context of the intended use b) whether the appraiser is worthy of belief c) in cash or the equivalent of cash d) by the laws and regulations applicable to the assignment. a) in the context of the intended use Under what conditions does USPAP permit an appraiser to use a Restricted Appraisal Report? a) when the appraiser has restricted the intended users to a specified group b) when the client is the only intended user; or, when additional intended users are identified by name c) when the client is the only indtended user; or, when additional intended users are identified by type
d) when the client is the only intended user b) when the client is the only intended user; or, when additional intended users are identified by name What is the ASB's position on the appraiser's obligation to disclose research and anaalyeses NOT performed in an appraisal assignment? a) The appraiser must disclose only the research and analyses performed in the assignment. b) The ASB has no position on this issue and gives the appraiser the flexibility to decide whether or not to disclose research and analyses not performed in an appraisal assignment. c) Whenever such disclosure is necessary for intended users to understand the report properly and not be misled and appraiser has an obligation to disclose. d) The appraiser must always disclose research and analyses not performed in an appraisal assignment regardless of client expectation. c) Whenever such disclosure is necessary for intended users to understand the report properly and not be misled and appraiser has an obligation to disclose. An appraiser may use any combination of a property inspection, documents, such as a legal description, address, map reference, copy of a survey or map, proper;ty sketch, or photographs, or other information to identify a) relevant characteristics of the appraised property.
b) National Association of Independent Fee Appraisers c) Appraisal Institute d) The Appraisal Foundation d ) The Appraisal Foundation The Uniform Standards of Professional Appraisal Practice (USPAP) receives its authority a) through implementation of its legislation requiring compliance to USPAP b) through adoption, citation, or implementation of USPAP by government agencies through regulation or administrative actions. c) by appraisers willing to comply with USPAP. d) by advertising USPAP's ethical rules and standards in trade journals. b) through adoption, citation, or implementation of USPAP by government agencies through regulation or administrative actions.
In the Exposure Draft process the ASB allows for public comment to take place over what time period? a) 30 days b) 10 days c) 90 days d) 45 days a) 30 days Exclusive to the Restricted Appraisal Report option, what two reporting requirements must the appraiser clearly and conspicuously disclose? a) the appraisal techniques and appraisal methods employed b) the use restriction and the warning about supporting rationale c) extraordinary assumptions and hypothetical conditions d) the effective date of the appraisal and the date of the report b) the use restriction and the warning about supporting rationale After submitting her report, the client asked the appraiser to perform additional work by adding several comparable sales. What action should the appraiser take? a) This request requires the appraiser to treat it as a new assignment. b) The appraiser must deny the request due to appraiser independence.
d) a nonprofit privaate organization established for educational and scienfific purposes. The Board of Trustees (BOT) of The Appraisal Foundation (TAF) has three primary functions. The first is to ensure that TAF is adequately funded and the second is to monitor the performance and oversight of TAF and its Boards and Advisory Councils. What is the other function? a) to establish appraiser qualification criteria for the states b) to lobby Congress on behalf of appraisers c) to develop and update USPAP d) to appoint members to the AQB and the ASB d) to appoint members to the AQB and the ASB An entity that is a nonprofit organization with an interest in valuation, such as the National Association of REALTORS, is best identified as what type of sponsor of The Appraisal Foundation? a) Appraisal Sponsor b) International Sponsor c) Affiliate Sponsor d) Corporate Sponsor c) Affiliate Sponsor
In considering the components of USPAP, how does the Statement on Appraisal Standards fit in? a) The Statements are now considered as other communications by the ASB b) The Statements are one of the five component sections of USPAP, although there are no currently active Statements. c) The Statements are no longer part of USPAP d) Two new Statements on Appraisal Standards have been added to the 2020 - 2021 USPAP b) The Statements are one of the five component sections of USPAP, although there are no currently active Statements. A unique partnership exists with The Appraisal Foundation and what other entities? a) FDIC and HUD b) TAF Sponsors and Councils c) AQB and ASB d) Appraisal Subcommittee (ASC) and state regulators d) Appraisal Subcommittee (ASC) and state regulators
d) They all may submit inquiries and concerns to the Appraisal Standards Board. d) They all may submit inquiries and concerns to the Appraisal Standards Board. Identify one of the ways USPAP receives authority in various jurisdictions. a) TAF implements its own legislation requiring compliance to USPAP. b) USPAP is adopted, cited, or implemented by government agencies in regulation or administrative actions. c) TAF advertises the ethical rules and standards in trade journals. d) TAF requires its members to comply with USPAP b) USPAP is adopted, cited, or implemented by government agencies in regulation or administrative actions. In addition to appraisers, who else provides suggestions on changes to USPAP? a) users of appraisal services b) all of these answers c) employees of government agencies
d) TAF Sponsors and Advisory Councils b) all of these answers If an issue arises during the exposure draft process that requires specialized expertise that the ASB Members may not possess, what option does the Board have? a) Must table the issue until the next USPAP cycle. b) Engage a Task Force or Working Group to review the issue. c) Invoke the COMPETENCY RULE and siclose in the exposure draft. d) Do the best they can with the knowledge and expertise on the board. b) Engage a Task Force or Working Group to review the issue. What is the minimum number of days that the ASB permits for public comment on an Exposure Draft? a) There is no minimum b) 90 days c) 30 days d) 10 days c) 30 days The word "rationale" is specific to what type of ASB communication? a) an Advisory Opinion
c) the frequency of the comment d) none of the answers b) the reasoning and insight presented in the letter, rather than its source Intentionally of unintentionally misrepresenting, misstating, or concealing relevant facts or conclusions in an appraisal define what new USPAP term? a) gross negligence b) misleading c) fraud d) error of omission b) misleading What does readily observable mean in USPAP's definition of Personal Inspection? a) Crawl spaces and attics are excluded. b) An interior inspection of the improvements is required c) It's limited to observations made without the use of special testing or equipment d) The appraiser must inspect 100% of the property. c) It's limited to observations made without the use of special testing or equipment To avoid misleading communication, what must an appraiser's support include to
ensure credible assignment results? a) statistical data b) all three approaches to value c) relevant evidence and logic d) certification and limiting conditions statement c) relevant evidence and logic What physical characteristic stated in a residential appraisal report would be identified as assignment results? a) The carpet is new. b) The dwelling was constructed in 1997. c) The property site is well landscaped. d) The gross living area is 3,200 feet. c) The property site is well landscaped. USPAP defines the appraiser's identification of the type and definition of value in the first step of the appraisal process with what term? a) Objective of the assignment
a) the appraiser's analysis and opinions of comparable listings for the subject property b) an opinion of the highest and best use of the subject c) all opinions and conclusions developed that are not appraisal or appraisal reveiw d) a description of the physical characteristics of the subject d) a description of the physical characteristics of the subject A description of the physical characteristics of the appraised property: a) is not considered to be assignment results b) is considered to be outside of appraisal practice c) must be kept condidential in all assignments d) must be verified with public records if the data is available through the normal course of business. a) is not considered to be assignment results Which of the following best describes the subject of an appraisal review assignment? a) real property, personal property or an intangible asset b) the appraiser of the work under review
c) a report, part of a report, a workfile, or some combination of these d) a real estate interest c) a report, part of a report, a workfile, or some combination of these According to the Confidentiality section of the ETHICS RULE, an appraiser must not disclose confidential information or to anyone other than the five parties identified in the Rule. a) any information in the appraisal report b) the appraiser's value opinion or conclusion c) the review appraiser's value opinion d) assignment results d) assignment results When must an appraiser comply with USPAP? a) when either the service or the appraiser is requuired by regulation b) all of these answers c) when wither the service or the appraiser is required by law d) when either the service or the appraiser is required by agreement with the client b) all of these answers
