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USPAP EXAM 2025 LATEST QUESTIONS AND CORRECT
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The PREAMBLE states the purpose of USPAP is to promote and maintain a high level of public
in appraisal practice by establishing requirements for appraisers. A) Awareness B) Recognition C) Support D) Trust - CORRECT D) Trust
USPAP benefits providers of appraisal services and
a. the Appraisal Standards Board. b. disinterested parties. c. federal officials. d. users of appraisal services. - CORRECT D) Users of appraisal services When acting in the role of an appraiser, all of the following require compliance with all sections of USPAP, including the applicable STANDARDS 1 through 10, EXCEPT for
a. appraisal. b. appraisal consulting. c. appraisal course development. d. appraisal review. - CORRECT C) Appraisal course development A valuation service performed by an individual acting as an appraiser requires the appraiser to a. hold a valid appraiser credential. b. inquire about the intended user's expectations. c. keep confidential the capacity in which he is performing. d. not be impartial in respect to the client. - CORRECT B) Inquire about the intended user's expectations. When an individual is performing valuation services outside of appraisal practice, that individual must be careful to a. charge a fee for his service. b. invoke jurisdictional exception. c. not misrepresent his role. d. refer to the party engaging him as "the client:' - CORRECT C) Not misrepresent his role
c. an appraisal that must be developed by 1:he applicable Standard. d. not permitted by USPAP. - CORRECT B) Appraisal practice with no performance standards or record keep requirements In accordance with USPAP, which is NOT tin expectation when acting in the role of an appraiser? a. adhering to the definition of appraiser b. holding a state license or certification c. maintaining public trust d. meeting expectations of clients and other intended users when an appraiser is identified - CORRECT B) Holding a state license or certification
Compliance with USPAP is required when obligated by
a. agreement only. b. law only. c. regulation only. d. agreement, law, or regulation. - CORRECT D) Agreement, law, or regulation When an appraiser is providing a service other than an appraisal, appraisal review, or
an appraisal consulting service, which would NOT apply? a. DEFINITIONS b. JURISDICTIONAL EXCEPTION RULE c. SCOPE OF WORK RULE d. Statements - CORRECT C) SCOPE OF WORK RULE
- Zachary's client instructs htm to report a specific property value as a condition of the assignment. The assignment a. permits the appraiser's independence. b. is allowed as long as the appraiser confirms the value. c. is an acceptable assignment condition. d. is a violation of the ETHICS RULE. - CORRECT D) is a violation of the ETHICS RULE
- Which of these activities does the Conduct section of the ETHICS RULE prohibit? a. appraisal consulting b. criminal conduct c. objective opinions in appraisal practice d. valuation services outside of appraisal practice - CORRECT B) Criminal Conduct
ago. May Marcus accept the assignment? a. yes, as long as he discloses the previous service on the property to the client and in the subsequent report certification b. yes, as long as he does not disclose that he had previously appraised the property c. no, an appraiser may not accept an assignment on the same property within three years of the prior assignment d. no, since an appraisal was recently performed, he may be biased about certain aspects of the home - CORRECT A) yes, as long as he discloses the previous service on the property to the client and in the subsequent report certification A real property appraiser has paid a fee to procure an appraisal assignment. According the Management section of the ETHICS RULE, where must the fee be disclosed? a. in the body of the appraisal report b. in the certification and any transmittal letter c. in the engagement letter d. in a separate disclosure to the client - CORRECT B) in the certification and any transmittal letter Josh received an appraisal request from a lender-client who told him to immediately call if the value on the property is less than the amount stipulated by the lender, as he doesn't intend to pay for an appraisal that won't benefit his position. Will acceptance of this assignment be in compliance with USPAP? a. yes, it is permissible for a client to call the client with the value prior to adequately
supporting the opinion b. yes, this would be a hypothetical condition, which is acceptable c. no, an appraiser may not accept an assignment with unacceptable assignment conditions d. no, it is not permissible unless Josh discloses this fact in the certification per STANDARD 2 - CORRECT C) no, an appraiser may not accept an assignment with unacceptable assignment conditions Which of the following would NOT be considered an unacceptable fee arrangement? a. fee based on the appraised value of the subject property b. fee based on the volume of total business from a particular client c. fee contingent on the closing of the subject's loan transaction d. fee contingent on winning a court case where the appraiser provided an appraisal - CORRECT B) fee based on the volume of total business from a particular client According to the Management section of the ETHICS RULE, an appraiser affixes bis or her signature in an assignment/or what purpose? a. affirmation of his identity b. authenticate the work of the appraiser c. certify recognition and acceptance of USPAP responsi bi Ii ties
a. Anne must get consent from the lender prior to disclosing the appraised value. b. If the property owner paid for the appraisal, he is an intended user. c. The property owner is entitled to the information. d. Under no circumstance may Anne disclose the appraised value. - CORRECT A) Anne must get consent from the lender prior to disclosing the appraised value. When an appraiser is offered the opportunity to appraise a property for a new client that was the subject of a prior assignment, and the appraiser is not bound to keep the previous assignment confidential, the appraiser must a. decline the assignment. b. disclose all confidential information. cl obtain a release from the client in the first assignment. d. protect any confidential information from the first assignment and disclose the prior appraisal. - CORRECT D) protect any confidential information from the first assignment and disclose the prior appraisal. Which best defines a professional peer review committee? a. Appraisal Standards Board b. committee comprised of other appraisers
c. lender organization approving appraisers d. state investigator board - CORRECT B) Committee comprised of other appraisers Anthony and Beth acted as co-appraisers on an appraisal assignment and Anthony, Beth's supervisor, bas custody of the workfile. Beth bas received a court order to appear with, a true copy of the appraisal report kept in the workfile in a case involving possible mortgage fraud. Must Anthony provide the copy of the report to Beth so that she may comply with .the court order? a. yes, but he must first obtain a letter of authorization from the client to release the appraisal report b. yes, to be compliant with due process of law, Anthony must provide the appraisal report copy c. no, since Beth does not have custody of the workfile, she is not obligated to provide a copy of the appraisal report d. no, the Gramm-Leach-Bliley Act of 1999 prohibits appraisers from releasing personal information about clients - CORRECT B) yes, to be compliant with due process of law, Anthony must provide the appraisal report copy When an appraiser is providing a value opinion using an effective date in the past (retrospective), when does the appraiser's competency apply? a. at the time of the assignment b. date the report is submitted to the client cl effective date of the report d. when the report is signed by the appraiser - CORRECT A) At the time of the assignment
b. two years c. three years d. five years - CORRECT C) three years Disclosure of fees, commissions, and things of value given in connection with the procurement of an assignment must be disclosed in what part of a report or specific document? a. addenda of the report b. certification and any letter of transmittal c. engagement letter for an assignment d. specific section of the report - CORRECT B) certification and any letter of transmittal Authorization to affix or use an appraiser's signature can be granted only a. by a supervisory appraiser. b. on an assignment-by-assignment basis. c. when authorized by the client. d. within the appraiser's own firm. - CORRECT B) on an assignment-by-assignment basis. According to the Record Keeping section of the ETHICS RULE, what information is NOT required to be in a workfile? a. documentation to support the appraiser's opinions and conclusions
b. references to the location of other documentation not in the workfile c. specific names of other intended users d. true copies of any written reports - CORRECT C) specific names of other intended users Which is NOT an element of problem identification? a. assignment conditions b. client and other intended users c. effective date of the opinions and conclusions d. reporting option to be used in the assignment - CORRECT D) reporting option to be used in the assignment Most of the information necessary for the appraiser to identify the problem in a particular assignment a. must be identified without client input. b. requires communication with the client. c. reveals itself while gathering data. d. will be the same in every assignment. - CORRECT B) requires communication with the client.
An appraiser's peer is defined as
a. another appraiser possessing the same credentials. b. appraisers who work in the same geographic area.
The scope of work disclosed in an appraisal report must
include the
a. appraiser's final conclusions and value opinion. b. initially planned scope of work at the onset of the assignment. c. intended use in the assignment. d. scope of work that was actually performed. - CORRECT D) scope of work that was actually performed. Which is NOT a force that could cause an appraiser to invoke the JURISDICTIONAL EXCEPTION RULE? a. administrative rules and ordinances b. attorney at law c. constitutional law d. legislative and court-made law - CORRECT B) attorney at law When the JURISDICTIONAL EXCEPTION RULE is invoked, who determines if the Rule is appropriate? a. the appraiser b. the client c. the intended users
d. state and local authorities - CORRECT A) the appraiser Scope of work is the type and extent of research and ____ in an assignment. a. analysis b. diligence c. inspection d. reporting - CORRECT A) Analysis Which would NOT be part of the scope of work decision? a. extent of inspection b. extent of property identification c. reporting option and format d. type and extent of data to be researched - CORRECT C) reporting option and format The scope of work in each particular assignment must be determined when the assignment involves a. an appraisal, appraisal review, or appraisal consulting. b. any appraisal practice. c. intended users other than the client. d. valuation services performed by an appraiser. - CORRECT A) an appraisal, appraisal review, or appraisal consulting.
d. the appraiser cannot physically inspect the property - CORRECT B) assignment results are not credible in context of the intended use.
The JURISDICTIONAL EXCEPTION RULE applies when
USPAP is
a. in agreement with law or public policy. b. less than required by federal law or regulation. c. precluded by law or regulation. d. voided entirely by state and local law or regulation. - CORRECT C) precluded by law or regulation. Which is NOT one of the three general obligations of an appraiser under STANDARD 1? a. correctly complete research and analysis necessary to produce credible results b. determine the scope of work necessary c. identify the problem to be solved d. report the opinions and conclusions reached by an appraiser - CORRECT D) report the opinions and conclusions reached by an appraiser
According to the Comment to Standards rule
1 - 2 of USPAP, an appraiser must dev.-!lop an opinion of reasonable exposure lime whenever he a. considers it meaningful to the client and intended users. b. is developing an opinion of market value.
c. is performing the appraisal for a sales transaction. d. notes that the property is currently on the market. - CORRECT B) is developing an opinion of market value. Standards Rule 1-3 of USPAP, in part, requires which action in a market value assignment? a. application of the approaches to value b. client consent to proceed with the assignment c. development of an opinion of highest and best use d. disclosure of the scope of work performed - CORRECT C) development of an opinion of highest and best use According to Standards Rule 1-4 of USPAP, what quantity of data must be analyzed when a sales comparison approach is necessary for credible assignment results? a. all that can be located within one mile from the subject property b. any sales that occurred within one year of the effective date in the assignment c. no fewer than three comparable sales d. such comparable sales as are available - CORRECT D) such comparable sales as are available When developing an income approach, Standards Rule 1-4 of USPAP, in part, requires an appraiser to base projections of future rent or income potential and expenses on a. actual income and expense data of the property.
