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EXAM AND COURSE EXAM LATEST 20232024 ACTUAL
EXAM TEST BANK 450+ QUESTIONS AND CORRECT
DETAILED ANSWERS
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 - ANSWER-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 - ANSWER-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. - ANSWER-B) requires communication with the client. An appraiser's peer is defined as
EXAM AND COURSE EXAM LATEST 20232024 ACTUAL
EXAM TEST BANK 450+ QUESTIONS AND CORRECT
DETAILED ANSWERS
a. another appraiser possessing the same credentials. b. appraisers who work in the same geographic area. c. other appraisers who have expertise and competency in a similar type of assignment. d. a regularly intended user in a similar assignment. - ANSWER- C) other appraisers who have expertise and competency in a similar type of assignment. When can an extraordinary assumption be used regarding information not available to the appraiser due to assignment conditions? a. it cannot be used b. when the client directs it be used c. when credible assignment results can still be developed d. when there are no other intended users - ANSWER-C) when credible assignment results can still be developed Which is NOT an option when an appraiser finds circumstances that change the research and analysis that he originally planned at the onset of an assignment? a. disregard the circumstances and proceed as originally planned b. modify the scope of work c. use an extraordinary assumption if credible results could be obtained d. withdraw from the assignment - ANSWER-A) disregard the circumstances and proceed as originally planned The scope of work disclosed in an appraisal report must include the
EXAM AND COURSE EXAM LATEST 20232024 ACTUAL
EXAM TEST BANK 450+ QUESTIONS AND CORRECT
DETAILED ANSWERS
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 - ANSWER-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. - ANSWER-A) an appraisal, appraisal review, or appraisal consulting. When deciding the scope of work, an appraiser must be prepared to demonstrate that the scope of work is sufficient to a. produce credible results. b. reconcile the conclusions. c. result in a value conclusion. d. satisfy the client. - ANSWER-A) produce credible results. When must an appraiser disclose research and analysis that was not performed in an assignment? a. as part of the scope of work disclosure of every assignment b. if there are intended users other than the client identified in the assignment
EXAM AND COURSE EXAM LATEST 20232024 ACTUAL
EXAM TEST BANK 450+ QUESTIONS AND CORRECT
DETAILED ANSWERS
c. in all assignments for which a written report ยท s being provided d. when it is necessary for intended users to understand the report properly and not be misled - ANSWER-D) when it is necessary for intended users to understand the report properly and not be misled An appraiser must not allow assignment conditions to limit the scope of work to such a degree that a. an appraised value is equal to the value needed for the intended use. b. assignment results are not credible in context of the intended use. c. intended users cannot understand the scope of work performed. d. the appraiser cannot physically inspect the property - ANSWER-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. - ANSWER- C) precluded by law or regulation. Which is NOT one of the three general obligations of an appraiser under STANDARD 1?
EXAM AND COURSE EXAM LATEST 20232024 ACTUAL
EXAM TEST BANK 450+ QUESTIONS AND CORRECT
DETAILED ANSWERS
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 - ANSWER-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. b. the basis of an extraordinary assumption. c. nationally published income and expense data. d. reasonably clear and appropriate evidence. - ANSWER-D) reasonably clear and appropriate evidence. Standards Rule 1-2 of USPAP prohibits an appraiser from allowing the or a ___ client's objectives to cause the assignment results to be biased. a. intended use of an assignment b. neighborhood composition c. property's relevant characteristics d. quality and quantity of data analyzed - ANSWER-A) intended use of an assignment Prospective value opinions occur when the value opinion is expressed a. as a value opinion expressed in relationship to a monetary benchmark.
EXAM AND COURSE EXAM LATEST 20232024 ACTUAL
EXAM TEST BANK 450+ QUESTIONS AND CORRECT
DETAILED ANSWERS
b. as an amount greater than the appraiser's value opinion. c. as of an effective date in the future. d. in an assignment using hypothetical conditions. - ANSWER-C) as of an effective date in the future. What is an appraiser NOT required to do when the subject property is a fractional interest, physical segment, or a partial holding? a. analyze the market b. determine the scope of work c. reconcile the conclusions d. value the whole property - ANSWER-D) value the whole property Standards Rule 1-5 states that appraisers must analyze agreements of sale, options, and listings of the subject property current as of the effective date of an appraisal, in a market value assignment, if it is a. a matter of public record. b. available in the normal course of business. cl not deemed confidential information. d. required by the client. - ANSWER-B) available in the normal course of business. Standards Rule 2-1 of USPAP requires that appraisal reports contain to enable ___ intended users to understand the report properly. a. definitions of appraisal terms b. exhibits and photographs
EXAM AND COURSE EXAM LATEST 20232024 ACTUAL
EXAM TEST BANK 450+ QUESTIONS AND CORRECT
DETAILED ANSWERS
b. dictate the form, style, or format of an appraisal report. c. dictate the Standards, Rules, and requirements that must be adhered to when completing an appraisal report. d. detail the elements and certifications that must be part of every real property appraisal report. - ANSWER-B) dictate the form, style, or format of an appraisal report. According to Standards Rules 2-2( a), (b ), and (c)(viii) of USPAP, regarding the information analyzed and methodology used in an assignment, the exclusion of ___ must be explained. a. assignment results that are credible b. determining the scope of work necessary c. significant real property appraisal assistance d. the sales comparison approach, cost approach, or income approach - ANSWER-D) the sales comparison approach, cost approach, or income approach
- The contents of a workfile in support of a Restricted Use Appraisal Report must include sufficient information for an appraiser to produce a a. Letter of Opinion. b. Restricted Use Appraisal Report. c. Self-Contained Appraisal Report. d. Summary Appraisal Report. - ANSWER-D) Summary Appraisal Report. Which report option permitted by USPAP "describes" information that is significant to the solution of the appraisal problem?
EXAM AND COURSE EXAM LATEST 20232024 ACTUAL
EXAM TEST BANK 450+ QUESTIONS AND CORRECT
DETAILED ANSWERS
a. Narrative Appraisal Report b. Restricted Use Appraisal Report c. Self-Contained Appraisal Report d. Summary Appraisal Report - ANSWER-C) Self-Contained Appraisal Report The level of information necessary in a report and the reporting option chosen by an appraiser depends on the in an ___ assignment. a. client's instructions b. fee being charged c. intended use and intended users d. scope of work determined - ANSWER-C) intended use and intended users An oral real property appraisal report, to the extent both possible and appropriate, must address the substantive matters of a a. Restricted Use Appraisal Report. b. Self-Contained Appraisal Report. c. Summary Appraisal Report. d. Transcript of testimony. - ANSWER-C) Summary Appraisal Report. In developing an appraisal review, Sarah identified the work under review and the characteristics of that work, which tire relevant to the intended use and purpose of the appraisal review. What information should Sarah NOT include when developing her appraisal review?
EXAM AND COURSE EXAM LATEST 20232024 ACTUAL
EXAM TEST BANK 450+ QUESTIONS AND CORRECT
DETAILED ANSWERS
responsibility for the assignment results and contents of the report, as well as a. all elements of the certification. b. the elements of the certification that pertain to his contributions. c. the general requirements of the report. d. only the elements that he specifically indicates in the report. - ANSWER-A) all elements of the certification. In a review of an appraisal report, when opinions and conclusions are expressed by the reviewer that concur or disagree with the opinions and conclusions in the work being reviewed, those opinions and conclusions must a. advocate for the client's objectives. b. be developed in accordance with the applicable development Standard. c. be stated in a separate report. d. not be considered an appraisal. - ANSWER-B) be developed in accordance with the applicable development Standard. Which term is defined by USPAP as a mathematical expression of bow supply and demand/actors interact in a market? a. business enterprise appraisal b. highest and best use analysis c. mass appraisal model d. value opinion - ANSWER-C) mass appraisal model
EXAM AND COURSE EXAM LATEST 20232024 ACTUAL
EXAM TEST BANK 450+ QUESTIONS AND CORRECT
DETAILED ANSWERS
Which Standard in USPAP expresses that the certification in compliance with this Standard is not intended to disturb an elected or appointed assessor's work plans or oaths in office? a. STANDARD 4 b. STANDARD 6 c. STANDARD 7 d. STANDARD 9 - ANSWER-B) STANDARD 6 Standards Rule 4-2 of USPAP obligates an appraiser performing a real property appraisal consulting assignment to ensure that any opinion of value being used as a component of the analysis was developed in compliance with a. STANDARD 1. b. STANDARD 2. c. STANDARD 3. d. STANDARD 4. - ANSWER-A) STANDARD 1. According to Standards Rule 5-2 of USPAP, if the consulting appraiser developed the value opinion used in the real property appraisal consulting assignment, the information must be reported within the consulting report in compliance with a. the SCOPE OF WORK RULE. b. STANDARD 1. c. STANDARD 4. d. Standards Rule 2-2(a), (b), or (c)(ii-x). - ANSWER-D) Standards Rule 2-2(a), (b), or (c)(ii-x).
EXAM AND COURSE EXAM LATEST 20232024 ACTUAL
EXAM TEST BANK 450+ QUESTIONS AND CORRECT
DETAILED ANSWERS
a. by name or type. b. during the research and analysis process. c. in the report certification. d. without communication with the client. - ANSWER-A) by name or type Within USPAP, the appraiser's ___ are {is) always specific to the intended use. a. fee for the assignment b. impartiality c. level of independence d. opinions and conclusions - ANSWER-D) opinions and conclusions The intended use and the intended user of the appraiser's opinions and conclusions are identified ___ the assignment. a. anytime during b. at the time of c. prior to the acceptance of d. while determining the scope of work in - ANSWER-B) at the time of While in the role of an appraiser, advocacy a. is not permitted. b. is permitted if disclosed in the report. c. is permitted if requested by the client. d. only applies to appraisal review. - ANSWER-A) is not permitted.
EXAM AND COURSE EXAM LATEST 20232024 ACTUAL
EXAM TEST BANK 450+ QUESTIONS AND CORRECT
DETAILED ANSWERS
Craig, a real property appraiser, is not an expert in real estate law. In every assignment, he includes a disclosure stating this fact and that in his conclusions he is considering the property to have good and marketable title. Which best describes Craig's action? a. assumption b. extraordinary assumption c. hypothetical condition d. jurisdictional exception - ANSWER-A) Assumption While appraising a property, Lydia could not check the furnace to see if it is in good working order due to the utilities being off at the time of the inspection. Since the home is relatively new and the components appear to be in good condition, Lydia has a reasonable basis to believe that the furnace is in satisfactory operating condition, but she is not certain. Therefore, Lydia bases her conclusion on a(n) a. expected condition. b. extraordinary assumption. c. hypothetical assumption. d. hypothetical condition. - ANSWER-B) extraordinary assumption. If a property is known by the appraiser, on the effective date of the appraisal, to have an inoperative mechanical system component, but the appraiser is considering the component as if it were operating properly on that date for the purpose of his analysis, on what is the appraiser basing his opinions and conclusions?
EXAM AND COURSE EXAM LATEST 20232024 ACTUAL
EXAM TEST BANK 450+ QUESTIONS AND CORRECT
DETAILED ANSWERS
Personalized evidence indicating authentication of the work performed by tl1e appraiser describes, in part, which term? a. letter of transmittal b. report c. signature d. workfile - ANSWER-C) signature Which term is defined by USPAP DEFINITIONS as services pertaining to aspects of property value? a. appraisal b. appraisal consulting services c. appraisal practice d. valuation services - ANSWER-D) valuation services The 10 Standards in USPAP establish a benchmark of criteria to measure a. assignment results. b. ethics and competency. ct the scope of work. d. value. - ANSWER-B) ethics and competency. The PREAMBLE of USPAP sets the tone that the purpose of USPAP is to a. create a benchmark for appraiser regulation and credentials. b. establish a common set of standards for those using appraisal services.
EXAM AND COURSE EXAM LATEST 20232024 ACTUAL
EXAM TEST BANK 450+ QUESTIONS AND CORRECT
DETAILED ANSWERS
c. promote and maintain a high level of public trust in appraisal practice. d. satisfy federal requirements for appraisal regulation - ANSWER-C) promote and maintain a high level of public trust in appraisal practice. In the USPAP Appraisal Process, which - is the final step in the development process? a. problem identification b. reconciliation and final value opinion c. reporting the defined value opinions d. research and analysis of data - ANSWER-B) reconciliation and final value opinion Which entity or group is responsible for creating and maintaining the national appraiser examination? a. Appraiser Qualifications Board b. Appraisal Standards Board c. Appraisal Subcommittee d. Individual states - ANSWER-A) Appraiser Qualifications Board Which is a direct responsibility of the Appraisal Subcommittee? a. develop laws for licensed/certified appraisers b. maintain the National Registry of licensed/certified real property appraisers c. make an annual report to the Board of Trustees of the appraisal foundation.
