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15hr national USPAP McKissock
EXAM WITH ANSWERS
In order to determine the appropriate scope of work, the appraiser must ________ the problem to be solved. - .... ๐ฐ VERIFIED ANSWERS.... โโ Identify Appraisers have broad _________ and significant _________ in determining the appropriate scope of work in an assignment.
- .... ๐ฐ VERIFIED ANSWERS.... โโ Flexibility, responsibility The credibility of assignment results is measured in the context of - .... ๐ฐ VERIFIED ANSWERS.... โโ The intended use Which Foundation board is responsible for USPAP? - .... ๐ฐ VERIFIED ANSWERS.... โโ Appraisal Standards Board (ASB) The Appraisal Foundation has the authority to enforce the requirements of USPAP. - .... ๐ฐ VERIFIED ANSWERS.... โโ False The first step in the appraisal process is: - .... ๐ฐ VERIFIED ANSWERS.... โโ Identify the problem In USPAP, The appraisal process is divided into two distinct types of activity: ________ and _______. - .... ๐ฐ VERIFIED ANSWERS.... โโ Development, reporting
Which step in the appraisal process involves communication of the appraiser's opinions and conclusions? - .... ๐ฐ VERIFIED ANSWERS.... โโ Reporting Which in tight city is responsible for establishing education and experience requirements for licensing and certification of appraisers? - .... ๐ฐ VERIFIED ANSWERS.... โโ Appraiser Qualifications Board (AQB) Qualification criteria for appraiser certification and recertification are disseminated to State Appraisal boards by the:
- .... ๐ฐ VERIFIED ANSWERS.... โโ Appraiser Qualifications Board (AQB) Which entitles the appoints members of the AQB and ASB? - .... ๐ฐ VERIFIED ANSWERS.... โโ Board of Trustees (BOT) USPAP is written, amended, and interpreted by the: - .... ๐ฐ VERIFIED ANSWERS.... โโ Appraisal Standards Board (ASB) Advisory Opinion are best described as - .... ๐ฐ VERIFIED ANSWERS.... โโ not part of USPAP, but included as references material USPAP is enforced by: - .... ๐ฐ VERIFIED ANSWERS.... โโ State appraiser licensing/certification agencies
To which property types does USPAP apply? - .... ๐ฐ VERIFIED ANSWERS.... โโ Both tangible and intangible property What is the stated purpose of USPAP? - .... ๐ฐ VERIFIED ANSWERS.... โโ Promote and maintain a high level of public trust in appraisal practice An appraiser has the professional responsibility to identify the capacity in which performing. - .... ๐ฐ VERIFIED ANSWERS.... โโ True The requirement for USPAP compliance in an appraisal assignment could be the result of: - .... ๐ฐ VERIFIED ANSWERS.... โโ Any of these answers (agreement with the client, voluntary choice by the appraiser, law or regulation) USPAP States that in a situation when an individual is not required by law, regulation, or agreement to comply with USPAP:
- .... ๐ฐ VERIFIED ANSWERS.... โโ The individual should still comply when he or she is acting as an appraiser A valuation service that is premised upon advocacy: - .... ๐ฐ VERIFIED ANSWERS.... โโ It cannot be performed by an individual acting as an appraiser When performing valuation services outside of appraisal practice, an individual must be careful not to ______ the client
and other intended users about his or her role. - .... ๐ฐ VERIFIED ANSWERS.... โโ mislead A preference or inclination that precludes an appraiser's impartiality, independence, or objectivity is: - .... ๐ฐ VERIFIED ANSWERS.... โโ bias An appraiser is permitted to be biased when performing an appraisal, as long as the bias is properly disclosed. - .... ๐ฐ VERIFIED ANSWERS.... โโ False If an appraiser assumes a condition to be true that does not exist for the purposes of analysis, this is an example of: - .... ๐ฐ VERIFIED ANSWERS.... โโ A hypothetical condition if an appraiser assumes the condition to be true, and evidence supports that belief, although that fact is not certain, this is an example of: - .... ๐ฐ VERIFIED ANSWERS.... โโ An extraordinary assumption By using a published cost manual, an appraiser determines that the construction cost of a 2,500 square foot dwelling is $400,000. This figure represents the dwelling's: - .... ๐ฐ VERIFIED ANSWERS.... โโ Cost An appraiser receives a copy of a signed sales agreement for an office building, which specifies the agreed-upon amount of $950,000. What does the for fire represent? - .... ๐ฐ VERIFIED ANSWERS.... โโ Price
A real estate broker completes a Comparative Market Analysis (CMA) on a property that she wants to list for sale. What would this be considered? - .... ๐ฐ VERIFIED ANSWERS.... โโ A valuation service Which is the broader category of services? - .... ๐ฐ VERIFIED ANSWERS.... โโ valuation services In USPAP, each Standard is composed of: - .... ๐ฐ VERIFIED ANSWERS.... โโ Standards Rules "The type and extent of research and analysis in an appraisal or appraisal review assignment" is the definition of _________. - .... ๐ฐ VERIFIED ANSWERS.... โโ Scope of work "The monetary relationship between properties and those who buy, sell or use those properties" is the definition of: - .... ๐ฐ VERIFIED ANSWERS.... โโ Value In appraisal practice, advocating the cause or interest of any party or issue is: - .... ๐ฐ VERIFIED ANSWERS.... โโ Not permitted The ethical obligations of USPAP apply to: - .... ๐ฐ VERIFIED ANSWERS.... โโ Individual appraisers Bias is permitted in an appraisal as long as the bias is clearly disclosed to the report. - .... ๐ฐ VERIFIED ANSWERS.... โโ False
An appraiser is disclosing to a client the fact that she had previously appraised the subject property within the prior three years. When making this disclosure, the appraiser must be careful to: - .... ๐ฐ VERIFIED ANSWERS.... โโ Not disclose confidential information from the previous assignment An appraiser must disclose any service he or she provided regarding the subject property for a period of ________ prior to agreeing to perform the assignment. - .... ๐ฐ VERIFIED ANSWERS.... โโ Three years An appraiser has been asked to complete an appraisal assignment. The fee is to be paid only if the loan closes. According to USPAP, may the appraiser accept the assignment under these conditions? - .... ๐ฐ VERIFIED ANSWERS.... โโ No, the fee arrangement is an unethical contingency arrangement and violates the ETHICS RULE. In a real property appraisal assignment prepared for a mortgage lender, an appraiser is permitted by USPAP to base his compensation for an appraisal assignment on: - .... ๐ฐ VERIFIED ANSWERS.... โโ Whether or not the report is transmitted to the client by the due date The Confidentiality section of the ETHICS RULE prohibits an appraiser from disclosing confidential information or _____ to unauthorized parties. - .... ๐ฐ VERIFIED ANSWERS.... โโ Assignment results
In order to perform an assignment for which an appraiser initially lacks the knowledge and experience to complete competently, the appraiser must: - .... ๐ฐ VERIFIED ANSWERS.... โโ Disclose to the client, prior to agreeing to perform the assignment, the lack of knowledge or experience Which of these is NOT one of the steps required by USPAP when an appraiser wishes to perform an assignment for which he or she initially Laxton knowledge and experience? - .... ๐ฐ VERIFIED ANSWERS.... โโ Use a hypothetical condition to complete the assignment as though the appraiser already had the knowledge and experience Three appraisers work together on appraisal assignment. What would NOT be an appropriate work file arrangement under USPAP? - .... ๐ฐ VERIFIED ANSWERS.... โโ The work file is posted on the Internet, so that anyone who wants to see it will be able to access it. The requirement to create and maintain a workfile for an appraisal or appraisal review assignment applies to: - .... ๐ฐ VERIFIED ANSWERS.... โโ All appraisers, regardless of credential level Examples of assignment conditions include: - .... ๐ฐ VERIFIED ANSWERS.... โโ All of these answers (extraordinary assumptions, laws and regulations, hypothetical conditions)
Identification of the intended use of an appraiser's opinions and conclusions is: - .... ๐ฐ VERIFIED ANSWERS.... โโ Necessary for determining the appropriate scope of work Intended use is: - .... ๐ฐ VERIFIED ANSWERS.... โโ Identified by the appraiser on the basis of communication with the client In an appraisal or appraisal review assignment, the scope of work is an ___________ process. - .... ๐ฐ VERIFIED ANSWERS.... โโ ongoing The responsibility for determining an appropriate scope of work rests with the: - .... ๐ฐ VERIFIED ANSWERS.... โโ appraiser An appraiser's report must contain _________ to allow intended users to understand the scope of work performed. - .... ๐ฐ VERIFIED ANSWERS.... โโ Sufficient information An appraiser must not allow client objectives to cause the assignment results to be _________. - .... ๐ฐ VERIFIED ANSWERS.... โโ biased The SCOPE OF WORK RULE provides appraisers with significant flexibility. Along with that flexibility comes: - .... ๐ฐ VERIFIED ANSWERS.... โโ responsibility If a client's objectives result in an appraiser developing biased assignment results: - .... ๐ฐ VERIFIED ANSWERS.... โโ The appraiser is solely responsible
What is the purpose of the JURISDICTIONAL EXCEPTION RULE? - .... ๐ฐ VERIFIED ANSWERS.... โโ To provide a saving or severability clause to preserve the balance of USPAP As used in the JURISDICTIONAL EXCEPTION RULE, the term "law" includes ____________. - .... ๐ฐ VERIFIED ANSWERS.... โโ All of these answers (court-made laws, legislative laws, administrative rules and ordinances) The use of the JURISDICTIONAL EXCEPTION RULE in an assignment is a matter of choice by an appraiser - .... ๐ฐ VERIFIED ANSWERS.... โโ False Is it permissible to use instructions from an attorney as a basis for a jurisdictional exception? - .... ๐ฐ VERIFIED ANSWERS.... โโ No Which of these would be considered an example of a jurisdictional exception in an appraisal assignment? - .... ๐ฐ VERIFIED ANSWERS.... โโ A probate court paying appraisers based on the value of the subject property When does a jurisdictional exception occur in an assignment?
- .... ๐ฐ VERIFIED ANSWERS.... โโ It is automatic when a law precludes compliance with a part of USPAP A state passes a law requiring appraisers to keep their workfiles for 10 years after preparation. Is this a jurisdictional exception under USPAP? - .... ๐ฐ VERIFIED ANSWERS.... โโ No
Which statement is FALSE regarding STANDARD 1 - .... ๐ฐ VERIFIED ANSWERS.... โโ It covers real and personal property appraisal development. The requirements of STANDARD 1 can be used as a checklist by an appraiser who is developing a real property appraisal. - .... ๐ฐ VERIFIED ANSWERS.... โโ True If a mortgage borrower receives a copy of an appraisal report from a mortgage lender as a result of disclosure requirements:
- .... ๐ฐ VERIFIED ANSWERS.... โโ This does not make the borrower an intended user When does a series of minor errors potentially result in a USPAP violation? - .... ๐ฐ VERIFIED ANSWERS.... โโ When the series of errors affects the credibility of the results An appraiser's client wishes to remain anonymous, and asks the appraiser not to include client's identity in an appraisal report. What should the appraiser do? - .... ๐ฐ VERIFIED ANSWERS.... โโ Omit the client's identity from the report but document the client's identity in the workfile. Exposure time is: - .... ๐ฐ VERIFIED ANSWERS.... โโ An opinion developed by an appraiser
extent that the value opinion is not credible, Precludes an appraiser's impartiality, Limits report content, resulting in a misleading report (ALL of the answers listed) When developing a sales comparison approach under USPAP:
- .... ๐ฐ VERIFIED ANSWERS.... โโ The appraiser must analyze such data as are available to indicate a value conclusion Which statement is TRUE regarding USPAP and the three approaches to value? - .... ๐ฐ VERIFIED ANSWERS.... โโ An assignment condition may require an appraiser to develop an approach that he or she would otherwise consider unnecessary. When analyzing the subject property's sales history in a real property appraisal assignment, an appraiser is required by USPAP to analyze ________. - .... ๐ฐ VERIFIED ANSWERS.... โโ All sales of the subject property that occurred within three years prior to the effective date of the appraisal. When analyzing listings of the subject property in a real property appraisal assignment, USPAP requires an appraiser to analyze, at a minimum, _________. - .... ๐ฐ VERIFIED ANSWERS.... โโ Current listings In the development of an appraisal, the appraiser is required to: - .... ๐ฐ VERIFIED ANSWERS.... โโ Not commit a substantial error that significantly affects the appraisal When is it necessary to analyze prior listings of the subject property in a real property appraisal assignment? - .... ๐ฐ VERIFIED
ANSWERS.... โโ When such analysis is relevant to the current assignment The process of reconciliation entails ___________. - .... ๐ฐ VERIFIED ANSWERS.... โโ Careful consideration of the quality and quantity of data The use of standard appraisal forms - .... ๐ฐ VERIFIED ANSWERS.... โโ Appraisal report content The use of standard appraisal reporting forms: - .... ๐ฐ VERIFIED ANSWERS.... โโ Is not required by STANDARD 2 What is the essential difference between the two reporting options? - .... ๐ฐ VERIFIED ANSWERS.... โโ The content and level of information The two written report options stated in Standards rule 2-2 are
- .... ๐ฐ VERIFIED ANSWERS.... โโ Appraisal Report and Restricted Appraisal Report And appraisers client requests anonymity and asks that their identity not appear in the Appraisal Report That is prepared for the assignment. What must the appraiser do? - .... ๐ฐ VERIFIED ANSWERS.... โโ All of these actions must be taken (State in the report that the clients identity has been withheld at the clients request, use care not to violate the confidentiality section of the ETHICS RULE, document the identity of the client in the workfile)
