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A set of multiple-choice questions and answers related to the uniform standards of professional appraisal practice (uspap). It covers key concepts and definitions within uspap, including the appraisal process, scope of work, ethics, and reporting requirements. Suitable for individuals preparing for the 15-hour national mckissock uspap exam.
Typology: Exams
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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.
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:
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:
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?
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:
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:
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