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USPAP EXAMS WITH VERIFIED QUESTIONS AND CORRECT ANSWERS...pdf, Exams of Nursing

Indiana University Purdue University (IUPUI)Nursing
Prof. Henry Hernandez

USPAP EXAMS WITH VERIFIED QUESTIONS AND CORRECT ANSWERS...pdf USPAP EXAMS WITH VERIFIED QUESTIONS AND CORRECT ANSWERS...pdf USPAP EXAMS WITH VERIFIED QUESTIONS AND CORRECT ANSWERS...pdf USPAP EXAMS WITH VERIFIED QUESTIONS AND CORRECT ANSWERS...pdf USPAP EXAMS WITH VERIFIED QUESTIONS AND CORRECT ANSWERS...pdf

Typology: Exams

2024/2025

Available from 07/03/2025

lectwiseman
lectwiseman šŸ‡ŗšŸ‡ø

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USPAP EXAMS WITH VERIFIED QUESTIONS
AND CORRECT ANSWERS
"The monetary relationship between properties and those who buy, sell or use those properties" is
the definition of:
- ANSWERS-value
A preference or inclination that precludes an appraiser's impartiality, independence, or
objectivity is:
- ANSWERS-bias
A real estate broker completes a Comparative Market Analysis (CMA) on a property that he
wants to list for sale. What would this be considered?
- ANSWERS-a valuation service
A review appraiser may use additional information that was not available to the original
appraiser as long as the information:
- ANSWERS-is not used as the basis to discredit the original appraiser's value opinion
A reviewer has been requested to also develop her own value opinion in a review assignment.
Which statement is TRUE regarding this situation?
- ANSWERS-The reviewer may use a different scope of work than the original appraiser.
A reviewer is required to identify the appraiser who completed the work under review, unless:
- ANSWERS-the identity has been withheld from the client
A reviewer is responsible for ensuring that there is __________ in a review report so that it can
be properly understood by __________.
- ANSWERS-sufficient information, intended users
A reviewer performing an appraisal review must not sign the work under review unless he or she:
- ANSWERS-intends to accept the responsibility as a co-signer of the work
A statement by a reviewer that "the value opinion stated in the appraisal report is not
adequately supported" would be an indication that the reviewer ________ develop his or her
own value opinion.
- ANSWERS-did not
A subject property's physical characteristics are ________ assignment results.
- ANSWERS-not
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Download USPAP EXAMS WITH VERIFIED QUESTIONS AND CORRECT ANSWERS...pdf and more Exams Nursing in PDF only on Docsity!

USPAP EXAMS WITH VERIFIED QUESTIONS

AND CORRECT ANSWERS

"The monetary relationship between properties and those who buy, sell or use those properties" is the definition of:

  • ANSWERS-value A preference or inclination that precludes an appraiser's impartiality, independence, or objectivity is:
  • ANSWERS-bias A real estate broker completes a Comparative Market Analysis (CMA) on a property that he wants to list for sale. What would this be considered?
  • ANSWERS-a valuation service A review appraiser may use additional information that was not available to the original appraiser as long as the information:
  • ANSWERS-is not used as the basis to discredit the original appraiser's value opinion A reviewer has been requested to also develop her own value opinion in a review assignment. Which statement is TRUE regarding this situation?
  • ANSWERS-The reviewer may use a different scope of work than the original appraiser. A reviewer is required to identify the appraiser who completed the work under review, unless:
  • ANSWERS-the identity has been withheld from the client A reviewer is responsible for ensuring that there is __________ in a review report so that it can be properly understood by __________.
  • ANSWERS-sufficient information, intended users A reviewer performing an appraisal review must not sign the work under review unless he or she:
  • ANSWERS-intends to accept the responsibility as a co-signer of the work A statement by a reviewer that "the value opinion stated in the appraisal report is not adequately supported" would be an indication that the reviewer ________ develop his or her own value opinion.
  • ANSWERS-did not A subject property's physical characteristics are ________ assignment results.
  • ANSWERS-not

A value opinion developed to reflect the most probable price under a forced-sale condition is:

  • ANSWERS-Not consistent with the market value A workfile must be maintained for:
  • ANSWERS-All appraisal and appraisal review assignments A written business appraisal report must be prepared in accordance with which of the following options?
  • ANSWERS-Appraisal Report or Restricted Appraisal Report A written summary of an oral appraisal report must be added to the appraiser's workfile ______________ the issuance of an oral report.
  • ANSWERS-within a reasonable time after According to USPAP, any appraiser who signs any part of an appraisal report is required to:
  • ANSWERS-sign the certification Advisory Opinions are best described as
  • ANSWERS-Not part of USPAP, but included as reference material An appraisal review can be a two-stage assignment: an appraisal review and a value opinion by the reviewer.
  • ANSWERS-true An appraisal review report:
  • ANSWERS-must be separate from the work under review An appraiser accepts an assignment for which she initially does not have the knowledge and experience. She notifies the client of her lack of knowledge and experience and takes the necessary steps to acquire the knowledge and experience. What else (if anything) must she do to comply with USPAP?
  • ANSWERS-Disclose in the report her initial lack of competency and the steps taken to obtain competency An appraiser completes an appraisal for Bank A. Two months later, he is contacted by Bank B, who asks him to "readdress" his prior report to them. Which statement is TRUE about the appraiser's USPAP obligations?
  • ANSWERS-He is not permitted to "readdress" the report to Bank B An appraiser has appraised a property multiple times within the prior three years. He is asked by a prospective client to appraise the property again. Which statement is TRUE?
  • ANSWERS-He must disclose the number of times he has appraised the property within the prior three years. An appraiser has been asked to complete an appraisal assignment. The fee is to be paid when and if the loan closes. According to USPAP, may the appraiser accept the assignment under these conditions?

An appraiser's certification in a business or intangible asset appraisal report does NOT:

  • ANSWERS-Contain a reference to the inspection of the subject property An appraiser's peers are defined as other appraisers who:
  • ANSWERS-Have expertise and competency in a similar type of assignment An appraiser's report must contain ____________ to allow intended users to understand the scope of work performed.
  • ANSWERS-sufficient information An evaluation of real property collateral, as defined in the Agencies' Guidelines, is considered _________ under USPAP.
  • ANSWERS-an appraisal An example of a relevant property characteristic that could affect a real property appraisal assignment would be:
  • ANSWERS-The fact that the subject property is affected by an easement An extraordinary assumption may be used in an assignment only if:
  • ANSWERS-The appraiser has a reasonable basis for the extraordinary assumption An individual is ______________ provide valuation services that involve advocacy while acting as an appraiser.
  • ANSWERS-not permitted to An intended user is:
  • ANSWERS-A party who is identified by the appraiser based on communication with the client at the time of the assignment Appraisal practice includes only:
  • ANSWERS-Valuation services provided by an individual acting as an appraiser Appraisal review is the process of ___________ an opinion about the quality of another appraiser's work performed as part of an appraisal or appraisal review assignment.
  • ANSWERS-developing Appraisals for federally-regulated financial institutions often involve the use of the JURISDICTIONAL EXCEPTION RULE.
  • ANSWERS-false Appraisers cannot be expected to be aware of all of the laws and regulations that apply to a particular assignment.
  • ANSWERS-false Appraisers have broad _________ and significant _________ in determining the appropriate scope of work in an assignment.
  • ANSWERS-Flexibility, responsibility

As used in the JURISDICTIONAL EXCEPTION RULE, the term "law" includes ____________.

  • ANSWERS-Constitutions, legislative and court-made law, and administrative rules and ordinances By using a published cost manual, an appraiser determines that the construction cost of a 2, square foot dwelling is $400,000. This figure represents the dwelling's:
  • ANSWERS-cost Compared to a value opinion expressed in an Appraisal Report, a value opinion expressed in a Restricted Appraisal Report is:
  • ANSWERS-equally credible Confidential information under USPAP is information the appraiser receives from:
  • ANSWERS-The client and is identified as confidential, but is not available from other sources Consistent with the reviewer's scope of work, a reviewer must develop an opinion regarding: (Select the most complete answer.)
  • ANSWERS-The completeness, accuracy, and reasonableness of the work under review conveys a mental state that does not favor one side over another at the outset of an investigation is what?
  • ANSWERS-impartiality Determining the scope of work requires:
  • ANSWERS-Information obtained through communication with the client Developing an opinion of value of a property as of a specified future date is:
  • ANSWERS-a prospective appraisal Does USPAP permit a reviewer to use an extraordinary assumption in a review assignment?
  • ANSWERS-yes Does USPAP require an appraiser to disclose any significant real property appraisal assistance that was provided in an appraisal assignment?
  • ANSWERS-yes, in all cases Exclusion of a valuation approach that is not applicable in a given assignment is an example of:
  • ANSWERS-a scope of work decision Exposure time is:
  • ANSWERS-Always assumed to precede the effective date of the appraisal Identification of the intended use of an appraiser's opinions and conclusions is:
  • ANSWERS-Necessary for determining the appropriate scope of work If a borrower receives a copy of an appraisal report from a mortgage lender as a result of disclosure requirements:
  • ANSWERS-This does not make the borrower an intended user

In a personal property appraisal assignment that includes multiple objects as part of the same assignment:

  • ANSWERS-The objects that are more significant to the assignment results should be the focus of the analysis In a Restricted Appraisal Report, the exclusion of any of the valuation approaches must be:
  • ANSWERS-explained In a written mass appraisal report prepared under STANDARD 6, what is the purpose of a signed certification?
  • ANSWERS-It serves as an appraiser's acknowledgement of his or her ethical obligations In an appraisal assignment, an appraiser identifies an additional intended user in addition to the client. Does USPAP permit the appraiser to provide a Restricted Appraisal Report in this assignment?
  • ANSWERS-no In an Appraisal Report, the scope of work used to develop the appraisal must be:
  • ANSWERS-summarized In an appraisal report, the use of terms that reflect a scale such as "good" or "average":
  • ANSWERS-Should include explanation that provides context In an assignment, the scope of work is an ___________ process.
  • ANSWERS-ongoing In appraisal practice, advocating the cause or interest of any party or issue is:
  • ANSWERS-not permitted In order to accept an assignment when an appraiser initially lacks the knowledge and experience to complete an assignment competently, he or she must:
  • ANSWERS-Disclose to the client, prior to accepting the assignment, the lack of knowledge or experience In order to determine the appropriate scope of work, the appraiser must ________ the problem to be solved.
  • ANSWERS-identify In USPAP, each Standard is composed of:
  • ANSWERS-Standards rules In USPAP, the appraisal process is divided into two distinct types of activity: _________ and __________.
  • ANSWERS-development, reporting Intended use is:
  • ANSWERS-Identified by the appraiser on the basis of communication with the client

Laws and regulations that apply to an appraisal for a federally-regulated lending transaction would be considered:

  • ANSWERS-Assignment conditions Notifications sent to property owners of the results of a mass appraisal, which may be required by public policy, are considered:
  • ANSWERS-notifications, and not reports One of an appraiser's obligations with regard to user expectations is to:
  • ANSWERS-Identify the capacity in which he or she is performing Prior to accepting an assignment, an appraiser must disclose any service he or she provided regarding the subject property for a period of _________.
  • ANSWERS-three years Qualification criteria for appraiser certification and recertification are disseminated to state appraisal boards by the:
  • ANSWERS-Appraiser Qualifications Board (AQB) representing the cause or interest of another, even if that cause or interest does not necessarily coincide with one's own beliefs, opinions, conclusions, or recommendations is what?
  • ANSWERS-advocacy Scope of work has no disclosure requirements.
  • ANSWERS-false STANDARD 1 requires an appraiser to ____________ in developing a real property appraisal.
  • ANSWERS-Use due diligence and due care STANDARD 2 sets forth requirements for:
  • ANSWERS-Appraisal report content STANDARD 3 addresses the development of an appraisal review, and _________ addresses reporting of an appraisal review.
  • ANSWERS-STANDARD 4 STANDARD 5, Mass Appraisal, Development, applies to:
  • ANSWERS-both real and personal property Standards Rule 1-5 requires an appraiser to analyze the sales history of the comparable sales.
  • ANSWERS-false The ASB is considering comment letters written by members of the public regarding a proposed revision to USPAP. When reviewing these comment letters, the ASB focuses on:
  • ANSWERS-The reasoning and insight presented in the letter The client must be the only intended user for:
  • ANSWERS-Restricted Appraisal Reports

The use of supported conclusions related to race, color, or religion in an appraisal may be prohibited by applicable law.

  • ANSWERS-true The written report options set forth in Standards Rule 2-2 are
  • ANSWERS-Appraisal Report and Restricted Appraisal Report To the extent possible and appropriate, oral appraisal reports for real property must address the substantive matters that apply to a(n)
  • ANSWERS-appraisal report Under FIRREA, USPAP is enforced by:
  • ANSWERS-State appraiser licensing/certification agencies Under STANDARD 8, a personal property appraiser has ____ written report options.
  • ANSWERS-two Under USPAP, an appraisal review is performed by an appraiser when developing an opinion of the quality of another appraiser's work that was performed as part of _____________ assignment.
  • ANSWERS-an appraisal only USPAP establishes standards that are applicable in the appraisal of:
  • ANSWERS-real property, intangible property, and personal property USPAP is developed, interpreted, and amended by the:
  • ANSWERS-Appraisal Standards Board (ASB) USPAP requires an appraiser to obtain a release from a previous client before appraising the same property for a new client.
  • ANSWERS-false USPAP states that in a situation when an individual is not required by law, regulation, or agreement to comply with USPAP:
  • ANSWERS-The individual should still comply when he or she is acting as an appraiser What could cause an appraiser to prepare an appraisal assignment in conformance with USPAP?
  • ANSWERS-Law or regulation, agreement with the client, or voluntary choice by the appraiser What does the effective date of an appraisal establish?
  • ANSWERS-The context of the market conditions for the appraiser's opinions What is the importance of stating the date of the report?
  • ANSWERS-It establishes the appraiser's perspective on the market What is the primary purpose of an appraiser making an inspection of the subject property?
  • ANSWERS-To collect information about characteristics that are relevant to value

What is the purpose of including a signed certification in an appraisal report?

  • ANSWERS-for the appraiser to acknowledge his or her ethical obligations What is the purpose of the JURISDICTIONAL EXCEPTION RULE?
  • ANSWERS-To preserve the balance of USPAP if compliance with a part of USPAP is precluded by law or regulation What is the stated purpose of USPAP?
  • ANSWERS-Promote and maintain a high level of public trust in appraisal practice What should an appraiser do if, during the course of an assignment, he or she becomes aware of a change in the intended use of the report?
  • ANSWERS-Consider whether the extent of the planned development process and report are still appropriate What type of appraisal would be indicated by the phrase, "the market value of the subject property was $200,000"?
  • ANSWERS-retrospective When a law or regulation precludes compliance with any part of USPAP, appraisers must:
  • ANSWERS-Comply with that law or regulation When an appraiser provides a current value opinion on a proposed new building, he or she is utilizing a(an) _____________ that the proposed improvements are completed as of the effective date of the appraisal.
  • ANSWERS-hypothetical condition When an extraordinary assumption is used in an appraisal, the report must state the extraordinary assumption and:
  • ANSWERS-state that its use may have affected the assignment results When analyzing listings of the subject property in a real property appraisal assignment, USPAP requires an appraiser to analyze, at a minimum, ____________.
  • ANSWERS-current listings When analyzing the subject property's sales history in a real property appraisal assignment, an appraiser is required by USPAP to analyze ______________.
  • ANSWERS-All sales of the subject property that occurred within three years prior to the effective date of the appraisal When appraising personal property, the appraiser must analyze prior sales of the subject over what time period?
  • ANSWERS-a reasonable and applicable time When appraising proposed improvements, what type of appraisal is permitted by USPAP? (Select the most complete answer.
  • ANSWERS-both current and prospective
  • ANSWERS-I reject the value conclusion as lacking credibility due to the errors and inconsistencies found. Which of these statements is TRUE about the USPAP definition of client?
  • ANSWERS-The client may engage the appraiser through an agent. Which statement about an appraiser's workfile is TRUE?
  • ANSWERS-The workfile must be in existence prior to the issuance of a report. Which statement about appraisal trainees and workfile obligations is TRUE?
  • ANSWERS-Under USPAP, trainees have the same workfile obligations as licensed or certified appraisers. Which statement about intended users is TRUE?
  • ANSWERS-The client is always an intended user Which statement about the definition of market value is TRUE?
  • ANSWERS-There are many different definitions of market value; each one is unique. Which statement best describes the word "competency" as it relates to appraisal practice?
  • ANSWERS-It is fundamental to the definition of "appraiser." Which statement is FALSE regarding STANDARD 1?
  • ANSWERS-It covers real and personal property appraisal development. Which statement is TRUE regarding a Recertification of Value?
  • ANSWERS-It does not change the effective date of the value. Which statement is TRUE regarding a workfile for an assignment in which a Restricted Appraisal Report is provided?
  • ANSWERS-The appraiser must maintain a workfile for this assignment Which statement is TRUE regarding The Appraisal Foundation and USPAP enforcement authority?
  • ANSWERS-The Appraisal Foundation does not have the authority to enforce the requirements of USPAP. Which statement is TRUE regarding the relationship between valuation services and appraisal practice?
  • ANSWERS-Appraisal practice is a subset of valuation services. Which statement is TRUE regarding USPAP and the appraisal review process for real property?
  • ANSWERS-If the reviewer develops his or her own opinion of value, it must be developed under the requirements of STANDARD 1. Which statement is TRUE regarding USPAP and the three approaches to value?
  • ANSWERS-An assignment condition may require an appraiser to develop an approach that he or she would otherwise consider unnecessary.

Which statement regarding bias in an appraisal assignment is TRUE?

  • ANSWERS-An appraiser is never permitted to perform an assignment with bias. Which step in the appraisal process involves communication of the appraiser's opinions and conclusions?
  • ANSWERS-reporting Who is responsible for issuing credentials to individual appraisers?
  • ANSWERS-State appraisal regulatory agencies Who makes the identification of the intended use in an assignment?
  • ANSWERS-the appraiser