Course 8 Pactice Test Flashcards
Which of the following statements is true?
USPAP indicates that it is essential for the appraiser to develop and communicate their analysis, opinions and conclusions in a manner that is not meaningful and not misleading.
In order to comply with USPAP an appraiser must meet the obligations of the rules and standards in the document.
USPAP does not establish which assignment must comply and who needs to comply.
The MAP Guide does not require an appraiser to comply with USPAP Standards Rule 1, Scope of Work Rule and
In order to comply with USPAP an appraiser must meet the obligations of the rules and standards in the document.
The Ethics Rule of USPAP contains which three sections?
Conduct, Reporting, and Management
Conduct, Confidentiality, Scope of Work
Conduct, Management, Confidentiality
Conduct, Reporting, and Confidentiality
Conduct, Management, Confidentiality
The appraisal process requires the appraiser to collect, record and verify:
Only data on the subject property’s neighborhood
Data on all neighborhood’s in the city with which the appraiser is unfamiliar
Data on the region, city and neighborhood
Data on an annual basis
Data on the region, city and neighborhood
Which of the following is NOT a question to ask during the appraisal review?
Are the required certifications included in the reports?
Are the rental rates reasonable?
Did the appraiser appraise the correct property?
Does the borrower have the financial capability to cover cash shortfalls?
Does the borrower have the financial capability to cover cash shortfalls?
What does the underwriter look for when reviewing the highest and best use in an appraisal?
That the highest and best use of the improved land is as-developed.
That the appraiser has included the highest and best use of surrounding sites.
That the highest and best use of all land is as-developed.
That the analysis is property specific, has completed the four steps, and has sound conclusions.
That the analysis is property specific, has completed the four steps, and has sound conclusions.
Which of the following is NOT true as it relates to the Uniform Standards of Professional Appraisal Practice?
The purpose of the USPAP is to provide and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers.
An appraiser must comply with USPAP when obliged by law or regulation, or by agreement with the client or intended users.
The HUD Map program and its requirements do not require an appraiser to comply with USPAP.
There are rules (Ethics and others) in addition to 10 current standards that are part of USPAP, 2 of which have been retired.
The HUD Map program and its requirements do not require an appraiser to comply with USPAP.
The HUD Map Guide requires which of the following in terms of reporting?
The appraiser must follow one of the three types of appraisal reports: self contained, summary, or restricted use report.
The narrative report must conform to USPAP, and the claim forms, format and style are functions of needs of client and intended users.
The report must be limited based on restricted use of a property.
The appraiser can choose which report style is necessary based on scope of work.
The narrative report must conform to USPAP, and the claim forms, format and style are functions of needs of client and intended users.
What market analysis term is defined as the differentiation of a subject property from other properties on the basis of subclassifications with differing product characteristics?
Market segmentation
Disaggregation
Boundaries
Neighborhood
Disaggregation
Which of the following is considered a secondary source of data?
Private demographic firms
Public records
People in the industry
Published new articles
Private demographic firms
Which of the following is NOT a correct statement of how markets may be defined?
Markets may be defined in terms of products (food)
Markets may be defined in terms of regional amenities (public parks)
Markets may be defined in terms of product features (four-bedroom homes with swimming pools)
Markets may be defined in terms of geography, (metropolitan area)
Markets may be defined in terms of regional amenities (public parks)
