Deck #4

Question 1

According to A0-3, Update of a Prior Appraisal, how should you treat an assignment that’s an update of a previous appraisal?

Answer 1

as a new assignment

Question 2

A property owner wants an appraiser for the purpose of getting a mortgage through a financial institution. What obligation does he have according to A0-25?

Answer 2

obligated to inform he property owner that the appraiser must be directly engaged by the financial institution

Question 3

An appraiser has performed a rent survey to conclude the market rental terms for a specific property. How does the guidance in A0-21 characterize this service?

Answer 3

An appraisal subject to STANDARDS 1 and 2

Question 4

What is an evaluation performed by an individual acting as an appraiser according to the guidance provided in A0-13?

Answer 4

an appraisal

Question 5

Guidance published as “other communication” to illustrate standards in specific situations is ______

Answer 5

advisory opinions

Question 6

What portion of USPAP does an appraiser violate if he or she unintentionally fails to adhere to assignment conditions?

Answer 6

competency rule

Question 7

When an appraiser is engaged to perform an assignment for use by a federally regulated institution, what is the appraiser obligated to do according to A0-30?

Answer 7

Identify laws and regulations that apply to the assignment

Question 8

An appraisal leaved to work in another state. What should he do with the workfiles at the appraisal firm?

Answer 8

arrange appropriate access for the required retention period

Question 9

And appraiser and his associate signed the certification to an appraisal they both worked on. What must the certification disclose?

Answer 9

Clearly disclose which individuals did and did not make a personal inspection of the appraised property

Question 10

When a trainee provides significant assistance but does not sign the report, what obligation does USPAP require?

Answer 10

The name of the trainee must be stated

Question 11

T/F: The USPAP Q & As and the FAQS are issued to inform appraisers, enforcement officials, and users of appraisal services of the responses to questions received by the ASB

Answer 11

True

Question 12

When the effective date is contemporaneous (same time ) with the date of the report, it is best defined as what date?

Answer 12

current date

Question 13

The comparison chart presented in A0-38 addresses the two report options in STANDARD 2 and what other standard?

Answer 13

8 and 10

Question 14

A discounted cash flow analysis might be used in assignments of various property types, but what property type is specifically addressed in A0-33 on the subject of discounted cash flow analysis?

Answer 14

real property

Question 15

The answer to “what is reasonable exposure time” should always incorporate the answers to what question?

Answer 15

what kind of property at what value range?

Question 16

How is A0-18, use of an automated valuation model (AVM) different from A0-37, computer assisted valuation tools?

Answer 16

AVMs may be used to derive a valuation conclusion, and computer assisted valuation tools are focused on a specific approach or analytical process

Question 17

Discounted cash flow analysis is a tool used in what method of valuation?

Answer 17

yield capitalization

Question 18

What is the primary type of analysis performed by computer assisted valuation tools?

Answer 18

regression analysis

Question 19

What is one element in a Restricted Appraisal Report that requires the appraiser to summarize rather than state the content requirements?

Answer 19

the results of analyzing the subject sales, agreements of sale, options, and listings

Question 20

What is the primary concern when you use a retrospective or prospective date in a valuation assignment?

Answer 20

The appraiser’s report has the potential to be misleading

Question 21

Can the client in an appraisal assignment be more than one individual?

Answer 21

Yes, the client may be a group or an entity

Question 22

For assignments involving personal property based on a market value opinion, the appraiser must analyze prior sales of the subject property over what time period?

Answer 22

Within a reasonable and applicable time period

Question 23

Due to security issues at the subject property, the appraiser’s inspection of the military facility is limited from what was originally agreed. What aspect of development is affected by this change?

Answer 23

the scope of work

Question 24

The assignment is the value of a proposed building on a vacant site. If the client wants a value of the property with the proposed building as if completed as of a current date, what assignment condition should the appraiser use?

Answer 24

hypothetical condition

Question 25

If an appraiser states that the purpose of the assignment is to analyze and develop a value of the controlling interest in a regional retail development, what type of assignment is this and what USPAP obligation does the appraiser have?

Answer 25

This is an appraisal of a business enterprise and Standards 9-10 and 1 and 2 must be followed

Question 26

According to the record keeping rule, what item in the appraiser’s workfile must have a signature?

Answer 26

appraiser’s certification

Question 27

T/F: USPAP requires the definitions of extraordinary and hypothetical conditions to be included in the report

Answer 27

False

Question 28

If an appraiser incorrectly identified the relevant characteristics of the subject property, how does USPAP classify this type of error?

Answer 28

an error of commission

Question 29

What organization sets the Congressionally authorized standards and qualifications for real estate appraisers?

Answer 29

The Appraisal Foundation

Question 30

In USPAP’s PREAMBLE an individual should comply with USPAP when representing oneself as an appraiser, but an appraiser must comply with USPAP when_______

Answer 30

required by law, regulation, or agreement with the client or other intended users

Question 31

According to USPAP, who may perform valuation services?

Answer 31

appraisers and others

Question 32

To get credible results on a real property appraisal, what is the first step an appraiser must do?

Answer 32

Identify the problem

Question 33

When an appraiser discloses the scope of work in an appraisal report, what must be true about that scope of work?

Answer 33

It is the scope of work actually performed by the appraiser

Question 34

Based on the requirements found in the ETHICS RULE, when must an appraiser comply with USPAP?

Answer 34

when required by law, regulation, or agreement with the client or other intended users

Question 35

When an individual performs a valuation service while acting in the role of an appraiser, how does USPAP identify the service?

Answer 35

appraisal practice

Question 36

When an appraiser considers the amount and type of information he will research, the decision that results is called _____

Answer 36

scope of work

Question 37

When comparing exposure time to marketing time, what significant difference stands out?

Answer 37

Exposure time is before the effective date and marketing time is after

Question 38

An appraiser is collecting market data in an assigment. What USPAP rule does not apply?
a: competency
b: jurisdictional exception
c: ethics
d: scope of work

Answer 38

d: scope of work