Highlights

Question 1

Providing _____ appraisal services

Answer 1

Credible

Question 2

USPAP created to promote and maintain _________

Answer 2

Public trust

Question 3

Appraisal subcommittee is a result of what?

Answer 3

FIRREA

Question 4

Is the appraisal subcommittee part of TAF?

Answer 4

No

Question 5

What does the ASC oversee?

Answer 5

State appraisal licensing and certification agencies

Question 6

The USPAP blueprint states that appraisers develop and communicate in a manner that is?

Answer 6

Meaningful and not misleading

Question 7

What USPAP standards are we focused on?

Answer 7

Standards 7 & 8

Question 8

Are there any active USPAP statements?

Answer 8

No

Question 9

Advisory opinions includes?

Answer 9

Guidance material

Question 10

Is the advisory opinions part of USPAP?

Answer 10

No

Question 11

What does the advisory opinion illustrate about USPAP?

Answer 11

Applicability

Question 12

What is the preference or inclination that precludes an appraiser’s impartiality, independence or objectivity?

Answer 12

Bias

Question 13

What are assumptions?

Answer 13

That’s which is taken to be true

Question 14

What is presumed as fact otherwise uncertain information?

Answer 14

Extraordinary Assumptions

Question 15

What is a condition that is contrary to what is known, but is used for the purpose of analysis

Answer 15

Hypothetical Condition

Question 16

What is the length of time that the property would have been offered to the market prior to a sale or prior to the effective appraisal date?

Answer 16

Exposure time

Question 17

What is an opinion? Cost, price or value?

Answer 17

Value

Question 18

What are the approaches to value?

Answer 18

Cost, market sales and income

Question 19

Who engages and communicates directly or through an agent?

Answer 19

Client

Question 20

What is between an appraiser and a client to provide valuation services?

Answer 20

Assignment

Question 21

What are an appraiser’s opinion or conclusion?

Answer 21

Assignment results

Question 22

Information that is identified by the client as confidential and not available from another source

Answer 22

Confidential information

Question 23

A report can be written or oral?

Answer 23

True

Question 24

What authenticates a report?

Answer 24

Signature of the appraiser

Question 25

What documents support the appraiser's analysis, opinions and conclusions?

Answer 25

Work file

Question 26

What law made it so appraiser's had to uphold confidentiality?

Answer 26

Gramm Leach Bliley Act

Question 27

Who performs valuation services?

Answer 27

Appraiser's and others

Question 28

USPAP only applies to appraisal practices

Answer 28

True

Question 29

USPAP applies compliance is required when obligated by?

Answer 29

Law, regulation and agreement

Question 30

Appraiser conduct should perform?

Answer 30

Independently, impartially and objectively

Question 31

An appraiser's conduct should never include?

Answer 31

Misrepresent role

Question 32

An appraiser's communication should never ?

Answer 32

Mislead or defraud

Question 33

What should the appraiser's context be for disclosing obligations?

Answer 33

Current interest, services within 3 years and to not disclose appraised property

Question 34

Can an appraiser sign another signature with out permission?

Answer 34

No

Question 35

NPI?

Answer 35

Non public information

Question 36

Is publicly available information protected?

Answer 36

No unless the person has made public information private

Question 37

Appraiser can not disclose information other than?

Answer 37

The client, parties authorized by the client, state agencies and peer review committee

Question 38

Assignment results are confidential and include what?

Answer 38

Opinions and conclusions

Question 39

What is not an assignment result?

Answer 39

Physical characteristics

Question 40

``` A work file includes Copy of report Summary of oral report Evidence of Compliance ? ```

Answer 40

Client identity

Question 41

How long should you keep a work file?

Answer 41

5 years or 2 years after a final disposition. Whichever expires last

Question 42

What applies to competency?

Answer 42

Intended use Laws Analytics method

Question 43

How is one competent on an appraisal?

Answer 43

Identify the problem Knowledge to complete Comply with laws

Question 44

What is measured in context of the intended use of a work file?

Answer 44

Credibility

Question 45

``` What else is part of an assignment elements? Client Users Use Definition of value ? ? ? ```

Answer 45

Effective date Subject and relevant characteristics Assignment conditions

Question 46

What is determined by the appraiser's?

Answer 46

Clients facts Knowledge of laws Expertise

Question 47

What is acceptable expectations that meets or exceeds?

Answer 47

Similar assignments | Appraiser's peers similar actions

Question 48

What must you disclose in a report?

Answer 48

Scope of work

Question 49

For the jurisdiction exception rule what are the 4 requirements?

Answer 49

Identify Comply Disclose Cite

Question 50

Standard rule 7 terms deal with exposure time and?

Answer 50

Extraordinary assumptions Hypothetical conditions Assumptions

Question 51

What are the 2 dates that USPAP requires?

Answer 51

Effective evaluation date | Issue date of report

Question 52

What type of characteristics does standard rule 7 want identified?

Answer 52

Relevant

Question 53

Value can be determined by appropriate market and?

Answer 53

Market level for type of item

Question 54

What do appraiser's need to know to understand about different values?

Answer 54

Distinct levels of trade and correct markets

Question 55

What are the 3 approaches to value?

Answer 55

Cost, sales comparison and income capitalization

Question 56

What do appraiser's do when they see invoices, options and listings and sales in a reasonable time period

Answer 56

Analyze

Question 57

How do we reconcile data

Answer 57

Quality and quantity

Question 58

What are the 2 reports you can write?

Answer 58

Appraisal and restricted appraisal report

Question 59

Who can you put on an appraisal report?

Answer 59

Intended users other than the client

Question 60

Should you always have a sign certification on an oral report?

Answer 60

Yes

Question 61

To review a work you can use what 2 parts of the report or work file?

Answer 61

Part or all

Question 62

Reviewer must comply with?

Answer 62

Applicable standards

Question 63

What may be different from the original appraisal?

Answer 63

Scope of work?

Question 64

Always need to state the appropriate dates in a report?

Answer 64

Yes

Question 65

What requires analysis of subjects with in 3 years?

Answer 65

Subjects history

Question 66

What is the process of validating a universe of properties?

Answer 66

Mass appraisal

Question 67

What has a mathmatical expression of how supply and demand interact tha market?

Answer 67

Mass appraisal model

Question 68

Mass appraisal procedures and info require what?

Answer 68

Models