USPAP 7 hour course Ch 3 and 4 quiz

Question 1

Assuming a first offense, which of these actions by an appraiser would be the most significant violation of USPAP, according to the Voluntary Disciplinary Action Matrix?

Answer 1

Using significant parts of another appraisers report without permission.

Question 2

Which statement is true regarding the Appraisal Foundations Voluntary Disciplinary Action Matrix (VDAM)?

Answer 2

It is intended to help states provide consistency in sanctions issued to violators.

Question 3

Which statement is true regarding mitigating circumstances as outlined in the Voluntary Disciplinary Action Matrix?

Answer 3

Mitigating circumstances can result in a lesser sanction being issued, but they do not excuse the violation.

Question 4

Which of these actions by an appraiser would be considered an aggravating circumstance and would most likely result in an increased sanction for performing an appraisal that did not comply with USPAP?

Answer 4

The error was committed by a trainee and the appraiser failed to exercise due diligence in the supervision of the trainee.

Question 5

An appraiser is providing a market value opinion on real property and wants to determine if they are required to perform in compliance with USPAP. When must an appraiser comply with USPAP when completing this assignment?

Answer 5

When required by law, regulation, or agreement with the client.

Question 6

A new appraiser trainee is reading USPAP. What can this individual expect to find in USPAP?

Answer 6

Required rules for ethical behavior and performance. It does NOT incl Advice regarding Appraisal best practices and does not incl Guidance for handling appraisals on problem properties. Only the Aos and FAQs provide guidance on how to resolve specific problems.

Question 7

The USPAP publication is available in both hard copy and electronic format. What is an advantage to using the electronic version of USPAP?

Answer 7

The electronic version is searchable using a word or phrase.

Question 8

FAQs and AO’s are an important component of the USPAP publication. Which statement best describes the role of FAQs?

Answer 8

They illustrate the applicability of USPAP in specific situations.

Question 9

Which are items of USPAP?

Answer 9

DEFINITIONS, PREAMBLE, RULES

Question 10

Most Advisory Opinions are similar in structure. Which of these are typical components of an AO?

Answer 10

The Issue, Illustrations, Advice from the ASB on the issue

Question 11

Which statement is true regarding the ASB, AO, and the exposure process?

Answer 11

AO are not required to be exposed in order to be adopted or revised, but the ASB typically exposes them anyway.

Question 12

In which part of an AO might you find an example of language that could be used in an appraisal report?

Answer 12

Illustrations

Question 13

You are searching in the FAQs section of the USPAP publication for an FAQ on a particular topic related to appraisal reporting. Which of these is the BEST advice to help you find your FAQ?

Answer 13

FAQs are arranged in the same order as the topics in USPAP.

Question 14

An appraiser is referencing an FAQ in the USPAP publication to solve an appraisal problem. Which statement about the advice provided in the referenced FAQ is most correct?

Answer 14

The advice presented in the FAQ does not represent the only possible solution to the issue.

Question 15

Which of these would be more narrowly focused?

Answer 15

A FAQ

Question 16

An appraiser is preparing an appraisal in compliance with both USPAP and an international valuation standard. What advice does the ASB provide in this situation?

Answer 16

Use the bridge document prepared jointly by ASB and IVSC.

Question 17

An appraiser is valuing a property with an effective date of June 1, 2017. The appraiser inspected the property on Dec 18, 2019 and trasmitted the report to the client on Feb 11, 2020. With which edition of USPAP must the appraiser comply in this assignment?

Answer 17

2020-2022 Edition

Question 18

An appraiser is valuing a residential property. In order to develop a credible value opinion, an appraiser must:

Answer 18

Obtain sufficient information about the property’s physical characteristics from reliable sources. (A personal inspection by the appraiser is not required…)

Question 19

What does the ASB advise appraisers to do in order to minimalize the likelihood of appraisal workfiles being damaged or destroyed in a natural disaster?

Answer 19

Create frequent backups of electronic workfiles.