USPAP Final Review Flashcards
1 - (D)
Which of the following establishes minimum criteria for Real Estate appraiser certification and licensing ?
1 - (D)
Appraiser Qualification board
2 - (D)
The primary purpose of Federal monitoring of state Real Estate appraiser licensing and certifying agents is to determine whether ____________________.
2 - (D)
Policies and procedures are consistent with title 11 of FIRREA.
3 - (D)
Development of which of the following is not addressed by standard rules?
3 - (D)
Recommended list price
4 - (B)
Which of the following best describes advisory opinions?
4 - (B)
They do not establish new standards or interpret existing standards but are issued to illustrate the applicability of appraisal standards in specific situations.
5 - ( )
USPAP defines an appraiser as one who __________________.
5 - ( )
is expected to perform valuation services competently and in a manner that is independent, impartial, and objective.
6 - (D)
Under USPAP, confidential information is information that is classified as confidential or private by law or regulation or information the appraiser _____________________.
6 - (D)
receives from the client and is identified by the client as confidential and is not available from other sources.
7 - (B)
The type and extent of research analysis in an assignment defines?
7 - (B)
Scope of Work
8 - (D)
When an issue necessary to the development of the value opinion is uncertain as of the effective date of the assignment results, the appraiser will use ____________________.
8 - (D)
Extraordinary Assumption
9 - (D)
An intended user is _________________.
9 - (D)
A party who is identified by the appraiser at the time of the assignment.
10 - (D)
Appraisal practice includes?
10 - (D)
All valuation services performed by an individual as an appraiser.
11 - (A)
An appraiser provides an opinion of market rent for a property. This is an example of _______________.
11 - (A)
an appraisal.
12 - (A)
An appraiser’s peers are defined as other appraisers who _____________.
12 - (A)
have expertise and competency in a similar type of assignment.
13 - (D)
The subject of an appraisal review assignment may be _____________.
13 - (D)
Any work completed as part of an appraisal for an appraisal review assignment.
14 - (C)
The preamble states that the appraisal standards board promulgates USPAP _______________.
14 - (C)
for appraisers and the users of appraisal services.
15 - ( )
Real Estate brokerage, appraisal reviews, and automobile appraisals are all included in __________________.
15 - ( )
Valuation Services
16 - (C)
If an appraiser agrees to perform an assignment to assist a client in pricing property for sale, the assignment is __________________.
16 - (C)
a valuation service to which USPAP applies.
17 - (D)
An electronic signature may be used only if the _________________.
17 - (D)
appraiser applies it or authorizes its use for a specific assignment.
18 - (D)
An appraiser was requested to assist an attorney in developing an opinion of market value and advocate the interest of the client in litigation. This assignment is ______________________.
18 - (D)
not permitted under USPAP
19 - (D)
If a subject property sold more than one time in the USPAP prescribed period prior to the effective date of the appraisal which of the sales must be analyzed?
19 - (D)
All sales in the time period prescribed in USPAP must be analyzed.
20 - (A)
The ethics rule states that the appraiser must _____________________.
20 - (A)
Promote and preserve the public trust inherent in appraisal practice.
21 - (D)
If an appraiser lacks the knowledge or experience to complete an assignment competently, in order to engage in this assignment the appraiser must _________________.
21 - (D)
disclose to the client the lack of knowledge or experience prior to agreeing to perform the assignment.
22 - (A)
Prior to completing an assignment for which he or she does not have the necessary knowledge or eexperience an appraiser engaged to appraise a specific type of property must ________________________.
22 - (A)
have the necessary knowledge and experience to complete the assignment competently.
23 - (B)
An appraiser completed an appraisal report on March 10, 2016. The appraiser provided testimony related to the assignment on March 10, 2018. Final disposition of the litigation related to the appraisal occurs on March 10, 2020. The appraiser must retain the work file until March 10th of _______________.
23 - (B)
2022
24 - (D)
Identification of the intended use of an appraisers opinions and conclusions is ________________.
24 - (D)
necessary for determining the appropriate scope of work.
