Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

USPAP > USPAP Final Review > Flashcards

USPAP Final Review Flashcards

1
Q

1 - (D)

Which of the following establishes minimum criteria for Real Estate appraiser certification and licensing ?

A

1 - (D)

Appraiser Qualification board

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

2 - (D)

The primary purpose of Federal monitoring of state Real Estate appraiser licensing and certifying agents is to determine whether ____________________.

A

2 - (D)

Policies and procedures are consistent with title 11 of FIRREA.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

3 - (D)

Development of which of the following is not addressed by standard rules?

A

3 - (D)

Recommended list price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

4 - (B)

Which of the following best describes advisory opinions?

A

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.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

5 - ( )

USPAP defines an appraiser as one who __________________.

A

5 - ( )

is expected to perform valuation services competently and in a manner that is independent, impartial, and objective.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

6 - (D)

Under USPAP, confidential information is information that is classified as confidential or private by law or regulation or information the appraiser _____________________.

A

6 - (D)

receives from the client and is identified by the client as confidential and is not available from other sources.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

7 - (B)

The type and extent of research analysis in an assignment defines?

A

7 - (B)

Scope of Work

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

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 ____________________.

A

8 - (D)

Extraordinary Assumption

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

9 - (D)

An intended user is _________________.

A

9 - (D)

A party who is identified by the appraiser at the time of the assignment.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

10 - (D)

Appraisal practice includes?

A

10 - (D)

All valuation services performed by an individual as an appraiser.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

11 - (A)

An appraiser provides an opinion of market rent for a property. This is an example of _______________.

A

11 - (A)

an appraisal.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

12 - (A)

An appraiser’s peers are defined as other appraisers who _____________.

A

12 - (A)

have expertise and competency in a similar type of assignment.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

13 - (D)

The subject of an appraisal review assignment may be _____________.

A

13 - (D)

Any work completed as part of an appraisal for an appraisal review assignment.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

14 - (C)

The preamble states that the appraisal standards board promulgates USPAP _______________.

A

14 - (C)

for appraisers and the users of appraisal services.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

15 - ( )

Real Estate brokerage, appraisal reviews, and automobile appraisals are all included in __________________.

A

15 - ( )

Valuation Services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

16 - (C)

If an appraiser agrees to perform an assignment to assist a client in pricing property for sale, the assignment is __________________.

A

16 - (C)

a valuation service to which USPAP applies.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

17 - (D)

An electronic signature may be used only if the _________________.

A

17 - (D)

appraiser applies it or authorizes its use for a specific assignment.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

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 ______________________.

A

18 - (D)

not permitted under USPAP

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

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?

A

19 - (D)

All sales in the time period prescribed in USPAP must be analyzed.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

20 - (A)

The ethics rule states that the appraiser must _____________________.

A

20 - (A)

Promote and preserve the public trust inherent in appraisal practice.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

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 _________________.

A

21 - (D)

disclose to the client the lack of knowledge or experience prior to agreeing to perform the assignment.

22
Q

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 ________________________.

A

22 - (A)

have the necessary knowledge and experience to complete the assignment competently.

23
Q

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 _______________.

A

23 - (B)

2022

24
Q

24 - (D)

Identification of the intended use of an appraisers opinions and conclusions is ________________.

A

24 - (D)

necessary for determining the appropriate scope of work.

25
Q

25 - (B)

The identification of relevant characteristics is a _______________.

A

25 - (B)

Judgement made by the appraiser.

26
Q

26 - (C)

The scope of work rule applies to all __________________.

A

26 - (C)

appraisal assignments.

27
Q

27 - (C)

The scope of work is appropriate if it is ____________________.

A

27 - (C)

sufficient to produce credible assignment results for the intended use.

28
Q

28 - (B)

The appraisal report must include a disclosure of the scope of work that _______________________.

A

28 - (B)

the appraiser performed in the assignment.

29
Q

29 - (A)

The jurisdictional exception rule?

A

29 - (A)

Preserves the balance of USPAP when compliant with a part of USPAP is precluded by law or regulation.

30
Q

30 - (D)

In an appraisal of a property with proposed improvements, an appraiser must examine?

A

30 - (D)

Documentation sufficient to identify the extent and character of the proposed improvements.

31
Q

31 - (C)

A review appraiser prepared an appraisal review and stated in the report that the reviewer had not inspected the subject property. Have any standard rules been violated and if so, why?

A

31 - (C)

The disclosure as stated was proper as part of the description of the scope of work.

32
Q

32 - (B)

In an appraisal review assignment the reviewer must always ____________________.

A

32 - (B)

Identify the purpose of the appraisal review.

33
Q

33 - (B)

When a reviewer offers a different opinion of value at a minimum, how must the appraisal review report present the support for the difference?

A

33 - (B)

By summarizing additional information and reasoning.

34
Q

34 - (C)

Which of the following must be summarized in a written mass appraisal report?

A

34 - (C)

Procedures for collecting, validating, and reporting data.

35
Q

35 - (D)

Level of Trade is a market reference in _________________.

A

35 - (D)

Personal Property Appraisal

36
Q

36 - (A)

When appraising a business equity interest the appraiser must identify _______________________.

A

36 - (A)

All relevant buy, sale, and option agreements.

37
Q

37 - (A)

If an appraiser agrees to develop an opinion of market value for a property which there is a current agreement of sale, the agreement of sale must be _________________________.

A

37 - (A)

Analyzed in the appraisal.

38
Q

38 - (C)

The income approach to value must b developed in an appraisal when _____________________.

A

38 - (C)

It is necessary for credible assignment results.

39
Q

39 - (A)

Who is responsible for the scope of work decision in an assignment?

A

39 - (A)

An appraiser

40
Q

40 - (A)

When must an appraiser develop an opinion of highest and best use?

A

40 - (A)

When necessary for credible assignment results.

41
Q

41 - (D)

In developing an appraisal the appraiser must ____________________.

A

41 - (D)

not commit a substantial error that significantly effects the appraisal.

42
Q

42 - (C)

What is the final step in appraisal development?

A

42 - (C)

Reconciliation

43
Q

43 - (B)

What specific requirements if any apply to the development of a value opinion that is based on non-market financing?

A

43 - (B)

Identify the financing terms and develop an opinion of their effect on value.

44
Q

44 - (B)

At a firm with multiple appraisers, clients require the chief appraiser to co-sign all report certification if reports of one staff appraiser were later found to contain USPAP violations the chief appraiser _____________.

A

44 - (B)

takes full responsibility for the assignment results and the contents of the report by signing the certification.

45
Q

45 - (C)

All appraisal reports must contain ____________________.

A

45 - (C)

Sufficient information to enable the intended users to understand the report properly.

46
Q

46 - (A)

If an appraiser excludes any of the approaches to value, how must the exclusion be addressed in an appraisal report?

A

46 - (A)

The reasons for the exclusions must be stated in the report.

47
Q

47 - (D)

The level of detail that must be communicated in an appraisal report is determined based on the ________________.

A

47 - (D)

Intended use and Intended user

48
Q

48 - (C)

How must the identity of intended users other than the client be communicated in an appraisal report?

A

48 - (C)

Stated by name or title.

49
Q

49 - (A)

Which of the following is required when using a hypothetical condition?

A

49 - (A)

The hypothetical condition must be clearly and conspicuously disclosed.

50
Q

50 - (A)

An appraisal report must ____________________.

A

50 - (A)

Summarizes the method and techniques employed.

USPAP (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions