USPAP Questions and Answers Already

USPAP Questions and Answers Already Passed

Personal property brokerage/dealership, appraisal reviews, and personal property appraisals are all included within appraisal practice.valuation services.market analysis.consulting. ✔✔valuation services.

The PREAMBLE of USPAP states that the Standards are

• limited to appraisers who are accredited or certified by appraisal organizations.
• only for appraisers.
• only for users of appraisal services
• for appraisers and users of appraisal services. ✔✔B. for appraisers and users of appraisal

services.

According to USPAP, the party or parties who engage an appraiser in a specific assignment defines the

• appraiser's peers.
• party who pays the fee.
• other intended user
• client. ✔✔A. client.

For real property appraisers, USPAP is enforced by

• the Appraisal Standards Board.
• the Appraisal Subcommittee, through Congress.
• The Appraisal Foundation.
• state regulatory agencies. ✔✔D. state regulatory agencies.

For personal property appraisers, USPAP is enforced by

• the Appraisal Subcommittee, through Congress.
• accrediting and certifying professional membership organizations.
• state regulatory agencies.
• the Appraisal Standards Board. ✔✔A. accrediting and certifying professional membership

organizations.

USPAP is developed, interpreted, and amended by the

• Appraiser Qualifications Board.
• Appraisal Subcommittee.
• Appraisal Standards Board.
• state regulatory agencies ✔✔A. Appraisal Standards Board.

Appraisal practice includes only

• assignments completed by state credentialed appraisers.
• are not an integral part of USPAP and are extensions of the Standards Rules.
• appraisal and appraisal review assignments.
• valuation services performed by an individual acting as an appraiser. ✔✔B. valuation services

performed by an individual acting as an appraiser.

If an appraiser assumes a condition to be true that does not exist for purposes of analysis, this is an example of

• a limiting condition.

• an extraordinary assumption.
• an assumption.
• a hypothetical condition ✔✔D. a hypothetical condition

Why are USPAP Advisory Opinions issued?

• to interpret existing standards.
• to revise existing standards
• to illustrate the applicability of appraisal standards.
• to establish new appraisal standards. ✔✔A. to illustrate the applicability of appraisal

standards.

If an appraiser assumes that uncertain information used in an analysis for a specific assignment is true, this is an example of

• an assumption.
• an extraordinary assumption.
• a limiting condition.