USPAP Section 1 Exam 25 Questions with Answers,100% CORRECT

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USPAP Section 1 Exam 25 Questions with Answers Problem Identification - CORRECT ANSWER The USPAP Appraisal Process begins with Disclose the scope of work in the report - CORRECT ANSWER The scope... of work Rule establishes three general requirements; identify the problem to be solved; determine the appropriate scope of work, and Standard 2 - CORRECT ANSWER Which USPAP Standard addresses the reporting of an individual real property appraisal? Illustrates the applicability of USPAP in specific situations - CORRECT ANSWER Shelia had concerns about an appraisal situation, and she was uncertain how to proceed. Shelia then consulted the USPAP Advisory Opinions, which Advisory Options - CORRECT ANSWER Which is not a part of USPAP? Different appraisal regulations among the states - CORRECT ANSWER Which is not one of the factors that led to a need for regulation in the appraisal profession? Appraisal Subcommittee (ASC) - CORRECT ANSWER Which board or entity maintains the official national registry of state certified and licensed appraisers? Title XI of FIRREA - CORRECT ANSWER The Appraisal Subcommittee monitors the activities of TAF to determine if policies and procedures are consistent with Appraisal Subcommittee (ASC) - CORRECT ANSWER is responsible for federal oversight of state real estate appraiser licensing and certification agencies. State Regulatory Agencies - CORRECT ANSWER Who is responsible for enforcing USPAP? Relationship to a previous appraisal or numerical benchmark. - CORRECT ANSWER An appraisal must be a specific number, a range of numbers, or a(n) An authorized representative of the lender - CORRECT ANSWER In an assignment for which the appraiser was hired by an appraisal management company (AMC), the appraiser may consider the lender the client as long as the AMC is By name or type - CORRECT ANSWER Intended users in a specific assignment must be identified Preference or inclination - CORRECT ANSWER USPAP defines bias as a ________ that precludes an appraiser's impartiality, independence, or objectivity in an assignment. Assignment results - CORRECT ANSWER are the appraiser's opinions and conclusions developed specific to an assignment. Identified by the client as confidential and not available from any other source - CORRECT ANSWER Per the USPAP definition, in order for information to be considered confidential, the information must be Performed only by appraisers - CORRECT ANSWER Appraisal practice is best described as a service that is practice is not permitted. - CORRECT ANSWER While in the role of an appraiser, advocacy identifies applicable requirements and guidance. - CORRECT ANSWER A Standards Rule Valuation services with no performance requirements - CORRECT ANSWER A real estate agent providing a range of sale prices for a market area is engaged in Appraisal practice with no applicable standards - CORRECT ANSWER A real property appraiser teaching appraisal is engaged in Appraisal practice with no performance standards or record keeping requirements. - CORRECT ANSWER A lender called an appraiser to determine the high and low sales prices in the past year that took place in the Green Hills Subdivision. No mention was made of a subject property by the lender. The appraiser supplied a list of all of the comparable sales in the subdivision and billed the lender for service. The service provided by the appraiser is Inquire about the intended user's expectations - CORRECT ANSWER A valuation service performed by an individual acting as an appraiser requires the appraiser to Appraisal practice with performance obligations - CORRECT ANSWER When an appraiser supplies all sale data that he feels is most relevant for a particular property, the service is Appraisal Standards Board (AQB) - CORRECT ANSWER The board that develops, interprets, and amends USPAP is the [Show More]

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