USPAP 15-hour Exam 64 Questions and Answers,100% CORRECT

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USPAP 15-hour Exam 64 Questions and Answers Appraisal - CORRECT ANSWER The act or process of developing an opinion of value Appraisal practice - CORRECT ANSWER Valuation services performed by an... individual acting as appraiser; including but not limited appraisal and appraisal review Appraisal review - CORRECT ANSWER The act or process of developing an opinion about the quality of another's appraisers work Appraiser - CORRECT ANSWER One who is expected to perform valuation services competently in a manner that is INDEPENDENT IMPARTIAL & OBJECTIVE Appraisers peers - CORRECT ANSWER Other appraisers who have expertise and competency in similar assignment Assignments - CORRECT ANSWER An agreement between appraiser and client to provide valuation service Assignment results - CORRECT ANSWER Appraisers opinions or conclusions developed on specific assignment Assumptions - CORRECT ANSWER That which is taken to be true Bias - CORRECT ANSWER A preference that precludes appraiser from being impartial, independent and objective Business enterprises - CORRECT ANSWER Entity pursuing an economic activity Business equity - CORRECT ANSWER Interest, benefits, rights inherent in the ownership of a business enterprise Client - CORRECT ANSWER The party or parties who engage, by employment or contract, an appraiser in a specific assignment. confidential information - CORRECT ANSWER Information that is either:private by law, identified by the client and is not available by any other source Cost - CORRECT ANSWER Amount required to create, produce or obtain property Credible - CORRECT ANSWER Worthy of belief Exposure time - CORRECT ANSWER Estimated length of time the prop interest being appraised WOULD have been offered on the market prior to the hypothetical sale at market value on eff date of appraisal. Extraordinary assumption - CORRECT ANSWER An assumption directly related to specific assignment, which is found to be true could alter the appraisers opinion or conclusion Feasibility analysis - CORRECT ANSWER Study of the cost-benefit relationship of an economic endeavor Hypothetical condition - CORRECT ANSWER Directly related to sub assignment, which is contrary to what is known by appraiser to exist on effective date of assignment, but is used for purpose of analysis Intangible property - CORRECT ANSWER No physical assets: franchises, trademarks, patents, equities, Intended use - CORRECT ANSWER Use of appraisers reported appraisal or review assignment opinion or conclusions as identified by the appraiser based on communication w client at time of assignment Intended user - CORRECT ANSWER The client or any other party as identified by name or type as users of the appraisal Jurisdictional exception - CORRECT ANSWER An assignment condition est by applicable law or reg that precludes an appraiser from complying with USPAP Market value - CORRECT ANSWER Type of value stated as opinion, that assumes transfer of property on specific date Mass appraisal - CORRECT ANSWER Process of valuing a universe of properties as of a given date using standard methodology, common data and statistical testing Mass Appraisal Model - CORRECT ANSWER A mathematical expression of how supply and demand factors interact in a market. Personal Property - CORRECT ANSWER Identifiable tangible objects that are considered by general public as being "personal". Price - CORRECT ANSWER The amount asked, offered or paid for a property Real estate - CORRECT ANSWER An identified parcel of land, including any improvements Real Property - CORRECT ANSWER The interests, benefits, and rights inherent in real estate ownership. Report - CORRECT ANSWER Any communication written or oral of an appraisal or appraisal review that is transmitted to the client upon completion Scope of work - CORRECT ANSWER Type and extent of research and analysis needed in appraisal assignment Signature - CORRECT ANSWER Personalized evidence indicating authenticity of an appraisal report. Acceptance of responsibility for content, analysis and conclusions Valuation services - CORRECT ANSWER Services pertaining to aspects of property value Value - CORRECT ANSWER Monetary relationship between property and those who buy, sell, use property Workfile - CORRECT ANSWER Collection of documentation to support an appraisers final report USPAP - CORRECT ANSWER Developed for purpose to promote & maintain public trust and confidence in professional appraisal. ASC - CORRECT ANSWER Appraisal Sub Committee: monitors TAF, non-profit. Supervisory role over state agencies & regs. FFIEC made up of 7 govt agencies FRB, OCC, FDIC, NCUA, HUD, FHFA, CFPB APB - CORRECT ANSWER Appraisal Practices Board: valuation advisory of techniques and methods of appraisal TAF - CORRECT ANSWER The Appraisal Foundation: private/ no legal governance, non-profit BOT - CORRECT ANSWER Board of Trustees: appoints members to other boards, secures funding for TAF, monitors/oversight of TAF, 3 boards & councils ASB - CORRECT ANSWER Appraisal Standards Board: revises USPAP- 2 year update, subject, content. Sets Definitions, Preamble, Rules, Standards, and Statements AQB - CORRECT ANSWER Appraisal Qualification Board: sets min education requirements/criteria, creates National Uniform Licensing and exams, certifies instructors & courses Title XI - CORRECT ANSWER FIRREA accepted by Congress, OMB, IRS and Fannie Mae 3 TAF Sponsors - CORRECT ANSWER Appraisal Sponsor, Affiliate Sponsor, International Sponsor 3 TAF Councils - CORRECT ANSWER The Appraisal FoundationAdvisory Council TAFAC Industry Advisory Council IAC Value Global Forum VGF State regulatory agencies - CORRECT ANSWER Validate qualifications, issue credentials, investigate complaints, admin disciplinary actions USPAP Structure - CORRECT ANSWER -Definitions - Preamble - Rules (5): ethics, competency, record keeping, scope of work, jurisdictional exception. - Standards 1-10 - Statements on Standards STANDARDS 1-10 - CORRECT ANSWER 1- Real Prop App/ Development 2- Real Prop App/ Reporting 3- Appraisal Review/ Dev & Reporting 6- Mass Appraisal/ Dev & Reporting 7- Personal Prop App/ Development 8- Personal Prop App/ Reporting 9- Business App/ Development 10- Business App/ Reporting "Statements" - CORRECT ANSWER Authorized by bi-laws of TAF and are for Clarification, Interpretation, Explanation or Elaboration of USPAP "Comments" - CORRECT ANSWER Same weight as component being addressed. Extensions of definition and rules to provide interpretation and establish content. Steps of Appraisal Process - CORRECT ANSWER 1- Define problem 2- define scope of work 3- data collection & Analysis 4- application of approaches to value 5- reconciliation of value, final opinion 6- Report/ Defined value 2 Elements of Appraisal process - CORRECT ANSWER - Development - Reporting USPAP applies only to _______________ - CORRECT ANSWER Appraisal Practices performed by appraisers Services provided by Appraisal Practice - CORRECT ANSWER Appraisal, Appraisal review, other(teaching, studies, articles, legal) Types of Property covered by USPAP - CORRECT ANSWER Tangible and Intangible Scope of work rule - CORRECT ANSWER -problem identification -scope of work acceptability -disclosure obligation Appraisers have broad _________________ and significant ________________ in determining the appropriate scope of work in an assignment - CORRECT ANSWER Flexibility, responsibility Scope of work: Problem Identification - CORRECT ANSWER Client and other intended users Intended use Type and definition of value Effective date Subject of assignment Assignment conditions Scope of work acceptability - CORRECT ANSWER Expectation of parties who are regularly intended users AND what an appraiser peers actions would be Intended Use determines definition of _________________ if given assignment - CORRECT ANSWER Market value Summarized report where the client and intended user are different - CORRECT ANSWER Appraisal report Stated conclusion info kept in workfile. Client is the only intended user - CORRECT ANSWER Restricted report In developing a real property appraisal, an appraiser must ______________, _________________, and ______________ all information necessary for credible assignment results - CORRECT ANSWER Collect, verify, analyze [Show More]

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