27 Questions
Prior to accepting an assignment or entering into an agreement to perform any assignment, the appraiser must have the knowledge and experience to complete the assignment or the appraiser must:
All of the above
The appraiser should retain his/her records for an appraisal for at least:
5 Years
The act or process of developing an opinion of value or an opinion of value developed without invoking the DEPARTURE RULE is considered:
A Complete Appraisal
The act or process of developing an opinion of value or an opinion of value developed under and resulting from invoking the DEPARTURE RULE is considered:
A Limited Appraisal
Which of the following are typically considered legally competent to conclude that there has been a violation of USPAP?
A state licensing/certification agency
Review appraisers can only conclude and report that the appraisal report under review:
All of the above.
A current version of USPAP contains ten Statements on Appraisal Standards (3 of which are retired), which have _____of / than a 'Standards' Rule.
Full Weight
USPAP contains a Preamble, 5 rules, definitions, and ____ Standards.
10
The following is true about Advisory Opinions
The Advisory Opinions are not part of USPAP, however are sometimes included for convenience of reference. They do not have the same status as Statements on Appraisal Standards.
Which of the following does not comply with USPAP and should be eliminated from appraisal practice.
Letter Opinion of Value
The following is performed to confirm whether or not the conditions of an appraisal have been met. This will not change the effective date of the value opinion.
Recertification of Value
Which of the following develops, publishes, interprets and amends the Uniform Standards of Professional Appraisal Practice (USPAP)?
ASB
Record Keeping is a section of which of the following USPAP rules?
Ethics Rule
According to USPAP, an assumption, directly related to a specific assignment, which, if found to be false, could alter the appraisers opinions or conclusions is the definition of a:
Extraordinary Assumption
The USPAP now identifies two types of appraisal assignments. They are;
Complete and Limited
An appraiser typically uses how many approaches to analyze the value of a property?
Three
All or part of a Standards Rule of USPAP from which departure is not permitted are considered:
Binding Requirements
According to USPAP, Departure applies to:
Development of an assignment
If an appraisal is completed by one appraiser, yet signed by a review appraiser as well, who is responsible for the appraisal?
Both A and B
The term 'Client' is defined in the definitions section of USPAP as:
The party or parties who engage an appraiser in a specific assignment.
The interests, benefits, and rights inherent in the ownership of real estate is defined as:
Real Property
The definition of 'Real Estate' is:
An identified parcel of land, including improvements, if any.
The appraiser must recognize that land is appraised as:
All of the above
In developing a real property appraisal, when the value opinion to be developed is market value, an appraiser must analyze any prior sale of the subject property that occurred within the following minimum time periods:
Three years for all property types
When applicable, the appraiser must consider and analyze the cash flow return(s) and reversion(s) to the specified investment position over a projected time period(s), when performing:
Cash flow and/or investment analysis
When can a review appraiser form an opinion of value different from that in the report being reviewed.
The Opinion of value may be set forth in the review appraisal report, provided that they comply with Standards 3-2.
A Retrospective appraisal is:
When the effective date of the appraisal is prior to the date of the report.
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