USPAP 15-Hour Course 2024-2025. Questions & Answers. (Verified 100% Correct). Graded A+, Exams of Real Estate Management

Download USPAP 15-Hour Course 2024-2025. Questions & Answers. (Verified 100% Correct). Graded A+ and more Exams Real Estate Management in PDF only on Docsity! USPAP 15-Hour Course 2024-2025. All Questions & Answers. (Verified 100% Correct) Already Graded A+ 1. Limits the scope of work to the extent that the value opinion is not credible. 2. Precludes an appraiser's impartiality. 3. Limits report content, resulting in a misleading report. - ANSUnacceptable assignment condition. 12. USPAP divides the appraisal process into two distinct types of activity: - ANSDevelop and report 2-Stage - ANSAn appraisal review can be a _______________ assignment; an appraisal review and a value opinion by the reviewer. 3 - ANSUnder STANDARD 8, a personal property appraiser has _________ different report options. 3 years - ANSPrior to accepting an assignment, an appraiser must disclose any service he provided regarding the subject property for a period of 6 Standard Rules - ANSStandard 1 contains this many rules. A prospective appraisal - ANSDeveloping an opinion of value of a property as of a specific future date is: A reasonable and applicable time - ANSWhen appraising personal property, the appraiser must analyze prior sales of the subject over what time period? A signed certification must be inserted into the workfile - ANSIf a reviewer provides an oral report of an appraisal review: Advisory opinions - ANSNot part of USPAP; reference material only. All oral and written reports covered in USPAP - ANSWhich reports require a signed certification? All sales of the subject property that occurred within 3 years of the effective date of the appraisal. - ANSWhen analyzing the subject property's sales history in a real property appraisal assignment, an appraiser is required by USPAP to analyze An appraiser has been asked to complete an appraisal assignment. The fee is to be paid when when the loan closes. According to USPAP, may the appraiser accept the assignment under the conditions? - ANSNo An appraiser has the professional responsibility - ANSto identify the capacity in which he or she is performing. An appraiser is engaged to teach an appraisal course. What parts of USPAP apply? - ANSThe parts of USPAP that apply generally to appraisal practice. An appraiser must document the client's identity in the workfile. - ANSIf a client wishes to remain anonymous the appraiser must: An appraiser must obtain the necessary competency prior to accepting the assignment. - ANSFalse An appraiser prepared an appraisal report in April 2009. He testified in court regarding the value of the property in January 2010. The decision was rendered in February 2010 and was appealed in March 2010. The appellate court heard the case in January 2011 and remanded the case for reconsideration by the lower court final disposition of the case occurred in Sept 2011. At a minimum, how long must the appraiser retain his workfile? - ANSApril 2014 An appraiser who provides an appraisal service that is not an appraisal, appraisal review, or appraisal consulting assignment does not have workfile obligations associated with the assignment. - ANSTrue An appraiser's peers - ANSOthers who have expertise and competency in a similar type of assignment. An assignment condition may require an appraiser to develop an approach that he or she would otherwise consider unnecessary. - ANSUSPAP and the 3 approaches to value. An individual is not prohibited from providing valuation services that involve advocacy while acting as an appraiser. - ANSFalse Analyzed in the appraisal - ANSIf an appraiser is asked to appraise a property on which there is known, current agreement of sale, the agreement must be APB - ANSGuidance is voluntary. APB is a - ANSprivate entity. Appraisal Report or Restricted Use Appraisal Report - ANSA written business appraisal report must be prepared in accordance with: False - ANSA state passes a law requiring appraisers to keep their workfiles for 10 years after preparation. This is considered a jurisdictional exclusion under USPAP. False - ANSA workfile is not required in support of a Restricted Use Appraisal Report False - ANSAn appraiser must develop an opinion regarding the qualifications of the appraiser whose work is under review. FALSE - ANSAppraisals for federally regulated financial institutions often involve the use of the Jurisdictional Exception Rule. False - ANSAppraisers cannot be expected to be aware of all of the laws and regulations that apply to a particular assignment. False - ANSIdentification of the intended use of an appraisers opinions and conclusions is not necessary in most appraisal assignments. False - ANSIt is not permissible for a review appraiser to use an extraordinary assumption in a review assignment. False - ANSStandard Rules 1-5 require an appraiser to analyze the sales history of the comps False - ANSThe disclosure of a significant real property appraisal assistance provided in an appraiser's report is not required under USPAP. False - ANSThe use of the jurisdictional exclusion rule in an assignment is a matter of choice by an appraiser. False - ANSThere can be intended users other than the client for a Restricted Use Appraisal Report. False - ANSUnder certain circumstances, a reviewer may use information that was not available to the original appraiser to dispute the work of the appraiser. False - ANSUSPAP requires an appraiser to obtain a release from a previous client before appraising the same property for a new client. For the appraiser to acknowledge his/her ethical obligations. - ANSThe purpose of including a signed certification in an appraisal report. He is not permitted to "readdress" the report to Bank B. - ANSAn appraiser completes an appraisal for Bank A. Two months later, he is contacted by Bank B, who asks him to "readdress" his prior report to them.... Highest and Best Use Analysis - ANSSite as though vacant. Ideal Improvement Property as Improved Hypothetical condition - ANSWhen an appraiser provides a current value opinion on a proposed new building based upon the proposed improves are completed as of the effective date of the appraisal. Identify the problem - ANSThe first step in the appraisal process. Identify the special financing to form and develop an opinion on their effect on value. - ANSSpecial requirements when appraising the market value of a property subject to favorable financing. If an appraiser has appraised a property multiple times within the prior 3 years he must disclose the number of times he appraised the property to a prospective client. - ANSTrue In appraisal practice, advocating the cause or interest of any party or issue is - ANSnever permitted. In order to accept an assignment when an appraise initially lacks the knowledge and experience to complete an assignment competently he must - ANSDisclose to the client, prior to accepting, the lack of knowledge or experience. Intended use and intended users - ANSThe appropriate level of information in a real property appraisal consulting report is dictated by Is not an opinion of value - ANSAn appraisal consulting assignment: It serves as an appraiser's acknowledgement of his/her ethical obligations. - ANSIn a written appraisal report prepared under STANDARD 6, what is the purpose of a signed certification? Jurisdictional exception in an assignment - ANSIdentify the law, comply with the laws, disclose in the report the part of USPAP that is voided, and cite in the report the law that caused it. Jurisdictional exclusion example - ANSA probate court paying appraisers based on the value of the subject. Jurisdictional exclusion rule term "law" - ANSLegislative law, court-made laws, and administrative rules and ordinances. Market Analysis - ANSDemand Studies Supply Studies Marketability Studies Must be stated and state that its use may have affected the assignment results. - ANSAn extraordinary assumption used in an appraisal, Must state this fact in the review report - ANSIf a client witholds the identity of the appraiser who completed the work under review, the reviewer New Assignment - ANSIf a client requests a more current valuation on a property that was the subject of a prior assignment, this is a NOT - ANSAn appraiser who values an environmentally contaminated property is ________ required by the Competency Rule to be an expert in the scientific aspects of contamination. Not an appraisal, an no workfile is required - ANSAn appraiser provides raw AVM output to a lender. The is: Not consistent with market value - ANSA value opinion developed to reflect the most probable price under a forced sale condition is: not interchangeable - ANSAll market value definitions are: Not required by Standard 2 - ANSThe use of standard appraisal reporting forms. Not sign the certification - ANSIf a supervising appraiser makes changes to a trainee's report which the trainee does not agree with, the trainee should Not used as the basis to discredit the original appraiser's value opinion. - ANSA review appraiser may use additional information that was not available to the original appraiser as long as the information is: Notifications and not reports - ANSNotifications sent to property owners of the results of a mass appraisal, which may be required by public policy, are considered Occurrence of a jurisdictional exclusion - ANSIt is automatic when a law precludes compliance with a part of USPAP. One - ANSHow many STANDARDS address appraisal review? Oral appraisal report - ANSAn appraiser is permitted under USPAP to provide an __________of a business enterprise. Prohibited - ANSThe use of supported conclusions related to race, color, or religion in an appraisal may be ________________ by applicable law. The appraiser must analyze such data as are available to indicated value conclusion. - ANSWhen developing a sales comp approach under USPAP. The client is the only intended user - ANSRestricted Use Appraisal Report The context of the market conditions for the appraiser's opinion. - ANSWhat does the effective date of an appraisal establish? The date of the report - ANSEstablishes the appraiser's perspective on the market. The development of a real (only) property appraisal. It mirrors the appraisal process and can be used as a conventional checklist. - ANSStandard 1. The disclosure of confidential information to a third party is unethical unless - ANSauthorized by the client. The ethical obligations of USPAP apply to - ANSIndividual appraisers. The exclusion of any of the valuation approaches - ANSMust be explained in a Restricted Use Appraisal Report The fact that the subject property is affected by an easement. - ANSAn example of a relevant property characteristic that could affect a real property appraisal assignment. The level of detail and information - ANSThe essential differences among the 3 reporting options. The name and version of the software program. - ANSIf an appraiser uses a commercial software program for Discounted Cash Flow (DCF) Analysis in an appraisal, what should the appraiser provide in the report? The objects that are most significant to the assignment results should be the focus of the analysis. - ANSIn a personal property appraisal assignment that includes multiple objects as part of the same assignment: The payment of fees by the appraiser in connection with the procurement of an assignment is - ANSallowed if properly disclosed. The Preamble states that USPAP is - ANSfor appraisers and users of appraisal services. The requirements of Standard 1. - ANSUsed as a checklist by an appraiser who is developing a real property appraisal. The stated purpose of USPAP - ANSPromote and maintain a high level of public trust in appraisal practice. The Statement is applicable to all appraisal disciplines. - ANSWhat is indicated if a Statement on Appraisal Standards is labeled with "ALL"? The Statement is applicable to real property appraisal. - ANSWhat is indicated if a Statement on Appraisal Standards is labeled with "RP"? This does not make the borrower an intended user. - ANSIf a borrower receives a copy of an appraisal report from a mortgage lender as a result of disclosure requirements: This is a 2-Stage Assignment - ANSIf an appraiser is asked to develop an opinion of the quality of another appraiser's work and to agree or disagree with the value conclusion: Three appraisers work together on an appraisal consulting assignment. What would NOT be an appropriate workfile arrangement under USPAP? - ANSThe workfile is posted on the internet,s o that anyone who wants to see it will be able to see it. To collect information about characteristics that are relevant to value. - ANSThe primary purpose of an appraiser making an inspection of the subject property. trade, different comparable data - ANSThere are distinct levels of __________ in personal property, and each may have _______________. Trainer appraiser have the same workfile obligations under USPAP as certified or licensed appraisers. - ANSTrue True - ANSA Recertification of Value does not change the effective date of the value opinion. True - ANSA reviewer is required to identify the appraiser who completed the work under review, unless the identity has been withheld by the client. TRUE - ANSA statement by a reviewer that "the value opinion stated in the appraisal report is not adequately supported" would be an indication that the reviewer DID NOT develop his or her own value opinion. True - ANSA written summary of an oral appraisal report must be added to the appraiser's workfile within a reasonable time after the issuance of an oral report. True - ANSAn appraiser may use an combination of a property inspection and documentation in identifying relevant characteristics of the subject property. True - ANSIf USPAP compliance is mandated by federal law, no state or local law can create a jurisdictional exclusion. True - ANSThe reviewer performing an appraisal review must not sign the work under review unless he/she intends to accept the responsibility as a co-signor of the work. True - ANSWhen appraising proposed improvements, both current and prospective value opinions are permitted by USPAP. USPAP ________________ permit an appraiser to create a workfile after transmitting the report to the client. - ANSdoes not USPAP applies to which types of properties? - ANSTangible and Intangible USPAP states that in a situation when an individual is not required by law, regulation, or agreement to comply with USPAP: - ANSThe individual should still comply when acting as an appraiser. Valuation services - ANSis not a subset of appraisal practice. When obligated by law or regulation an appraiser must - ANScomply with USPAP. When performing valuation services outside of appraisal practice, appraisers must be careful not to _________________ the client and other intended users about their role. - ANSMislead When such analysis is relevant to the current assignment - ANSWhen is it necessary to analyze prior listings of the subject property in a real property appraisal assignment. When the series of errors affects the credibility of the results. - ANSWhen does a series of minor errors potentially result in a USPAP violation? Who has the only jurisdiction and authority over appraisers? - ANSStates