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USPAP EXAM, FINAL EXAM, PRACTICE EXAM
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20232024 ACTUAL EXAM TEST BANK 20 0 QUESTIONS
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When an appraiser uses a hypothetical condition in an appraisal, USPAP requires the appraiser to: - answer-Clearly and conspicuously state the use of the hypothetical condition in the report Which term is defined as an assignment condition established by applicable law or regulation, which precludes an appraiser from complying with a part of USPAP? - answer-Jurisdictional exception Which of these actions would be considered significant appraisal assistance when performed by an appraiser? - answer-Research and selection of comparable sales An appraiser develops a value opinion on a single-unit dwelling and does not develop the income approach. In the Appraisal Report prepared for the assignment, the appraiser: - answer-Must state the reason for excluding the income approach According to USPAP, what is the primary reason for inspecting a property that is the subject of an appraisal? - answer-To gather information about the characteristics of a property that are relevant to its value Robert agrees to appraise a split-level home in a town 100 miles south of his office. While he is not generally familiar with that area, Robert rationalizes: "I have appraised houses like this one for 20 years. How hard could it be?" When Robert pulls up to the house, he notices the subject is in a gated community. Robert had never appraised a property in a gated community. As Robert inspected the interior of the subject he noted several items and finishes with which he was not familiar: marble floor coverings; upscale, built-in freezers; and a wine cellar. As Robert exits the back door, he notices the subject property fronts on a river. While this river does not connect directly with the ocean, it does connect with a network of streams that do, ultimately lead to the ocean. Robert is quite concerned. He has had no experience appraising a house with some of the features he has seen; and he has never appraised wat - answer-Robert should contact the client as soon as possible
and explain that he lacks the knowledge and experience to complete the assignment competently. If he feels he can obtain the required level of competency, and the client allows him, then Robert may proceed with the assignment. The SCOPE OF WORK RULE states that an appraisal or appraisal review report must contain sufficient information so that: - answer-The client and other intended users understand the scope of work performed by the appraiser You have reviewed the appraisal of a house in a suburban area that was performed for an estate. The effective date was the date of inspection. You note in your review report that the proper effective date should have been the date of death of the deceased, and submit the review to your client. Two weeks later the client calls you. They thank you for the review, and note that they cannot reach the original appraiser. They need the appraisal very soon, and ask that, as part of the review process, you alter the appraisal report under review to change the effective date, and then sign the report certification. What should you do? - answer-Do not sign the report, and explain that the review process is separate and distinct from the appraisal under review If an appraiser has agreed with a client to keep the existence of an assignment confidential, how long must the appraiser wait before agreeing to perform another assignment on the same property? - answer-Three years A trainee appraiser provides significant appraisal assistance to a senior appraiser. The trainee appraiser does not sign the certification, but instead the trainee appraiser's name is listed in the certification as having provided significant assistance. What else is the senior appraiser required to do in order to meet USPAP requirements for disclosing significant appraisal assistance in an Appraisal Report? - answer- Summarize the extent of the assistance somewhere in the report An individual is both a real estate appraiser and a kitchen designer. He has been asked to appraise a property in which he designed the kitchen one year ago. Regarding this situation, which statement is TRUE? - answer-The kitchen design service performed on the property must be disclosed. You are a certified residential appraiser, and are working with a supervising certified general appraiser on an industrial appraisal. Your supervisor is a certified general appraiser with 25 years' experience appraising shopping centers, industrial facilities, and office buildings. You and the supervisor sign the commercial reports you have been working on. While inspecting the subject property you note a patch of blackened grass behind the building. The black patch is near some overturned, open barrels. You made detailed notes and took several photos. Your report has a detailed section about your concerns.Your supervisor is concerned about your report. She told you the client, a major bank, would
Anne, a real property appraiser, recently completed an appraisal assignment for a lender-client of a residential property for a refinance transaction. The property owner just called Anne to inquire about the appraised value. Which is a true statement? - answer-Anne must obtain consent from the lender prior to disclosing the appraised value. Two appraisers, from different firms, work together on an appraisal assignment and produce a written Appraisal Report. Both appraisers sign the letter of transmittal. Which statement is TRUE regarding their certification requirements? - answer-Both appraisers must sign a certification. A Restricted Appraisal Report must include: - answer-A warning that the report may not contain supporting rationale for all of the opinions and conclusions set forth in the report Which entity sets the minimum standards for licensing and certification of appraisers which the states are required to adopt? - answer-The Appraiser Qualifications Board Jack appraised a residential dwelling located across the street from a factory that he determined is negatively affecting the value of the subject property. However, when offering the assignment, the client asked that the factory not be discussed in the appraisal report. Jack applied a location adjustment in his sales comparison approach on the comp grid but included no further discussion about the location adjustment, or the factory, in the appraisal report. Has he complied with USPAP? - answer-No, omitting the discussion could produce a misleading report. A lender has contacted an appraiser to determine the high and low sale 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 sales within the past year in the subdivision and billed the lender for service. The service being provided by the appraiser is - answer-Appraisal practice with no performance standards or record keeping requirements An appraiser is performing an appraisal review on an appraisal report that was prepared by another appraiser. The appraiser is permitted by USPAP to do all of the following EXCEPT: - answer-Use data that became available after the date of the original appraisal to form an opinion of the quality of the appraiser's work In an appraisal assignment, what does the effective date establish? - answer-Whether the opinion is current, retrospective, or prospective
Which of the following statements about the scope of work is TRUE? - answer-Appraisers have flexibility as well as responsibility in determining the scope of work. An appraiser is valuing a residential property for a mortgage loan and is reporting the results in an Appraisal Report. The appraiser is aware that there is another intended user in addition to the client. This intended user is a secondary mortgage market participant who will be purchasing the loan, but the appraiser does not know the name of this intended user. What is the best course of action for the appraiser to comply with USPAP? - answer-Identify the intended user by type in the report. An appraiser has developed an appraisal on a parcel of vacant land and provides an oral report of the assignment results. In providing this oral report, to the extent possible, the appraiser must: - answer- Meet the content requirements of an Appraisal Report At a minimum, how long must an appraiser retain records for completed appraisal assignments that involved no litigation or judicial proceeding? - answer-5 years USPAP requires the appraiser to reconcile - answer-Both the results of the different approaches to value and the data and analysis used in each approach Is an appraiser permitted by USPAP to use a hypothetical condition in an appraisal review assignment? - answer-Yes, as long as the appropriate conditions are met An attorney contacted a real property appraiser regarding a potential assignment. The attorney is acting as an agent for his client, who would be the client in the appraisal assignment and wishes to remain anonymous. The attorney is not certain in what manner the appraisal will be used. How should the appraiser treat this request? - answer-The appraiser cannot agree to perform the assignment without knowledge of the identity of the client or the intended use. An appraiser's client asks the appraiser to provide an opinion of the amount of time the subject property would have been on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. What is this client requesting - answer-Exposure time What is the stated purpose of USPAP? - answer-Promote and maintain the public trust
A client engages an appraiser to complete an appraisal on a residential property; the appraiser develops a value opinion and transmits the report to the client. Three years later, the client files a complaint against the appraiser with the state appraiser regulatory agency. The agency contacts the appraiser and requests the appraiser make the assignment workfile available to the agency. The appraiser is concerned about confidentiality. Under USPAP, may the appraiser refuse to provide workfile access to the state regulatory agency? - answer-No, the RECORD KEEPING RULE requires the appraiser to make the workfile available to the state appraiser regulatory agency Which federal government entity oversees the activities of The Appraisal Foundation? - answer- Appraisal Subcommittee The activities of the Appraisal Subcommittee are funded by: - answer-The collection of registry fees from state licensed and certified appraisers An appraiser has been asked to complete an appraisal on a property without making an inspection of it. The appraiser is unable to obtain sufficient information about the subject property's relevant characteristics, and is unable to modify the assignment conditions to include gathering the information or use an extraordinary assumption about the information. Which statement is TRUE regarding this situation? - answer-The appraiser must withdraw from the assignment. An appraiser is engaged to appraise a residence that fronts a two-lane residential street. It is public knowledge that the City Council recently voted to widen the street to four lanes next year. However, the appraiser was not familiar with the City's proposal and therefore did not consider the effects of the street widening in the appraisal. Has the appraiser violated the COMPETENCY RULE? - answer-Yes, the appraiser did not consider the relevant characteristic. The market will react today to this change in the future and the appraiser should consider this reaction and note its effect on value If an appraiser has a present or prospective interest in a property, may that appraiser perform and report an appraisal and not violate USPAP - answer-Yes, as long as the appraiser discloses the interest in the certification An appraiser has been engaged to perform an appraisal assignment on a residential property and prepare an Appraisal Report. Several days after the appraiser begins to work on the assignment, the client changes their mind and decides they want a Restricted Appraisal Report instead. How would this decision by the client regarding the report option affect the appraiser's scope of work for the assignment? - answer-The scope of work is not affected
An appraiser is valuing a property that is known to have environmental contamination, but the appraiser uses a hypothetical condition to value the property as if it was not contaminated. In the appraisal report, the appraiser clearly and accurately discloses the hypothetical condition. Does the appraiser have any other additional USPAP reporting obligations in this situation? - answer-Yes, the report must state that the use of the hypothetical condition may have affected the assignment results One of the questions an appraiser needs to answer in determining the scope of work in an appraisal assignment is - answer-How much data is needed? An appraiser has agreed to perform an appraisal assignment on a multi-unit residential property. The client has requested a Restricted Appraisal Report because a full explanation of the appraiser's support and rationale for the value opinion is not necessary. There is another intended user identified in addition to the client. In developing the appraisal, is the appraiser permitted to be less thorough than if an Appraisal Report were being prepared? - answer-No, because the appraisal development process is not affected by the report option used An appraiser is preparing an Appraisal Report using a form created by the client. The top of the form is labeled prominently "Summary Appraisal Report." Is this acceptable under USPAP? - answer-Yes, an appraiser may use another label in addition to the one required by USPAP How does USPAP achieve legal authority? - answer-Through adoption, citation, or implementation by government agencies Who determines the appropriate scope of work to be used in an appraisal assignment? - answer-The appraiser An appraiser is valuing a property that is currently offered for sale for $349,000 and is under agreement for $295,000. In the Appraisal Report prepared for the assignment, what is the appraiser's USPAP obligation related to reporting this listing and agreement of sale? - answer-The appraiser must summarize the results of analyzing the current listing and agreement of sale An appraiser receives a request to perform an appraisal assignment on a property type with which the appraiser is unfamiliar. The appraiser wants to perform the assignment despite their initial lack of knowledge and experience. The appraiser discloses their lack of competency to the client before agreeing to perform the assignment and takes the necessary steps to obtain competency. What other
When a real property appraiser completes an appraisal for real property improved with a proposed construction of a new dwelling as of a current effective date, what is one of the assignment conditions the appraiser has identified? - answer-Hypothetical condition An appraiser completes an appraisal for Lender A. A few days after the completed report was transmitted to Lender A, Lender B contacts the appraiser and asks the appraiser to revise the completed appraisal report to indicate Lender B as the client. Which is the correct way for the appraiser to handle this situation in accordance with USPAP - answer-Consider the request from Lender B as a new assignment When disclosing the scope of work performed in an Appraisal Report, the appraiser must: - answer- Provide a level of information that is appropriate for the intended use What is a feasibility analysis intended to study? - answer-A cost-benefit analysis Harvey accepts an appraisal assignment. He finishes the field work, and starts his analysis. Realizing the value seems to be coming in very low, he says "This won't meet my client's expectations at all!" Harvey calls the client and tells him "a number." The client is quite concerned, cancels the appraisal, and pays Harvey a trip charge. What must Harvey do to comply with USPAP? - answer-Harvey must have a workfile in support of his value opinion, and place a summary of his oral report in the workfile In developing an appraisal, an appraiser makes a minor error that does not affect the value conclusion. Is this a violation of USPAP? - answer-No, because competence does not require perfection Which of these is NOT an assignment element, as defined by USPAP? - answer-Letter of engagement Under USPAP, how is an assignment condition best described? - answer-An assumption, extraordinary assumption, hypothetical condition, law, rule, or other condition that affects the scope of work An appraiser is offered an appraisal assignment on a waterfront property. The appraiser does not have the knowledge and experience in appraising waterfront properties, but the appraiser still wants to perform the assignment. When is the appraiser required to disclose their lack of knowledge and experience to the client? - answer-Before agreeing to perform the assignment
If an appraiser uses an acceptable scope of work in an appraisal assignment, the most likely result is: - answer-Credible assignment results An opinion of the highest and best use of a property is: - answer-A step that might be necessary in some appraisals, but not others An appraiser is preparing a Restricted Appraisal Report in a situation in which there are other intended users in addition to the client. Which statement is TRUE regarding this situation? - answer-The appraiser must identify the other intended users by name in the report An appraiser is developing an opinion of value for an older three-unit property in a neighborhood that is in transition to single-family, owner-occupied housing. All sales of two- to four-family dwellings in the neighborhood that have sold in the past year have seen conversion to single-family, owner-occupied dwellings. The appraiser chose in the original scope of work to NOT develop the income approach and rely solely on the sales comparison approach. What else should the appraiser do with regard to this decision? - answer-Include data in the workfile and discussion in the appraisal report supporting the reasoning for excluding the income approach. An appraiser is making a personal inspection of a subject property. While at the property, the appraiser observes that the subject property has defective paint surfaces on the front porch floor and railing. This observation is: - answer-A physical characteristic What process does an appraiser use to value a universe of properties using standard methods and common data? - answer-Mass appraisal An appraiser must disclose the scope of work in an appraisal report. USPAP requires that the scope of work disclosed must: - answer-Be the scope of work that was actually performed by the appraiser Appraiser Alex receives significant appraisal assistance from Appraiser Bonnie in an appraisal review assignment. Appraiser Bonnie does not sign the report. Where must Appraiser Bonnie's name appear in the report? - answer-In the certification An appraiser is valuing a complex residential property. The appraiser does not inspect the property; instead the appraiser obtains information about the property's physical characteristics from municipal
Which of the following terms is defined in USPAP as the type and extent of research and analysis in an assignment? - answer-Scope of work A real property appraiser has been asked by Lender A to readdress an appraisal report in which they had engaged the appraiser, and send the report to Lender B. Lender B then contacts the appraiser and asks the appraiser to replace Lender A as the client in the assignment report with Lender B. How should the appraiser handle this request? - answer-Refuse to accommodate this request as readdressing an appraisal report or adding an intended user after it is completed is not in compliance with USPAP. A reviewer concluded that an appraisal they were reviewing was not credible. How is the credibility of an appraisal measured? - answer-In the context of intended use Which of the following valuation specialists is violating the USPAP ETHICS RULE? - answer-Jack Platt performs an appraisal acting as an advocate for his client and discloses that advocacy. Evan is preparing the appraisal of a single-unit dwelling. The family room requires extensive repairs due to water damage. The client, a lending institution, has given instructions to Evan to utilize a hypothetical condition and report the value of the subject property as if repairs had already been made. Evan has only worked on "as is" assignments. While working on the sales comparison approach, Evan finds comparable sales that are in the same condition as the subject property pre-repairs. He uses these sales, but does not make adjustments to reflect the hypothetical condition. This results in an "as repaired" value that is nearly the same as the "as is" value. When Evan reports his findings to the client, the client is surprised at the relatively low "as repaired" value and sends the appraisal out for an independent peer review. The reviewer notes the missing condition adjustments and the subsequent - answer- COMPETENCY RULE An appraiser is valuing a new 80-unit apartment building in a declining market. The area's major employer has closed down, leading to declines in property values and rents and a large out-migration of residents from the region. In valuing the property, the appraiser uses the extraordinary assumption that this new apartment building can achieve 95% occupancy rate at market rents within a 6-month period. Is the use of this extraordinary assumption appropriate? - answer-No, because the appraiser has no reasonable basis for this assumption According to the Management Section of the ETHICS RULE, an appraiser may agree to a referral fee, management fee, commission, or anything of value in connection with obtaining an assignment as long as the appraiser: - answer-Discloses the payment of a fee in the appraisal report
An appraiser must disclose any fees, commissions, or things of value that are connected to the procurement of an assignment in the certification and in any transmittal letter in which the conclusions are stated. In preparing a Restricted Appraisal Report, one requirement of the workfile is that it: - answer-Contain sufficient information for the appraiser to be able to produce an Appraisal Report While appraising a residence, an appraiser found that the subject property had sold two years before the effective date of the appraisal. According to USPAP, the appraiser must: - answer-Analyze the sale because it occurred within three years of the effective date An appraiser is engaged by a client to value a residential property. As part of the engagement, the client sends the appraiser a form titled "Scope of Work Agreement" that provides detailed instructions regarding the scope of work the appraiser must use for the appraisal. May the appraiser agree to perform the assignment when the client specifies the scope of work? - answer-Yes, but only if the client- specified scope of work allows the appraiser to produce credible assignment results You performed an appraisal two years ago that was never used in a loan or in any other manner by the client. The client now requests that you destroy the workfile and any records of the appraisal. Is this ethical? - answer-No, USPAP does not permit appraisers to destroy written records prior to five years after preparation for any reason According to STANDARD 3, an appraiser performing an appraisal review must do all of the following except: - answer-Develop his or her own opinion of value Appraiser Elizabeth appraises a mixed-use property for a lender client. In the appraisal report, Elizabeth discloses that a power plant is located near the subject property, and she considers its effect on the subject's value and marketability. She makes an adjustment for the power plant in the sales comparison approach. The client insists Elizabeth remove the discussion of the power plant from the appraisal report. Elizabeth justifies the removal of the power plant from her comments because she has retained the power plant adjustments in the sales comparison approach. Is Elizabeth complying with USPAP? - answer-No, she could have a misleading report Peter is appraising a specialized industrial property situated on two acres of land in a rural area. The facility is a unique structure for that region; there are no comparable sales known to Peter after an exhaustive search for data. The client has requested a value in use appraisal of the fee simple interest of the subject property. Three weeks after submitting the report, the client calls. They are demanding that
You recently appraised a single-family residence for the owner, who is selling the property. A potential buyer has just contacted you to obtain a copy of the appraisal report. What should you do? - answer-Do not give the buyer a copy because the seller is your client, and therefore he is the only one who can authorize you to disclose the information Is it ethical if an appraiser pays a fee to be included on a lender's "approved appraiser" list? - answer- Yes, provided the appraiser discloses the payment of a fee in the appraisal report Henrietta is appraising a single-unit dwelling to establish asset value for estate planning purposes. The owner/client has indicated they require an "as is" value as of June 10, to correspond with the dates of appraisals being performed on other assets. Henrietta's appraisal will be used with the owner's investment planner to create an appropriate financial plan. The date of inspection is June 15, 2019. The effective date is June 10, 2019 per the client's request. The payment to Henrietta is made July 1, 2019. Photos of the subject property were taken on the date of inspection. Photos of comparable sales were taken June 16, 2019. General data about the subject were collected June 17, 2019. The date of the report is June 20, 2019. Given the dates above, the workfile must be retained until: - answer-6/20/ Stephanie, a certified residential appraiser and licensed broker, is contacted by a home seller to perform a comparative market analysis (CMA) to assist the seller in marketing the house. Stephanie is most probably acting - answer-As a broker and is outside of appraisal practice Stephanie is a professional in both appraisal and brokerage. She has been hired to perform a CMA for a client. She has not been hired to be an appraiser. Therefore, Stephanie is performing outside of appraisal practice and must not misrepresent her role. A property owner asks you to appraise her property and states that you will be compensated only if you arrive at a value of $100,000 or greater. You should: - answer-Refuse to do the appraisal and tell her it is unethical to accept compensation based on a predetermined value An appraiser develops an appraisal on a property in order to help set an asking price for the current owner. In the appraisal report, the appraiser certifies that they did not make an inspection of the subject property. Is this permissible under USPAP? - answer-Yes, USPAP does not require an appraiser to personally inspect the subject property
One example of a situation in which a hypothetical condition may be used is: - answer-When appraising proposed construction as of a current effective date A local builder hires you to provide a market value appraisal in order to secure financing for a construction loan. He provides you with the necessary plans and specifications for the proposed construction. The site is currently zoned R-1 single-family residential, but the developer is planning to build a duplex. He has already filed to change the zoning to R-2 with the city zoning department and is quite confident that his application will be approved. The change will permit up to two residential units to be built on one lot. You appraise the property using a current effective date, and value the property as though the zoning had been changed by the effective date of the appraisal. In order to conform to USPAP, you must use a(n): - answer-Hypothetical condition If an appraiser does not charge a fee for their appraisal services, the appraiser: - answer-Must still comply with USPAP In obtaining information about subject property characteristics, USPAP requires an appraiser to use only
- answer-Sources the appraiser believes reliable An appraiser agrees to perform an appraisal assignment that specifies the appraisal report must be delivered to the client within 14 days of the appraiser's inspection of the property. Due to unforeseen circumstances, the appraiser was unable to deliver the report to the client until 21 days after the inspection. Which statement regarding this situation is true? - answer-This is a contractual issue between the appraiser and the client and is not a violation of USPAP. Due date is not an assignment condition because it does not affect the scope of work. This is a contractual issue between the appraiser and the client, but delivering the report late in this situation does not constitute a violation of USPAP. When appraising a single-unit residence, the appraiser is required by USPAP to analyze all sales of the subject property that occurred in the previous: - answer-3 years Which of the following statements about an appraisal review is FALSE? - answer-An appraisal review is a review of an appraised property.
A new house is being appraised for mortgage lending purposes. Sales in the area are scarce. There are no comparable rental houses available for analysis. The client is a local lender that does not plan to sell the mortgage in the secondary mortgage market. The client has instructed Appraiser Sarah to appraise the newly-constructed house, and to utilize only the sales comparison approach. Sarah performs the inspection and collects market data. She concludes that the cost approach should receive most of the weight in her final reconciliation. What should she do? - answer-Sarah should proceed with the cost approach after she discusses the situation with the client. Madeline performs an appraisal of a four-unit residential property. The effective date is January 4, 2021. The date of the report is January 8, 2021. Madeline receives a notice that her appraisal will be used in a court case involving the subject property. She provides expert testimony in this case on November 10,
- Final disposition of the court case occurs on April 26, 2022. How long must she retain this workfile? - answer-January 8 of 2026 An appraiser must create and maintain a workfile for: - answer-Any assignment that is covered by Standards Rules An appraiser is offered an appraisal assignment by a very picky potential client. The potential client specifies that all comparable sales used in the appraisal must have closed within the last 90 days. The appraiser is familiar with the property and the market area and thinks there might be sales that are over 90 days old that are better comparables because they are more physically similar to the subject. What should the appraiser do? - answer-Communicate with the client and have them agree that the appraiser will determine which sales to use The appraiser and the client should agree that the appraiser will select the comparables that he/she believes are the best. Complying with a client's arbitrary restriction on the sales used in the sales comparison approach could result in poor comparables being selected and a non-credible value opinion being developed. USPAP requirements do NOT apply in the performance of: - answer-A broker price opinion When is an appraiser required to develop an opinion of reasonable exposure time in an appraisal of real property? - answer-When exposure time is a component of the value definition being used
Parties who receive copies of an appraisal report - answer-Do not become intended users unless originally specified at the time of the assignment You sign an appraisal report, and your supervisor also signs it on the line as a supervisory appraiser. Who is responsible for the contents of this report? - answer-Both of you equally An appraiser performs an appraisal review and concludes that the work under review is complete and its conclusions are credible. No testimony was given as part of the assignment. The appraiser must retain the appraisal review report and the workfile for at least ______ year(s). - answer- 5 An appraiser is preparing an appraisal on a property located in a rural area where there is a limited number of sales available for use as comparable properties in the sales comparison approach. What does USPAP say about an appraiser's obligations when developing the sales comparison approach? - answer-The appraiser must consider such comparable sales data as are available to indicate a value conclusion. USPAP specifically requires all of the following to be retained in an appraiser's workfile, except: - answer-A complete legal description of the subject property Which of the following is true of an appraiser who signs a real property appraisal report that was prepared by a trainee appraiser? - answer-The appraiser must accept full responsibility for the appraisal and the contents of the report. An appraiser is occasionally requested to review the work product of various professionals and develop an opinion as to its quality. Which of these assignments would not be considered an appraisal review? - answer-Review of a broker's price opinion (BPO) report A property owner asks an appraiser to represent the owner in appealing the ad valorem assessment of the property. The assignment would involve the appraiser developing a value for the property and advocating for a lower assessed value. May the appraiser perform this assignment under USPAP? - answer-No, an appraiser is never permitted under USPAP to perform an assignment that involves advocacy An appraiser is never permitted under USPAP to perform a service that involves advocacy
