USPAP Practice Exam EXAM LATEST 2023- 2024 ACTUAL EXAM 55 QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+

USPAP Practice Exam EXAM LATEST 2023-
2024 ACTUAL EXAM 55 QUESTIONS AND
CORRECT ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+
The PREAMBLE states the purpose of USPAP is
to promote and maintain a high level of public _____
in appraisal practice by establishing requirements for appraisers.
A) Awareness
B) Recognition
C) Support
D) Trust - CORRECT D) Trust
USPAP benefits providers of appraisal services and
a. the Appraisal Standards Board.
b. disinterested parties.
c. federal officials.
d. users of appraisal services. - CORRECT D) Users of appraisal services
When acting in the role of an appraiser, all of the following require compliance with all
sections of USPAP, including the applicable STANDARDS 1 through 10, EXCEPT for
a. appraisal.
b. appraisal consulting.
c. appraisal course development.
d. appraisal review. - CORRECT C) Appraisal course development
A valuation service performed by an individual acting as an appraiser requires the
appraiser to
a. hold a valid appraiser credential.
b. inquire about the intended user's expectations.
c. keep confidential the capacity in which he is performing.
d. not be impartial in respect to the client. - CORRECT B) Inquire about the intended
user's expectations.
When an individual is performing valuation services outside of appraisal practice, that
individual must be careful to
a. charge a fee for his service.
b. invoke jurisdictional exception.
c. not misrepresent his role.
d. refer to the party engaging him as "the client:' - CORRECT C) Not misrepresent his
role
When choosing to provide a valuation service as an appraiser or in some other
capacity, great care must be taken to
a. charge a fee accordingly.
b. keep that capacity confidential.
c. maintain public trust.
d. not violate the obligations of an Advisory Opinion. - CORRECT C) Maintain public
trust
A real property appraiser teaching appraisal is engaged in
a. appraisal consulting services.
b. appraisal review.
c. appraisal practice with no applicable Standards (1-10).
d. valuation service outside of appraisal practice. - CORRECT C) Appraisal practice
with no applicable Standards (1-10)
A lender has telephoned 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 has supplied a list of all of the sales within
the past year in the subdivision and billed the lender for service. The service being
provided by the appraiser is
a. appraisal practice with performance and record keeping obligations.
b. appraisal practice with no performance standards or record keeping requirements.
c. an appraisal that must be developed by 1:he applicable Standard.
d. not permitted by USPAP. - CORRECT B) Appraisal practice with no performance
standards or record keep requirements
In accordance with USPAP, which is NOT tin expectation when acting in the role of an
appraiser?
a. adhering to the definition of appraiser
b. holding a state license or certification