FREE USPAP General Questions and Answers
The actions listed below are taken to determine whether or not an appraisal's requirements have been satisfied.
This will not change the effective date of the value option.
The statement provided refers to the recertification of value in an appraisal. Recertification of value is a process where an appraiser reviews and confirms whether the conditions of the appraisal have been met since the original valuation was determined. This is typically done without altering the effective date of the value assigned in the appraisal report.
Which of the following USPAP guidelines includes record keeping as a component?
The Ethics Rule within the Uniform Standards of Professional Appraisal Practice (USPAP) sets forth the ethical obligations and standards that appraisers must adhere to in their professional practice. It encompasses principles such as integrity, competency, objectivity, and professionalism.
What organization creates, disseminates, explains, and modifies the Uniform Standards of Professional Appraisal Practice (USPAP)?
The Appraisal Standards Board (ASB) develops, publishes, interprets, and amends the Uniform Standards of Professional Appraisal Practice (USPAP).
USPAP defines an assumption as one intimately tied to a particular assignment that, if proven incorrect, might change the appraiser's assessments or findings.
According to USPAP (Uniform Standards of Professional Appraisal Practice), an assumption, directly related to a specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions is the definition of an "Extraordinary Assumption."
Any portion or the entirety of a USPAP Standard Rule from which deviation is prohibited is taken into consideration
All or part of a Standards Rule of USPAP from which departure is not permitted are considered "Binding Requirements."
Binding Requirements in the USPAP are the provisions that appraisers must strictly adhere to without any deviation or departure. They are mandatory and cannot be bypassed or ignored. Any departure from a Binding Requirement is not permitted and would be considered a violation of the USPAP.
How many methods does an appraiser normally employ to determine the value of a property?
An appraiser typically uses three approaches to analyze the value of a property.