Free USPAP Residential Appraiser Questions and Answers

Question 1

What are covered by Standards 7 and 8?

Accepted Answer

The requirements for personal property appraisal development and reporting

Answer

The requirements for development and reporting of assessed values.

Answer

The requirements that come along with mass appraisal development and reporting for ad valorem tax purposes

Answer

The requirements for development and reporting of appraisals of businesses and/or intangible assets

Question 2

What is covered by Standard 3?

Accepted Answer

The requirements associated with appraisal review assignments that involve an appraisal of real property or personal property

Answer

The requirements for development and reporting of the appraisal process with real property

Answer

The requirements that come along with mass appraisal development and reporting for ad valorem tax purposes

Answer

The requirements for development and reporting of appraisals of businesses and/or intangible assets

Question 3

Why does USPAP exist?

Accepted Answer

Uniform Standards of Professional Appraisal Practice

Answer

Uniform Standards for Predictive Appraisal Practice

Answer

Unlikely Situations in Predictive Appraisal Practice

Answer

Unlikely Situations in Professional Appraisal Practice

Question 4

The USPAP has how many Statements on Appraisal Standards?

Accepted Answer

Ten

Answer

Three

Answer

Seven

Answer

Five

Question 5

What distinguishes a circuit breaker from a fuse?

Accepted Answer

A circuit breaker can be reset if it trips. A fuse cannot.

Answer

Circuit breakers are used in older homes while fuses are used in newer homes.

Answer

A circuit breaker prevents the user from being shocked by a defective appliance. A fuse does not.

Answer

All of these answers are correct.

Question 6

The subfloor and a joist are related in what way?

Accepted Answer

The subfloor sits on top of a joist.

Answer

None of these answers are correct

Answer

The joists connect the subfloor to the ceiling

Answer

The subfloor is under the joist.

Question 7

Which of these places calls for the usage of a Ground Fault Circuit Interrupter outlet?

Accepted Answer

All of these answers are correct

Answer

On the kitchen counter

Answer

Next to the bathroom sink

Answer

On the outside patio of the building