Uniform Standards of Professional Appraisal Practice Flashcards
7 cards from real RAA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Uniform Standards of Professional Appraisal Practice flashcards as text
Under USPAP, which of the following parties may be identified as an 'intended user' of an appraisal?
Answer: The client and any other party the appraiser identifies in the assignment
Intended users include the client and any other parties identified by the appraiser as those for whom the appraisal is prepared.
What is the significance of the 'effective date' of an appraisal under USPAP?
Answer: It is the date to which the value opinion applies
The effective date establishes the point in time as of which the value opinion is applicable, which may differ from the report date.
USPAP requires that each written appraisal report contain a signed certification. Which statement is REQUIRED to be included in that certification?
Answer: A statement that the appraiser has no present or prospective interest in the property
USPAP mandates certification language stating the appraiser has no current or prospective interest in the property or parties that could produce bias.
Under USPAP's Ethics Rule, which of the following would constitute a violation of the Conduct section?
Answer: Communicating a misleading or fraudulent appraisal
The Conduct section prohibits appraisers from communicating appraisal results in a misleading or fraudulent manner.
When must an appraiser invoke the USPAP Jurisdictional Exception Rule in a report?
Answer: When a law or regulation prevents compliance with a specific part of USPAP
The Jurisdictional Exception Rule applies only when an applicable law or regulation precludes compliance with a specific USPAP requirement.
Which of the following is NOT a required element of an Appraisal Report under USPAP Standard 2?
Answer: A complete copy of all comparable sales contracts
USPAP does not require inclusion of all comparable sales contracts; it requires sufficient information to understand the data and analysis used.
Under USPAP, an 'appraisal review' is defined as:
Answer: The act or process of developing and communicating an opinion about the quality of another appraiser's work
An appraisal review is the process of developing and communicating an opinion about the quality of another appraiser's work, governed by Standards 3 and 4.