RAA Uniform Standards of Professional Appraisal Practice 2

Question 1

Under USPAP, which standard governs the development of a real property appraisal?

Accepted Answer

Standard 1

Answer

Standard 1 addresses the development of a real property appraisal, while Standard 2 addresses reporting.

Question 2

What does the USPAP Competency Rule require an appraiser to do when lacking the required competency for an assignment?

Accepted Answer

Disclose the lack of knowledge and take steps to acquire competency before proceeding

Answer

The Competency Rule requires appraisers to disclose any lack of knowledge or experience and take the steps necessary to complete the assignment competently.

Question 3

Which USPAP rule prohibits an appraiser from accepting an assignment with a predetermined outcome?

Accepted Answer

Ethics Rule — Management section

Answer

The Management section of the Ethics Rule prohibits accepting an assignment contingent on reporting a predetermined result.

Question 4

How long must an appraiser retain the workfile for a real property appraisal under the USPAP Record Keeping Rule?

Accepted Answer

At least 3 years after preparation or 1 year after final disposition of legal proceedings, whichever is later

Answer

The Record Keeping Rule requires retention for at least 3 years after preparation or at least 1 year after final disposition of legal proceedings, whichever is later.

Question 5

Under USPAP Standard 2, which report format provides the most abbreviated presentation of an appraisal?

Accepted Answer

Restricted Appraisal Report

Answer

The Restricted Appraisal Report is the most abbreviated format and is intended for client use only with limited intended users.

(RAA) Certified Residential Accredited Appraiser Practice Test

(RAA) Certified Residential Accredited Appraiser Practice Test

RAA Uniform Standards of Professional Appraisal Practice 2