RAA Uniform Standards of Professional Appraisal Practice 3

Question 1

Under USPAP, what is the primary purpose of the Scope of Work Rule?

Accepted Answer

To require appraisers to identify and perform the research and analysis necessary to produce credible assignment results

Answer

The Scope of Work Rule requires appraisers to identify and perform the type and extent of research necessary for credible results given the problem to be solved.

Question 2

Which section of the Ethics Rule addresses an appraiser's obligation regarding confidential assignment information?

Accepted Answer

Confidentiality section

Answer

The Confidentiality section of the Ethics Rule prohibits appraisers from disclosing confidential information or assignment results to unauthorized parties.

Question 3

An appraiser is asked to provide an appraisal of a residential property for a federally related transaction. Under which standard must the appraisal be developed?

Accepted Answer

Standard 1 and Standard 2

Answer

Real property appraisals must be developed under Standard 1 and reported under Standard 2, including federally related transactions.

Question 4

What does USPAP define as 'extraordinary assumptions'?

Accepted Answer

Assumptions that, if found to be false, could alter the appraiser's opinions or conclusions

Answer

An extraordinary assumption is one that, if found to be false, could alter the appraiser's opinions or conclusions, and must be disclosed prominently.

Question 5

Under USPAP, a 'hypothetical condition' differs from an 'extraordinary assumption' in that a hypothetical condition:

Accepted Answer

Is known to be contrary to what exists but is used for purposes of analysis

Answer

A hypothetical condition is contrary to what actually exists on the effective date of the appraisal and is used for analytical purposes.

(RAA) Certified Residential Accredited Appraiser Practice Test

(RAA) Certified Residential Accredited Appraiser Practice Test

RAA Uniform Standards of Professional Appraisal Practice 3