RAA Uniform Standards of Professional Appraisal Practice 4

Question 1

Under USPAP, which of the following parties may be identified as an 'intended user' of an appraisal?

Accepted Answer

The client and any other party the appraiser identifies in the assignment

Answer

Intended users include the client and any other parties identified by the appraiser as those for whom the appraisal is prepared.

Question 2

What is the significance of the 'effective date' of an appraisal under USPAP?

Accepted Answer

It is the date to which the value opinion applies

Answer

The effective date establishes the point in time as of which the value opinion is applicable, which may differ from the report date.

Question 3

USPAP requires that each written appraisal report contain a signed certification. Which statement is REQUIRED to be included in that certification?

Accepted Answer

A statement that the appraiser has no present or prospective interest in the property

Answer

USPAP mandates certification language stating the appraiser has no current or prospective interest in the property or parties that could produce bias.

Question 4

Under USPAP's Ethics Rule, which of the following would constitute a violation of the Conduct section?

Accepted Answer

Communicating a misleading or fraudulent appraisal

Answer

The Conduct section prohibits appraisers from communicating appraisal results in a misleading or fraudulent manner.

Question 5

When must an appraiser invoke the USPAP Jurisdictional Exception Rule in a report?

Accepted Answer

When a law or regulation prevents compliance with a specific part of USPAP

Answer

The Jurisdictional Exception Rule applies only when an applicable law or regulation precludes compliance with a specific USPAP requirement.

(RAA) Certified Residential Accredited Appraiser Practice Test

(RAA) Certified Residential Accredited Appraiser Practice Test

RAA Uniform Standards of Professional Appraisal Practice 4