USPAP Cheat Sheet 2026

The 30 highest-yield USPAP facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. An appraiser discovers that a prior appraisal they completed contains a material error. Under the Ethics Rule, the appraiser should: → Notify the client and correct the error
2. Under USPAP, 'competency' primarily refers to: → The knowledge, experience, and judgment required for a specific assignment
3. What is the role of the Appraisal Qualifications Board (AQB) in the appraisal profession? → Establishing minimum education, experience, and examination criteria for licensure
4. Under USPAP, which of the following can result in a formal disciplinary action against an appraiser? → Developing an appraisal that contains materially false or misleading statements
5. In a USPAP-compliant report, the 'date of the report' refers to: → The date the appraiser signs and certifies the report
6. USPAP's definition of 'cost' in the context of real property appraisal refers to: → The expenditure required to create or obtain an asset as of a specific date
7. If the scope of work is narrowed compared to a typical assignment, which of the following is required under USPAP? → Disclosure of the limited scope in the report
8. The Scope of Work Rule requires that the scope be adequate to produce results that are 'not misleading.' This means: → The scope must not deceive or misinform intended users about the nature of the assignment
9. Under USPAP, 'scope of work' is defined as the type and extent of: → Research and analyses applied in an assignment
10. An appraiser completed an assignment in January 2020. The appraisal was used in litigation that concluded in March 2024. When may the workfile be destroyed? → March 2026, two years after final judicial disposition
11. The Ethics Rule's Management section specifically prohibits appraisers from: → Accepting contingent compensation based on reported value
12. Under USPAP, who has the primary responsibility for determining the appropriate scope of work for an assignment? → The appraiser
13. Under the Ethics Rule, which action is expressly prohibited regarding advertising? → Making false or misleading statements in advertising
14. If the scope of work changes materially after an appraisal assignment begins, USPAP requires the appraiser to: → Reassess whether the changed scope still produces a credible result and update accordingly
15. Under Standards Rule 2-1, an appraisal report must clearly and accurately set forth the appraisal in a manner that is: → Not misleading and sufficient for the intended use
16. How often does the Appraisal Standards Board update USPAP? → Every two years
17. Under USPAP Standards Rule 1-6, when reconciling the approaches to value, the appraiser must: → Consider and analyze the quality and quantity of data and appropriateness of each approach
18. Under USPAP, a duly authorized peer review committee requests access to an appraiser's workfile. What is the appraiser's obligation? → The appraiser must provide access as required by the Record Keeping Rule
19. Under USPAP, the 'intended use' of an appraisal must be stated in the report because it: → Defines the context for the assignment and limits who may rely on the report
20. Which USPAP standard governs the development of a real property appraisal? → STANDARD 1
21. Which federal law created the requirement for state-licensed or state-certified appraisers for federally related transactions? → The Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA)
22. Which USPAP term refers to the legal right to control the use of property to the exclusion of others? → Fee simple estate
23. Under USPAP, a 'hypothetical condition' in a commercial appraisal is defined as one that: → Is contrary to known or observable conditions but used for analysis purposes
24. Which of the following scenarios would require invoking the Competency Rule? → Appraising a specialized industrial property the appraiser has never valued
25. Who bears primary responsibility for maintaining the workfile under USPAP's Record Keeping Rule? → The appraiser who performed the assignment
26. The term 'prospective opinion of value' in USPAP refers to: → A value opinion that is effective as of a specified future date
27. Which USPAP Ethics Rule section addresses an appraiser's obligation to avoid false or misleading reports? → Conduct section
28. Which of the following best describes 'impartiality' as required by the USPAP Ethics Rule? → Having no personal interest in the outcome of an assignment
29. Which of the following is NOT required to be in the workfile under USPAP's Record Keeping Rule? → The client's credit score and financial statements
30. The USPAP Competency Rule requires an appraiser to have competency in which of the following before accepting an assignment? → Geographic area, property type, and relevant market conditions