USPAP USPAP Competency Rule 2

Question 1

Which of the following is NOT an acceptable method for acquiring competency under USPAP?

Accepted Answer

Completing the assignment and attending education afterward without prior disclosure

Answer

Associating with a competent appraiser

Answer

Engaging in study and research

Answer

Consulting recognized authorities in the specific field

Question 2

The USPAP Competency Rule is triggered when an appraiser:

Accepted Answer

Lacks the knowledge or experience for a specific assignment

Answer

Always, regardless of experience

Answer

Charges more than the market rate

Answer

Works in more than one state

Question 3

An appraiser with no experience in appraisal review is asked to complete a review appraisal. Which USPAP rule is most directly applicable?

Accepted Answer

Competency Rule

Answer

Scope of Work Rule

Answer

Ethics Rule — Conduct section

Answer

Standards Rule 3

Question 4

Competency under USPAP includes all of the following EXCEPT:

Accepted Answer

The number of years the appraiser has been licensed

Answer

Knowledge of the property type

Answer

Experience in the geographic area

Answer

Knowledge of analytical methods required

Question 5

When an appraiser discloses a lack of competency to a client prior to accepting an assignment, they must also describe:

Accepted Answer

The steps they will take to acquire the necessary competency

Answer

Why they believe they are the best choice anyway

Answer

The exact cost of acquiring competency

Answer

Their personal opinion of the property value

Question 6

Geographic competency under the USPAP Competency Rule means the appraiser must understand:

Accepted Answer

Local market conditions, economic factors, and neighborhood characteristics affecting the subject

Answer

Only the zip code of the subject property

Answer

Only the county tax records for the area

Answer

The national housing index