USPAP USPAP 2

Question 1

Under USPAP, which document sets forth the requirements an appraiser must follow when developing an appraisal?

Accepted Answer

Scope of Work Rule

Answer

The Scope of Work Rule requires an appraiser to identify the problem to be solved and determine the scope of work necessary to develop credible results.

Question 2

USPAP's Competency Rule requires that prior to accepting an assignment, an appraiser lacking required competency must:

Accepted Answer

Disclose the lack of competency to the client and take steps to become competent

Answer

The Competency Rule requires disclosure to the client and that the appraiser take steps to become competent before completing the assignment.

Question 3

Which USPAP Standard applies to 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 covers reporting.

Question 4

What does the term 'intended use' mean in the context of USPAP?

Accepted Answer

The use of the appraisal or appraisal review by the intended user

Answer

Intended use refers to how the client or other intended users will use the appraisal report or review.

Question 5

A USPAP-compliant appraisal report that contains sufficient information to allow intended users to understand the report is called a(n):

Accepted Answer

Appraisal Report

Answer

Under current USPAP, the two reporting options are Appraisal Report and Restricted Appraisal Report; the Appraisal Report must contain enough detail for intended users to understand.

USPAP Exam Practice Test

USPAP Exam Practice Test

USPAP USPAP 2