USPAP USPAP General 2

Question 1

Under USPAP, which of the following best describes the term 'scope of work'?

Accepted Answer

The type and extent of research and analyses in an appraisal assignment

Answer

Scope of work is defined as the type and extent of research and analyses in an appraisal assignment, determined by the appraiser.

Question 2

The USPAP Confidentiality section prohibits an appraiser from disclosing confidential information to which party?

Accepted Answer

Third parties not authorized by the client

Answer

USPAP prohibits disclosure of confidential information to unauthorized third parties, while exceptions exist for state boards and peer review.

Question 3

A Restricted Appraisal Report under USPAP differs from an Appraisal Report primarily in that it:

Accepted Answer

Is intended for client use only and contains less detail

Answer

A Restricted Appraisal Report is limited in use to the client only and contains less content than an Appraisal Report.

Question 4

Which USPAP rule requires an appraiser to disclose any prior services performed on a subject property within the prior three years?

Accepted Answer

Ethics Rule – Conduct section

Answer

The Conduct section of the Ethics Rule requires disclosure of prior services on the same property within the prior three-year period.

Question 5

Under USPAP, an 'intended user' is best defined as:

Accepted Answer

The client and any other party identified by the appraiser as a user of the report

Answer

An intended user is the client and any other party the appraiser identifies as using the appraisal.

USPAP Exam Practice Test