USPAP USPAP General 5

Question 1

Under USPAP, when is it permissible to perform an appraisal without physically inspecting the property?

Accepted Answer

When the scope of work determination supports it and the limitation is disclosed in the report

Answer

USPAP allows desktop or drive-by appraisals if the scope of work supports it and the inspection limitation is disclosed.

Question 2

The USPAP certification required in every appraisal report must include a statement that:

Accepted Answer

The reported analyses, opinions, and conclusions are the appraiser's own impartial professional analysis

Answer

The certification must affirm that the analyses, opinions, and conclusions are the appraiser's own impartial professional work.

Question 3

Under USPAP Standards Rule 1-4, when developing a real property appraisal, an appraiser must, at minimum:

Accepted Answer

Collect, verify, and analyze all information necessary for credible assignment results

Answer

SR 1-4 requires the appraiser to collect, verify, and analyze all information necessary to produce credible results, using the approaches relevant to the assignment.

Question 4

A client asks an appraiser to change a value conclusion after delivery of the report. The appraiser may change the conclusion only if:

Accepted Answer

The appraiser is provided new information or identifies an error that, upon re-analysis, supports a different conclusion

Answer

An appraiser may only revise a conclusion if new information or a discovered error, upon proper re-analysis, legitimately supports a different value.

Question 5

USPAP requires that when an appraiser uses the income approach, they must analyze:

Accepted Answer

Market-derived income and expense data appropriate to the property type and assignment conditions

Answer

The income approach must rely on market-derived income and expense data, not solely owner-provided figures, to produce a credible value opinion.

USPAP Exam Practice Test

USPAP Exam Practice Test

USPAP USPAP General 5