USPAP USPAP Residential Appraiser 2

Question 1

Under USPAP, which type of appraisal report provides the least detail about the appraiser's analysis?

Accepted Answer

Restricted use report

Answer

A Restricted Use (Restricted Appraisal) Report contains the least detail and is intended only for the client's use.

Question 2

A residential appraiser is asked to appraise a property where they appraised the same property 18 months ago for a different client. Under USPAP, what must the appraiser do?

Accepted Answer

Disclose the prior service in the new report

Answer

USPAP's Ethics Rule requires appraisers to disclose any prior services involving the subject property within the prior three years.

Question 3

Which USPAP standard specifically governs the development of a real property appraisal?

Accepted Answer

Standard 1

Answer

Standard 1 governs the development of real property appraisals, while Standard 2 governs reporting.

Question 4

An appraiser is pressured by a lender to increase the value conclusion to make the loan work. Under USPAP, this would violate the:

Accepted Answer

Ethics Rule — Management section

Answer

The Management section of the Ethics Rule prohibits appraisers from accepting assignments contingent on a predetermined value.

Question 5

When using the sales comparison approach for a residential appraisal, USPAP requires the appraiser to:

Accepted Answer

Analyze comparable sales with adjustments that are market-supported

Answer

USPAP requires that adjustments in the sales comparison approach be supported by market evidence, not a specific number of comparables.

USPAP Exam Practice Test

USPAP Exam Practice Test

USPAP USPAP Residential Appraiser 2