USPAP USPAP Residential Appraiser 3

Question 1

Which of the following best describes 'scope of work' under USPAP?

Accepted Answer

The type and extent of research and analyses in an assignment

Answer

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

Question 2

Under USPAP, how long must an appraiser retain the workfile for a residential appraisal assignment?

Accepted Answer

At least 3 years after the date of the report, or 2 years after final disposition of any legal proceeding

Answer

USPAP's Record Keeping Rule requires retaining the workfile at least 5 years from the report date, or 2 years after final disposition of legal proceedings — the longer period applies.

Question 3

A hypothetical condition in a USPAP appraisal is one that:

Accepted Answer

Is contrary to known facts but is assumed for the purpose of analysis

Answer

A hypothetical condition is assumed to be true even though it is known to be contrary to existing fact, used for analytical purposes.

Question 4

Under USPAP's Ethics Rule — Confidentiality section, an appraiser may NOT disclose confidential information unless:

Accepted Answer

Disclosure is required by law or authorized by the client

Answer

Confidential information may only be disclosed when required by law or when the client specifically authorizes disclosure.

Question 5

Which statement about the income approach in residential appraisals is most consistent with USPAP?

Accepted Answer

The appraiser may exclude an approach that is not relevant or not applicable

Answer

USPAP allows the appraiser to exclude a valuation approach if it is not applicable or not relevant to the assignment, with explanation.

USPAP Exam Practice Test

USPAP Exam Practice Test

USPAP USPAP Residential Appraiser 3