USPAP USPAP Residential Appraiser 5

Question 1

Under USPAP, which of the following statements about 'intended users' is correct?

Accepted Answer

The appraiser identifies intended users based on communication with the client at the time of the assignment

Answer

Intended users are identified by the appraiser through communication with the client at the time of assignment engagement.

Question 2

A residential appraiser is asked to complete a 'desktop appraisal' without a physical inspection. Under USPAP, this is:

Accepted Answer

Permitted if the scope of work is appropriate and the appraiser identifies all extraordinary assumptions used

Answer

USPAP does not require a physical inspection; a desktop appraisal is permissible when the scope of work is appropriate and any assumptions are disclosed.

Question 3

The USPAP concept of 'exposure time' is best defined as:

Accepted Answer

The estimated length of time the property would have been on the market prior to a sale at market value

Answer

Exposure time is the estimated reasonable period the property would have been on the market before a hypothetical sale at its market value conclusion.

Question 4

Under USPAP, when is a 'departure' from a specific requirements of Standard 1 permitted?

Accepted Answer

Never — Standard 1's binding requirements cannot be departed from

Answer

USPAP does not contain a Departure Rule; binding requirements of Standard 1 cannot be departed from under any circumstances.

Question 5

A residential appraiser is engaged to provide an appraisal review of another appraiser's report. Which USPAP standard governs this assignment?

Accepted Answer

Standard 3

Answer

Standard 3 governs the development of appraisal reviews, and Standard 4 governs the reporting of appraisal reviews.

USPAP Exam Practice Test

USPAP Exam Practice Test

USPAP USPAP Residential Appraiser 5