Course Assessment, USPAP 2008-2009
The Columbia Institute
1. The entity responsible for amending and revising the USPAP is:
a. Appraisal Subcommittee.
b. Appraisal Standards Board.
c. Office of the Comptroller of the Currency.
d. Department of Housing and Urban Development.
2. The entity responsible for oversight of the state certification boards is:
a. Appraisal Foundation.
b. Appraisal Subcommittee.
c. Appraisal Standards Board.
d. Appraiser Qualifications Board.
3. The amount of information researched, as well as analysis applied in an assignment defines the:
a. Confidential information.
b. The scope of work.
c. Market analysis.
d. An assignment condition.
4. USPAP is intended to:
a. Promote public trust.
b. Promote uniformity.
c. Enforce laws.
d. Establish an appraisal process.
5. Advisory Opinions are considered to be:
a. Real Property Standards.
b. Statements on Standards.
c. Other communications.
d. Part of USPAP.
6. An appraiser who is assisting a developer in pricing units in a new condominium project is providing:
a. Appraisal consulting service.
b. A valuation service that is covered by USPAP.
c. A valuation service that is not appraising.
d. Brokerage services.
7. If an appraiser assumes to be true a condition that is known to be false, this is an example of:
a. A Hypothetical Condition.
b. A Supplemental Standard.
c. A Limiting Condition.
d. An Extraordinary Assumption.
8. The subject of an appraisal review assignment is:
a. The report under review.
b. The subject property
c. The client.
d. Original appraiser.
9. Restricted use reports may be used only when the client is:
a. The only intended user.
b. The FHA.
c. A financial institution.
d. A government enterprise.
10. When a part of USPAP is contrary to law or public policy in any jurisdiction, appraisers must
a. Require a hearing.
b. Adhere to USPAP.
c. Notify the state board.
d. Adhere to the law.
11. Hypothetical conditions and Extra-ordinary Assumptions must be:
a. Identified by the client.
b. Set forth in the engagement agreement.
c. Authorized by USPAP.
d. Clearly and conspicuously set forth in the report.
12. Under the COMPETENCY RULE, when must an appraiser disclose a lack of expertise?
a. Before completing the report.
b. Only when asked by the client.
c. Before accepting the assignment.
d. Only if the appraiser is not state certified.
13. An intended user is:
a. Anyone who uses report.
b. Anyone identified by the client. at the time of the assignment.
c. The one who pays for the report.
d. Anyone the appraiser knows will receive a copy of the report.
14. Anyone not identified in the report as an intended user is:
a. Not an intended user.
b. May use the report if he/she paid for it.
c. May use the report if entitled to receive a copy by law.
d. An advocate.
15. The primary difference among the three reporting options in real property appraisal is:
a. Scope of Work.
b. Mandatory use of forms.
c. Time and effort in collecting data.
d. Content and level of detail presented.
16. When something is not known, but must be assumed to reach a credible conclusion it is:
a. An extraordinary assumption.
b. A hypothetical condition.
c. A restricted report.
d. A jurisdictional exception.
17. If an appraiser is asked to provide an opinion of market rent for a property, it is an example of
a. An appraisal consulting assignment.
b. An appraisal assignment.
c. A consulting assignment outside of appraisal practice.
d. Appraisal practice for which there are no Standards Rules.
18. All appraisal reports must contain:
a. The date of inspection of subject only.
b. Both the inspection date and report date.
c. Both the date of value opinion and report.
d. The date of the report only.
19. Fundamental in the scope of work decision are:
a. Intended use, intended users and standard of value.
b. Function of the report.
c. Ethics and Advisory Opinions.
d. The level of advocacy required.
20. Excluding a valuation approach that is not necessary to provide credible results is:
a. Required under the Confidentiality Rule.
b. An extraordinary assumption.
c. A scope of work decision.
d. A jurisdictional exception.
21. In each report the appraiser must explain:
a. The basis for the fee.
b. The date of the assignment.
c. The scope of work.
d. The software used in preparing the report.
22. Credibility of appraisal results is measured by the:
a. The report option used.
b. The intended user(s).
c. Definition of value.
d. Intended use.
1/2/08
Answer Key for USPAP Course Assessment
1. B
2. B
3. B
4. A
5. C
6. B
7. A
8. A
9. A
10. D
11. D
12. C
13. B
14. A
15. D
16. A
17. B
18. C
19. A
20. C
21. C
22. D