Chapter 2 - PREAMBLE & When USPAP Applies Flashcards
What is the stated purpose of USPAP?
Promote and maintain a high level of public trust in appraisal practice
To which property types does USPAP apply?
Both tangible and intangible property
When obligated by law or regulation, an appraiser ____ comply with USPAP.
Must
The PREAMBLE states that USPAP is intended to benefit:
Appraisers and users of appraisal services
An appraiser has the professional responsibility to identify the capacity in which he or she is performing.
True
The requirement for USPAP compliance in an appraisal assignment could be the result of:
Any of these answers (agreement with the client, voluntary choice by the appraiser, law or regulation)
A valuation service that is premised upon advocacy:
It cannot be performed by an individual acting as an appraiser
USPAP states that in a situation when an individual is not required by law, regulation, or agreement to comply with USPAP:
The individual should still comply when he or she is acting as an appraiser
When performing valuation services outside of appraisal practice, an individual must be careful not to __________ the client and other intended users about his or her role.
Mislead
