USPAP

Question 1

In 1989, eight major U.S. professional appraisal organizations came together and established what new organization?

Answer 1

The Appraisal Foundation (TAF)

Question 2

What event in U.S. history leads to the creation and establishment of new appraisal standards?

Answer 2

The Savings and Loan crisis

Question 3

What appraisal organization represented the mass appraisal industry during the creation of appraisal standards?

Answer 3

IAAO - International Association of Assessing Officers

Question 4

How did USPAP gain acceptance in the appraisal industry?

Answer 4

Federal lawmakers incorporated (FIRREA)

Question 5

With regards to the revision process, how often does USPAP see changes?

Answer 5

Once every 2 years (biennially)

Question 6

What is the primary purpose of the Appraisal Standards Board within The Appraisal Foundation?

Answer 6

a) establishes the rules for developing an appraisal and reporting its results
b) responsible for writing, editing, revising, and interpretation of USPAP
c) promotes the use, understanding, and enforcement of the USPAP as required by FIRREA

Question 7

The act or process of developing an opinion of value (verb);an opinion of value. (noun)

Answer 7

Appraisal

Question 8

Valuation services performed by an individual acting as an appraiser, including but not limited to appraisal and appraisal review.

Answer 8

Appraisal Practice

Question 9

One who is expected to perform evaluation services competently and in a manner that is independent, impartial, and objective.

Answer 9

Appraiser

Question 10

Specific information needed to identify the appraisal or a appraisal review problem: client and any other intended users; intended use of appraiser’s opinion and conclusions; type and definition of value; effective date of appraiser’s opinion and conclusions; subject of the assignment and its relevant characteristics; and assignment conditions.

Answer 10

Assignment Elements

Question 11

An appraiser’s opinion or conclusions developed specific to an assignment but not limited to value, they were developed when performing an appraisal assignment, an appraisal review assignment, or a valuation service other than an appraisal appraisal review

Answer 11

Assignment Results

Question 12

A preference or inclination that precludes an appraiser’s impartiality, independence, or objectivity in an assignment.

Answer 12

Bias

Question 13

The party or parties who engage, by employment or contract, an appraiser in a specific assignment whether directly or through an agent.

Answer 13

Client (usually Jurisdiction)

Question 14

Information that is either: Identified by the client as confidential when providing it; or Classified as confidential or private by applicable law or regulation.

Answer 14

Confidential Information

Question 15

The actual or estimated amount required to create, reproduce, replace, or obtain a property

Answer 15

Cost

Question 16

The date to which an appraiser’s analysis, opinions, and conclusions apply; also referred to as date of value.

Answer 16

Effective Date (January 1st)

Question 17

An assignment specific assumption as of the effective date regarding uncertain information used in an analysis which, it found to be false, could alter the appraiser’s opinions or conclusions

Answer 17

Extraordinary Assumption

Question 18

A condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis.

Answer 18

Hypothetical Condition

Question 19

Non-physical assets, including, but not limited to franchises, trademarks, patents, copyrights, goodwill, equities, securities, and contracts as distinguished from physical assets such as facilities and equipment.

Answer 19

Intangible Property (Intangible Assets)

Question 20

An assignment condition established by applicable law or regulation, which precludes an appraiser from complying with a part of USPAP

Answer 20

Jurisdictional Exception

Question 21

The process of valuing a universe of properties as of a given date using standard methodology, employing common data, and allowing for statistical testing.

Answer 21

Mass Appraisal

Question 22

A mathematical expression of how supply and demand factors interact in a market.

Answer 22

Mass Appraisal Model

Question 23

Intentionally or unintentionally mis-representing, misstating, or concealing relevant facts or conclusions.

Answer 23

Misleading

Question 24

The amount asked, offered, or paid for a property.

Answer 24

Price

Question 25

A physical observation performed to assist in identifying relevant property characteristics in a valuation service.

Answer 25

Personal Inspection

Question 26

Any tangible or intangible article that is subject to ownership and not classified as real property, including identifiable tangible objects that are considered by the general public as being "personal," such as furnishing, artwork, antiques, gems and jewelry, collectibles, machinery and equipment; and intangible property that is created and stored electronically such as plans for installation art, choreography, emails, or designs for digital tokens.

Answer 26

Personal Property

Question 27

Attributes of a property that are observable or measurable as a matter of fact, as distinguished from opinions and conclusions, which are the result of some level of analysis or judgment.

Answer 27

Physical Characteristics

Question 28

Features that may affect a property's value or markability such as legal, economic, or physical characteristics.

Answer 28

Relevant Characteristics

Question 29

The type and extent of research and analysis in an appraisal or appraisal review assignment.

Answer 29

Scope of Work

Question 30

A service pertaining to aspects of property value, regardless of the type of service and whether it is performed by appraisers or by others.

Answer 30

Valuation Services

Question 31

The monetary relationship between properties, and those who buy, sell, or use those properties, expressed as an opinion of the worth of a property at a given time.

Answer 31

Value

Question 32

Data, information, and documentation necessary to support the appraiser's opinions and conclusions and to show compliance with USPAP

Answer 32

Work file

Question 33

What is the purpose of USPAP?

Answer 33

To promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers.

Question 34

The appraisal standards board has stated that USPAP is to be used by both and .

Answer 34

Appraisers and users of appraisal services

Question 35

When must appraisers comply with USPAP

Answer 35

The Appraiser must comply with USPAP when service or the appraiser is required by law, regulation, or agreement with client or intended user

Question 36

Appraisers should perform assignment with , ,and .

Answer 36

Independence, impartiality, and objectivity.

Question 37

What must an appraiser do when the appraiser determines that he or she lacks competency

Answer 37

Disclose that they are incompetent to client but prior to accepting the assignment or withdraw

Question 38

When certain laws or regulations preclude the appraiser's ability to comply with parts of USPAP, this is known as what

Answer 38

Jurisdictional Exception Rule

Question 39

In what manner, and under which rule in USPAP, is advocacy permitted in an appraisal assignment

Answer 39

Never

Question 40

In determining the appropriate scope of work for an assignment, appraisers have ____________and ____________.

Answer 40

Broad flexibility and significant responsibility

Question 41

If an appraiser chooses to exclude an appraisal method/technique, that would otherwise seem necessary to the client, what must the appraiser do

Answer 41

The appraiser must have sound reasoning behind the decision and must disclose the decision in the scope of work

Question 42

Under what circumstances is the scope of work deemed acceptable

Answer 42

When it meets or exceeds: the expectations of parties who are regularly intended users of similar assignments; and what an appraiser's peers' action would be in performing the same or similar assignment

Question 43

Problem identification is the 1st step in developing a proper scope of work. What are 6 elements in appraisal needs to correctly identify in order to correctly understand problem identification?

Answer 43

1 client and any other intended users 2 intended use of appraiser's opinion or conclusions 3 type and definition of value 4 effective date of the appraiser's opinion or conclusions 5 subject of the assignment and its relevant characteristics 6 any assignment condition

Question 44

Once A-scope of work is finalized by the appraiser, can the scope of world be altered? If yes why?

Answer 44

Yes, information discovered during the course of an assignment might cause the appraiser to reconsider the scope of work

Question 45

Standard one address what type of appraisal assignment

Answer 45

The development of a real property appraisal

Question 46

According to standard 2, what 2 types of appraisal reports are allowed under USPAP

Answer 46

Appraisal reports and restricted appraisal reports

Question 47

According to standard 2, what type of report is only intended for the client and warns the report may not be understood properly without additional information

Answer 47

Restricted appraisal reports

Question 48

What standard of USPAP addresses the development of an appraisal review assignment

Answer 48

Standard 3

Question 49

Both written and oral appraisal reports must meet the requirements of which rule

Answer 49

Record keeping rule

Question 50

What do all standards rule instruct appraisers to do regarding exclusion of an appraisal methodology when developing an appraisal assignment

Answer 50

The exclusion of any of the approaches to value must be explained

Question 51

The names of individuals providing significant appraisal assistance in an assignment, must be stated, or listed, where in the report

Answer 51

The signed certification

Question 52

According to standards rule 5, calibration of mass appraisal models should be based on what

Answer 52

All 3 approaches to value when applicable

Question 53

Who has the responsibility within the appraisal foundation of providing adversory opinions

Answer 53

The appraisal standards board

Question 54

While adversory opinions are a form of guidance, and they do not establish new standards or interpret existing standards, what is the purpose of an adversory opinion

Answer 54

Adversory opinions are to illustration the applicability of USPAP in specific circumstances

Question 55

According to A02, what inspection of property is not required of USPAP, what are some alternative inspection methods is a physical inspection is not performed

Answer 55

Plans, specifications, asset records, photographs, property sketches, recorded media

Question 56

When should an individual, acting as an appraiser, comply with USPAP

Answer 56

When required by law or regulation, or the client

Question 57

According to A032, who typically is the client in an Ad Valorem property appraisal

Answer 57

The government or taxing authority

Question 58

In developing a mass appraisal, an appraiser must be aware of_________________ , and correctly employed those_______________ _____________and________________, necessary to produce and communicate credible mass appraisals

Answer 58

Understand, recognized methods and techniques

Question 59

In developing a mass appraisal, an appraiser must identify the________ and____________of____________.

Answer 59

Type and definition of value

Question 60

In developing a mass appraisal, an appraiser must employ recognized techniques for specifying____________ ___________ _____________; and employer recognized techniques ____________ ____________ ____________ ____________

Answer 60

Property valuation models and calibrating mass appraisal models

Question 61

Each written mass appraisal report must ____________ and ____________ set forth the appraisal in a manner that will not be misleading

Answer 61

Clearly and accurately

Question 62

Each written mass appraisal report must ________________ to enable the intended users of the appraisal to understand the report properly

Answer 62

Contain sufficient information

Question 63

Each written mass appraisal report must contain a

Answer 63

Signed certification

Question 64

The signing appraiser must also state the ____________ of those providing significant ____________in the certification

Answer 64

Name(s) | Mass appraisal assistance

Question 65

How did USPAP became accepted as the standard across the country

Answer 65

Title XI of FIRREA required USPAP compliance on all federally related transactions

Question 66

Mass appraisal is the process of appraising a universal properties rather than a single property. The mass appraiser utilizes methods and techniques not utilized in the other appraisal standards. In developing a mass appraisal, an appraiser must employ recognized techniques for specificifing and calibrating property valuation

Answer 66

Mass Appraisal Model

Question 67

The Appraisal Foundation (TAF) is accomplished by three independent boards:

Answer 67

1) The Board of Trustees 2) The Appraiser Qualifications Board (AQB) 3) The Appraisal Standards Board (ASB)

Question 68

Written or oral reports we must have...

Answer 68

A work file

Question 69

Which standards apply to all mass appraisals and not just to Ad Volorem

Answer 69

Standards 5 and 6

Question 70

In which standard the report must be in writing and not oral format?

Answer 70

Standard 6 - Mass Appraisal, Reporting

Question 71

Means to have correct judgment and correct execution

Answer 71

Competency

Question 72

List the Standards regarding development

Answer 72

``` Standard 1 Standard 3 Standard 5 Standard 7 Standard 9 ```

Question 73

List the Standards regarding review

Answer 73

``` Standard 2 Standard 4 Standard 6 Standard 8 Standard 10 ```

Question 74

Standard 1

Answer 74

Real Property Appraisal

Question 75

Standard 2

Answer 75

Real Property Appraisal Reporting

Question 76

Standard 3

Answer 76

Appraisal Review Development

Question 77

Standard 4

Answer 77

Appraisal Review Reporting

Question 78

Standard 5

Answer 78

Mass Appraisal Development

Question 79

Standard 6

Answer 79

Mass Appraisal Review

Question 80

Standard 7

Answer 80

Personal Property Appraisal Development

Question 81

Standard 8

Answer 81

Personal Property Appraisal Reporting

Question 82

Standard 9

Answer 82

Business Appraisal Development

Question 83

Standard 10

Answer 83

Business Appraisal Reporting