Disclosure of a fee paid by an appraiser in connection with the procurement of an assignment is required by which Rule?

Ethics Rule – Management Section.

Which of the following statements, concerning reporting a mass appraisal assignment, is correct?

A mass appraisal report must always be in writing

When does USPAP state that an appraiser must comply with USPAP:

When required by law, regulation, or agreement with the client

List the 4 sections of the Ethics Rule

Nondiscrimination, Conduct, Management, Confidentiality.

If an assignment requires a jurisdictional exception, the appraiser must:

Cite in the report which law or regulation requires the exception.

Competency is best described when:

Reflected in demonstrating correct judgment and correct execution

The appraiser who signs the certification on an appraisal report is:

Taking responsibility for the entire report.

The reviewer must produce a report under the appropriate Standard

Which of the following statements best describe the roll of the Appraisal Standards Board of The Appraisal Foundation?

Responsible for writing, editing, revising, and interpreting USPAP

Which of the following best defines bias in an appraisal assignment?

A preference that precludes impartiality, independence, or objectivity.

An example of an appraiser’s peers would be:

Ethical, knowledgeable appraisers that follow USPAP

The national appraiser licensing and certification program is overseen by:

Appraiser Qualifications Board. AQB

A signed certification must be included in which of the following written reports?

All Appraisal and Appraisal Review Reports

Confidential information is:

Receives from the client and is identified by the client as confidential

A Personal Inspection can only be defined as one of the following:

An appraiser’s in-person observation of the subject property

When an appraiser determines they lack competency, they must:

Disclose the lack of knowledge to client before accepting an assignment

The scope of work is acceptable when it meets or exceeds:

Expectations of regularly intended users for similar assignments.

What is the USPAP definition of the “effective date”?

The date to which an appraiser’s analyses, opinions, and conclusions apply

Appraisal practice includes:

All Valuation services performed by an individual acting as an appraise

USPAP is an abbreviation for which of the following?

Uniform Standards of Professional Appraisal Practice.

STANDARD 5 (Mass appraisal development) applies to:

All mass appraisals regardless of the purpose or use of such appraisals

What is the best description of the Comment section to a Standards Rule?

It carries the same weight as the Standard itself.

The definition of Cost is

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

The Preamble of USPAP states the primary purpose of USPAP is:

To promote and maintain a high level of public trust

A work file is required:

For written or oral appraisal reports

An Advisory Opinion would best be described as:

AOs do not establish new standards but Illustrate applicability.

Mass Appraisal is best described as:

Valuing a universe of properties that allows for statistical testing.

If an you chose to exclude, and not use, an approach to value in the development of an appraisal assignment, you must:

Be able to explain the reasoning behind excluding the approach

The Scope of Work should include:

Support for any decision to exclude an investigation, method, or technique

studbud

USPAP

50 termsStudBud Administration187 plays

USPAP STARTING QUIZ

Flashcards50 cardsFPractice quizPHost liveL

Questions 50

Answers

1
Disclosure of a fee paid by an appraiser in connection with the procurement of an assignment is required by which Rule?
An appraiser does not have to disclose they are paid a fee
Ethics Rule – Management Section.
Record Keeping Rule.
Ethics Rule – Conduct Section.
2
Which of the following statements, concerning reporting a mass appraisal assignment, is correct?
A mass appraisal report may be presented as an oral report if requested
All employees must be named along with their TDLR numbers
The final report must include a listing of all account numbers
A mass appraisal report must always be in writing
3
When does USPAP state that an appraiser must comply with USPAP:
When required by law, regulation, or agreement with the client
When an individual is acting as an appraiser, they must comply with USPAP
Only when an assignment is related to an appraisal for a local government
Only when an assignment is related to an appraisal for goverment use
4
The act or process of developing an opinion of value is the definition of:
Appraisal reporting
An appraisal
Appraisal Practice
Appraisal review assignment
5
How did USPAP gain acceptance in the appraisal industry
Texas code section 23.01
Appraisers saw the need and voluntarily adopted it.
Ethics code
Title XI of Firrea
6
List the 4 sections of the Ethics Rule
Nondiscrimination, Conduct, Record keeping, Confidentiality
Management, Conduct, Work file, Confidentiality.
Nondiscrimination, Conduct, Management, Confidentiality.
Confidentiality, Nondiscrimination, Management, Ethics.
7
Which Standard of USPAP addresses the reporting of a mass appraisal report?
Standard 8
Standard 2
Standard 4
Standard 6
8
If an assignment requires a jurisdictional exception, the appraiser must:
Cite in the report which law or regulation requires the exception.
Cite in the report which part of USPAP supersedes the law
Ask client for permission to exclude that part of USPAP.
Decline the assignment since it can't comply with USPAP
9
Competency is best described when:
You put in sufficient hours to perform and review an appraisal
You attain a state level certification such as an RPA showing competency
Reflected in demonstrating correct judgment and correct execution
Demonstrating a certain level of expertise in an appraisal assignment
10
The appraiser who signs the certification on an appraisal report is:
Supposed to sign the letter of transmittal.
Expected to have errors and omissions insurance.
Inspect the property.
Taking responsibility for the entire report.
11
An Appraisal Review:
The reviewer must produce a report under the appropriate Standard
Never includes the reviewer’s opinion of value.
Always includes the reviewer’s opinion of value.
Never includes the reviewer’s opinion of value
12
Which of the following statements best describe the roll of the Appraisal Standards Board of The Appraisal Foundation?
Issue licences to appraisers
Establish minimum education, experience, and examination requirements.
Charged with the responsibility issuing opinions on valuation protests.
Responsible for writing, editing, revising, and interpreting USPAP
13
A condition directly related to an assignment, which is contrary to what is known by the appraiser to exist is:
A hypothetical condition
An assumption
False assumption
An extraordinary assumption
14
Standard Five (5) applies to the appraisal of:
Real and personal property.
Tangible and intangible property.
Business enterprises
Tangible Personal Property
15
Which of the following best defines bias in an appraisal assignment?
A preference that precludes impartiality, independence, or objectivity.
All predjudice that leads to lower than normal appraisal results
An economic condition affecting property values in a market.
A position taken to protect confidentiality of client
16
An example of an appraiser’s peers would be:
ARB members
Ethical, knowledgeable appraisers that follow USPAP
Experienced appraisers that do not always follow USPAP
Local real estate agents.
17
Which USPAP Standard addresses Business Appraisal, Reporting
8
10
9
12
18
The report option(s) for Standard Six, Mass Appraisal would be:
Mass Appraisal Report and Oral Report.
Mass Appraisal Report and Restricted Use Report.
Mass Appraisal Report.
Mass Appraisal Report and Summary Report.
19
How often must a Texas Appraisal District complete a Scope of Work?
Annually.
Biannually
Semi-Annually.
Biennially.
20
Performs valuation services competently and in a manner that is independent, impartial, and objective.
An Appraiser
Appraisal district personnel
Level 4 appraiser
Is state licensed or certified valuation expert
21
The national appraiser licensing and certification program is overseen by:
Board of Trustees.
Appraisal Standards Board. ASB
Appraiser Qualifications Board. AQB
Appraisal Standards Board. ASB
22
A signed certification must be included in which of the following written reports?
Mass Appraisal Reports only
Real property Appraisal reports only
All Appraisal and Appraisal Review Reports
Business appraisal reports only
23
When laws or regulations preclude the appraiser ability to comply with parts of USPAP, they must follow which rule:
Record Keeping Rule
Jurisdictional Exception
Preamble
Ethics rule
24
In what year did Texas make USPAP mandatory to comply with?
2001
1987
1989
1997
25
Confidential information is:
Receives from the client and is identified by the client as confidential
Information appraiser wants to keep private
Receives from other appraisers
Client has identified as confidential but is available from other sources.
26
A Personal Inspection can only be defined as one of the following:
Google earth view
An appraiser’s in-person observation of the subject property
An observation of improved property from the road no buildings visible.
An observation using tools such as aerial photography
27
When an appraiser determines they lack competency, they must:
Decline to accept the assignment until competency is acquired
Disclose the lack of knowledge to client before accepting an assignment
Accept assignment only a contingency basis due to the lack of competency
They must attain the knowledge for possible future assignments.
28
The scope of work is acceptable when it meets or exceeds:
The client’s requirements
A complete and detailed set of special limiting conditions
Meets all standards adopted by the IAAO and TAAD
Expectations of regularly intended users for similar assignments.
29
Restricted Use Reports cannot be used with the following two Standards:
Standards 1 and 3
Standards 6 and 10
Standards 4 and 6
Standards 8 and 6
30
What is the USPAP definition of the “effective date”?
The date the report is ordered by the client.
The date to which an appraiser’s analyses, opinions, and conclusions apply
The date the report is given to the client.
The date the report is written.
31
Appraisal practice includes:
Only written appraisals
All services performed by an appraiser.
Only appraisal and appraisal review reports
All Valuation services performed by an individual acting as an appraise
32
USPAP is an abbreviation for which of the following?
Uniform Standards of Professional Appraisal Practice.
Uniform Standards of Property Appraisal Practice.
United States Property Appraisal Practice.
United States Professional Appraisal Practice.
33
STANDARD 5 (Mass appraisal development) applies to:
All mass appraisals regardless of the purpose or use of such appraisals
Only mass appraisals prepared for ad valorem tax purposes only
Only for automated valuation models (AVM’s)
Only mass appraisals prepared for other than for ad valorem tax purposes
34
What is the best description of the Comment section to a Standards Rule?
The Comment is advisory material.
It is the same as an Advisory Opinion
It is just there to help us understand USPAP.
It carries the same weight as the Standard itself.
35
The definition of Cost is
the monetary relationship between properties.
The amount required to create, reproduce, replace, or obtain a property
the expenditure required to create and sell products and services,
the amount asked, offered, or paid for a property
36
The Preamble of USPAP states the primary purpose of USPAP is:
To identify and establish an intended user of an appraisal.
To promote and maintain a high level of public trust
To establish the structure of USPAP and establish general appraisal rules.
To provide appraisers with a checklist for performing credible appraisals
37
A mathematical expression of how supply and demand factors interact in a market as defined in USPAP:
Mass appraisal report
Mass appraisal model
Mass appraisal work file
Scope of work
38
A work file is required:
For Oral reports only
Only if client requests it
For written or oral appraisal reports
If scope of work requires it
39
If an appraisal method is excluded, in what part of USPAP is this addressed?
Scope of Work
Ethics rule
Laws and rules
The Competency Rule
40
An Advisory Opinion would best be described as:
AOs must be followed like a Standard.
AOs add to the requirements of USPAP.
Required by USPAP and are extension of the Rules and Standards
AOs do not establish new standards but Illustrate applicability.
41
Each written mass appraisal report must contain:
A cover page stating the purpose of the appraisal
A signed certification
A glossery of definitions of terms used in the appraisal
Written copies of all three approaches to value
42
An assignment specific assumption that if found to be false, could alter the appraiser’s opinions or conclusions is:
False positive assumption
Hypothetical Condition
Extraordinary Assumptions
Confidential information
43
Mass Appraisal is best described as:
A mathematical process of averages
Valuing a universe of properties that allows for statistical testing.
An opinion of value of more than one piece of real property
A computerized valuation method
44
Standards Rule 1-5 states that an appraiser must analyze all sales within how many years?
2.
5
1
3
45
Advocacy is never allowed in appraisal practice according to what rule in USPAP:
Client agreement rule
Advocacy rule
Ethics
Jurisdictional Exception
46
The type and extent of information researched and the analysis applied in an assignment defines:
Scope of work
Appraisal development techniques
Confidential information
Assignment condition
47
If an you chose to exclude, and not use, an approach to value in the development of an appraisal assignment, you must:
USPAP allows appraisers to exclude an approach to value without explanation
Be able to explain the reasoning behind excluding the approach
The appraiser is not allowed to exclude any appraisal methodology
The preamble of USPAP provides that appraisers cannot exclude an approach
48
Who oversees the TAF?
ASB
Board of Trustees
Congress
TDLR
49
The Scope of Work should include:
Support for any decision to exclude an investigation, method, or technique
The terms of the appraisal engagement
The appraiser’s qualifications.
All communications with the client.
50
According to Standards Rule 2-4(a) oral reports must substantively address the same matters as:
A Summary Report.
An Appraisal Report.
A Narrative Report.
USPAP does not allow oral reports for business enterprises.

USPAP Flashcards | StudBud