USPAP

Which statement best defines a hypothetical condition under USPAP?

According to the Competency Rule, if an appraiser lacks the knowledge and experience to complete an assignment competently, which action is NOT acceptable?

An appraiser runs only the sales comparison approach on a standard tract home and omits the cost and income approaches. Under Standard 1 this is:

A value opinion for a subdivision as if fully built out two years from now is what kind of assignment, and what does it require?

A hypothetical condition differs from an extraordinary assumption in that a hypothetical condition:

A lender orders an appraisal for a $300,000 residential loan. After receiving the appraisal, the loan officer contacts the appraiser requesting that certain language be changed to better support the loan approval. This scenario represents a violation of:

How often must appraisers complete continuing education to maintain their license or certification?

An appraiser must disclose in the certification whether they have:

A client-imposed requirement — 'use only comps from our approved list' — is best described as:

Under Standard 1, when developing a real property appraisal, an appraiser must:

Under FIRREA, which federal agency was given the authority to set minimum standards for real estate appraisers performing appraisals in federally related transactions?

How often must licensed and certified appraisers complete continuing education to maintain their credentials according to AQB requirements?

The certification required by Standards Rule 2-3 must be signed by:

FIRREA was enacted primarily in response to which financial crisis?

According to Standard 1, when developing an opinion of market value, an appraiser must analyze:

In a narrative appraisal report, which section would typically contain the appraiser's analysis of highest and best use?

In developing a scope of work, an appraiser must consider all of the following factors EXCEPT:

A lender orders an appraisal and the borrower pays for it at closing. The borrower is:

A narrative appraisal report for a commercial property must include detailed analysis of income, expenses, and capitalization rates. This level of detail is primarily required because:

An appraiser is asked to perform an assignment that requires knowledge of environmental contamination issues, which is outside their expertise. To achieve competency, the appraiser retains an environmental consultant. The appraiser must:

Under the Dodd-Frank Act, which entity is responsible for establishing appraisal standards for federally related transactions?

The effective date of an appraisal differs from the report date in that the effective date:

Which of the following must be identified at the beginning of every appraisal assignment?

The Jurisdictional Exception Rule applies when:

According to USPAP Standard 2, when must an appraiser include extraordinary assumptions in an appraisal report?

An appraiser's work file must contain sufficient information to allow another appraiser to:

How long must a workfile be retained under the Record Keeping Rule?

A Restricted Appraisal Report may be used when:

A state regulatory agency fails to comply with Title XI requirements. What action can the ASC take?

An appraiser pays a marketing firm a fee for each assignment it brings in. What does USPAP require?

Which of the following is a binding requirement under USPAP Standard 1?

An appraiser accepts an assignment to appraise a specialized industrial property but has never appraised this property type before. To comply with the Competency Rule, the appraiser:

FIRREA was enacted primarily in response to which crisis in the financial industry?

An appraiser is valuing a property assuming it has a clear title, but a title search reveals potential encumbrances that cannot be resolved before the report deadline. The appraiser should:

When is an appraiser required to identify the intended users of an appraisal?

A certification in a written appraisal report states, among other things, that the appraiser has:

When must the intended use of an appraisal be identified according to USPAP?

According to USPAP, which of the following would constitute a violation of the Ethics Rule regarding conduct?

According to USPAP, what is the primary purpose of the Ethics Rule?

A client requests an appraiser to complete an assignment for $200, but the appraiser's typical fee for similar assignments is $450. Under customary and reasonable fee requirements, the appraiser should:

Market value is defined as the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale. Which condition is NOT typically required for market value?

A hypothetical condition is defined as:

In completing the URAR form, where should an appraiser indicate that the property is located in a FEMA flood zone?

The Dodd-Frank Act established which requirement regarding appraisal independence?

Under the Scope of Work Rule, what must an appraiser do if the scope of work is insufficient to produce credible assignment results?

Which element is typically NOT included in the executive summary of a narrative appraisal report?

An appraiser values a property 'as if' it were 10 acres instead of the actual 8 acres for a feasibility study. This is an example of:

Investment value differs from market value in that investment value:

A state appraiser regulatory agency is reviewing an appraiser's continuing education compliance. The appraiser completed 28 hours of continuing education in the current two-year period, including 5 hours of USPAP update training. Does this meet AQB requirements?

A client requests an appraisal with an extremely limited scope of work that the appraiser believes is insufficient for credible assignment results. The appraiser should: