USPAP (Ethics & Standards)

An extraordinary assumption must be:

Under the USPAP Competency Rule, which of the following is required before an appraiser may accept an assignment?

An appraiser is developing an appraisal for a bank loan and discovers that the property has environmental contamination that significantly affects value, but the lender specifically requests that this issue not be mentioned in the report. According to USPAP, the appraiser should:

A Summary Appraisal Report must contain enough information to:

According to USPAP's Ethics Rule, an appraiser must keep confidential information about the client and intended users confidential unless disclosure is required by:

Under the Competency Rule, if an appraiser lacks the knowledge or experience to complete an assignment competently, the appraiser must:

According to the Scope of Work Rule, the scope of work must be appropriate to the:

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

According to USPAP, which of the following is NOT a required element in every appraisal report?

A Summary Appraisal Report must contain:

A hypothetical condition is defined as a condition that is:

According to USPAP, workfile retention requirements specify that an appraiser must retain the workfile for a period of at least:

The primary difference between an Appraisal Report and a Restricted Appraisal Report is:

An extraordinary assumption is defined as an assignment-specific assumption that:

A jurisdictional exception can be invoked when:

Which statement best defines a hypothetical condition under USPAP?

An appraiser violates the Ethics Rule by accepting an assignment where the fee is contingent upon:

In every appraisal assignment, the appraiser must identify and define all of the following EXCEPT:

An appraiser is developing an opinion of market value for a 20-unit apartment building. The appraiser finds three comparable sales with the following information: Sale 1: 18 units, sold for $1,800,000; Sale 2: 22 units, sold for $2,200,000; Sale 3: 24 units, sold for $2,280,000. What is the average price per unit for these comparables?

When must an appraiser disclose that they have performed services regarding the subject property within the three-year period immediately preceding acceptance of the assignment?

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

An appraiser is valuing a property that has an illegal addition. The appraiser decides to value the property assuming the addition is legal for the analysis. This scenario requires:

An appraiser receives an assignment to appraise a property type they have never appraised before, but they have extensive experience in the geographic area. Under the Competency Rule, the appraiser may:

An extraordinary assumption is defined as an assumption that:

When must the scope of work be disclosed according to USPAP?

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

An appraiser receives an assignment to appraise a specialized industrial property type they have never appraised before. According to the Competency Rule, what must the appraiser do BEFORE accepting the assignment?

According to USPAP, what is the minimum record keeping requirement for appraisal records?

A Restricted Appraisal Report under Standard 2 may be used when:

What is the key difference between a hypothetical condition and an extraordinary assumption?

Which of the following is NOT a required element to be disclosed in the scope of work according to USPAP?

To achieve competency for an unfamiliar property type, an appraiser may:

When is an appraiser required to disclose that they have a bias regarding the property being appraised?

A jurisdictional exception in USPAP:

Under Standard 1, when developing a real property appraisal, an appraiser must analyze all sales data that are:

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:

When invoking a jurisdictional exception, an appraiser must:

Which of the following must be identified at the beginning of an appraisal assignment according to USPAP?

Market value, as typically defined in USPAP, assumes all of the following EXCEPT:

What is the primary difference between a Self-Contained Appraisal Report and a Summary Appraisal Report under Standard 2?

An appraiser discovers a significant error in a completed appraisal report that affects the value conclusion. According to USPAP, the appraiser must:

A subject property has 2,400 square feet and sold comparable properties range from 2,200 to 2,800 square feet. If the market indicates a $50 per square foot adjustment for size differences, what adjustment should be made to a 2,200 square foot comparable?

An appraiser must disclose in the report when they have performed services regarding the subject property within:

Which statement about hypothetical conditions is correct?

Under Standard 1, when is an appraiser required to consider the cost approach?

An appraiser must maintain confidentiality of the appraisal and appraisal process except when:

An Appraisal Report under Standard 2 must contain:

An appraiser is asked to assume that a contaminated property is clean for valuation purposes. This would be considered:

According to USPAP Advisory Opinions, when an appraiser discovers that a property has been stigmatized by a criminal event, the appraiser should:

A comparable property has 2,400 square feet while the subject has 2,200 square feet. If the adjustment is $75 per square foot, what adjustment should be made to the comparable?