USPAP Review Questions
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The Uniform Standards of Professional Appraisal Practice (USPAP) is the generally recognized ethical and performance standards for the appraisal profession in the United States. To become a real property appraiser in the United States, appraisers must take the 15-Hour National USPAP Course (or its equivalent).  Additionally, real property appraisers must take the 7-Hour National USPAP Update Course (or its equivalent) once every two calendar years. 

USPAP Review Questions
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25 Questions

1. The process of valuing a universe of properties using standard methodology, employing common data, and allowing for statistical testing is:

2. Prior to accepting an assignment, an appraiser must disclose any service he or she provided regarding the subject property for a period of _________.

3. Which entity is responsible for establishing education and experience requirements for licensing and certification of appraisers?

4. Which statement is TRUE regarding a workfile for an assignment in which a Restricted Appraisal Report is provided?

5. Which entity appoints members of the Foundation's independent Boards?

6. If a reviewer provides an oral report of an appraisal review:

7. Laws and regulations that apply to an appraisal for a federally-regulated lending transaction would be considered:

8. An appraiser completes an appraisal for Bank A. Two months later, he is contacted by Bank B, who asks him to “readdress” his prior report to them. Which statement is TRUE about the appraiser's USPAP obligations?

9. If a client’s objectives result in an appraiser developing biased assignment results:

10. STANDARD 2 sets forth requirements for:

11. What type of appraisal would be indicated by the phrase, 'the market value of the subject property was $200,000'?

12. Compared to a value opinion expressed in an Appraisal Report, a value opinion expressed in a Restricted Appraisal Report is:

13. A subject property's physical characteristics are ________ assignment results.

14. Which of these would be an acceptable source an appraiser would use to obtain the relevant physical characteristics of the subject real property in an appraisal assignment? (Select the most complete answer.)

15. If a supervising appraiser makes changes to a trainee's appraisal report which the trainee does not agree with, the trainee should:

16. Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?

17. A statement by a reviewer that 'the value opinion stated in the appraisal report is not adequately supported' would be an indication that the reviewer ________ develop his or her own value opinion.

18. What could cause an appraiser to prepare an appraisal assignment in conformance with USPAP?

19. Appraisal practice includes only:

20. Confidential information under USPAP is information the appraiser receives from:

21. An appraiser provides an oral report of a real property appraisal assignment. Which statement is CORRECT?

22. In an appraisal assignment, an appraiser identifies an additional intended user in addition to the client. Does USPAP permit the appraiser to provide a Restricted Appraisal Report in this assignment?

23. In a Restricted Appraisal Report, the exclusion of any of the valuation approaches must be:

24. Does USPAP require an appraiser to disclose any significant real property appraisal assistance that was provided in an appraisal assignment?

25. USPAP states that in a situation when an individual is not required by law, regulation, or agreement to comply with USPAP:

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