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

2. Under USPAP, an appraisal review is performed by an appraiser when developing an opinion of the quality of another appraiser's work that was performed as part of _____________ assignment.

3. If a borrower receives a copy of an appraisal report from a mortgage lender as a result of disclosure requirements:

4. The PREAMBLE states that USPAP is:

5. STANDARD 2 sets forth requirements for:

6. When does a jurisdictional exception occur in an assignment?

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

8. The payment of fees by the appraiser in connection with the procurement of an assignment is:

9. Which of the following is NOT required by USPAP to be in an Appraisal Report

10. An appraiser has appraised a property multiple times within the prior three years. He is asked by a prospective client to appraise the property again. Which statement is TRUE?

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

12. The results of DCF analysis should:

13. The client must be the only intended user for:

14. An extraordinary assumption may be used in an assignment only if:

15. What is the purpose of including a signed certification in an appraisal report?

16. By using a published cost manual, an appraiser determines that the construction cost of a 2,500 square foot dwelling is $400,000. This figure represents the dwelling’s:

17. An appraiser performs an appraisal review and develops her own opinion of property value as part of the assignment. When reporting the assignment results, the appraiser needs to provide ____ signed certification(s).

18. If a law or regulation precludes an appraiser with complying with a part of USPAP:

19. An appraiser prepared an appraisal report in April 2015. He testified in court regarding the value of the property in January 2016. The decision was rendered in February 2016 and was appealed in March 2016. The appellate court heard the case in January 2017 and remanded the case for reconsideration by the lower court. Final disposition of the case occurred in September 2017. At a minimum, how long must the appraiser retain his workfile?

20. If an appraiser is asked to appraise a property on which there is a known, current agreement of sale, the agreement must be:

21. A reviewer is responsible for ensuring that there is __________ in a review report so that it can be properly understood by __________.

22. The credibility of assignment results is measured in the context of:

23. The monetary relationship between properties and those who buy, sell or use those properties” is the definition of:

24. Who is responsible for issuing credentials to individual appraisers?

25. Which statement about the definition of market value is TRUE?

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