Uniform Standards of Professional Appraisal Practice Flashcards
7 cards from real RAA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Uniform Standards of Professional Appraisal Practice flashcards as text
Under USPAP, which standard governs the development of a real property appraisal?
Answer: Standard 1
Standard 1 addresses the development of a real property appraisal, while Standard 2 addresses reporting.
What does the USPAP Competency Rule require an appraiser to do when lacking the required competency for an assignment?
Answer: Disclose the lack of knowledge and take steps to acquire competency before proceeding
The Competency Rule requires appraisers to disclose any lack of knowledge or experience and take the steps necessary to complete the assignment competently.
Which USPAP rule prohibits an appraiser from accepting an assignment with a predetermined outcome?
Answer: Ethics Rule — Management section
The Management section of the Ethics Rule prohibits accepting an assignment contingent on reporting a predetermined result.
How long must an appraiser retain the workfile for a real property appraisal under the USPAP Record Keeping Rule?
Answer: At least 3 years after preparation or 1 year after final disposition of legal proceedings, whichever is later
The Record Keeping Rule requires retention for at least 3 years after preparation or at least 1 year after final disposition of legal proceedings, whichever is later.
Under USPAP Standard 2, which report format provides the most abbreviated presentation of an appraisal?
Answer: Restricted Appraisal Report
The Restricted Appraisal Report is the most abbreviated format and is intended for client use only with limited intended users.
When an appraiser uses the work of others (such as a specialist's report), what must the appraiser do under USPAP?
Answer: Describe the extent of that reliance and ensure it does not give a false impression
USPAP requires the appraiser to describe the extent of reliance on others' work and ensure the report does not mislead intended users.
Which of the following is considered a jurisdictional exception under USPAP?
Answer: A law or regulation that precludes compliance with a specific USPAP requirement
A jurisdictional exception applies when a law or regulation in the appraiser's jurisdiction precludes compliance with a specific part of USPAP.