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Homework 1

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  1. Which of the following are decisions that might be assisted by an appraisal?
    (Check all that apply)
    a. How much to offer on a property?
    b. How much should a property be sold for?
    c. How much rent should be charged?
    d. What time of year should construction be completed?
    e. How much should a lender lend on a property?
  2. Which of the following federal organizations are charged with the responsibility of establishing minimum standards for someone to become an appraiser?
    (Check all that apply)
    a. Federal Appraisal Authority
    b. Federal Housing Administration
    c. Appraisal Standards Board
    d. Appraisal Qualifications Board
    e. Uniform Standards of Professional Appraisal Practice
  3. Which USPAP Standard applies to appraisers that accept feasibility study assignments for which they lack the necessary experience?
    (Check all that apply)
    a.  Standard 1
    b.  Standard 2
    c.  Standard 3
    d.  Standard 4
    e.  Standard 5
  4. Which USPAP Standard applies to appraisers that accept appraisal assignments for which they lack the necessary experience?
    (Check all that apply)
    a.  Standard 1
    b. Standard 2
    c. Standard 3
    d. Standard 4
    e. Standard 5
  5. Which USPAP Standard is concerned with how long appraisers should keep information used in an appraisal?
    (Check all that apply)
    a.  Standard 1
    b.  Standard 2
    c.  Standard 3
    d.  Standard 4
    e.  Standard 5

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