USPAP and PACC Compliance Exam

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Instructions

Below you will find the Asheford-PACC Compliance Exam to be taken before your USPAP testing. This test has been designed as a "bridge" exam between current PACC Appraisal Standards, and examples of terminology and expressions that one may find within the Uniform Standards of Professional Appraisal Practices (USPAP) course of study. The aim of this exam is to introduce students and past graduates to some of the possible terms and definitions that may be contained within the USPAP Course, as well as to familiarize them with the actual role USPAP plays within the world of "personal property appraising."  

Students and graduates are encouraged to read "beyond" the required test questions, in order to gain a more complete understanding of how USPAP testing may relate to their appraisal credentials, in regard to the appraising of antiques, collectibles and memorabilia. (*Note: Since settings for various browsers can have different results when hitting the "back-button" or a "link," we recommend students notate their answers either in a hard-copy format, or in a separate text-based program to ensure that no information is lost when moving between windows. Additionally, please ensure that your browser i.e. Google Chrome, Firefox, etc., are capable of displaying PDF formatted pages since some of the instructional links require this capability).

Should you have any questions prior to taking the Asheford-PACC Compliance Exam, please do not hesitate to contact the Institute for assistance.

- A.I.A. Exams Office

    Asheford-PACC Compliance Examination

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    Only ONE of the following answers is correct for each multiple choice question. Select only ONE option from the list on the right. Please ensure that you "click" on any links in the questions before selecting your answer. Some links may have Flashcards - click on the bottom of the Flashcard where it says "Click To Flip" to turn the card over. After you have read all the information, use the "back button" in the upper left-hand section of your browser to return to the test, and then select your answer.
    Begin PACC Compliance Exam...

    Introductory Question  (Use this link before answering: USPAP)

    What is USPAP and when was it created?
    Question 1  (Use this link before answering: Appraisal )

    A.) An appraisal is     an exact evaluation based on current marketplace pricing.

    B.) An appraisal is estimation through which conclusions may be drawn.

    C.) Reports for appraisals should be derived from a single source.
    Question 2  (Use this link before answering: Appraisal Foundation)

    The qualifications set forth by the Appraisal Foundation for "personal property appraisers" are a legal requirement regulated by the government, not a generally recognized set of standards.
    Question 3 (Use this link before answering: Appraisal Consulting)

    A.) The analysis involved in appraising should never be the product of opinion.

    B.)  The critical component of a professional appraisal analysis is the lack of a personal recommendation.

    C.)     The use of opinion can be an integral aspect of an appraisal analysis
    Question 4 (Use this link before answering Appraisal Standards)

    A.) The Appraisal Standards Board (ASB) governs both the Appraisal Foundation, and the Appraiser Qualifications Boards.

    B.) The AQB is responsible for funding all appraisal boards and foundations.

    C.)     The ASB writes, amends, and interprets USPAP, the Board however, does not enforce USPAP.
    Question 5 (use this link before answering Replacement Value)

    Replacement Value → The highest value in terms of cash or other precisely revealed terms that would be required to replace a property with another of exactly the same age, quality, appearance, provenance or condition, within a specific length of time in an appropriate market.
    Question 6 (Use this link before answering: PACC)

    A.)     The Asheford "Certified Appraisers Foundation" (CAF), was created in response to USPAP.

    B.)     The CAF was eventually integrated into the Asheford Program, and later become known as, The Professional Appraiser Code of Conduct (PACC).

    C.) The PACC does not cover theories, methodologies or principles related to appraising.
    Question 7  (Use this link before answering: Standard 8 )

    In the USPAP Standards Rule 8-1 What are the three conditions each     written or oral personal property appraisal report must abide by (please fill in word-for-word as they appear).
    Question 8  (Use this link before answering: PACC )

    A.) Asheford Appraisers can be certified based on past experience     alone.

    B.) The credentialing of Asheford Appraisers comes soley from "Methodology" testing.

    C.)     Asheford Appraisers must complete both "Product Knowledge" & "Methodology" requirements in order to be certified as "Professional-level" Appraisers.
    Question 9  (Use this link before answering: Appraisal Practice)

    Appraisal Practice refers to:

    A.)     Services of valuation that may be conducted by those acting as an appraiser, including but not limited to appraisal, appraisal review, or appraisal consulting.

    B.)      Valuation services performed by an individual acting as an appraiser, and limited to appraisal, appraisal review, or appraisal consulting.
    Question 10  (Use this link before answering: Appraisal Standards)

    A.)     The responsibilities of the Appraisal Foundation include the funding of various personal property societies and related associations.

    B.)     The Appraisal Foundation is a "for-profit" organization that relies on paid dues and memberships from individual appraisers.

    C.)     The Appraiser Qualifications Board (AQB) establishes minimum qualifications, known as the Real Property Appraiser Qualifications Criteria.
    Question 11  (Use this link before answering: Jurisdictional Exception )

    A.)     Jurisdictional Exception may be employed if the appraiser feels that certain conditions within the guidelines of a USPAP appraisal do not constitute the use of "reasoned" opinion.

    B.)     The process in an appraisal, where a condition exists that may allow an appraiser to lawfully exclude certain guidelines as prescribed by USPAP, is known as Jurisdictional Exception.

    C.) Jurisdictional Exception does not preclude an appraiser from complying with USPAP.
    Question 12  (Use this link before answering: USPAP )

    Compliance with USPAP is a mandatory requirement in all instances where "personal property evaluations" are being conducted.
    Question 13  (Use this link before answering: USPAP Representation )

    A.)     An individual should comply with USPAP when choosing to represent one's self as an appraiser.

    B.)     An individual must comply with USPAP when choosing to represent one's self as an appraiser.
    Question 14  (Use this link before answering: Personal Property )

    What does the implied meaning of "personal property" refer to when used by appraisers?
    Question 15  (Use this link before answering: Personal Property Qualifications)

    According to the "Personal Property Appraiser Minimum Qualification Criteria," what are the four main terms of "definitions" used in the criteria?
    Question 16  (Use this link before answering: Real Property)

    "Real Property" also includes goods and chattels as well as land, structures and rights.
    Question 17  (Use this link before answering: "Boards" )

    What are the three "Boards" that operate under the umbrella of the Appraisal Foundation?
    Question 18  (Use this link before answering: Scope Of Work Rule)

    Hypothetical Conditions are not part of the USPAP "Scope Of Work Rule.    "
    Question 19  (Use this link before answering: Appraisal Foundation)

    According to the diagram of the Appraisal Regulatory System on the link listed above, the Appraisal Foundation is responsible for what?
    Exam Submission
    This is the end of your PACC-USPAP Compliance Exam.

    Please review all answers carefully, as you will NOT have the opportunity to correct any questions after hitting the "Submit" button.

    Your answers will be reviewed by an "Instructor" at the Institute, and your grades will be emailed back to you using the email address you provided at the beginning of this test. Once you have successfully completed this exam, and have received your grade, you will then be able to proceed with your USPAP Course Testing. Information regarding how to start your USPAP testing will be included within the email that contains your final grade.