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Uspap?

Discussion in 'Appraisal Education' started by Wendell Braun, Mar 22, 2005.

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  1. Wendell Braun

    Wendell Braun New Member

    0
    Jul 19, 2004
    I have to take the USPAP test within the next week. Does anyone remember what kind of questions come up the most. The first time I took it, I think I studied to hard, and when it came to the test-nothing looked familiar. 90% of out class failed. Any recomendations on what to study the most? Thanks
     
  2. Wendell Braun

    Wendell Braun New Member

    0
    Jul 19, 2004
    I have to take the USPAP test within the next week. Does anyone remember what kind of questions come up the most. The first time I took it, I think I studied to hard, and when it came to the test-nothing looked familiar. 90% of out class failed. Any recomendations on what to study the most? Thanks
     
  3. CANative

    CANative Elite Member

    62
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Maybe Mike Garrett will post his course outline for us.
     
  4. Don Clark

    Don Clark Elite Member

    3
    Jan 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    B) My advice would be to contact your instructor and ask him/her. I would also suggest you read the definitions, history of the standards, and make sure you have a good grasp of Stds 1,2 & 3. Also, study the Statements, as well as the standard rules such as ethics, competency, departure, jurisdictional exception, and supplemental standards rule. That will keep you busy about all week.
     
  5. Rick Urbancic

    Rick Urbancic New Member

    0
    Mar 17, 2005
    Its not unusual that most people fail the USPAP test. When they did the national testing a few years back, it was about a 60% failure rate and many of these people were already teaching it.

    Major points of USPAP to understand:
    1) extraordinary assumptions, hypothetical conditions, limiting conditions.
    2) what is a departure (Rule 1-3, 1-4, 2-5)?
    3) USPAP was not written primarily to protect the appraiser, but to increase public confidence in our industry
    4) understand the Scope of Work
    5) study the differences between limited verse a complete report (invoking departures)
    6) understand the 3 report types (rule 2-2) the summary format is probably what you use most of the time
    7) record keeping provisions (5 years after assignment - 2 years after legal proceeding)
    8) ethics and competency rules

    I came up with these in a couple moments thoughts - I did not look them up. But I'm pretty sure they are accurate.

    I hope this helps
     
  6. Non Sequitur

    Non Sequitur Elite Member
    Supporting Member

    56
    Feb 14, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Louisiana
  7. Wendell Braun

    Wendell Braun New Member

    0
    Jul 19, 2004
    USPAP=Click Here (I dont get it. Clicked and ended up on some Spanich website.)
     
  8. Ramon Tate

    Ramon Tate Sophomore Member

    0
    Jan 30, 2005
    Professional Status:
    Certified General Appraiser
    State:
    Mississippi
    Ditto! I would add that he needs to be clear on the difference between "BINDING" & "SPECIFIC" requirements. Though its been 13 years for me, I clearly recall several questions that required knowing the difference and being able to identify which requirements were binding or specific.

    Also, he should read the "AO"'s, (advisory opinions) and SMT's (statements on appraisal standards). They can help provide some context through examples and added comment. In my opinion, it makes remembering a bit easier.

    I'm a little confused over your #5.... "limited verse" and "complete report"? That particular verbage may be in use locally where you are, but for the test, he'll need to restrict himself to the official version. For real property appraisal, the "DEPARTURE" provision is aimed at Standard 1. The terms "LIMITED" and "COMPLETE" are used to identify the type of appraisal analysis process that was applied by the appraiser. From a definition standpoint, USPAP only has four classifications for a REPORT and they are: SELF-CONTAINED, SUMMARY, RESTRICTED, and ORAL. Also, with respect to DEPARTURE, he needs to fully understand the difference between "APPLICABLE" and "NECESSARY".

    From my perspective, after a couple of dozen trainees having come and gone, "DEPARTURE" and the contextual issues surrounding it, was the area that gave the most trouble for trainees.
     
  9. Otis Key

    Otis Key Elite Member

    0
    May 15, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    Follow the link at the bottom of my post and it should take you to USPAP as well.
     
  10. Non Sequitur

    Non Sequitur Elite Member
    Supporting Member

    56
    Feb 14, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Louisiana
    Esperanto is a made up language that is supposedly easy to learn and understand. Users hope that it will be adopted as a worldwide language.

    Look familiar? It's been about as successfull as USPAP in these regards.
     
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