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USPAP 15-Hour Course Q&A
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USPAP 15-Hour Course Q&A
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USPAP 15-Hour CourseThe Preamble states that USPAP is Correct Ans - for appraisers and
users of appraisal services.
The stated purpose of USPAP Correct Ans - Promote and maintain a
high level of public trust in appraisal practice.
When obligated by law or regulation an appraiser must Correct Ans -
comply with USPAP.
USPAP applies to which types of properties? Correct Ans - Tangible
and Intangible
Valuation services Correct Ans - is not a subset of appraisal practice.
An appraiser has the professional responsibility Correct Ans - to
identify the capacity in which he or she is performing.
Reasons why an appraiser would prepare an appraisal assignment in
conformance with USPAP Correct Ans - 1. Agreement with client.
2. Law or regulation.
3. Voluntary choice.
An appraiser who provides an appraisal service that is not an appraisal,
appraisal review, or appraisal consulting assignment does not have workfile
obligations associated with the assignment. Correct Ans - True
An individual is not prohibited from providing valuation services that involve
advocacy while acting as an appraiser. Correct Ans - False
When performing valuation services outside of appraisal practice, appraisers
must be careful not to _________________ the client and other intended users
about their role. Correct Ans - Mislead
USPAP states that in a situation when an individual is not required by law,
regulation, or agreement to comply with USPAP: Correct Ans - The
individual should still comply when acting as an appraiser.
,An appraiser is engaged to teach an appraisal course. What parts of USPAP
apply? Correct Ans - The parts of USPAP that apply generally to
appraisal practice.
The Appraisal Practices Board (APB) was created when? Correct Ans -
2010
The APB is a(n) Correct Ans - independent board.
Boards within The Appraisal Foundation (TAF) Correct Ans - 1. Board
of Trustees (BOT)
2. Appraisal Standards Board (ASB)
3. Appraisal Qualifications Board (AQB)
4. Appraisal Practices Board (APB)
APB is a Correct Ans - private entity.
The APB has authority to enforce the requirements of USPAP. Correct Ans
- False
Who has the only jurisdiction and authority over appraisers? Correct Ans
- States
ASB Correct Ans - Develops, interprets, and amends USPAP.
Advisory opinions Correct Ans - Not part of USPAP; reference material
only.
APB Correct Ans - Guidance is voluntary.
ASC Correct Ans - Maintains the official National Registry of state
certified and licensed appraisers.
State appraisal regulatory committees Correct Ans - responsible for
issuing credentials to individual appraisers.
Responsibilities of ASC: Correct Ans - • Establishes, improves, and
promulgates the USPAP
, • Subject, content, and substance of USPAP and other communication related
to appraisal standards.
• Establishes standards of professional appraisal practice for the guidance and
education of appraisers and users of appraisal services.
• Maintains the official National Registry of state certified and licensed
appraisers.
Developing, amending, and interpreting USPAP is NOT a responsibility of
Correct Ans - ASC
12. USPAP divides the appraisal process into two distinct types of activity:
Correct Ans - Develop and report
Identify the problem Correct Ans - The first step in the appraisal
process.
Communication Correct Ans - The reporting process involves
________________ of the appraiser's opinions and conclusions.
AQB Correct Ans - • Disseminates to state appraisal boards the
qualifications criteria for appraiser certifications and recertification.
• Responsible for establishing education and experience requirements for
licensing and certification of appraisers.
BOT Correct Ans - appoints members of the APB, AQB, ASB.
The ethical obligations of USPAP apply to Correct Ans - Individual
appraisers.
Bias Correct Ans - is never allowed.
In appraisal practice, advocating the cause or interest of any party or issue is
Correct Ans - never permitted.
If an appraiser has appraised a property multiple times within the prior 3
years he must disclose the number of times he appraised the property to a
prospective client. Correct Ans - True
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