USPAP 15-Hour Course 2023,Complete Verified Solution
The Preamble states that USPAP is
for appraisers and users of appraisal services.
The stated purpose of USPAP
Promote and maintain a high level of public trust in appraisal practice.
When obligated by law or regulation an appraiser must
c...
USPAP 15-Hour Course 2023,Complete Verified
Solution
The Preamble states that USPAP is
for appraisers and users of appraisal services.
The stated purpose of USPAP
Promote and maintain a high level of public trust in appraisal practice.
When obligated by law or regulation an appraiser must
comply with USPAP.
USPAP applies to which types of properties?
Tangible and Intangible
Valuation services
is not a subset of appraisal practice.
An appraiser has the professional responsibility
to identify the capacity in which he or she is performing.
Reasons why an appraiser would prepare an appraisal assignment in
conformance with USPAP
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.
True
An individual is not prohibited from providing valuation services that involve
advocacy while acting as an appraiser.
False
When performing valuation services outside of appraisal practice, appraisers
must be careful not to _________________ the client and other intended users
about their role.
Mislead
USPAP states that in a situation when an individual is not required by law,
regulation, or agreement to comply with USPAP:
The individual should still comply when acting as an appraiser.
An appraiser is engaged to teach an appraisal course. What parts of USPAP
apply?
The parts of USPAP that apply generally to appraisal practice.
The Appraisal Practices Board (APB) was created when?
2010
The APB is a(n)
independent board.
Boards within The Appraisal Foundation (TAF)
1. Board of Trustees (BOT)
2. Appraisal Standards Board (ASB)
, 3. Appraisal Qualifications Board (AQB)
4. Appraisal Practices Board (APB)
APB is a
private entity.
The APB has authority to enforce the requirements of USPAP.
False
Who has the only jurisdiction and authority over appraisers?
States
ASB
Develops, interprets, and amends USPAP.
Advisory opinions
Not part of USPAP; reference material only.
APB
Guidance is voluntary.
ASC
Maintains the official National Registry of state certified and licensed appraisers.
State appraisal regulatory committees
responsible for issuing credentials to individual appraisers.
Responsibilities of ASC:
• 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
ASC
12. USPAP divides the appraisal process into two distinct types of activity:
Develop and report
Identify the problem
The first step in the appraisal process.
Communication
The reporting process involves ________________ of the appraiser's opinions and
conclusions.
AQB
• 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
appoints members of the APB, AQB, ASB.
The ethical obligations of USPAP apply to
Individual appraisers.
Bias
is never allowed.
In appraisal practice, advocating the cause or interest of any party or issue is
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