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15-Hr National USPAP Course With Complete Solutions 100% 2024
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15-Hr National USPAP Course With Complete Solutions 100% -Hr National USPAP Course With Complete Solutions 100% 2024
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2020-2021 15-Hr National USPAP CourseWith Complete Solutions 100% 2024
The type and extent of research and analysis in an appraisal or appraisal review assignment defines the: -
correct answer Scope of work
The purpose of the JURISDICTIONAL EXCEPTION RULE is to: - correct answer Preserve the balance of
USPAP when compliance with one or more of its parts is precluded by law or regulation
Valuation services performed by an individual acting as an appraiser - correct answer Appraisal practice
includes only:
Identified by the appraiser on the basis of communication with the client - correct answer Intended use
Examples of assignment conditions could include: (select the most complete answer) - correct answer
Extraordinary assumptions/ assumptions
Development Issue. An appraiser must: - correct answer not represent hi or her role when providing
valuation services the at are outside of appraisal practice.
An Appraiser must not disclose confidential information or assignment results to anyone other than: -
correct answer Persons specifically authorized by the client.
Workfile Retention: - correct answer At least 5 years after preparation or at least 2 years after final
disposition of any judicial proceeding in which he appraiser provided testimony finished to the
assignment, whichever period period expires last.
USPAP was developed to - correct answer promote and maintain a high level of public trust in appraisal
practice.
,The USPAP publication also includes "Other Communications." Advisory Opinions (AOs) and Frequently
Asked Questions (FAQs) are additional reference materials that - correct answer provide guidance only
and are not part of USPAP.
The committee recognized three critical issues related to appraisal practice. The necessity for: - correct
answer Credible appraisal practice necessary for the general economic well-being;
Ethical and competent individuals to meet society's need for appraisal practice; and
The performance of professional appraisal practices that would create public trust in the individual
appraiser and in appraisal practice.
The concept of trust obligates the appraiser to act in the public's interest, which means the appraiser
must act with: - correct answer Independence
Impartiality
Objectivity
Competency
Integrity
Which Foundation board is responsible for USPAP? - correct answer Appraisal Standards Board (ASB)
The Appraisal Foundation has two advisory councils: - correct answer The Appraisal Foundation Advisory
Council (TAFAC), which is made up of representatives from non-profit organizations and government
entities;
The Industry Advisory Council (IAC), which has members from for-profit organizations.
The Appraiser Qualifications Board (AQB) - correct answer Establishes minimum education and
experience for certification and recertification of real property appraisers and supervisors
Qualification criteria for appraiser certification and recertification are disseminated to state appraisal
boards by the: - correct answer Appraiser Qualifications Board (AQB)
, Which entity is responsible for establishing education and experience requirements for licensing and
certification of appraisers? - correct answer Appraiser Qualifications Board (AQB)
The Appraisal Standards Board (ASB) - correct answer writes, amends, and interprets the Uniform
Standards of Professional Appraisal Practice (USPAP).
Advisory Opinions and Frequently Asked Questions are - correct answer additional reference materials
that provide guidance only and illustrate applicability of appraisal standards and offer advice.
"Other Communications" are not - correct answer part of USPAP and are not enforceable.
FAQs are examples of "other communications" by the ASB that offer advice but are not - correct answer
part of USPAP.
USPAP is written, amended, and interpreted by the: - correct answer Appraisal Standards Board (ASB)
Created as a result of FIRREA, the Appraisal Subcommittee (ASC) has - correct answer a supervisory role
over state appraiser regulatory agencies and real property appraisers.
The ASC is not part of the Foundation, but has authority from Title XI of FIRREA to monitor the activities
of the - correct answer Foundation, including both the ASB and AQB in regard to real property issues.
Who is responsible for issuing credentials to individual appraisers? - correct answer State appraisal
regulatory agencies
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - correct answer Writing,
interpreting, and amending USPAP
USPAP is enforced by: - correct answer State appraiser licensing/certification agencies
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