-hr National USPAP Course
| Questions & Answers | 100% Correct |
Verified
Who is responsible for issuing credentials to individual appraisers? - State appraiser regulatory
agencies are responsible for receiving and processing applications for licensure and certification, and for
issuing creden...
2024-2025 15-hr National USPAP Course
| Questions & Answers | 100% Correct |
Verified
Who is responsible for issuing credentials to individual appraisers? - ✔✔State appraiser regulatory
agencies are responsible for receiving and processing applications for licensure and certification, and for
issuing credentials to qualified individuals.
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - ✔✔USPAP is written, interpreted,
and amended by the Appraisal Standards Board (ASB). The other answers listed are all responsibilities of
the ASC.
USPAP is enforced by: - ✔✔The responsibility of enforcing USPAP is provided to the individual state
appraiser licensing and certification agencies.
The USPAP Blueprint - ✔✔The PREAMBLE describes the overall purpose and structure of USPAP.
The PREAMBLE includes a section titled STATEMENTS ON APPRAISAL STANDARDS. Statements are not
addressed in this course since there are currently no active Statements.
The DEFINITIONS section contains terms that have distinct meanings in USPAP.
The ETHICS RULE describes the general ethical requirements for appraisers.
The RECORD KEEPING RULE defines what must be included in a workfile for an appraisal or appraisal
review assignment.
The COMPETENCY RULE describes general performance requirements for appraisers.
The SCOPE OF WORK RULE elaborates on problem identification, determination of an appropriate scope
of work, and disclosure of the scope of work that was performed.
The JURISDICTIONAL EXCEPTION RULE recognizes that laws or regulations take precedence over USPAP
in certain situations.
The USPAP Blueprint, Part Two - ✔✔STANDARD 1 - Real Property Appraisal, Development
STANDARD 2 - Real Property Appraisal, Reporting
STANDARD 3 - Appraisal Review, Development
, STANDARD 4 - Appraisal Review, Reporting
STANDARD 5 - Mass Appraisal, Development
STANDARD 6 - Mass Appraisal, Reporting
STANDARD 7 - Personal Property Appraisal, Development
STANDARD 8 - Personal Property Appraisal, Reporting
STANDARD 9 - Business Appraisal, Development
STANDARD 10 - Business Appraisal, Reporting
Which of these is considered an integral part of USPAP and has the same weight as the components they
address? - ✔✔Comments are an integral part of USPAP and have the same weight as the components
they address. Advisory Opinions, USPAP Q & As and USPAP FAQs are considered "other
communications."
In USPAP, the appraisal process is divided into two distinct types of activity: _________ and __________.
- ✔✔In USPAP, the appraisal process is divided into two distinct types of activity: development and
reporting.
Advisory Opinions are best described as - ✔✔Advisory Opinions and Frequently Asked Questions are
additional reference materials that provide guidance only and illustrate appraisal standards and offer
advice.
The requirement for USPAP compliance in an appraisal assignment could be the result of: - ✔✔The
requirement to comply with USPAP could be triggered by law, regulation, agreement with the client, or
the appraiser's choice.
"The monetary relationship between properties and those who buy, sell or use those properties" is the
definition of: - ✔✔Value is defined in USPAP as the monetary relationship between properties and those
who buy, sell or use those properties, expressed as an opinion of the worth of a property at a given time.
Appraisal practice includes only: - ✔✔Appraisal practice is defined as: valuation services performed by
an individual acting as an appraiser, including but not limited to appraisal and appraisal review.
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