15-hour National USPAP Course – McKissock Questions and Answers 100% Correct | Updated 2024 A+
6 views 0 purchase
Course
McKissock
Institution
McKissock
15-hour National USPAP Course – McKissock Questions and Answers 100% Correct | Updated 2024USPAP contains what 4 sections?
1) The Preamble
2) Definitions
3) Rules
4) Standards
USPAP Provides...
1. A common basis for comparison
2. A reference source for all users of the document
3. A bas...
15-hour National USPAP Course – McKissock Questions
and Answers 100% Correct | Updated 2024
USPAP contains what 4 sections?
1) The Preamble
2) Definitions
3) Rules
4) Standards
USPAP Provides...
1. A common basis for comparison
2. A reference source for all users of the document
3. A basis for uniform enforcement for state regulatory agencies
4. A reason for clients, other intended users, and the public to place their trust in the services
performed by professional appraisers
What year was The Appraisal Foundation formed?
1987
What are the 3 boards of The Appraisal Foundation?
- Board of Trustees (BOT)
- Appraiser Qualifications Board (AQB)
- Appraisal Standards Board (ASB)
www.mytestbank.com
,Created By: A+ Solution
FIRREA
Financial Institutions Reform, Recovery, and Enforcement Act of 1989
Title XI created the Appraisal Subcommittee (ASC) of the Federal Financial Institutions
Examination Council (FFIEC).
An Appraiser must act with ...
- Independence
- Impartiality
- Objectivity
- Competency
- Integrity
Where does USPAP's legal authority come from?
Adoption, citation, or implementation by government agencies through regulation or
administrative actions, or by private enterprise in the form of contract requirements.
Since TAF is not a government agency, it cannot create legal oversight or enforcement on its
own.
What are the three categories of TAF sponsors?
1. Appraisal Sponsors, consisting of non-profit appraisal organizations serving appraisers;
2. Affiliate Sponsors, consisting of non-profit organizations serving those with an interest in
valuation, primarily users of appraisal services;
3. International Sponsors, consisting of either non-profit or non-stock organizations based
outside the U.S. with an interest in valuation.
www.mytestbank.com
, Created By: A+ Solution
What are the two advisory councils of TAF?
1. The Appraisal Foundation Advisory Council (TAFAC) made up of reps from non-profits and
gov't entities
2. The Industry Advisory Council (IAC) members from for-profit orgs.
Board of Trustees (BOT)
- Appoints members to its independent boards
- Secures funding for TAF operations
- Monitors performance and oversight of TAF and its Boards and Advisory Councils
The Appraiser Qualifications Board (AQB)
Establishes the minimum education, experience, and examination requirements an individual
must meet in order to become a licensed or certified appraiser.
The Appraisal Standards Board (ASB)
Develops, interprets, and amends the Uniform Standards of Professional Appraisal Practice
(USPAP).
FFIEC
The US Federal Financial Institutions Examination Council.
www.mytestbank.com
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ASolution. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.99. You're not tied to anything after your purchase.
