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USPAP Questions & answers with Complete solutions | Latest edition
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USPAP 2020-2021Which board within The Appraisal Foundation has the authority to make revisions
to USPAP?
Board of Trustees (BOT)
Appraisal Standards Board (ASB)
Appraiser Qualifications Board (AQB)
All boards within the Foundation have the authority to revise USPAP - CORRECT
ANSWER-Appraisal Standards Board (ASB)
The three independent boards within The Appraisal Foundation include:
Appraisal Standards Board, Appraisal Subcommittee, Federal Housing Finance
Agency
Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
Board of Trustees, Federal Housing Board, Fannie Mae Board
Appraisal Standards Board, Federal Appraiser Board, Federal Housing
Administration - CORRECT ANSWER-Appraisal Standards Board, Appraiser
Qualifications Board, Board of Trustees
Which law mandated that all states must establish a program for appraiser
licensing and certification?
HVCC
Dodd-Frank Act
Truth in Lending Act
FIRREA - CORRECT ANSWER-FIRREA
Who is responsible for appointing members to the Appraiser Qualifications
Board?
Appraisal Standards Board (ASB)
The Secretary of HUD
The AQB appoints its own members
The Board of Trustees (BOT) - CORRECT ANSWER-the board of trustees (bot)
The Dodd-Frank Act of 2010 requires the ASC to create and maintain a national
registry of:
Home builders and contractors
Subprime lenders
,Appraisal trainees and supervisors
Appraisal management companies - CORRECT ANSWER-Appraisal
management companies
The ASC's National Complaint Hotline will provide referrals for complaints
against:
Appraisers only
AMCs only
Appraisers, lenders, AMCs or others
Government entities such as state appraisal boards and HUD - CORRECT
ANSWER-Appraisers, lenders, AMCs or others
The ASC is composed of members appointed by the four federal financial
institution regulatory agencies, plus the Bureau of Consumer Financial
Protection, the Federal Housing Finance Agency, and _____________.
Department of Homeland Security
Environmental Protection Agency
National Association of Homebuilders
Department of Housing and Urban Development - CORRECT
ANSWER-Department of Housing and Urban Development
Currently, what is the annual national registry fee per appraiser?
$25
$40
$75
$100 - CORRECT ANSWER-40
Which entity is responsible for monitoring The Appraisal Foundation to ensure it
is properly fulfilling its responsibilities under Title XI of FIRREA?
Appraisal Subcommittee (ASC)
U.S. Department of HUD
Appraiser Qualifications Board (AQB)
State appraisal regulatory agencies - CORRECT ANSWER-asc
An appraiser violates the laws of his state when performing an appraisal. Which
entity may take disciplinary action against him?
The Appraiser Qualifications Board (AQB)
,The Appraisal Standards Board (ASB)
The state appraisal regulatory agency
Any and all of these entities may pursue disciplinary action - CORRECT
ANSWER-The state appraisal regulatory agency
An individual submits an application to become a certified appraiser. Who is
responsible for approving or disapproving the application?
Appraisal Subcommittee (ASC)
The state appraisal regulatory agency
Appraiser Qualifications Board (AQB)
A professional appraisal organization - CORRECT ANSWER-The state appraisal
regulatory agency
Which of these is NOT a function performed by professional appraiser
organizations?
Disseminating professional publications and trade journals
Issuing appraisal credentials
Offering networking opportunities
Providing legislative lobbying and advocacy - CORRECT ANSWER-Issuing
appraisal credentials
How often do ASC representatives perform an on-site review of each state's
appraisal licensing and certification program?
Monthly
Every year
Every two years
Every three years - CORRECT ANSWER-every 2 years
The Appraisal Foundation issues Valuation Advisories on recognized appraisal
methods and techniques. For appraisers, compliance with these Valuation
Advisories is:
Voluntary
Required by state appraisal regulatory agencies
Forbidden
Mandated by federal law - CORRECT ANSWER-voluntary
, Which federal entity maintains oversight authority over state appraisal regulatory
agencies?
The Appraisal Foundation (TAF)
U.S. Department of HUD
Appraisal Subcommittee (ASC)
No one; these agencies are self-policing - CORRECT ANSWER-asc
Before the AQB revises the Real Property Appraiser Qualification Criteria, it must
first:
Expose the proposed changes and solicit comments
Demonstrate that the proposed changes will not affect the profession
Formally poll all appraisers in the United States
Receive formal approval from the U.S. Department of HUD - CORRECT
ANSWER-Expose the proposed changes and solicit comments
According to the AQB minimum criteria, an applicant for a Licensed Residential
Appraiser credential must obtain _______ experience hours in no fewer than
_______ months.
1,000; 6
1,000; 12
2,000; 16
2,000; 24 - CORRECT ANSWER-1000; 6
A Trainee Appraiser wishes to upgrade to a Licensed Residential Appraiser
credential. Under the AQB Criteria, how many additional hours of appraisal
education must the Trainee Appraiser complete?
25
50
75
90 - CORRECT ANSWER-75
As the term "Trainee Appraiser" is used in the AQB Criteria, it refers to which
state-specific terms?
Trainee Appraisers only
Provisional Appraisers only
Registered Appraisers only
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