USPAP
In the public's interest
The concept of public trust means that an appraiser must act:
The Appraisal Foundation does not have the authority to enforce the
requirements of USPAP.
Which statement is TRUE regarding The Appraisal Foundation and USPAP
enforcement authority?
All of the listed property types
USPAP establishes standards that are applicable in the appraisal of:
Appraiser Qualifications Board (AQB)
Qualification criteria for appraiser certification and recertification are
disseminated to state appraisal boards by the:
Board of Trustees (BOT)
Which entity appoints members of the Foundation's independent Boards?
Appraiser Qualifications Board (AQB)
Which entity is responsible for establishing education and experience
requirements for licensing and certification of appraisers?
,Appraisal Standards Board (ASB)
USPAP is developed, interpreted, and amended by the:
not part of USPAP, but included as reference material
Advisory Opinions are best described as
The reasoning and insight presented in the letter
The ASB is considering comment letters written by members of the public
regarding a proposed revision to USPAP. When reviewing these comment letters,
the ASB focuses on:
Developing, amending, and interpreting USPAP
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?
Appraisal Subcommittee (ASC)
Which entity maintains the official national registry of state-certified and licensed
appraisers?
State appraisal regulatory agencies
Who is responsible for issuing credentials to individual appraisers?
State appraiser licensing/certification agencies
Under FIRREA, USPAP is enforced by:
, Development, reporting
In USPAP, the appraisal process is divided into two distinct types of activity:
_________ and __________.
Cost
By using a published cost manual, an appraiser determines that the construction
cost of a 2,500 square foot dwelling is $400,000. This figure represents the
dwelling’s:
Value
The monetary relationship between properties and those who buy, sell or use
those properties” is the definition of:
Client
According to USPAP, the party or parties who engage an appraiser in a specific
assignment defines the:
The client may engage the appraiser through an agent.
Which of these statements is TRUE about the USPAP definition of client?
A party who is identified by the appraiser based on communication with the client
at the time of the assignment
An intended user is:
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