15-hour National USPAP Course – McKissock UPDATED Exam Questions and CORRECT Answers
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National USPAP Course – McKissock
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National USPAP Course – McKissock
15-hour National USPAP Course –
McKissock UPDATED Exam Questions
and CORRECT Answers
USPAP contains what 4 sections? - Correct Answer- 1) The Preamble
2) Definitions
3) Rules
4) Standards
USPAP Provides... - Correct Answer- 1. A common basis for comparison
2. A reference source for all u...
15-hour National USPAP Course –
McKissock UPDATED Exam Questions
and CORRECT Answers
USPAP contains what 4 sections? - Correct Answer- 1) The Preamble
2) Definitions
3) Rules
4) Standards
USPAP Provides... - Correct Answer- 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? - Correct Answer- 1987
What are the 3 boards of The Appraisal Foundation? - Correct Answer- - Board of Trustees
(BOT)
- Appraiser Qualifications Board (AQB)
- Appraisal Standards Board (ASB)
FIRREA - Correct Answer- 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 ... - Correct Answer- - Independence
- Impartiality
- Objectivity
- Competency
- Integrity
,Where does USPAP's legal authority come from? - Correct Answer- 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? - Correct Answer- 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.
What are the two advisory councils of TAF? - Correct Answer- 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) - Correct Answer- - 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) - Correct Answer- 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) - Correct Answer- Develops, interprets, and amends
the Uniform Standards of Professional Appraisal Practice (USPAP).
FFIEC - Correct Answer- The US Federal Financial Institutions Examination Council.
FFIEC is a formal interagency body empowered to prescribe uniform principles, standards,
and report forms, and to make recommendations to promote uniformity in the supervision of
financial institutions.
, Composition of the ASC - Correct Answer- 7 members, each appointed by the head of their
respective agency, representing:
1. Board of Governors of the Federal Reserve System (FRB)
2. Office of the Comptroller of the Currency (OCC)
3. Federal Deposit Insurance Corporation (FDIC)
4. National Credit Union Administration (NCUA)
5. Department of Housing and Urban Development (HUD)
6. Federal Housing Finance Agency (FHFA)
7. Consumer Financial Protection Bureau (CFPB)
Advisory Opinions in USPAP - Correct Answer- Offer guidance and advice, but do not
establish new standards or interpret existing standards.
According to the preamble, the purpose of USPAP is ... - Correct Answer- 1. To promote and
maintain a high level of public trust in professional appraisal practice.
2. To establish minimum requirements for professional appraisal practice.
Compliance with USPAP is required when ... - Correct Answer- The service or appraiser is
obligated to comply by law, regulation, agreement with client or other user.
Even when not obligated, an individual may still choose to comply.
Valuation Service - Correct Answer- A service pertaining to an aspect of property value,
regardless of the type of service and whether it is performed by appraisers or by others.
Appraisal Practice - Correct Answer- Valuation services performed by an individual acting as
an appraiser, including but not limited to appraisal and appraisal review.
Appraisal Review - Correct Answer- The act or process of developing and communicating an
opinion about the quality of another appraiser's work that was performed as part of an
appraisal or appraisal review assignment.
Appraisal - Correct Answer- The act or process of developing an opinion of value.
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