Exam (elaborations)
15-Hour National USPAP Course Exam Questions and Complete Solutions Graded A+.
- Course
- Institution
15-Hour National USPAP Course Exam Questions and Complete Solutions Graded A+.
[Show more]
Content preview
15-Hour National USPAPCourse Exam Questions
and Complete Solutions
Graded A+
What are the 4 sections of USPAP? - Answer: -preamble
-definitions
-rules
-standards (including standards rules)
Benefits of USPAP - Answer: -provides a common basis for comparison
-provides a reference source for all users of the document
-provides a basis for uniform enforcement for state regulatory agencies
-provides a reason for clients, other intended users, and the public to place their trust in the services
performed by professional appraisers
What does the Appraisal Foundation help do? - Answer: prevent financial losses in federally insured
mortgages by setting stringent qualifications and standards for appraisers involved in real estate
transactions
The Appraisal Foundation is organized into what 3 main boards? - Answer: -board of trustees (BOT)
-appraiser qualifications board (AQB)
-appraiser standards board (ASB)
Board of Trustees (BOT) - Answer: provides volunteer leadership and oversight for the Foundation
, Appraiser Qualifications Board (AQB) - Answer: -an independent board of the Foundation
-sets minimum qualification criteria that must be met before entering the profession and qualifications
to maintain a credential
Appraiser Standards Board (ASB) - Answer: -an independent board of the Foundation
-establishes the USPAP on an annual basis
When did the U.S. Congress enact FIRREA (Financial Institutions Reform, Recovery, and Enforcement
Act)? - Answer: 1989
What created the ASC of the FFIEC (Federal Financial Institutions Examination Council)? - Answer: Title XI
of FIRREA
What is one of ASC's core functions? - Answer: monitor the requirements established by state regulatory
agencies for certification and licensing of appraisers qualified to perform appraisals in connection with
federally related transactions
What was USPAP created to do? - Answer: to promote and preserve public trust in professional
appraisal practice
The concept of trust obligates the appraiser to act in the public's interest, which means the appraiser
must act with... - Answer: -independence
-impartiality
-objectivity
-competency
-integrity
Do the Appraisal Foundation and its boards have any legal oversight or enforcement authority in any
jurisdiction? - Answer: no
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 YourExamplug. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83637 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now