15-HOUR NATIONAL USPAP COURSE – MCKISSOCK
QUESTIONS AND ANSWERS 2025
USPAP,contains,what,4,sections?,-,ANSWER,1),The,Preamble
2),Definitions
3),Rules
4),Standards
USPAP,Provides...,-,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,pe
rformed,by,professional,appraisers
What,year,was,The,Appraisal,Foundation,formed?,-,ANSWER,1987
What,are,the,3,boards,of,The,Appraisal,Foundation?,-,ANSWER,-,Board,of,Trustees,(BOT)
-,Appraiser,Qualifications,Board,(AQB)
-,Appraisal,Standards,Board,(ASB)
FIRREA,-,ANSWER,Financial,Institutions,Reform,,Recovery,,and,Enforcement,Act,of,1989
Title,XI,created,the,Appraisal,Subcommittee,(ASC),of,the,Federal,Financial,Institutions,Examinati
on,Council,(FFIEC).
An,Appraiser,must,act,with,...,-,ANSWER,-,Independence
-,Impartiality
-,Objectivity
-,Competency
-,Integrity
,Where,does,USPAP's,legal,authority,come,from?,-
,ANSWER,Adoption,,citation,,or,implementation,by,government,agencies,through,regulation,or,a
dministrative,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?,-
,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,servic
es;
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?,-
,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),-,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),-
,ANSWER,Establishes,the,minimum,education,,experience,,and,examination,requirements,an,ind
ividual,must,meet,in,order,to,become,a,licensed,or,certified,appraiser.
The,Appraisal,Standards,Board,(ASB),-
,ANSWER,Develops,,interprets,,and,amends,the,Uniform,Standards,of,Professional,Appraisal,Pra
ctice,(USPAP).
, FFIEC,-,ANSWER,The,US,Federal,Financial,Institutions,Examination,Council.
FFIEC,is,a,formal,interagency,body,empowered,to,prescribe,uniform,principles,,standards,,and,re
port,forms,,and,to,make,recommendations,to,promote,uniformity,in,the,supervision,of,financial,
institutions.
Composition,of,the,ASC,-
,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,-
,ANSWER,Offer,guidance,and,advice,,but,do,not,establish,new,standards,or,interpret,existing,sta
ndards.
According,to,the,preamble,,the,purpose,of,USPAP,is,...,-
,ANSWER,1.,To,promote,and,maintain,a,high,level,of,public,trust,in,professional,appraisal,practic
e.,
2.,To,establish,minimum,requirements,for,professional,appraisal,practice.
Compliance,with,USPAP,is,required,when,...,-
,ANSWER,The,service,or,appraiser,is,obligated,to,comply,by,law,,regulation,,agreement,with,clie
nt,or,other,user.
Even,when,not,obligated,,an,individual,may,still,choose,to,comply.
