USPAP TESTS COMPILATION BUNDLE

USPAP Study Sheet QUESTIONS AND ANSWERS| COMPLETE SOLN Financial chaos began in the US during the Correct Answer: 1929 stock market crash after the great depression In the 1950s-70s double continued with Correct Answer: -Works related areas-Property taxation-Federal housing programs 1990s...

1.) Which of the following establishes minimum criteria for real property appraiser certification and licensing? CORRECT ANSWERS: aqb 2.) USPAP is enforced by: CORRECT ANSWERS: state regulatory agencies and professional appraisal organizations. 3.) Why are Advisory Opinions issued? CORRECT ...

Which of the following establishes minimum criteria for real property appraiser certification and licensing CORRECT ANSWERS: AQB (Appraiser Qualifications Board) USPAP is enforced by CORRECT ANSWERS: State regulatory agencies and professional appraisal organisations USPAP is enforced by Why ...

The Preamble states that USPAP is CORRECT ANSWERS: for appraisers and users of appraisal services. The stated purpose of USPAP CORRECT ANSWERS: Promote and maintain a high level of public trust in appraisal practice. When obligated by law or regulation an appraiser must CORRECT ANSWERS: com...

What is USPAP? CORRECT ANSWERS: Uniform Standards of Professional Appraisal Practice Why was USPAP developed? CORRECT ANSWERS: To promote and maintain a high level of public trust as well as confidence in professional appraisal practice What are the benefits of USPAP? CORRECT ANSWERS: 1) Pr...

What does the ethics rule establish? CORRECT ANSWERS: Establishes fundamental obligations of an appraiser as part of the profession Ethics Rule CORRECT ANSWERS: An appraiser must promote and preserve the public trust inherent in professional appraisal practice by observing the highest standards...

USPAP contains what 4 sections? CORRECT ANSWERS: 1) The Preamble 2) Definitions 3) Rules 4) Standards USPAP Provides... CORRECT ANSWERS: 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....

The ASB considers suggestions for changes to USPAP from: correct answer: Appraisers, users of appraisal services, regulators, and others You have a suggestion for a change to USPAP, and you want to tell the ASB about it. When making your suggestion, it is helpful to the ASB if you: correct answe...

Personal property brokerage/dealership, appraisal reviews, and personal property appraisals are all included within appraisal practice. valuation services. market analysis. consulting. correct answer: valuation services. The PREAMBLE of USPAP states that the Standards are C. limited to ...

Who is responsible for issuing credentials to individual appraisers? correct answer: State appraiser regulatory agencies are responsible for receiving and processing applications for licensure and certification, and for issuing credentials to qualified individuals. Which is NOT a responsibility ...

According to USPAP, any appraiser who signs any part of an appraisal report is required to: correct answer: sign the certification When is identification of the intended use of an appraiser's opinions and conclusions necessary in an appraisal assignment? correct answer: It is necessary in all ...

Appraisal correct answer: The act or process of developing an opinion of value Appraisal practice correct answer: Valuation services performed by an individual acting as appraiser; including but not limited appraisal and appraisal review Appraisal review correct answer: The act or process o...

The appraiser could accept the assignment (as a new assignment) correct answer: as long as proper disclosure is made regarding the prior assignment & any confidential in formation is handled appropriately. in a deed being used in a purchase transaction, who is the grantee? correct answer: The p...

What are the 4 sections of USPAP? correct answer: -preamble -definitions -rules -standards (including standards rules) Benefits of USPAP correct answer: -provides a common basis for comparison -provides a reference source for all users of the document -provides a basis for uniform enforcem...