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USPAP Study Sheet QUESTIONS AND ANSWERS| COMPLETE SOLN
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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 1990...

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  • September 16, 2022
  • 16
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • uspap study sheet
  • uspap
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  • uspap study sheet questions and answers| complete soln
  • financial chaos began in the us during the
  • in the 1950s 70s double continued with
  • 1990s trouble was because of

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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 trouble was because of... Correct Answer: Mortgage scams and illegal
house flipping.

1980s trouble was because of... Correct Answer: the Savings and Loans Crisis

1990s to 2000s trouble was from... Correct Answer: identity theft and appraisal
report tampering.

Prior to 1930s, appeasing properties could be done by... Correct Answer:
mortgage brokers and real estate agents

Issues recognized by new professional appraisers Correct Answer: -Provide
credible services-Have services provided by ethical and competent individuals-
Foster public trust

Ad-hoc Committee Correct Answer: Eventually became USPAP-find market
value-develop independent authority

TAF Correct Answer: The appraisal foundation

USPAP has no legal authority but.. Correct Answer: NYS enforces it

Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of
1989 (FIRREA) provided.. Correct Answer: Recognition and authorized federal
institutions to reference USPAP

,Uniform Relocation Assistance and Real Properties Acquisition Policies Act
Correct Answer: Where the executive branch followed congress by referencing
USPAP

With Office of Management and Budget (OMB) Circlular A-129, January 11,
1993.... Correct Answer: Other federal agencies recognized USPAP

The IRS bulletin 2006-46, November 13, 2006 generally Correct Answer:
Accepted USPAP appraisal standards, defining a "qualified appraisal"

Other groups that accept USPAP as integrated standards in their policies. Correct
Answer: Fannie mae, farmer mac, the farm credit admin, employee relation
council

TAF definition Correct Answer: The Appraisal Foundation

TAF IS Correct Answer: -A Non-Profit
-An org authorized by congress
-An org made up of other organizations

TAF has _____ boards. Correct Answer: two

Two TAF board names Correct Answer: -AQB
-ASB

TAF Sponsors Correct Answer: -Appraisal sponsors (non-profits)

-Affiliate sponsors (non-profits with valuation interest)

-International sponsors (non-profit based outside of US with valuation interest)

TAF Advisory Councils Correct Answer: The appraisal foundation advisory
council (has non-profit organizations)

-The inducts advisory council (has for profit organizations)

The board of Trustees- 3 functions Correct Answer: 1) Appoints members to its
independent boards

2) Secures funding for TAF operations

, 3) Monitors performance and oversight of TAF and its boards and Advisory
Councils

"valuation advisories" Correct Answer: Means to identify issues and give
guidance.

Board also gives written, visual and audio information.

Appraiser Qualifications Board Functions Correct Answer: -Establishes minimum
education, experience, and other criteria for verification of appraisers and
supervisors.-Defines, issues, and promotes qualification criteria-Teaches
qualification criteria to states, gov. and others-Creates Licensing and Certification
Exams-Responsible for USPAP courses

In the wake of the stock market crash and economic depression the first.... Correct
Answer: group of appraisers were formed

3 boards on TAF Correct Answer: -The Appraiser Qualifications Board

-The Appraisal Standards Board

-The Board of Trustees

Congress contributed to USPAPs acceptance by Correct Answer: identifying it as
the generally accepted set of standard practices for the profession.

Assumes conditions contrary to known facts Correct Answer: hypothetical
condition

An appraiser must prepare a workfile for... Correct Answer: each appraisal

A work file must be in existence __________ to the issuance of any report or other
communication of assignment results. Correct Answer: P

The Appraisal Standards Board- Functions Correct Answer: -Revises and
promotes USPAP

-Responsible for the subject, content, and substance of USPAP

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