Exam (elaborations)
GaMLS - 2020-2021 15-Hour Equivalent USPAP Course (1).
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GaMLS - 2020-2021 15-Hour Equivalent USPAP Course (1).
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GaMLS - 2020-2021 15-Hour Equivalent USPAPCourse
Goal of USPAP - ANS-is to promote and maintain a high level of public trust in appraisal
practice by est requirements for appraisers. Doing so when they perform with: impartiality and
objectivity, ethical conduct, confidentiality, competency, and independence
Ethics Rule of USPAP - ANS-states an appraiser must promote and preserve the public trust
inherent in appraisal practice by observing the highest standards of professional ethics
When MUST appraisers comply with USPAP? - ANS-When obligated by law or regulation, or
agreement with the client or intended users.
In the early 1900s and prior, who primarily performed appraisals? - ANS-members of other
professions such as real estate brokers and bankers.
Since when have appraiser licensing and certification credentials existed? - ANS-Since the early
1990s
What caused and when professional appraisal organizations start forming? - ANS-Episodes of
turmoil in the 1920-30s and again in the 50s
What were the historical major episodes of turmoil that influenced the appraisal practice? -
ANS-1929 Wall Street Stock Market Crash, Great Depression, and 1980s Savings and Loan
Crisis
What are the three critical issues recognized by the first professional appraiser organizations? -
ANS--need for credible appraisal services
-a social need for ethical and competent individuals
-creation of public trust in the individual appraiser and practice
Who all came together and developed what would become USPAP in 1987? - ANS-eight US
based appraisal organizations and the Appraisal Institute of Canada who made an ad hoc
committee
Although US Congress recognized USPAP as the generally recognized standards by which
professional appraisers should practice...... - ANS-USPAP is not law and neither The Appraisal
Foundation nor its boards have any legal authority in any jurisdiction.
Ways in which USPAP gained public acceptance? - ANS--US Congress recognized it
-Saving and Loan Bail-Out Bill or Title XI of FIRREA specified it in their regulations
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