USPAP 15-Hour REVISION SOLVED 2023

USPAP 15-Hour REVISION SOLVED 2023 The Preamble states that USPAP is - ANSWER for appraisers and users of appraisal services. The stated purpose of USPAP - ANSWER Promote and maintain a high level of public trust in appraisal practice. When obligated by law or regulation an appraiser must - ANSWER comply with USPAP. USPAP applies to which types of properties? - ANSWER Tangible and Intangible Valuation services - ANSWER is not a subset of appraisal practice. An appraiser has the professional responsibility - ANSWER to identify the capacity in which he or she is performing. Reasons why an appraiser would prepare an appraisal assignment in conformance with USPAP - ANSWER 1. Agreement with client. 2. Law or regulation. 3. Voluntary choice. An appraiser who provides an appraisal service that is not an appraisal, appraisal review, or appraisal consulting assignment does not have workfile obligations associated with the assignment. - ANSWER True An individual is not prohibited from providing valuation services that involve advocacy while acting as an appraiser. - ANSWER False When performing valuation services outside of appraisal practice, appraisers must be careful not to _________________ the client and other intended users about their role. - ANSWER Mislead USPAP states that in a situation when an individual is not required by law, regulation, or agreement to comply with USPAP: - ANSWER The individual should still comply when acting as an appraiser. An appraiser is engaged to teach an appraisal course. What parts of USPAP apply? - ANSWER The parts of USPAP that apply generally to appraisal practice. The Appraisal Practices Board (APB) was created when? - ANSWER 2010 The APB is a(n) - ANSWER independent board. Boards within The Appraisal Foundation (TAF) - ANSWER 1. Board of Trustees (BOT) 2. Appraisal Standards Board (ASB) 3. Appraisal Qualifications Board (AQB) 4. Appraisal Practices Board (APB) APB is a - ANSWER private entity. The APB has authority to enforce the requirements of USPAP. - ANSWER False Who has the only jurisdiction and authority over appraisers? - ANSWER States ASB - ANSWER Develops, interprets, and amends USPAP. Advisory opinions - ANSWER Not part of USPAP; reference material only. APB - ANSWER Guidance is voluntary.