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15-hour National USPAP Course – McKissock Questions and Answers 100% Correct | Updated 2024
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Created By: A+ Solution15-hour National USPAP Course – McKissock Questions
and Answers 100% Correct | Updated A+
The Preamble states that USPAP is - Correct Answer-for appraisers and users of appraisal
services.
The stated purpose of USPAP - Correct Answer-Promote and maintain a high level of public
trust in appraisal practice.
When obligated by law or regulation an appraiser must - Correct Answer-comply with USPAP.
USPAP applies to which types of properties? - Correct Answer-Tangible and Intangible
Valuation services - Correct Answer-is not a subset of appraisal practice.
An appraiser has the professional responsibility - Correct 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 -
Correct 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. - Correct Answer-True
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An individual is not prohibited from providing valuation services that involve advocacy while
acting as an appraiser. - Correct Answer-False
When performing valuation services outside of appraisal practice, appraisers must be
Correct Answer-Mislead
USPAP states that in a situation when an individual is not required by law, regulation, or
agreement to comply with USPAP: - Correct 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? - Correct
Answer-The parts of USPAP that apply generally to appraisal practice.
The Appraisal Practices Board (APB) was created when? - Correct Answer-2010
The APB is a(n) - Correct Answer-independent board.
Boards within The Appraisal Foundation (TAF) - Correct Answer-1. Board of Trustees (BOT)
2. Appraisal Standards Board (ASB)
3. Appraisal Qualifications Board (AQB)
4. Appraisal Practices Board (APB)
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APB is a - Correct Answer-private entity.
The APB has authority to enforce the requirements of USPAP. - Correct Answer-False
Who has the only jurisdiction and authority over appraisers? - Correct Answer-States
ASB - Correct Answer-Develops, interprets, and amends USPAP.
Advisory opinions - Correct Answer-Not part of USPAP; reference material only.
APB - Correct Answer-Guidance is voluntary.
ASC - Correct Answer-Maintains the official National Registry of state certified and licensed
appraisers.
State appraisal regulatory committees - Correct Answer-responsible for issuing credentials to
individual appraisers.
Responsibilities of ASC: - Correct Answer-• Establishes, improves, and promulgates the USPAP
• Subject, content, and substance of USPAP and other communication related to appraisal
standards.
• Establishes standards of professional appraisal practice for the guidance and education of
appraisers and users of appraisal services.
• Maintains the official National Registry of state certified and licensed appraisers.
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