USPAP Final Exam Questions With Verified
Answers.
The Appraisal Foundation has the authority to enforce the requirements of USPAP. -
answerFalse; The Appraisal Foundation is a private entity. The Foundation and its boards have
no enforcement authority in any jurisdiction.
Which Foundation boar...
The Appraisal Foundation has the authority to enforce the requirements of USPAP. -
answer✔False; The Appraisal Foundation is a private entity. The Foundation and its boards have
no enforcement authority in any jurisdiction.
Which Foundation board is responsible for USPAP? - answer✔Appraisal Standards Board
(ASB)
Currently, the boards within The Appraisal Foundation include: - answer✔Appraisal Standards
Board, Appraiser Qualifications Board, Board of Trustees
Which entity is responsible for establishing education and experience requirements for licensing
and certification of appraisers? - answer✔Appraiser Qualifications Board (AQB)
Which entity appoints members of the AQB and ASB? - answer✔Board of Trustees (BOT)
Qualification criteria for appraiser certification and recertification are disseminated to state
appraisal boards by the: - answer✔Appraiser Qualifications Board (AQB)
Advisory Opinions are best described as - answer✔not part of USPAP, but included as reference
material
USPAP is written, amended, and interpreted by the: - answer✔Appraisal Standards Board (ASB)
USPAP is enforced by: - answer✔State appraiser licensing/certification agencies
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - answer✔Writing,
interpreting, and amending USPAP
WRONG Answers: Monitoring the practices, procedures, and activities of The Appraisal
Foundation, Maintaining a National Registry of licensed and certified appraisers, Overseeing
each state's appraiser licensing and certification program are handled by the ASC
Which entity maintains the official National Registry of state-certified and licensed appraisers? -
answer✔Appraisal Subcommittee (ASC)
Who is responsible for issuing credentials to individual appraisers? - answer✔State appraisal
regulatory agencies
Why are USPAP Advisory Opinions issued? - answer✔To offer advice
Which of these is considered an integral part of USPAP and has the same weight as the
components they address? - answer✔Comments
Which part of USPAP establishes the requirements for workfile content for an appraisal or
appraisal review assignment? - answer✔RECORD KEEPING RULE
In USPAP, the appraisal process is divided into two distinct types of activity: _________ and
__________. - answer✔Development, reporting
The first step in the appraisal process is: - answer✔Identify the problem
Which step in the appraisal process involves communication of the appraiser's opinions and
conclusions? - answer✔Reporting
To which property types does USPAP apply? - answer✔Both tangible and intangible property
What is the stated purpose of USPAP? - answer✔Promote and maintain a high level of public
trust in appraisal practice
The PREAMBLE states that USPAP intended to benefit: - answer✔Appraisers and users of
appraisal services
When obligated by law or regulation, an appraiser _______ comply with USPAP. -
answer✔Must
The requirement for USPAP compliance in an appraisal assignment could be the result of: -
answer✔Any of these answers
An appraiser has the professional responsibility to identify the capacity in which he or she is
performing. - answer✔True
When performing valuation services outside of appraisal practice, an individual must be careful
not to __________ the client and other intended users about his or her role. - answer✔Mislead
A valuation service that is premised upon advocacy: - answer✔It cannot be performed by an
individual acting as an appraiser
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 he or she
is acting as an appraiser
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