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15 hour National USPAP Coarse Exam Questions and Complete Solutions Graded A+
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15 hour National USPAP Coarse Exam Questions and Complete Solutions Graded A+
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15 hour National USPAPCoarse Exam Questions
and Complete Solutions
Graded A+
the appraisal foundation has the authority to enforce the requirements of USPAP? T or F - Answer: false
currently, the boards within the appraisal foundation include: - Answer: appraisal standards board
appraiser qualifications board
board of trustees
which foundation board is responsible for USPAP? - Answer: appraisal standards board (ASB)
qualification criteria for appraiser certification and recertification are disseminated to state appraisal
boards by the : - Answer: appraiser qualifications board (AQB)
which entity appoints members of the AQB and ASB? - Answer: board of trustees
which entity is responsible for establishing education and experience requirements for licensing and
certification of appraisers? - Answer: appraiser qualifications board
advisor opinions are best described as - Answer: not part of the USPAP, but included as reference
material
USPAP is written, amended, and interpreted by the: - Answer: appraisal standards board
,who is responsible for issuing credentials to individual appraisers? - Answer: state appraisal regulatory
agencies
which is NOT a responsibility of the Appraisal Subcommittee (ASC)?
a) monitoring the practices, procedures, and activities of the appraisal foundation
b) maintaining a national registry of licensed and certified appraisers
c) overseeing each states appraiser licensing and certification program
d) writing, interpreting, and amending USPAP - Answer: writing, interpreting, and amending USPAP
USPAP is enforced by: - Answer: state appraiser licensing certification agencies
which entity maintains the official national registry of state certified and licensed appraisers? - Answer:
appraisal subcommittee (ASC)
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 work file content for an appraisal or appraisal
review assignment? - Answer: record keeping rule
the first step in the appraisal process is: - Answer: identify the problem
which step in the appraisal process involves communication of the appraisers opinions and conclusions?
- Answer: reporting
in USPAP, the appraisal process is divided into two distinct types of activity: _______&________ -
Answer: development & reporting
,chapter 1 summary: - Answer: 1. The confluence of historical economic events and the development of
the uniform appraisal standards and regulatory structure occurred in the late 1980s.
2. Eight U.S. based professional appraisal organizations created The Appraisal Foundation in 1987 to
promulgate standards of practice and minimum appraiser qualifications criteria for the benefit of the
public.
3. The development of standards placed greater expectations on the appraiser to act in a manner that
promotes public trust and confidence in appraisal services.
4. The Appraisal Standards Board (ASB) has complete authority over the development and promulgation
of appraisal standards (USPAP) within the Foundation.
5. The Foundation supports the work of its independent boards by providing staff support for their
activities, by funding their operations, publishing USPAP, establishing qualification requirements, and
issuing other Board communications.
6. The ASC oversees the states to ensure they are implementing the minimum qualifications and
standards appropriately. In turn, a responsibility of the states is to ensure that real property appraisers
who perform appraisals in real estate transactions that could expose the United States government to
financial loss are sufficiently trained and tested to assure competency and independent judgment
according to uniform standards and ethics.
8. USPAP provides a basis for professional practitioners to judge their own work and the work of their
peers. USPAP also provides members of the public, clients, and other intended users with a basis for
expectations regarding appraisal services.
USPAP facilitates uniform enforcement of standards, and together with competent enforcement
activity, brings discipline to those who abuse the public trust.
9. Public trust is essential for orderly commerce in our society.
10. Publ
to which property types does USPAP apply? - Answer: both tangible and intangible property
, 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
what is the stated purpose of USPAP? - Answer: promote and maintain a high level of public trust in
appraisal practice
the requirement for USPAP compliance in an appraisal assignment could be the result of: - Answer: -
voluntary choice by the appraiser
- agreement with the client
- law or regulation
an appraiser has the professional responsibility to identify the capacity in which he or she is performing.
T or F? - Answer: true
a valuation service that is premised upon advocacy: - Answer: it cannot be performed by an individual
acting as an appraiser
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
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
chapter 2 summary - Answer: - In this chapter, we addressed the PREAMBLE and when USPAP applies.
- The PREAMBLE sets forth the purpose of USPAP, which is to promote and maintain a high level of
public trust in appraisal practice.
- We discussed when USPAP compliance is required. An appraiser must comply with USPAP when
required by law, regulation, or agreement with the client or intended users to comply.
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