- Study guides, Class notes & Summaries

15-HOUR NATIONAL USPAP COURSE -MCKISSOCK 2025 PASSED

USPAP 15-HOUR COURSE QUESTIONS AND ANSWERS PASSED

I am aware that the ASB changed the definition of assignment results to specify that physical characteristics are NOT assignment results. Does this mean that physical characteristics are not confidential. - ANS Yes, b/c they aren't assignment results, they aren't confidential unless identified as such by the client and they aren't available from any other source. Black Tuesday - ANS - Great stock market crash that was the catalyst that brought big economy changes -Watershed mo...

the appraisal foundation has the authority to enforce the requirements of USPAP? T or F - ANS false currently, the boards within the appraisal foundation include: - ANS appraisal standards board appraiser qualifications board board of trustees which foundation board is responsible for USPAP? - ANS appraisal standards board (ASB) qualification criteria for appraiser certification and recertification are disseminated to state appraisal boards by the : - ANS appraiser qualifi...

The Appraisal Foundation has the authority to enforce the requirements of USPAP. - ANS 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? - ANS Appraisal Standards Board (ASB) Currently, the boards within The Appraisal Foundation include: - ANS Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees The Appraisal Foundatio...

In order to determine the appropriate scope of work, the appraiser must ________ the problem to be solved. - ANS Identify Appraisers have broad _________ and significant _________ in determining the appropriate scope of work in an assignment. - ANS Flexibility, responsibility The credibility of assignment results is measured in the context of - ANS The intended use Which Foundation board is responsible for USPAP? - ANS Appraisal Standards Board (ASB) The Appraisal Fou...

Who is responsible for issuing credentials to individual appraisers? - ANS State appraiser regulatory agencies are responsible for receiving and processing applications for licensure and certification, and for issuing credentials to qualified individuals. Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - ANS USPAP is written, interpreted, and amended by the Appraisal Standards Board (ASB). The other answers listed are all responsibilities of the ASC. USPAP is enf...

What is USPAP? - ANS Uniform Standards of Professional Appraisal Practice Why was USPAP developed? - ANS To promote and maintain a high level of public trust as well as confidence in professional appraisal practice What are the benefits of USPAP? - ANS 1) Provides a common basis for comparison (eg are we doing the appropriate work for the type of assignment?) 2) Provides a reference source for all users of the document. 3) Provides a basis for uniform enforcement for state r...

The concept of public trust means that an appraiser must act: - ANS in the public's interest USPAP establishes standards that are applicable in the appraisal of: - ANS real property, intangible property, and personal property Which statement is TRUE regarding The Appraisal Foundation and USPAP enforcement authority? - ANS The Appraisal Foundation does not have the authority to enforce the requirements of USPAP. Which entity is responsible for establishing education and exper...