15-hour National USPAP Course – McKissock Questions and Answers 100% Correct | Updated 2024 A+
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15-hour National USPAP Course – McKissock Questions and Answers 100% Correct | Updated 2024USPAP contains what 4 sections?
1) The Preamble
2) Definitions
3) Rules
4) Standards
USPAP Provides...
1. A common basis for comparison
2. A reference source for all users of the document
3. A bas...
15-hour National USPAP Course – McKissock Questions
and Answers 100% Correct | Updated 2024
USPAP contains what 4 sections?
1) The Preamble
2) Definitions
3) Rules
4) Standards
USPAP Provides...
1. A common basis for comparison
2. A reference source for all users of the document
3. A basis for uniform enforcement for state regulatory agencies
4. A reason for clients, other intended users, and the public to place their trust in the services
performed by professional appraisers
What year was The Appraisal Foundation formed?
1987
What are the 3 boards of The Appraisal Foundation?
- Board of Trustees (BOT)
- Appraiser Qualifications Board (AQB)
- Appraisal Standards Board (ASB)
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FIRREA
Financial Institutions Reform, Recovery, and Enforcement Act of 1989
Title XI created the Appraisal Subcommittee (ASC) of the Federal Financial Institutions
Examination Council (FFIEC).
An Appraiser must act with ...
- Independence
- Impartiality
- Objectivity
- Competency
- Integrity
Where does USPAP's legal authority come from?
Adoption, citation, or implementation by government agencies through regulation or
administrative actions, or by private enterprise in the form of contract requirements.
Since TAF is not a government agency, it cannot create legal oversight or enforcement on its
own.
What are the three categories of TAF sponsors?
1. Appraisal Sponsors, consisting of non-profit appraisal organizations serving appraisers;
2. Affiliate Sponsors, consisting of non-profit organizations serving those with an interest in
valuation, primarily users of appraisal services;
3. International Sponsors, consisting of either non-profit or non-stock organizations based
outside the U.S. with an interest in valuation.
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What are the two advisory councils of TAF?
1. The Appraisal Foundation Advisory Council (TAFAC) made up of reps from non-profits and
gov't entities
2. The Industry Advisory Council (IAC) members from for-profit orgs.
Board of Trustees (BOT)
- Appoints members to its independent boards
- Secures funding for TAF operations
- Monitors performance and oversight of TAF and its Boards and Advisory Councils
The Appraiser Qualifications Board (AQB)
Establishes the minimum education, experience, and examination requirements an individual
must meet in order to become a licensed or certified appraiser.
The Appraisal Standards Board (ASB)
Develops, interprets, and amends the Uniform Standards of Professional Appraisal Practice
(USPAP).
FFIEC
The US Federal Financial Institutions Examination Council.
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