1 - Introduction to USPAP Exam 22 Questions with Answers
What is USPAP - CORRECT ANSWER USPAP is the generally-recognized ethical and performance
... [Show More] standards for the appraisal profession in the United States
The USPAP document includes four sections, what are they? - CORRECT ANSWER 1 the PREAMBLE;
2 DEFINITIONS;
3 Rules; and
4 Standards (including Standards Rules).
(The USPAP publication also includes "Other Communications." Advisory Opinions (AOs) and Frequently Asked Questions (FAQs) are additional reference materials that provide guidance only and are not part of USPAP.)
What are the benefits of USPAP? - CORRECT ANSWER USPAP provides:
1. A common basis for comparison (e.g., are we doing the appropriate work for the type of assignment?)
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
Under title XI what is one of the core functions of the ASC? - CORRECT ANSWER one of the ASC's core functions is to monitor the requirements established by state regulatory agencies for certification and licensing of appraisers qualified to perform appraisals in connection with federally related transactions.
Why was USPAP created? - CORRECT ANSWER USPAP was created to promote and preserve public trust in professional appraisal practice.
The concept of trust obligates the appraiser to act in the public's interest, which means the appraiser must act with what? - CORRECT ANSWER Independence
Impartiality
Objectivity
Competency
Integrity
***public interest rightly demands that a professional appraiser act in an ethical and competent manner.
The Appraisal Foundation is a private or Government entity? - CORRECT ANSWER Private
**The Foundation and its boards have no legal oversight or enforcement authority in any jurisdiction.
How does USPAP achieve legal authority - CORRECT ANSWER USPAP achieves legal authority by adoption, citation, or implementation by government agencies through regulation or administrative actions, or by private enterprise in the form of contract requirements.
Which Foundation board is responsible for USPAP?
Appraisal Standards Board (ASB)
Consumer Financial Protection Bureau (CFPB)
Appraisal Subcommittee (ASC)
Appraiser Qualifications Board (AQB) - CORRECT ANSWER Appraisal Standards Board (ASB)
Currently, the boards within The Appraisal Foundation include:
-Appraisal Board, Appraisal Review Board, Administration Board
-Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
-Board of Trustees, Appraisal Standards Board, Appraisal Subcommittee
-Board of Trustees, Federal Housing Administration, Fannie Mae - CORRECT ANSWER Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
The Appraisal Foundation has the authority to enforce the requirements of USPAP.
true/false - CORRECT ANSWER False
The structure of the Appraisal foundation...
(just read and memerize) - CORRECT ANSWER The Foundation is structured to reflect its position within the appraisal profession as an organization of organizations.
The Foundation is not a membership-based advocacy association, but rather represents the profession as a whole by convening organizations representing appraisers as well as companies that have a vested interest in appraisal services.
The Appraisal Foundation is not a government agency, an appraisal trade organization, or a membership organization for appraisers.
The Foundation is a non-profit organization that was specifically authorized by Congress to establish real property appraiser qualifications and appraisal standards.
It is an organization of nearly 100 organizations comprised of valuation professionals, banks, homebuilders, attorneys, real estate professionals, and 16 different government agencies.
The Appraisal Foundation is governed by a Board of Trustees and has two independent boards with Congressional authorization, what are the two independent boards..? - CORRECT ANSWER Appraiser Qualifications Board (AQB)
Appraisal Standards Board (ASB)
What are the three categories of Sponsors the Appraisal Foundation has. - CORRECT ANSWER - Appraisal Sponsors, consisting of non-profit appraisal organizations serving appraisers;
- Affiliate Sponsors, consisting of non-profit organizations serving those with an interest in valuation, primarily users of appraisal services; and
- International Sponsors, consisting of either non-profit or non-stock organizations based outside the U.S. with an interest in valuation.
What are the two Advisory Councils the Apraisal Foundation has? - CORRECT ANSWER - The Appraisal Foundation Advisory Council (TAFAC), which is made up of representatives from non-profit organizations and government entities; and
- The Industry Advisory Council (IAC), which has members from for-profit organizations
What are the three primary functions of the BOT? - CORRECT ANSWER 1. Appoints members to its independent boards
2. Secures funding for TAF operations
3. Monitors performance and oversight of the Foundation and its Boards and Advisory Councils
**** reminder ****
The BOT is the governing body of the Foundation.
AQB, what do they do? - CORRECT ANSWER -Establishes minimum education and experience for certification and recertification of real property appraisers and supervisors
-Defines, issues, and promotes qualification criteria
-Disseminates qualification criteria to states, government entities, and others
-Creates and maintains the National Uniform Licensing and Certification Appraisal Examinations
-Works in conjunction with the ASB to develop the 7-hour and 15-hour National USPAP Courses
-Administers the USPAP Instructor Certification/Recertification Program and oversees the Instructor Review Panel
-Administers the Course Approval Program (CAP)
-Administers the review of undergraduate and graduate real estate degree programs
-Writes semi-annual Q&As in response to questions received regarding the Real Property Appraiser Qualification Criteria, National Uniform Licensing and Certification Examinations, CAP, or any other AQB-related issue or program
Which entity appoints members of the AQB and ASB?
Appraisal Subcommittee (ASC)
They appoint their own members
Board of Trustees (BOT)
None of the answers shown - CORRECT ANSWER Board of Trustees (BOT)
Which entity is responsible for establishing education and experience requirements for licensing and certification of appraisers?
Appraisal Standards Board (ASB)
Appraiser Qualifications Board (AQB)
Appraisal Subcommittee (ASC)
Board of Trustees (BOT) - CORRECT ANSWER Appraiser Qualifications Board (AQB)
Qualification criteria for appraiser certification and recertification are disseminated to state appraisal boards by the:
Appraisal Standards Board (ASB)
Consumer Financial Protection Bureau (CFPB)
Appraiser Qualifications Board (AQB)
Board of Trustees (BOT) - CORRECT ANSWER Appraiser Qualifications Board (AQB)
what does the Appraisal Standard Board do? - CORRECT ANSWER it writes, amends, and interprets the Uniform Standards of Professional Appraisal Practice (USPAP).
what is the ASB responsible for? - CORRECT ANSWER It is responsible for the subject, content, and substance of USPAP and other communications related to appraisal standards. [Show Less]