15 HR National USPAP 2023-2024, USPAP 15-Hour Course, 15-Hour USPAP Course, Mckissock USPAP Chapter 1, Mckissock USPAP Chapter 2 (Definitions), McKissock
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What is USPAP? CORRECT ANSWERS: Uniform Standards of Professional Appraisal Practice
Why was USPAP developed? CORRECT ANSWERS: To promote and maintain a high level of public trust as well as confidence in professional appraisal practice
What are the benefits of USPAP? CORRECT ANSWERS: 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 regulatory agencies.
4) Provides a reason for clients, other intended users, and the public to place their trust in the services performed by professional appraisers.
What is the role of the Appraisal Standards Board (ASB) of The Appraisal Foundation? CORRECT ANSWERS: To develop, interpret, and amend the Uniform Standards of Professional Appraisal Practice (USPAP).
What are the five sections of USPAP? CORRECT ANSWERS: Preamble
Definitions
Rules
Standards (Including Standards Rules)
Statements on Appraisal Standards (currently no active statements)
Are the Advisory Opinions (AO) and the Frequently Asked Questions (FAQ) a part of USPAP? CORRECT ANSWERS: NO. These are reference materials of "Other Communications". They are for guidance only. These communications do not establish new Standards or interpret existing Standards and are not a part of USPAP.
Who enforces the adherence and content of USPAP? CORRECT ANSWERS: State and Federal Regulatory Authorities
Who appoints the ASB (Appraisal Standards Board)? CORRECT ANSWERS: Members are appointed by the BOT (Board of Trustees)
What is the purpose of USPAP? CORRECT ANSWERS: The purpose is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers.
Who does the ASB (Appraisal Standards Board) promulgate USPAP for? CORRECT ANSWERS: It is promulgated for both appraisers and users of appraisal services.
What is the appraiser's responsibility? CORRECT ANSWERS: It is to [Show Less]