The concept of public trust means that an appraiser must act:
in the public's interest
USPAP establishes standards that are applicable in the
... [Show More] appraisal of:
real property, intangible property, and personal property
Which statement is TRUE regarding The Appraisal Foundation and USPAP enforcement authority?
The Appraisal Foundation does not have the authority to enforce the requirements of USPAP.
Which entity is responsible for establishing education and experience requirements for licensing and certification of appraisers?
Appraiser Qualifications Board (AQB)
Qualification criteria for appraiser certification and recertification are disseminated to state appraisal boards by the:
Appraiser Qualifications Board (AQB)
Which entity appoints members of the Foundation's independent Boards?
Board of Trustees (BOT)
USPAP is developed, interpreted, and amended by the:
Appraisal Standards Board (ASB)
Advisory Opinions are best described as
Not part of USPAP, but included as reference material
The ASB is considering comment letters written by members of the public regarding a proposed revision to USPAP. When reviewing these comment letters, the ASB focuses on:
The reasoning and insight presented in the letter
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?
Developing, amending, and interpreting USPAP
Who is responsible for issuing credentials to individual appraisers?
State appraisal regulatory agencies
Under FIRREA, USPAP is enforced by:
State appraiser licensing/certification agencies
Which entity maintains the official national registry of state-certified and licensed appraisers?
Appraisal Subcommittee (ASC)
In USPAP, the appraisal process is divided into two distinct types of activity: _________ and __________.
development, reporting
Which step in the appraisal process involves communication of the appraiser's opinions and conclusions?
reporting
The first step in the appraisal process is:
Identify the problem
A preference or inclination that precludes an appraiser's impartiality, independence, or objectivity is:
bias
An appraiser is not permitted to be ____________ when performing an appraisal.
an advocate
conveys a mental state that does not favor one side over another at the outset of an investigation is what?
impartiality
representing the cause or interest of another, even if that cause or interest does not necessarily coincide with one's own beliefs, opinions, conclusions, or recommendations is what?
advocacy [Show Less]