1/8/26, 1:29 PM 15-hour National USPAP Course - McKissock Exam 2026 (Actual Exam) Questions with verified Answers (Latest Update 2026) UPD…
15-hour National USPAP Course - McKissock
Exam 2026 (Actual Exam) Questions with verified
Answers (Latest Update 2026) UPDATE!!
Save
Terms in this set (134)
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 1987
Foundation formed?
What are the 3 boards of The - Board of Trustees (BOT)
Appraisal Foundation? - Appraiser Qualifications Board (AQB)
- Appraisal Standards Board (ASB)
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,1/8/26, 1:29 PM 15-hour National USPAP Course - McKissock Exam 2026 (Actual Exam) Questions with verified Answers (Latest Update 2026) UPD…
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 Adoption, citation, or implementation by
come from? 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 1. Appraisal Sponsors, consisting of non-profit
sponsors? 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.
What are the two advisory councils 1. The Appraisal Foundation Advisory Council
of TAF? (TAFAC) made up of reps from non-profits and
gov't entities
2. The Industry Advisory Council (IAC) members
from for-profit orgs.
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, 1/8/26, 1:29 PM 15-hour National USPAP Course - McKissock Exam 2026 (Actual Exam) Questions with verified Answers (Latest Update 2026) UPD…
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 Establishes the minimum education, experience,
(AQB) 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.
FFIEC is a formal interagency body empowered to
prescribe uniform principles, standards, and report
forms, and to make recommendations to promote
uniformity in the supervision of financial institutions.
Composition of the ASC 7 members, each appointed by the head of their
respective agency, representing:
1. Board of Governors of the Federal Reserve
System (FRB)
2. Office of the Comptroller of the Currency (OCC)
3. Federal Deposit Insurance Corporation (FDIC)
4. National Credit Union Administration (NCUA)
5. Department of Housing and Urban Development
(HUD)
6. Federal Housing Finance Agency (FHFA)
7. Consumer Financial Protection Bureau (CFPB)
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15-hour National USPAP Course - McKissock
Exam 2026 (Actual Exam) Questions with verified
Answers (Latest Update 2026) UPDATE!!
Save
Terms in this set (134)
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 1987
Foundation formed?
What are the 3 boards of The - Board of Trustees (BOT)
Appraisal Foundation? - Appraiser Qualifications Board (AQB)
- Appraisal Standards Board (ASB)
https://quizlet.com/1128328441/15-hour-national-uspap-course-mckissock-exam-2026-actual-exam-questions-with-verified-answers-latest-update-20… 1/16
,1/8/26, 1:29 PM 15-hour National USPAP Course - McKissock Exam 2026 (Actual Exam) Questions with verified Answers (Latest Update 2026) UPD…
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 Adoption, citation, or implementation by
come from? 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 1. Appraisal Sponsors, consisting of non-profit
sponsors? 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.
What are the two advisory councils 1. The Appraisal Foundation Advisory Council
of TAF? (TAFAC) made up of reps from non-profits and
gov't entities
2. The Industry Advisory Council (IAC) members
from for-profit orgs.
https://quizlet.com/1128328441/15-hour-national-uspap-course-mckissock-exam-2026-actual-exam-questions-with-verified-answers-latest-update-20… 2/16
, 1/8/26, 1:29 PM 15-hour National USPAP Course - McKissock Exam 2026 (Actual Exam) Questions with verified Answers (Latest Update 2026) UPD…
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 Establishes the minimum education, experience,
(AQB) 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.
FFIEC is a formal interagency body empowered to
prescribe uniform principles, standards, and report
forms, and to make recommendations to promote
uniformity in the supervision of financial institutions.
Composition of the ASC 7 members, each appointed by the head of their
respective agency, representing:
1. Board of Governors of the Federal Reserve
System (FRB)
2. Office of the Comptroller of the Currency (OCC)
3. Federal Deposit Insurance Corporation (FDIC)
4. National Credit Union Administration (NCUA)
5. Department of Housing and Urban Development
(HUD)
6. Federal Housing Finance Agency (FHFA)
7. Consumer Financial Protection Bureau (CFPB)
https://quizlet.com/1128328441/15-hour-national-uspap-course-mckissock-exam-2026-actual-exam-questions-with-verified-answers-latest-update-20… 3/16
