USPAP 15 Hour Course Actual
Exam Questions And Correct
Answers
USPAP has 4 sections
Preamble
Definitions
Rules
Standards
BOT - Board of Trustees
Volunteer leadership & oversight to foundation
Governing body of foundation
AQB appraiser qualification board
Sets minimum qualification criteria that must be met before entering the
profession & qualifications to maintain credentials
ASB (Appraisal Standards Board)
Establishes USPAP
Writes, amends & interprets USPAP
USPAP was created to
To promote and preserve public trust in professional appraisal practice
Title XI (11) FIRREA
Provided recognition & authorized federal financial institution regulatory
agencies to reference USPAP in their regulations
The foundation
Private entity, not a government agency
1 part of a 3 part regulatory system for real property appraisers
ASC (Appraisal Subcommittee)
, Has supervisory role over state appraiser regulatory agencies & real property
appraisers
Operations funded by state/licensed appraiser through license renewal- national
registry fee
Maintains a national registry of state certified & licensed appraisers
Appraiser
One who is expected to perform valuation services competently and in a manner
that is independent, impartial, and objective.
Who must comply with USPAP
An individual must comply with USPAP when required by law, regulation, or
agreement with the client or other intended users
And individual should comply with USPAP when choosing to represent oneself
as an appraiser
Valuation service
A service pertaining to an aspect of property value, regardless of the type of
service and whether it is performed by appraisers or by others.
Appraisal Practice
Valuation services performed by an individual acting as an appraiser, including
but not limited to appraisal and appraisal review.
Other services provided by an appraiser & within appraisal practice might
include
Teaching appraisal courses
Performing a feasibility study
Writing an appraisal article
Performing a market study
User expectations
Identify the capacity in which she is performing & inquire about the intended
users expections
When performing services outside appraisal practice, do not misrepresent
Exam Questions And Correct
Answers
USPAP has 4 sections
Preamble
Definitions
Rules
Standards
BOT - Board of Trustees
Volunteer leadership & oversight to foundation
Governing body of foundation
AQB appraiser qualification board
Sets minimum qualification criteria that must be met before entering the
profession & qualifications to maintain credentials
ASB (Appraisal Standards Board)
Establishes USPAP
Writes, amends & interprets USPAP
USPAP was created to
To promote and preserve public trust in professional appraisal practice
Title XI (11) FIRREA
Provided recognition & authorized federal financial institution regulatory
agencies to reference USPAP in their regulations
The foundation
Private entity, not a government agency
1 part of a 3 part regulatory system for real property appraisers
ASC (Appraisal Subcommittee)
, Has supervisory role over state appraiser regulatory agencies & real property
appraisers
Operations funded by state/licensed appraiser through license renewal- national
registry fee
Maintains a national registry of state certified & licensed appraisers
Appraiser
One who is expected to perform valuation services competently and in a manner
that is independent, impartial, and objective.
Who must comply with USPAP
An individual must comply with USPAP when required by law, regulation, or
agreement with the client or other intended users
And individual should comply with USPAP when choosing to represent oneself
as an appraiser
Valuation service
A service pertaining to an aspect of property value, regardless of the type of
service and whether it is performed by appraisers or by others.
Appraisal Practice
Valuation services performed by an individual acting as an appraiser, including
but not limited to appraisal and appraisal review.
Other services provided by an appraiser & within appraisal practice might
include
Teaching appraisal courses
Performing a feasibility study
Writing an appraisal article
Performing a market study
User expectations
Identify the capacity in which she is performing & inquire about the intended
users expections
When performing services outside appraisal practice, do not misrepresent
