15-Hour National USPAP Course –
McKissock – Complete Exam Questions
and Correct Answers Study Guide
USPAP contains what 4 sections? -CORRECTANSWER 1) The Preamble
2) Definitions
3) Rules
4) Standards
USPAP Provides... -CORRECTANSWER 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 Foundation formed? -CORRECTANSWER 1987
What are the 3 boards of The Appraisal Foundation? -CORRECTANSWER - Board of
Trustees (BOT)
- Appraiser Qualifications Board (AQB)
- Appraisal Standards Board (ASB)
,FIRREA -CORRECTANSWER 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 ... -CORRECTANSWER - Independence
- Impartiality
- Objectivity
- Competency
- Integrity
Where does USPAP's legal authority come from? -CORRECTANSWER Adoption,
citation, or implementation by 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 sponsors? -CORRECTANSWER 1. Appraisal
Sponsors, consisting of non-profit 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 of TAF? -CORRECTANSWER 1. The Appraisal
Foundation Advisory Council (TAFAC) made up of reps from non-profits and gov't
entities
2. The Industry Advisory Council (IAC) members from for-profit orgs.
Board of Trustees (BOT) -CORRECTANSWER - 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 (AQB) -CORRECTANSWER Establishes the
minimum education, experience, and examination requirements an individual must meet
in order to become a licensed or certified appraiser.
The Appraisal Standards Board (ASB) -CORRECTANSWER Develops, interprets, and
amends the Uniform Standards of Professional Appraisal Practice (USPAP).
FFIEC -CORRECTANSWER 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.
McKissock – Complete Exam Questions
and Correct Answers Study Guide
USPAP contains what 4 sections? -CORRECTANSWER 1) The Preamble
2) Definitions
3) Rules
4) Standards
USPAP Provides... -CORRECTANSWER 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 Foundation formed? -CORRECTANSWER 1987
What are the 3 boards of The Appraisal Foundation? -CORRECTANSWER - Board of
Trustees (BOT)
- Appraiser Qualifications Board (AQB)
- Appraisal Standards Board (ASB)
,FIRREA -CORRECTANSWER 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 ... -CORRECTANSWER - Independence
- Impartiality
- Objectivity
- Competency
- Integrity
Where does USPAP's legal authority come from? -CORRECTANSWER Adoption,
citation, or implementation by 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 sponsors? -CORRECTANSWER 1. Appraisal
Sponsors, consisting of non-profit 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 of TAF? -CORRECTANSWER 1. The Appraisal
Foundation Advisory Council (TAFAC) made up of reps from non-profits and gov't
entities
2. The Industry Advisory Council (IAC) members from for-profit orgs.
Board of Trustees (BOT) -CORRECTANSWER - 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 (AQB) -CORRECTANSWER Establishes the
minimum education, experience, and examination requirements an individual must meet
in order to become a licensed or certified appraiser.
The Appraisal Standards Board (ASB) -CORRECTANSWER Develops, interprets, and
amends the Uniform Standards of Professional Appraisal Practice (USPAP).
FFIEC -CORRECTANSWER 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.
