NATIONAL USPAP COURSE CERTIFICATION
PREPARATION GUIDE
◉ USPAP Provides...
Answer: 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?
Answer: 1987
◉ What are the 3 boards of The Appraisal Foundation?
Answer: - Board of Trustees (BOT)
- Appraiser Qualifications Board (AQB)
- Appraisal Standards Board (ASB)
◉ FIRREA
Answer: 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 ...
Answer: - Independence
- Impartiality
- Objectivity
- Competency
- Integrity
◉ Where does USPAP's legal authority come from?
Answer: 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?
Answer: 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?
Answer: 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)
Answer: - 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)
Answer: 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)
Answer: Develops, interprets, and amends the Uniform Standards of
Professional Appraisal Practice (USPAP).
PREPARATION GUIDE
◉ USPAP Provides...
Answer: 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?
Answer: 1987
◉ What are the 3 boards of The Appraisal Foundation?
Answer: - Board of Trustees (BOT)
- Appraiser Qualifications Board (AQB)
- Appraisal Standards Board (ASB)
◉ FIRREA
Answer: 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 ...
Answer: - Independence
- Impartiality
- Objectivity
- Competency
- Integrity
◉ Where does USPAP's legal authority come from?
Answer: 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?
Answer: 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?
Answer: 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)
Answer: - 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)
Answer: 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)
Answer: Develops, interprets, and amends the Uniform Standards of
Professional Appraisal Practice (USPAP).
