15-Hour National USPAP Course

What are the 4 sections of USPAP? correct answer: -preamble -definitions -rules -standards (including standards rules) Benefits of USPAP correct answer: -provides a common basis for comparison -provides a reference source for all users of the document -provides a basis for uniform enforcement for state regulatory agencies -provides a reason for clients, other intended users, and the public to place their trust in the services performed by professional appraisers What does the Appraisal Foundation help do? correct answer: prevent financial losses in federally insured mortgages by setting stringent qualifications and standards for appraisers involved in real estate transactions The Appraisal Foundation is organized into what 3 main boards? correct answer: -board of trustees (BOT) -appraiser qualifications board (AQB) -appraiser standards board (ASB) Board of Trustees (BOT) correct answer: provides volunteer leadership and oversight for the Foundation Appraiser Qualifications Board (AQB) correct answer: -an independent board of the Foundation -sets minimum qualification criteria that must be met before entering the profession and qualifications to maintain a credential Appraiser Standards Board (ASB) correct answer: -an independent board of the Foundation -establishes the USPAP on an annual basis When did the U.S. Congress enact FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act)? correct answer: 1989 What created the ASC of the FFIEC (Federal Financial Institutions Examination Council)? correct answer: Title XI of FIRREA What is one of ASC's core functions? correct answer: monitor the requirements established by state regulatory agencies for certification and licensing of appraisers qualified to perform appraisals in connection with federally related transactions What was USPAP created to do? correct answer: to promote and preserve public trust in professional appraisal practice