USPAP Final Exam| 175 QUESTIONS| WITH COMPLETE SOLUTIONS

The Appraisal Foundation has the authority to enforce the requirements of USPAP. correct answer: False; The Appraisal Foundation is a private entity. The Foundation and its boards have no enforcement authority in any jurisdiction. Which Foundation board is responsible for USPAP? correct answer: Appraisal Standards Board (ASB) Currently, the boards within The Appraisal Foundation include: correct answer: Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees Which entity is responsible for establishing education and experience requirements for licensing and certification of appraisers? correct answer: Appraiser Qualifications Board (AQB) Which entity appoints members of the AQB and ASB? correct answer: Board of Trustees (BOT) Qualification criteria for appraiser certification and recertification are disseminated to state appraisal boards by the: correct answer: Appraiser Qualifications Board (AQB) Advisory Opinions are best described as correct answer: not part of USPAP, but included as reference material USPAP is written, amended, and interpreted by the: correct answer: Appraisal Standards Board (ASB) USPAP is enforced by: correct answer: State appraiser licensing/certification agencies Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? correct answer: Writing, interpreting, and amending USPAP WRONG Answers: Monitoring the practices, procedures, and activities of The Appraisal Foundation, Maintaining a National Registry of licensed and certified appraisers, Overseeing each state's appraiser licensing and certification program are handled by the ASC Which entity maintains the official National Registry of state-certified and licensed appraisers? correct answer: Appraisal Subcommittee (ASC) Who is responsible for issuing credentials to individual appraisers? correct answer: State appraisal regulatory agencies Why are USPAP Advisory Opinions issued? correct answer: To offer advice Which of these is considered an integral part of USPAP and has the same weight as the components they address? correct answer: Com