USPAP Exam Questions With Complete Solutions Latest Update Graded A+ 2023/2024

USPAP Exam Questions With Complete Solutions Latest Update Graded A+ 2023/2024. In the public's interest The concept of public trust means that an appraiser must act: The Appraisal Foundation does not have the authority to enforce the requirements of USPAP. Which statement is TRUE regarding The Appraisal Foundation and USPAP enforcement authority? All of the listed property types USPAP establishes standards that are applicable in the appraisal of: Appraiser Qualifications Board (AQB) Qualification criteria for appraiser certification and recertification are disseminated to state appraisal boards by the: Board of Trustees (BOT) Which entity appoints members of the Foundation's independent Boards? Appraiser Qualifications Board (AQB) Which entity is responsible for establishing education and experience requirements for licensing and certification of appraisers? Appraisal Standards Board (ASB) USPAP is developed, interpreted, and amended by the: not part of USPAP, but included as reference material Advisory Opinions are best described as The reasoning and insight presented in the letter The ASB is considering comment letters written by members of the public regarding a proposed revision to USPAP. When reviewing these comment letters, the ASB focuses on: Developing, amending, and interpreting USPAP Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? Appraisal Subcommittee (ASC) Which entity maintains the official national registry of state-certified and licensed appraisers? State appraisal regulatory agencies Who is responsible for issuing credentials to individual appraisers? 00:0201:35 State appraiser licensing/certification agencies Under FIRREA, USPAP is enforced by: Development, reporting In USPAP, the appraisal process is divided into two distinct types of activity: _________ and __________. Cost By using a published cost manual, an appraiser determines that the construction cost of a 2,500 square foot dwelling is $400,000. This figure represents the dwelling’s: Value The monetary relationship between properties and those who buy, sell or use those properties” is the definition of: Client According to USPAP, the party or parties who engage an appraiser in a specific assignment defines the: The client may engage the appraiser through an agent. Which of these statements is TRUE about the USPAP definition of client? A party who is identified by the appraiser based on communication with the client at the time of the assignment An intended user is: The client is always an intended user. Which statement about intended users is TRUE? The appraiser Who makes the identification of the intended use in an assignment? Valuation services provided by an individual acting as an appraiser Appraisal practice includes only: A valuation service A real estate broker completes a Comparative Market Analysis (CMA) on a property that he wants to list for sale. What would this be considered? All appraisal and appraisal review assignments A workfile must be maintained for: Valuation Services Which is the broader category of services? Standards Rules In USPAP, each Standard is composed of: Both tangible and intangible property To which property types does USPAP apply? For appraisers and users of appraisal services The PREAMBLE states that USPAP is: Promote and maintain a high level of public trust in appraisal practice What is the stated purpose of USPAP? Appraisal practice is a subset of valuation services. Which statement is TRUE regarding the relationship between valuation services and appraisal practice? Law or regulation, agreement with the client, or voluntary choice by the appraiser What could cause an appraiser to prepare an appraisal assignment in conformance with USPAP?