15 HR NATIONAL USPAP STUDY GUIDE EXAM

15 HR NATIONAL USPAP STUDY GUIDE EXAM What is USPAP? - CORRECT ANSWER-Uniform Standards of Professional Appraisal Practice Why was USPAP developed? - CORRECT ANSWER-To promote and maintain a high level of public trust as well as confidence in professional appraisal practice What are the benefits of USPAP? - CORRECT ANSWER-1) Provides a common basis for comparison (eg are we doing the appropriate work for the type of assignment?) 2) Provides a reference source for all users of the document. 3) Provides a basis for uniform enforcement for state regulatory agencies. 4) Provides a reason for clients, other intended users, and the public to place their trust in the services performed by professional appraisers. What is the role of the Appraisal Standards Board (ASB) of The Appraisal Foundation? - CORRECT ANSWER-To develop, interpret, and amend the Uniform Standards of Professional Appraisal Practice (USPAP). What are the five sections of USPAP? - CORRECT ANSWER-Preamble Definitions Rules Standards (Including Standards Rules) Statements on Appraisal Standards (currently no active statements) Are the Advisory Opinions (AO) and the Frequently Asked Questions (FAQ) a part of USPAP? - CORRECT ANSWER-NO. These are reference materials of "Other Communications". They are for guidance only. These communications do not establish new Standards or interpret existing Standards and are not a part of USPAP. Who enforces the adherence and content of USPAP? - CORRECT ANSWER-State and Federal Regulatory Authorities Who appoints the ASB (Appraisal Standards Board)? - CORRECT ANSWER-Members are appointed by the BOT (Board of Trustees) What is the purpose of USPAP? - CORRECT ANSWER-The purpose is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers. Who does the ASB (Appraisal Standards Board) promulgate USPAP for? - CORRECT ANSWER-It is promulgated for both appraisers and users of appraisal services. What is the appraiser's responsibility? - CORRECT ANSWER-It is to protect the overall public trust.