USPAP Study Guide with Questions and Answers

T or F: The Appraisal Foundation has the authority to enforce the reqs of USPAP False (TAF is a private entity. No enforcement or jurisdiction) The Appraisal Foundation Includes: 1) BoT, ASB, ASC 2) AB, ARB, AB 3) ASB, AQB, BoT 4) BoT, FHA, Fan Mae 3) ASB, AQB, Board of Trustees Which foundation if responsible for USPAP? 1) AQB 2) CFPB 3) ASC 4) ASB 4) Appraisal Standards Board Which entity is responsible for establishing education and experience reqs for licensing and cert of appraisers 1) BoT 2) AQB 3) ASC 4) ASB 2) AQB Which entity appoints member of the AQB and ASB? 1) ASC 2) None Shown 3) They appoint their own 4) BoT 4) Board of Trustees Qualification criteria for appraiser cert and recert are disseminated to state appraisal boards by the 1) AQB 2) BoT 3) CFPB 4) ASB 1) AQB USPAP is written, amended, and interpreted by the: 1) ASB 2) ASC 3) AQB 4) FRB 1) ASB Which entity maintains the official National Registry of state-cert and licensed appraisers 1) ASC 2) ASB 3) FRB 4) AQB 1) ASC Which is NOT a responsibility of the ASC 1) Writing, interpreting, and amending USPAP 2) Monitoring the practices, procedures, and activities of TAF 3) Maintaining National Registry of licensed/certified appraisers 4) Overseeing each state's appraiser licensing and cert program 1) Writing, interpreting, and amending USPAP