USPAP McKissock Questions & Answers

USPAP McKissock Currently, the boards within The Appraisal Foundation include: - Answer- Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees Which Foundation board is responsible for USPAP? - Answer- Appraisal Standards Board (ASB) Which entity appoints members of the AQB and ASB? - Answer- Board of Trustees (BOT) Qualification criteria for appraiser certification and recertification are disseminated to state appraisal board by the? - Answer- Appraiser Qualifications Board Which entity is responsible for establishing education and experience requirements for licensing and certification of appraisers? - Answer- Appraiser Qualifications Board (AQB) USPAP is written, amended, and interpreted by the: - Answer- Appraisal Standards Board (ASB) Advisory Opinions are best described as - Answer- not part of USPAP, but included as reference material Which entity maintains the official National Registry of state-certified and licensed appraisers? - Answer- Appraisal Subcommittee (ASC) USPAP is enforced by: - Answer- State appraiser licensing/certification agencies Who is responsible for issuing credentials to individual appraisers - Answer- State appraisal regulatory agencies Which is not a responsibility of the Appraisal Subcommittee - Answer- Writing, interpreting, and amending USPAP Which part of USPAP establishes the requirements for workfile content for an appraisal or appraisal review assignment? - Answer- RECORD KEEPING RULE Why are USPAP Advisory Opinions issued? - Answer- offer advice Which of these is considered an integral part of USPAP and has the same weight as the components they address? - Answer- comments In USPAP the appraisal process is divided into two distinct types of activity______ and ______? - Answer- Development and Reporting The first step in the appraisal process is ? - Answer- Identify the problem Which step in the appraisal process involves communication of the appraiser's opinions and conclusions? - Answer- reporting What is the stated purpose of USPAP - Answer- Promote and maintain a high level of public trust in appraisal practice