15-Hour USPAP National Course,
The Preamble states that USPAP is - ANSWER for appraisers and users of
appraisal services.
The stated purpose of USPAP - ANSWER Promote and maintain a high level of
public trust in appraisal practice.
When obligated by law or regulation an appraiser must - ANSWER comply with
USPAP.
USPAP applies to which types of properties? - ANSWER Tangible and Intangible
Valuation services - ANSWER is not a subset of appraisal practice.
An appraiser has the professional responsibility - ANSWER to identify the capacity
in which he or she is performing.
Reasons why an appraiser would prepare an appraisal assignment in conformance
with USPAP - ANSWER 1. Agreement with client.
2. Law or regulation.
3. Voluntary choice.
An appraiser who provides an appraisal service that is not an appraisal, appraisal
review, or appraisal consulting assignment does not have workfile obligations
associated with the assignment. - ANSWER True
An individual is not prohibited from providing valuation services that involve
advocacy while acting as an appraiser. - ANSWER False
When performing valuation services outside of appraisal practice, appraisers must
be careful not to _________________ the client and other intended users about their
role. - ANSWER Mislead
USPAP states that in a situation when an individual is not required by law,
regulation, or agreement to comply with USPAP: - ANSWER The individual should
still comply when acting as an appraiser.
An appraiser is engaged to teach an appraisal course. What parts of USPAP apply?
- ANSWER The parts of USPAP that apply generally to appraisal practice.
The Appraisal Practices Board (APB) was created when? - ANSWER 2010
The APB is a(n) - ANSWER independent board.
Boards within The Appraisal Foundation (TAF) - ANSWER 1. Board of Trustees
(BOT)
2. Appraisal Standards Board (ASB)
3. Appraisal Qualifications Board (AQB)
, 4. Appraisal Practices Board (APB)
APB is a - ANSWER private entity.
The APB has authority to enforce the requirements of USPAP. - ANSWER False
Who has the only jurisdiction and authority over appraisers? - ANSWER States
ASB - ANSWER Develops, interprets, and amends USPAP.
Advisory opinions - ANSWER Not part of USPAP; reference material only.
APB - ANSWER Guidance is voluntary.
ASC - ANSWER Maintains the official National Registry of state certified and
licensed appraisers.
State appraisal regulatory committees - ANSWER responsible for issuing
credentials to individual appraisers.
Responsibilities of ASC: - ANSWER • Establishes, improves, and promulgates the
USPAP
• Subject, content, and substance of USPAP and other communication related to
appraisal standards.
• Establishes standards of professional appraisal practice for the guidance and
education of appraisers and users of appraisal services.
• Maintains the official National Registry of state certified and licensed appraisers.
Developing, amending, and interpreting USPAP is NOT a responsibility of -
ANSWER ASC
12. USPAP divides the appraisal process into two distinct types of activity: -
ANSWER Develop and report
Identify the problem - ANSWER The first step in the appraisal process.
Communication - ANSWER The reporting process involves ________________ of
the appraiser's opinions and conclusions.
AQB - ANSWER • Disseminates to state appraisal boards the qualifications criteria
for appraiser certifications and recertification.
• Responsible for establishing education and experience requirements for licensing
and certification of appraisers.
BOT - ANSWER appoints members of the APB, AQB, ASB.
The ethical obligations of USPAP apply to - ANSWER Individual appraisers.
Bias - ANSWER is never allowed.
The Preamble states that USPAP is - ANSWER for appraisers and users of
appraisal services.
The stated purpose of USPAP - ANSWER Promote and maintain a high level of
public trust in appraisal practice.
When obligated by law or regulation an appraiser must - ANSWER comply with
USPAP.
USPAP applies to which types of properties? - ANSWER Tangible and Intangible
Valuation services - ANSWER is not a subset of appraisal practice.
An appraiser has the professional responsibility - ANSWER to identify the capacity
in which he or she is performing.
Reasons why an appraiser would prepare an appraisal assignment in conformance
with USPAP - ANSWER 1. Agreement with client.
2. Law or regulation.
3. Voluntary choice.
An appraiser who provides an appraisal service that is not an appraisal, appraisal
review, or appraisal consulting assignment does not have workfile obligations
associated with the assignment. - ANSWER True
An individual is not prohibited from providing valuation services that involve
advocacy while acting as an appraiser. - ANSWER False
When performing valuation services outside of appraisal practice, appraisers must
be careful not to _________________ the client and other intended users about their
role. - ANSWER Mislead
USPAP states that in a situation when an individual is not required by law,
regulation, or agreement to comply with USPAP: - ANSWER The individual should
still comply when acting as an appraiser.
An appraiser is engaged to teach an appraisal course. What parts of USPAP apply?
- ANSWER The parts of USPAP that apply generally to appraisal practice.
The Appraisal Practices Board (APB) was created when? - ANSWER 2010
The APB is a(n) - ANSWER independent board.
Boards within The Appraisal Foundation (TAF) - ANSWER 1. Board of Trustees
(BOT)
2. Appraisal Standards Board (ASB)
3. Appraisal Qualifications Board (AQB)
, 4. Appraisal Practices Board (APB)
APB is a - ANSWER private entity.
The APB has authority to enforce the requirements of USPAP. - ANSWER False
Who has the only jurisdiction and authority over appraisers? - ANSWER States
ASB - ANSWER Develops, interprets, and amends USPAP.
Advisory opinions - ANSWER Not part of USPAP; reference material only.
APB - ANSWER Guidance is voluntary.
ASC - ANSWER Maintains the official National Registry of state certified and
licensed appraisers.
State appraisal regulatory committees - ANSWER responsible for issuing
credentials to individual appraisers.
Responsibilities of ASC: - ANSWER • Establishes, improves, and promulgates the
USPAP
• Subject, content, and substance of USPAP and other communication related to
appraisal standards.
• Establishes standards of professional appraisal practice for the guidance and
education of appraisers and users of appraisal services.
• Maintains the official National Registry of state certified and licensed appraisers.
Developing, amending, and interpreting USPAP is NOT a responsibility of -
ANSWER ASC
12. USPAP divides the appraisal process into two distinct types of activity: -
ANSWER Develop and report
Identify the problem - ANSWER The first step in the appraisal process.
Communication - ANSWER The reporting process involves ________________ of
the appraiser's opinions and conclusions.
AQB - ANSWER • Disseminates to state appraisal boards the qualifications criteria
for appraiser certifications and recertification.
• Responsible for establishing education and experience requirements for licensing
and certification of appraisers.
BOT - ANSWER appoints members of the APB, AQB, ASB.
The ethical obligations of USPAP apply to - ANSWER Individual appraisers.
Bias - ANSWER is never allowed.
