15-Hour USPAP National Course,
What are the 4 sections of USPAP? - ANSWER -preamble
-definitions
-rules
-standards (including standards rules)
Benefits of USPAP - ANSWER -provides a common basis for comparison
-provides a reference source for all users of the document
-provides a basis for uniform enforcement for state regulatory agencies
-provides a reason for clients, other intended users, and the public to place their trust
in the services performed by professional appraisers
What does the Appraisal Foundation help do? - ANSWER prevent financial losses in
federally insured mortgages by setting stringent qualifications and standards for
appraisers involved in real estate transactions
The Appraisal Foundation is organized into what 3 main boards? - ANSWER -board
of trustees (BOT)
-appraiser qualifications board (AQB)
-appraiser standards board (ASB)
Board of Trustees (BOT) - ANSWER provides volunteer leadership and oversight for
the Foundation
Appraiser Qualifications Board (AQB) - ANSWER -an independent board of the
Foundation
-sets minimum qualification criteria that must be met before entering the profession
and qualifications to maintain a credential
Appraiser Standards Board (ASB) - ANSWER -an independent board of the
Foundation
-establishes the USPAP on an annual basis
When did the U.S. Congress enact FIRREA (Financial Institutions Reform,
Recovery, and Enforcement Act)? - ANSWER 1989
What created the ASC of the FFIEC (Federal Financial Institutions Examination
Council)? - ANSWER Title XI of FIRREA
What is one of ASC's core functions? - ANSWER monitor the requirements
established by state regulatory agencies for certification and licensing of appraisers
qualified to perform appraisals in connection with federally related transactions
What was USPAP created to do? - ANSWER to promote and preserve public trust
in professional appraisal practice
, The concept of trust obligates the appraiser to act in the public's interest, which
means the appraiser must act with... - ANSWER -independence
-impartiality
-objectivity
-competency
-integrity
Do the Appraisal Foundation and its boards have any legal oversight or enforcement
authority in any jurisdiction? - ANSWER no
USPAP achieves legal authority by... - ANSWER adoption, citation, or
implementation by government agencies through regulation or administrative
actions, or by private enterprise in the form of contract requirements
The Foundation is structured to... - ANSWER reflect its position within the appraisal
profession as an organization of organizations
3 categories of Sponsors the Foundation has - ANSWER -appraisal sponsors
-affiliate sponsors
-international sponsors
Appraisal Sponsors - ANSWER consists of non-profit appraisal organizations
servings appraiser
Affiliate Sponsors - ANSWER consist of non-profit appraisal organizations serving
those with an interest in valuation, primarily users of appraisal services
International Sponsors - ANSWER consists of either non-profit or non-stock
organizations based outside the U.S. with an interest in valuation
2 advisory councils the Appraisal Foundation has - ANSWER -The Appraisal
Foundation Advisory Council (TAFAC)
-The Industry Advisory Council (IAC)
The Appraisal Foundation Advisory Council (TAFAC) - ANSWER made up of
representatives from non-profit organizations and government entities
The Industry Advisory Council (IAC) - ANSWER has members from for-profit
organizations
The Appraisal Foundation develops... - ANSWER -recruitment programs to fulfill the
growing need for real property
-simulated experience training to offer additional supervisory training opportunities
-resources for veterans who are interested in entering the appraisal profession
-outreach to universities to recruit students into the profession
Board of Trustees (BOT) has 3 primary functions: - ANSWER -appoints members to
its independent boards
-secures funding for TAF operations
What are the 4 sections of USPAP? - ANSWER -preamble
-definitions
-rules
-standards (including standards rules)
Benefits of USPAP - ANSWER -provides a common basis for comparison
-provides a reference source for all users of the document
-provides a basis for uniform enforcement for state regulatory agencies
-provides a reason for clients, other intended users, and the public to place their trust
in the services performed by professional appraisers
What does the Appraisal Foundation help do? - ANSWER prevent financial losses in
federally insured mortgages by setting stringent qualifications and standards for
appraisers involved in real estate transactions
The Appraisal Foundation is organized into what 3 main boards? - ANSWER -board
of trustees (BOT)
-appraiser qualifications board (AQB)
-appraiser standards board (ASB)
Board of Trustees (BOT) - ANSWER provides volunteer leadership and oversight for
the Foundation
Appraiser Qualifications Board (AQB) - ANSWER -an independent board of the
Foundation
-sets minimum qualification criteria that must be met before entering the profession
and qualifications to maintain a credential
Appraiser Standards Board (ASB) - ANSWER -an independent board of the
Foundation
-establishes the USPAP on an annual basis
When did the U.S. Congress enact FIRREA (Financial Institutions Reform,
Recovery, and Enforcement Act)? - ANSWER 1989
What created the ASC of the FFIEC (Federal Financial Institutions Examination
Council)? - ANSWER Title XI of FIRREA
What is one of ASC's core functions? - ANSWER monitor the requirements
established by state regulatory agencies for certification and licensing of appraisers
qualified to perform appraisals in connection with federally related transactions
What was USPAP created to do? - ANSWER to promote and preserve public trust
in professional appraisal practice
, The concept of trust obligates the appraiser to act in the public's interest, which
means the appraiser must act with... - ANSWER -independence
-impartiality
-objectivity
-competency
-integrity
Do the Appraisal Foundation and its boards have any legal oversight or enforcement
authority in any jurisdiction? - ANSWER no
USPAP achieves legal authority by... - ANSWER adoption, citation, or
implementation by government agencies through regulation or administrative
actions, or by private enterprise in the form of contract requirements
The Foundation is structured to... - ANSWER reflect its position within the appraisal
profession as an organization of organizations
3 categories of Sponsors the Foundation has - ANSWER -appraisal sponsors
-affiliate sponsors
-international sponsors
Appraisal Sponsors - ANSWER consists of non-profit appraisal organizations
servings appraiser
Affiliate Sponsors - ANSWER consist of non-profit appraisal organizations serving
those with an interest in valuation, primarily users of appraisal services
International Sponsors - ANSWER consists of either non-profit or non-stock
organizations based outside the U.S. with an interest in valuation
2 advisory councils the Appraisal Foundation has - ANSWER -The Appraisal
Foundation Advisory Council (TAFAC)
-The Industry Advisory Council (IAC)
The Appraisal Foundation Advisory Council (TAFAC) - ANSWER made up of
representatives from non-profit organizations and government entities
The Industry Advisory Council (IAC) - ANSWER has members from for-profit
organizations
The Appraisal Foundation develops... - ANSWER -recruitment programs to fulfill the
growing need for real property
-simulated experience training to offer additional supervisory training opportunities
-resources for veterans who are interested in entering the appraisal profession
-outreach to universities to recruit students into the profession
Board of Trustees (BOT) has 3 primary functions: - ANSWER -appoints members to
its independent boards
-secures funding for TAF operations
