15-Hour National USPAP Course Exam
with correct Answers
What iiare iithe ii4 iisections iiof iiUSPAP? ii- iiCorrect iiAnswers ii--preamble
-definitions
-rules
-standards ii(including iistandards iirules)
Benefits iiof iiUSPAP ii- iiCorrect iiAnswers ii--provides iia iicommon iibasis iifor iicomparison
-provides iia iireference iisource iifor iiall iiusers iiof iithe iidocument
-provides iia iibasis iifor iiuniform iienforcement iifor iistate iiregulatory iiagencies
-provides iia iireason iifor iiclients, iiother iiintended iiusers, iiand iithe iipublic iito iiplace iitheir
iitrust iiin iithe iiservices iiperformed iiby iiprofessional iiappraisers
What iidoes iithe iiAppraisal iiFoundation iihelp iido? ii- iiCorrect iiAnswers ii-prevent iifinancial
iilosses iiin iifederally iiinsured iimortgages iiby iisetting iistringent iiqualifications iiand
iistandards iifor iiappraisers iiinvolved iiin iireal iiestate iitransactions
The iiAppraisal iiFoundation iiis iiorganized iiinto iiwhat ii3 iimain iiboards? ii- iiCorrect
iiAnswers ii--board iiof iitrustees ii(BOT)
-appraiser iiqualifications iiboard ii(AQB)
-appraiser iistandards iiboard ii(ASB)
Board iiof iiTrustees ii(BOT) ii- iiCorrect iiAnswers ii-provides iivolunteer iileadership iiand
iioversight iifor iithe iiFoundation
Appraiser iiQualifications iiBoard ii(AQB) ii- iiCorrect iiAnswers ii--an iiindependent iiboard iiof
iithe iiFoundation
-sets iiminimum iiqualification iicriteria iithat iimust iibe iimet iibefore iientering iithe iiprofession
iiand iiqualifications iito iimaintain iia iicredential
Appraiser iiStandards iiBoard ii(ASB) ii- iiCorrect iiAnswers ii--an iiindependent iiboard iiof iithe
iiFoundation
-establishes iithe iiUSPAP iion iian iiannual iibasis
When iidid iithe iiU.S. iiCongress iienact iiFIRREA ii(Financial iiInstitutions iiReform,
iiRecovery, iiand iiEnforcement iiAct)? ii- iiCorrect iiAnswers ii-1989
, What iicreated iithe iiASC iiof iithe iiFFIEC ii(Federal iiFinancial iiInstitutions iiExamination
iiCouncil)? ii- iiCorrect iiAnswers ii-Title iiXI iiof iiFIRREA
What iiis iione iiof iiASC's iicore iifunctions? ii- iiCorrect iiAnswers ii-monitor iithe iirequirements
iiestablished iiby iistate iiregulatory iiagencies iifor iicertification iiand iilicensing iiof
iiappraisers iiqualified iito iiperform iiappraisals iiin iiconnection iiwith iifederally iirelated
iitransactions
What iiwas iiUSPAP iicreated iito iido? ii- iiCorrect iiAnswers ii-to iipromote iiand iipreserve
iipublic iitrust iiin iiprofessional iiappraisal iipractice
The iiconcept iiof iitrust iiobligates iithe iiappraiser iito iiact iiin iithe iipublic's iiinterest, iiwhich
iimeans iithe iiappraiser iimust iiact iiwith... ii- iiCorrect iiAnswers ii--independence
-impartiality
-objectivity
-competency
-integrity
Do iithe iiAppraisal iiFoundation iiand iiits iiboards iihave iiany iilegal iioversight iior
iienforcement iiauthority iiin iiany iijurisdiction? ii- iiCorrect iiAnswers ii-no
USPAP iiachieves iilegal iiauthority iiby... ii- iiCorrect iiAnswers ii-adoption, iicitation, iior
iiimplementation iiby iigovernment iiagencies iithrough iiregulation iior iiadministrative
iiactions, iior iiby iiprivate iienterprise iiin iithe iiform iiof iicontract iirequirements
The iiFoundation iiis iistructured iito... ii- iiCorrect iiAnswers ii-reflect iiits iiposition iiwithin iithe
iiappraisal iiprofession iias iian iiorganization iiof iiorganizations
3 iicategories iiof iiSponsors iithe iiFoundation iihas ii- iiCorrect iiAnswers ii--appraisal
iisponsors
-affiliate iisponsors
-international iisponsors
Appraisal iiSponsors ii- iiCorrect iiAnswers ii-consists iiof iinon-profit iiappraisal
iiorganizations iiservings iiappraiser
Affiliate iiSponsors ii- iiCorrect iiAnswers ii-consist iiof iinon-profit iiappraisal iiorganizations
iiserving iithose iiwith iian iiinterest iiin iivaluation, iiprimarily iiusers iiof iiappraisal iiservices
International iiSponsors ii- iiCorrect iiAnswers ii-consists iiof iieither iinon-profit iior iinon-stock
iiorganizations iibased iioutside iithe iiU.S. iiwith iian iiinterest iiin iivaluation
2 iiadvisory iicouncils iithe iiAppraisal iiFoundation iihas ii- iiCorrect iiAnswers ii--The
iiAppraisal iiFoundation iiAdvisory iiCouncil ii(TAFAC)
-The iiIndustry iiAdvisory iiCouncil ii(IAC)
with correct Answers
What iiare iithe ii4 iisections iiof iiUSPAP? ii- iiCorrect iiAnswers ii--preamble
-definitions
-rules
-standards ii(including iistandards iirules)
Benefits iiof iiUSPAP ii- iiCorrect iiAnswers ii--provides iia iicommon iibasis iifor iicomparison
-provides iia iireference iisource iifor iiall iiusers iiof iithe iidocument
-provides iia iibasis iifor iiuniform iienforcement iifor iistate iiregulatory iiagencies
-provides iia iireason iifor iiclients, iiother iiintended iiusers, iiand iithe iipublic iito iiplace iitheir
iitrust iiin iithe iiservices iiperformed iiby iiprofessional iiappraisers
What iidoes iithe iiAppraisal iiFoundation iihelp iido? ii- iiCorrect iiAnswers ii-prevent iifinancial
iilosses iiin iifederally iiinsured iimortgages iiby iisetting iistringent iiqualifications iiand
iistandards iifor iiappraisers iiinvolved iiin iireal iiestate iitransactions
The iiAppraisal iiFoundation iiis iiorganized iiinto iiwhat ii3 iimain iiboards? ii- iiCorrect
iiAnswers ii--board iiof iitrustees ii(BOT)
-appraiser iiqualifications iiboard ii(AQB)
-appraiser iistandards iiboard ii(ASB)
Board iiof iiTrustees ii(BOT) ii- iiCorrect iiAnswers ii-provides iivolunteer iileadership iiand
iioversight iifor iithe iiFoundation
Appraiser iiQualifications iiBoard ii(AQB) ii- iiCorrect iiAnswers ii--an iiindependent iiboard iiof
iithe iiFoundation
-sets iiminimum iiqualification iicriteria iithat iimust iibe iimet iibefore iientering iithe iiprofession
iiand iiqualifications iito iimaintain iia iicredential
Appraiser iiStandards iiBoard ii(ASB) ii- iiCorrect iiAnswers ii--an iiindependent iiboard iiof iithe
iiFoundation
-establishes iithe iiUSPAP iion iian iiannual iibasis
When iidid iithe iiU.S. iiCongress iienact iiFIRREA ii(Financial iiInstitutions iiReform,
iiRecovery, iiand iiEnforcement iiAct)? ii- iiCorrect iiAnswers ii-1989
, What iicreated iithe iiASC iiof iithe iiFFIEC ii(Federal iiFinancial iiInstitutions iiExamination
iiCouncil)? ii- iiCorrect iiAnswers ii-Title iiXI iiof iiFIRREA
What iiis iione iiof iiASC's iicore iifunctions? ii- iiCorrect iiAnswers ii-monitor iithe iirequirements
iiestablished iiby iistate iiregulatory iiagencies iifor iicertification iiand iilicensing iiof
iiappraisers iiqualified iito iiperform iiappraisals iiin iiconnection iiwith iifederally iirelated
iitransactions
What iiwas iiUSPAP iicreated iito iido? ii- iiCorrect iiAnswers ii-to iipromote iiand iipreserve
iipublic iitrust iiin iiprofessional iiappraisal iipractice
The iiconcept iiof iitrust iiobligates iithe iiappraiser iito iiact iiin iithe iipublic's iiinterest, iiwhich
iimeans iithe iiappraiser iimust iiact iiwith... ii- iiCorrect iiAnswers ii--independence
-impartiality
-objectivity
-competency
-integrity
Do iithe iiAppraisal iiFoundation iiand iiits iiboards iihave iiany iilegal iioversight iior
iienforcement iiauthority iiin iiany iijurisdiction? ii- iiCorrect iiAnswers ii-no
USPAP iiachieves iilegal iiauthority iiby... ii- iiCorrect iiAnswers ii-adoption, iicitation, iior
iiimplementation iiby iigovernment iiagencies iithrough iiregulation iior iiadministrative
iiactions, iior iiby iiprivate iienterprise iiin iithe iiform iiof iicontract iirequirements
The iiFoundation iiis iistructured iito... ii- iiCorrect iiAnswers ii-reflect iiits iiposition iiwithin iithe
iiappraisal iiprofession iias iian iiorganization iiof iiorganizations
3 iicategories iiof iiSponsors iithe iiFoundation iihas ii- iiCorrect iiAnswers ii--appraisal
iisponsors
-affiliate iisponsors
-international iisponsors
Appraisal iiSponsors ii- iiCorrect iiAnswers ii-consists iiof iinon-profit iiappraisal
iiorganizations iiservings iiappraiser
Affiliate iiSponsors ii- iiCorrect iiAnswers ii-consist iiof iinon-profit iiappraisal iiorganizations
iiserving iithose iiwith iian iiinterest iiin iivaluation, iiprimarily iiusers iiof iiappraisal iiservices
International iiSponsors ii- iiCorrect iiAnswers ii-consists iiof iieither iinon-profit iior iinon-stock
iiorganizations iibased iioutside iithe iiU.S. iiwith iian iiinterest iiin iivaluation
2 iiadvisory iicouncils iithe iiAppraisal iiFoundation iihas ii- iiCorrect iiAnswers ii--The
iiAppraisal iiFoundation iiAdvisory iiCouncil ii(TAFAC)
-The iiIndustry iiAdvisory iiCouncil ii(IAC)
