USPAP Exam 2024 with 100% correct answers
Financial chaos began in the US during the - Correct answer-1929 stock market crash after the great
depression
In the 1950s-70s double continued with - Correct answer--Works related areas
-Property taxation
-Federal housing programs
1990s trouble was because of... - Correct answer-Mortgage scams and illegal house flipping.
1980s trouble was because of... - Correct answer-the Savings and Loans Crisis
1990s to 2000s trouble was from... - Correct answer-identity theft and appraisal report tampering.
Prior to 1930s, appeasing properties could be done by... - Correct answer-mortgage brokers and real
estate agents
In the wake of the stock market crash and economic depression the first.... - Correct answer-group of
appraisers were formed
Issues recognized by new professional appraisers - Correct answer--Provide credible services
,When an appraiser uses a hypothetical condition in an appraisal, USPAP requires the appraiser to:
Clearly and conspicuously state the use of the hypothetical condition in the report
Which term is defined as an assignment condition established by applicable law or regulation, which
precludes an appraiser from complying with a part of USPAP?
Jurisdictional exception
Which of these actions would be considered significant appraisal assistance when performed by an
appraiser?
Research and selection of comparable sales
-Have services provided by ethical and competent individuals
-Foster public trust
Ad-hoc Committee - Correct answer-Eventually became USPAP
-find market value
-develop independent authority
TAF - Correct answer-The Appraisal Foundation
Three boards on TAF - Correct answer--The Appraiser Qualifications Board
-The Appraisal Standards Board
-The Board of Trustees
USPAP has no legal authority but... - Correct answer-NYS enforces it!
, Congress contributed to USPAPs acceptance by... - Correct answer-identifying it as the generally
accepted set of standard practices for the profession.
Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) provided... -
Correct answer-Recognition and authorized federal institutions to reference USPAP
Uniform Relocation Assistance and Real Properties Acquisition Policies Act - Correct answer-Where the
executive branch followed congress by referencing USPAP
With Office of Management and Budget (OMB) Circlular A-129, January 11, 1993.... - Correct answer-
Other federal agencies recognized USPAP
The IRS bulletin 2006-46, November 13, 2006 generally - Correct answer-Accepted USPAP appraisal
standards, defining a "qualified appraisal"
Other groups that accept USPAP as integrated standards in their policies. - Correct answer-Fannie mae,
farmer mac, the farm credit admin, employee relation council
TAF definition - Correct answer-The Appraisal Foundation
TAF IS - Correct answer--A Non-Profit
-An org authorized by congress
An org made up of other organizations
TAF has how many boards? - Correct answer-Two!
Two TAF boards names - Correct answer--Appraiser Qualifications board
-Appraiser Standards Board
TAF Sponsors - Correct answer--Appraisal sponsors (non-profits)
Financial chaos began in the US during the - Correct answer-1929 stock market crash after the great
depression
In the 1950s-70s double continued with - Correct answer--Works related areas
-Property taxation
-Federal housing programs
1990s trouble was because of... - Correct answer-Mortgage scams and illegal house flipping.
1980s trouble was because of... - Correct answer-the Savings and Loans Crisis
1990s to 2000s trouble was from... - Correct answer-identity theft and appraisal report tampering.
Prior to 1930s, appeasing properties could be done by... - Correct answer-mortgage brokers and real
estate agents
In the wake of the stock market crash and economic depression the first.... - Correct answer-group of
appraisers were formed
Issues recognized by new professional appraisers - Correct answer--Provide credible services
,When an appraiser uses a hypothetical condition in an appraisal, USPAP requires the appraiser to:
Clearly and conspicuously state the use of the hypothetical condition in the report
Which term is defined as an assignment condition established by applicable law or regulation, which
precludes an appraiser from complying with a part of USPAP?
Jurisdictional exception
Which of these actions would be considered significant appraisal assistance when performed by an
appraiser?
Research and selection of comparable sales
-Have services provided by ethical and competent individuals
-Foster public trust
Ad-hoc Committee - Correct answer-Eventually became USPAP
-find market value
-develop independent authority
TAF - Correct answer-The Appraisal Foundation
Three boards on TAF - Correct answer--The Appraiser Qualifications Board
-The Appraisal Standards Board
-The Board of Trustees
USPAP has no legal authority but... - Correct answer-NYS enforces it!
, Congress contributed to USPAPs acceptance by... - Correct answer-identifying it as the generally
accepted set of standard practices for the profession.
Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) provided... -
Correct answer-Recognition and authorized federal institutions to reference USPAP
Uniform Relocation Assistance and Real Properties Acquisition Policies Act - Correct answer-Where the
executive branch followed congress by referencing USPAP
With Office of Management and Budget (OMB) Circlular A-129, January 11, 1993.... - Correct answer-
Other federal agencies recognized USPAP
The IRS bulletin 2006-46, November 13, 2006 generally - Correct answer-Accepted USPAP appraisal
standards, defining a "qualified appraisal"
Other groups that accept USPAP as integrated standards in their policies. - Correct answer-Fannie mae,
farmer mac, the farm credit admin, employee relation council
TAF definition - Correct answer-The Appraisal Foundation
TAF IS - Correct answer--A Non-Profit
-An org authorized by congress
An org made up of other organizations
TAF has how many boards? - Correct answer-Two!
Two TAF boards names - Correct answer--Appraiser Qualifications board
-Appraiser Standards Board
TAF Sponsors - Correct answer--Appraisal sponsors (non-profits)
