15-HOUR NATIONAL USPAP
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COURSE 2020-2021 EXAM
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QUESTIONS AND CORRECT
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DETAILED / VERIFIED
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ANSWERS LATEST UPDATE
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U
ST
, What is USPAP? - ANS Uniform Standards of Professional Appraisal Practice
Why was USPAP developed? - ANS To promote and maintain a high level of public
trust as well as confidence in professional appraisal practice
What are the benefits of USPAP? - ANS 1) Provides a common basis for comparison
(eg are we doing the appropriate work for the type of assignment?)
2) Provides a reference source for all users of the document.
3) Provides a basis for uniform enforcement for state regulatory agencies.
4) Provides a reason for clients, other intended users, and the public to place their trust
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in the services performed by professional appraisers.
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What is the role of the Appraisal Standards Board (ASB) of The Appraisal Foundation? -
ANS To develop, interpret, and amend the Uniform Standards of Professional
Appraisal Practice (USPAP).
LO
What are the five sections of USPAP? - ANS Preamble
Definitions
Rules
Standards (Including Standards Rules)
YC
Statements on Appraisal Standards (currently no active statements)
Are the Advisory Opinions (AO) and the Frequently Asked Questions (FAQ) a part of
USPAP? - ANS NO. These are reference materials of "Other Communications". They
are for guidance only. These communications do not establish new Standards or
D
interpret existing Standards and are not a part of USPAP.
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Who enforces the adherence and content of USPAP? - ANS State and Federal
Regulatory Authorities
ST
Who appoints the ASB (Appraisal Standards Board)? - ANS Members are appointed
by the BOT (Board of Trustees)
What is the purpose of USPAP? - ANS The purpose is to promote and maintain a
high level of public trust in appraisal practice by establishing requirements for
appraisers.
Who does the ASB (Appraisal Standards Board) promulgate USPAP for? - ANS It is
promulgated for both appraisers and users of appraisal services.
K
COURSE 2020-2021 EXAM
C
QUESTIONS AND CORRECT
LO
DETAILED / VERIFIED
YC
ANSWERS LATEST UPDATE
D
U
ST
, What is USPAP? - ANS Uniform Standards of Professional Appraisal Practice
Why was USPAP developed? - ANS To promote and maintain a high level of public
trust as well as confidence in professional appraisal practice
What are the benefits of USPAP? - ANS 1) Provides a common basis for comparison
(eg are we doing the appropriate work for the type of assignment?)
2) Provides a reference source for all users of the document.
3) Provides a basis for uniform enforcement for state regulatory agencies.
4) Provides a reason for clients, other intended users, and the public to place their trust
K
in the services performed by professional appraisers.
C
What is the role of the Appraisal Standards Board (ASB) of The Appraisal Foundation? -
ANS To develop, interpret, and amend the Uniform Standards of Professional
Appraisal Practice (USPAP).
LO
What are the five sections of USPAP? - ANS Preamble
Definitions
Rules
Standards (Including Standards Rules)
YC
Statements on Appraisal Standards (currently no active statements)
Are the Advisory Opinions (AO) and the Frequently Asked Questions (FAQ) a part of
USPAP? - ANS NO. These are reference materials of "Other Communications". They
are for guidance only. These communications do not establish new Standards or
D
interpret existing Standards and are not a part of USPAP.
U
Who enforces the adherence and content of USPAP? - ANS State and Federal
Regulatory Authorities
ST
Who appoints the ASB (Appraisal Standards Board)? - ANS Members are appointed
by the BOT (Board of Trustees)
What is the purpose of USPAP? - ANS The purpose is to promote and maintain a
high level of public trust in appraisal practice by establishing requirements for
appraisers.
Who does the ASB (Appraisal Standards Board) promulgate USPAP for? - ANS It is
promulgated for both appraisers and users of appraisal services.
