USPAP 15 Hour Course Correct 100%
Which Foundation board is responsible for USPAP?
A.) Appraiser Qualifications Board (AQB)
B.) Appraisal Standards Board (ASB)
C.) Appraisal Subcommittee (ASC)
D.) Consumer Financial Protection Bureau (CFPB) - ANSWER B.) Appraisal Standards
Board (ASB)
The Appraisal Foundation has the authority to enforce the requirements of USPAP.
A.) True
B.) False - ANSWER B.) False
Currently, the boards within The Appraisal Foundation include:
A.) Board of Trustees, Appraisal Standards Board, Appraisal Subcommittee
B.) Board of Trustees, Federal Housing Administration, Fannie Mae
C.) Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
D.) Appraisal Board, Appraisal Review Board, Administration Board - ANSWER C.)
Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
Which entity is responsible for establishing education and experience requirements for
licensing and certification of appraisers?
A.) Appraiser Qualifications Board (AQB)
B.) Appraisal Subcommittee (ASC)
C.) Appraisal Standards Board (ASB)
D.) Board of Trustees (BOT) - ANSWER A.) Appraiser Qualifications Board (AQB)
Qualification criteria for appraiser certification and recertification are disseminated to
state appraisal boards by the:
A.) Consumer Financial Protection Bureau (CFPB)
B.) Appraiser Qualifications Board (AQB)
C.) Appraisal Standards Board (ASB)
D.) Board of Trustees (BOT) - ANSWER B.) Appraiser Qualifications Board (AQB)
Appraiser Qualifications Board (AQB) - ANSWER The Appraiser Qualifications Board
(AQB) establishes minimum education, experience, and other criteria for certification
and recertification of qualified real property appraisers. It is also responsible for
disseminating real property qualification criteria to states, government entities, and
others.
,Which entity appoints members of the AQB and ASB?
A.) They appoint their own members
B.) Appraisal Subcommittee (ASC)
C.) None of the answers shown
D.) Board of Trustees (BOT) - ANSWER D.) Board of Trustees (BOT)
USPAP is written, amended, and interpreted by the:
A.) Appraiser Qualifications Board (AQB)
B.) Federal Reserve Board (FRB)
C.) Appraisal Standards Board (ASB)
D.) Appraisal Subcommittee (ASC) - ANSWER C.) Appraisal Standards Board (ASB)
Appraisal Standards Board (ASB) - ANSWER The Appraisal Standards Board (ASB)
writes, amends, and interprets USPAP.
Advisory Opinions are best described as
A.) not part of USPAP, but included as reference material
B.) issued by the Appraisal Subcommittee (ASC)
C.) subject to Fannie Mae requirements
D.) an alternative index to USPAP - ANSWER A.) not part of USPAP, but included as
reference material
Which entity maintains the official National Registry of state-certified and licensed
appraisers?
A.) Appraisal Standards Board (ASB)
B.) Appraisal Subcommittee (ASC)
C.) Appraiser Qualifications Board (AQB)
D.) Federal Reserve Board (FRB) - ANSWER B.) Appraisal Subcommittee (ASC)
Appraisal Subcommittee (ASC) - ANSWER maintains a registry of all licensed and
certified appraisers in the United States. States submit the registry fees using funds
collected from appraisers.
USPAP is enforced by:
A.) The Federal Financial Institutions Examination Council (FFIEC)
B.) Appraisal Subcommittee (ASC)
C.) Appraisal Standards Board (ASB)
D.) State appraiser licensing/certification agencies - ANSWER D.) State appraiser
licensing/certification agencies
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?
A.) Maintaining a National Registry of licensed and certified appraisers
B.) Monitoring the practices, procedures, and activities of The Appraisal Foundation
C.) Writing, interpreting, and amending USPAP
,D.) Overseeing each state's appraiser licensing and certification program - ANSWER
C.) Writing, interpreting, and amending USPAP
Who is responsible for issuing credentials to individual appraisers?
A.) State appraisal regulatory agencies
B.) Appraisal Subcommittee (ASC)
C.) Appraisal Practices Board (APB)
D.) Appraiser Qualifications Board (AQB) - ANSWER A.) State appraisal regulatory
agencies
Why are USPAP Advisory Opinions issued?
A.) To offer advice
B.) To establish new appraisal standards
C.) To revise existing standards
D.) To interpret existing standards - ANSWER A.) To offer advice
Which part of USPAP establishes the requirements for workfile content for an appraisal
or appraisal review assignment?
A.) JURISDICTIONAL EXCEPTION RULE
B.) Advisory Opinions
C.) COMPETENCY RULE
D.) RECORD KEEPING RULE - ANSWER D.) RECORD KEEPING RULE
Which of these is considered an integral part of USPAP and has the same weight as the
components they address?
A.) USPAP FAQs
B.) Advisory Opinions
C.) USPAP Q&As
D.) Comments - ANSWER D.) Comments
To which property types does USPAP apply?
A.) Tangible property only
B.) Intangible property only
C.) Both tangible and intangible property
D.) None of these answers - ANSWER C.) Both tangible and intangible property
When obligated by law or regulation, an appraiser _______ comply with USPAP.
A.) May choose to
B.) Must
C.) Need not
D.) Should - ANSWER B.) Must
What is the stated purpose of USPAP?
A.) Establish requirements that licensed and certified appraisers must follow
B.) Establish a federal appraisal enforcement agency
C.) Promote and maintain a high level of public trust in appraisal practice
, D.) Create requirements so stringent that no appraiser can possibly comply with them -
ANSWER C.) Promote and maintain a high level of public trust in appraisal practice
The PREAMBLE states that USPAP intended to benefit:
A.) Users of appraisal services only
B.) Appraisers only
C.) Appraisers and users of appraisal services
D.) Borrowers in mortgage-lending appraisal assignments - ANSWER C.) Appraisers
and users of appraisal services
The requirement for USPAP compliance in an appraisal assignment could be the result
of:
A.) Agreement with the client
B.) Voluntary choice by the appraiser
C.) Any of these answers
D.) Law or regulation - ANSWER C.) Any of these answers
An appraiser has the professional responsibility to identify the capacity in which he or
she is performing.
A.) TRUE
B.) FALSE - ANSWER A.) TRUE
USPAP states that in a situation when an individual is not required by law, regulation, or
agreement to comply with USPAP:
A.) The Appraisal Foundation can still force compliance
B.) Compliance does not matter because clients do not understand USPAP
C.) The individual should still comply when he or she is acting as an appraiser
D.) The individual should comply only if the service involves real property - ANSWER
C.) The individual should still comply when he or she is acting as an appraiser
When performing valuation services outside of appraisal practice, an individual must be
careful not to __________ the client and other intended users about his or her role.
A.) Identify
B.) Mislead
C.) Communicate with - ANSWER B.) Mislead
A valuation service that is premised upon advocacy:
A.) Can be performed by an individual acting as an appraiser with appropriate
disclosure
B.) Must be performed under the SCOPE OF WORK RULE
C.) It cannot be performed by an individual acting as an appraiser
D.) Is an appraisal review assignment under STANDARDS 3 and 4 - ANSWER C.) It
cannot be performed by an individual acting as an appraiser
Which Foundation board is responsible for USPAP?
A.) Appraiser Qualifications Board (AQB)
B.) Appraisal Standards Board (ASB)
C.) Appraisal Subcommittee (ASC)
D.) Consumer Financial Protection Bureau (CFPB) - ANSWER B.) Appraisal Standards
Board (ASB)
The Appraisal Foundation has the authority to enforce the requirements of USPAP.
A.) True
B.) False - ANSWER B.) False
Currently, the boards within The Appraisal Foundation include:
A.) Board of Trustees, Appraisal Standards Board, Appraisal Subcommittee
B.) Board of Trustees, Federal Housing Administration, Fannie Mae
C.) Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
D.) Appraisal Board, Appraisal Review Board, Administration Board - ANSWER C.)
Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
Which entity is responsible for establishing education and experience requirements for
licensing and certification of appraisers?
A.) Appraiser Qualifications Board (AQB)
B.) Appraisal Subcommittee (ASC)
C.) Appraisal Standards Board (ASB)
D.) Board of Trustees (BOT) - ANSWER A.) Appraiser Qualifications Board (AQB)
Qualification criteria for appraiser certification and recertification are disseminated to
state appraisal boards by the:
A.) Consumer Financial Protection Bureau (CFPB)
B.) Appraiser Qualifications Board (AQB)
C.) Appraisal Standards Board (ASB)
D.) Board of Trustees (BOT) - ANSWER B.) Appraiser Qualifications Board (AQB)
Appraiser Qualifications Board (AQB) - ANSWER The Appraiser Qualifications Board
(AQB) establishes minimum education, experience, and other criteria for certification
and recertification of qualified real property appraisers. It is also responsible for
disseminating real property qualification criteria to states, government entities, and
others.
,Which entity appoints members of the AQB and ASB?
A.) They appoint their own members
B.) Appraisal Subcommittee (ASC)
C.) None of the answers shown
D.) Board of Trustees (BOT) - ANSWER D.) Board of Trustees (BOT)
USPAP is written, amended, and interpreted by the:
A.) Appraiser Qualifications Board (AQB)
B.) Federal Reserve Board (FRB)
C.) Appraisal Standards Board (ASB)
D.) Appraisal Subcommittee (ASC) - ANSWER C.) Appraisal Standards Board (ASB)
Appraisal Standards Board (ASB) - ANSWER The Appraisal Standards Board (ASB)
writes, amends, and interprets USPAP.
Advisory Opinions are best described as
A.) not part of USPAP, but included as reference material
B.) issued by the Appraisal Subcommittee (ASC)
C.) subject to Fannie Mae requirements
D.) an alternative index to USPAP - ANSWER A.) not part of USPAP, but included as
reference material
Which entity maintains the official National Registry of state-certified and licensed
appraisers?
A.) Appraisal Standards Board (ASB)
B.) Appraisal Subcommittee (ASC)
C.) Appraiser Qualifications Board (AQB)
D.) Federal Reserve Board (FRB) - ANSWER B.) Appraisal Subcommittee (ASC)
Appraisal Subcommittee (ASC) - ANSWER maintains a registry of all licensed and
certified appraisers in the United States. States submit the registry fees using funds
collected from appraisers.
USPAP is enforced by:
A.) The Federal Financial Institutions Examination Council (FFIEC)
B.) Appraisal Subcommittee (ASC)
C.) Appraisal Standards Board (ASB)
D.) State appraiser licensing/certification agencies - ANSWER D.) State appraiser
licensing/certification agencies
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?
A.) Maintaining a National Registry of licensed and certified appraisers
B.) Monitoring the practices, procedures, and activities of The Appraisal Foundation
C.) Writing, interpreting, and amending USPAP
,D.) Overseeing each state's appraiser licensing and certification program - ANSWER
C.) Writing, interpreting, and amending USPAP
Who is responsible for issuing credentials to individual appraisers?
A.) State appraisal regulatory agencies
B.) Appraisal Subcommittee (ASC)
C.) Appraisal Practices Board (APB)
D.) Appraiser Qualifications Board (AQB) - ANSWER A.) State appraisal regulatory
agencies
Why are USPAP Advisory Opinions issued?
A.) To offer advice
B.) To establish new appraisal standards
C.) To revise existing standards
D.) To interpret existing standards - ANSWER A.) To offer advice
Which part of USPAP establishes the requirements for workfile content for an appraisal
or appraisal review assignment?
A.) JURISDICTIONAL EXCEPTION RULE
B.) Advisory Opinions
C.) COMPETENCY RULE
D.) RECORD KEEPING RULE - ANSWER D.) RECORD KEEPING RULE
Which of these is considered an integral part of USPAP and has the same weight as the
components they address?
A.) USPAP FAQs
B.) Advisory Opinions
C.) USPAP Q&As
D.) Comments - ANSWER D.) Comments
To which property types does USPAP apply?
A.) Tangible property only
B.) Intangible property only
C.) Both tangible and intangible property
D.) None of these answers - ANSWER C.) Both tangible and intangible property
When obligated by law or regulation, an appraiser _______ comply with USPAP.
A.) May choose to
B.) Must
C.) Need not
D.) Should - ANSWER B.) Must
What is the stated purpose of USPAP?
A.) Establish requirements that licensed and certified appraisers must follow
B.) Establish a federal appraisal enforcement agency
C.) Promote and maintain a high level of public trust in appraisal practice
, D.) Create requirements so stringent that no appraiser can possibly comply with them -
ANSWER C.) Promote and maintain a high level of public trust in appraisal practice
The PREAMBLE states that USPAP intended to benefit:
A.) Users of appraisal services only
B.) Appraisers only
C.) Appraisers and users of appraisal services
D.) Borrowers in mortgage-lending appraisal assignments - ANSWER C.) Appraisers
and users of appraisal services
The requirement for USPAP compliance in an appraisal assignment could be the result
of:
A.) Agreement with the client
B.) Voluntary choice by the appraiser
C.) Any of these answers
D.) Law or regulation - ANSWER C.) Any of these answers
An appraiser has the professional responsibility to identify the capacity in which he or
she is performing.
A.) TRUE
B.) FALSE - ANSWER A.) TRUE
USPAP states that in a situation when an individual is not required by law, regulation, or
agreement to comply with USPAP:
A.) The Appraisal Foundation can still force compliance
B.) Compliance does not matter because clients do not understand USPAP
C.) The individual should still comply when he or she is acting as an appraiser
D.) The individual should comply only if the service involves real property - ANSWER
C.) The individual should still comply when he or she is acting as an appraiser
When performing valuation services outside of appraisal practice, an individual must be
careful not to __________ the client and other intended users about his or her role.
A.) Identify
B.) Mislead
C.) Communicate with - ANSWER B.) Mislead
A valuation service that is premised upon advocacy:
A.) Can be performed by an individual acting as an appraiser with appropriate
disclosure
B.) Must be performed under the SCOPE OF WORK RULE
C.) It cannot be performed by an individual acting as an appraiser
D.) Is an appraisal review assignment under STANDARDS 3 and 4 - ANSWER C.) It
cannot be performed by an individual acting as an appraiser
