15 HOURS NATIONAL USPAP FINAL EXAM CHAPTERS 1-
11 WITH ALL POSSIBLE QUESTIONS AND VERIFIED
CORRECT ANSWERS RATED A+
USPAP is written, amended, and interpreted by the:
Appraisal Standards Board (ASB)
Advisory Opinions are best described as
not part of USPAP, but included as reference material
Note: The ASC has seven members, each appointed by the head of
his or her agency. The members represent:
Board of Governors of the Federal Reserve System (FRB)
Office of the Comptroller of the Currency (OCC)
Federal Deposit Insurance Corporation (FDIC)
National Credit Union Administration (NCUA)
Department of Housing and Urban Development (HUD)
Federal Housing Finance Agency (FHFA)
Consumer Financial Protection Bureau (CFPB)
Note: The ASC has seven members, each appointed by the head of his or
her agency. The members represent:
Board of Governors of the Federal Reserve System (FRB)
Office of the Comptroller of the Currency (OCC)
Federal Deposit Insurance Corporation (FDIC)
National Credit Union Administration (NCUA)
Department of Housing and Urban Development (HUD)
Federal Housing Finance Agency (FHFA)
Consumer Financial Protection Bureau (CFPB)
,Which of these is considered an integral part of USPAP and has the
same weight as the components they address?
USPAP Q&As
Comments
USPAP FAQs
Advisory Opinions
Comments
Which part of USPAP establishes the requirements for workfile
content for an appraisal or appraisal review assignment?
Record keeping rule
Why are USPAP Advisory Opinions issued?
offer advice
Note: In USPAP, the appraisal process is divided into two distinct
types of activity: development and reporting.
The development process begins with information identified in Step 1.
The appraiser gathers most of this information from the client, with
the exception of relevant property characteristics, which are often
obtained later by the appraiser through inspection of the property or
other means.
The appraiser uses the initial information in Step 1, such as
identification of the client and other intended users, intended use, and
type of value, etc., to determine what assignment conditions (e.g.,
extraordinary assumptions and hypothetical conditions, jurisdictional
exceptions, assumptions and limiting conditions) may be required.
With this information, the competent appraiser can determine the
scope of work (Step 2) necessary to develop a credible solution to the
problem. Later, in Step 6, the appraiser will determine how much
,information to disclose in the report so the intended user can
understand the scope of work.
Based on the determined scope of work, the appraiser completes the
development aspect of the appraisal process in Steps 3, 4, and 5 to
reach a conclusion of value.
Reporting (Step 6) is the last component of the appraisal process. The
communication, written or oral, of the appraiser's opinions and
conclusions includes disclosure of the information used in the
development process.
The first step in the appraisal process is to
Identify the problem
In USPAP, the appraisal process is divided into two distinct types of
activity: _________ and __________.
Development and reporting
Eight U.S. based professional appraisal organizations created The
Appraisal Foundation in ___________ to promulgate standards of
practice and minimum appraiser qualifications criteria for the benefit
of the public.
1987
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?
Maintaining a National Registry of licensed and certified appraisers
Writing, interpreting, and amending USPAP
Monitoring the practices, procedures, and activities of The Appraisal
Foundation
Overseeing each state's appraiser licensing and certification program
Writing, interpreting, and amending USPAP
, USPAP is enforced by:
Appraisal Standards Board (ASB)
Appraisal Subcommittee (ASC)
The Federal Financial Institutions Examination Council (FFIEC)
State appraiser licensing/certification agencies
State appraiser licensing/certification agencies
Who is responsible for issuing credentials to individual appraisers?
Appraisal Subcommittee (ASC)
State appraisal regulatory agencies
Appraisal Practices Board (APB)
Appraiser Qualifications Board (AQB)
Time left to answer: 11
State appraisal regulatory agencies
Which entity maintains the official National Registry of state-certified
and licensed appraisers?
Appraiser Qualifications Board (AQB)
Appraisal Subcommittee (ASC)
Federal Reserve Board (FRB)
Appraisal Standards Board (ASB)
Appraisal Subcommittee (ASC)
note:
The PREAMBLE identifies the purpose of USPAP:
To promote and maintain a high level of public trust in professional
appraisal practice
To establish minimum requirements for professional appraisal
practice
11 WITH ALL POSSIBLE QUESTIONS AND VERIFIED
CORRECT ANSWERS RATED A+
USPAP is written, amended, and interpreted by the:
Appraisal Standards Board (ASB)
Advisory Opinions are best described as
not part of USPAP, but included as reference material
Note: The ASC has seven members, each appointed by the head of
his or her agency. The members represent:
Board of Governors of the Federal Reserve System (FRB)
Office of the Comptroller of the Currency (OCC)
Federal Deposit Insurance Corporation (FDIC)
National Credit Union Administration (NCUA)
Department of Housing and Urban Development (HUD)
Federal Housing Finance Agency (FHFA)
Consumer Financial Protection Bureau (CFPB)
Note: The ASC has seven members, each appointed by the head of his or
her agency. The members represent:
Board of Governors of the Federal Reserve System (FRB)
Office of the Comptroller of the Currency (OCC)
Federal Deposit Insurance Corporation (FDIC)
National Credit Union Administration (NCUA)
Department of Housing and Urban Development (HUD)
Federal Housing Finance Agency (FHFA)
Consumer Financial Protection Bureau (CFPB)
,Which of these is considered an integral part of USPAP and has the
same weight as the components they address?
USPAP Q&As
Comments
USPAP FAQs
Advisory Opinions
Comments
Which part of USPAP establishes the requirements for workfile
content for an appraisal or appraisal review assignment?
Record keeping rule
Why are USPAP Advisory Opinions issued?
offer advice
Note: In USPAP, the appraisal process is divided into two distinct
types of activity: development and reporting.
The development process begins with information identified in Step 1.
The appraiser gathers most of this information from the client, with
the exception of relevant property characteristics, which are often
obtained later by the appraiser through inspection of the property or
other means.
The appraiser uses the initial information in Step 1, such as
identification of the client and other intended users, intended use, and
type of value, etc., to determine what assignment conditions (e.g.,
extraordinary assumptions and hypothetical conditions, jurisdictional
exceptions, assumptions and limiting conditions) may be required.
With this information, the competent appraiser can determine the
scope of work (Step 2) necessary to develop a credible solution to the
problem. Later, in Step 6, the appraiser will determine how much
,information to disclose in the report so the intended user can
understand the scope of work.
Based on the determined scope of work, the appraiser completes the
development aspect of the appraisal process in Steps 3, 4, and 5 to
reach a conclusion of value.
Reporting (Step 6) is the last component of the appraisal process. The
communication, written or oral, of the appraiser's opinions and
conclusions includes disclosure of the information used in the
development process.
The first step in the appraisal process is to
Identify the problem
In USPAP, the appraisal process is divided into two distinct types of
activity: _________ and __________.
Development and reporting
Eight U.S. based professional appraisal organizations created The
Appraisal Foundation in ___________ to promulgate standards of
practice and minimum appraiser qualifications criteria for the benefit
of the public.
1987
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?
Maintaining a National Registry of licensed and certified appraisers
Writing, interpreting, and amending USPAP
Monitoring the practices, procedures, and activities of The Appraisal
Foundation
Overseeing each state's appraiser licensing and certification program
Writing, interpreting, and amending USPAP
, USPAP is enforced by:
Appraisal Standards Board (ASB)
Appraisal Subcommittee (ASC)
The Federal Financial Institutions Examination Council (FFIEC)
State appraiser licensing/certification agencies
State appraiser licensing/certification agencies
Who is responsible for issuing credentials to individual appraisers?
Appraisal Subcommittee (ASC)
State appraisal regulatory agencies
Appraisal Practices Board (APB)
Appraiser Qualifications Board (AQB)
Time left to answer: 11
State appraisal regulatory agencies
Which entity maintains the official National Registry of state-certified
and licensed appraisers?
Appraiser Qualifications Board (AQB)
Appraisal Subcommittee (ASC)
Federal Reserve Board (FRB)
Appraisal Standards Board (ASB)
Appraisal Subcommittee (ASC)
note:
The PREAMBLE identifies the purpose of USPAP:
To promote and maintain a high level of public trust in professional
appraisal practice
To establish minimum requirements for professional appraisal
practice