9/15/25, 5:44 AM 15-hour National USPAP Course - McKissock EXAM Questions & Answers | Latest Already Graded A+ UPDATE 2025|2026 EXAM …
15-hour National USPAP Course - McKissock
EXAM Questions & Answers | Latest Already
Graded A+ UPDATE 2025|2026 EXAM
Save
Terms in this set (134)
1) The Preamble
USPAP contains what 4 2) Definitions
sections? 3) Rules
4) Standards
1. A common basis for comparison
2. A reference source for all users of the document
3. A basis for uniform enforcement for state regulatory
USPAP Provides... agencies
4. A reason for clients, other intended users, and the
public to place their trust in the services performed
by professional appraisers
What year was The 1987
Appraisal Foundation
formed?
- Board of Trustees (BOT)
What are the 3 boards of
- Appraiser Qualifications Board (AQB)
The Appraisal Foundation?
- Appraisal Standards Board (ASB)
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,9/15/25, 5:44 AM 15-hour National USPAP Course - McKissock EXAM Questions & Answers | Latest Already Graded A+ UPDATE 2025|2026 EXAM …
Financial Institutions Reform, Recovery, and
Enforcement Act of 1989
FIRREA Title XI created the Appraisal Subcommittee (ASC) of
the Federal Financial Institutions Examination Council
(FFIEC).
- Independence
- Impartiality
An Appraiser must act with
- Objectivity
...
- Competency
- Integrity
Adoption, citation, or implementation by government
agencies through regulation or administrative actions,
Where does USPAP's legal or by private enterprise in the form of contract
authority come from? requirements.
Since TAF is not a government agency, it cannot
create legal oversight or enforcement on its own.
1. Appraisal Sponsors, consisting of non-profit
appraisal organizations serving appraisers;
2. Affiliate Sponsors, consisting of non-profit
What are the three
organizations serving those with an interest in
categories of TAF
valuation, primarily users of appraisal services;
sponsors?
3. International Sponsors, consisting of either non-
profit or non-stock organizations based outside the
U.S. with an interest in valuation.
1. The Appraisal Foundation Advisory Council (TAFAC)
What are the two advisory made up of reps from non-profits and gov't entities
councils of TAF? 2. The Industry Advisory Council (IAC) members from
for-profit orgs.
- Appoints members to its independent boards
- Secures funding for TAF operations
Board of Trustees (BOT)
- Monitors performance and oversight of TAF and its
Boards and Advisory Councils
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, 9/15/25, 5:44 AM 15-hour National USPAP Course - McKissock EXAM Questions & Answers | Latest Already Graded A+ UPDATE 2025|2026 EXAM …
The Appraiser Establishes the minimum education, experience, and
Qualifications Board examination requirements an individual must meet in
(AQB) order to become a licensed or certified appraiser.
The Appraisal Standards Develops, interprets, and amends the Uniform
Board (ASB) Standards of Professional Appraisal Practice (USPAP).
The US Federal Financial Institutions Examination
Council.
FFIEC is a formal interagency body empowered to
FFIEC
prescribe uniform principles, standards, and report
forms, and to make recommendations to promote
uniformity in the supervision of financial institutions.
7 members, each appointed by the head of their
respective agency, representing:
1. Board of Governors of the Federal Reserve System
(FRB)
2. Office of the Comptroller of the Currency (OCC)
Composition of the ASC 3. Federal Deposit Insurance Corporation (FDIC)
4. National Credit Union Administration (NCUA)
5. Department of Housing and Urban Development
(HUD)
6. Federal Housing Finance Agency (FHFA)
7. Consumer Financial Protection Bureau (CFPB)
Advisory Opinions in Offer guidance and advice, but do not establish new
USPAP standards or interpret existing standards.
1. To promote and maintain a high level of public trust
According to the
in professional appraisal practice.
preamble, the purpose of
2. To establish minimum requirements for professional
USPAP is ...
appraisal practice.
The service or appraiser is obligated to comply by
Compliance with USPAP is law, regulation, agreement with client or other user.
required when ... Even when not obligated, an individual may still
choose to comply.
https://quizlet.com/1076455169/15-hour-national-uspap-course-mckissock-exam-questions-answers-latest-already-graded-a-update-20252026-exam… 3/19
15-hour National USPAP Course - McKissock
EXAM Questions & Answers | Latest Already
Graded A+ UPDATE 2025|2026 EXAM
Save
Terms in this set (134)
1) The Preamble
USPAP contains what 4 2) Definitions
sections? 3) Rules
4) Standards
1. A common basis for comparison
2. A reference source for all users of the document
3. A basis for uniform enforcement for state regulatory
USPAP Provides... agencies
4. A reason for clients, other intended users, and the
public to place their trust in the services performed
by professional appraisers
What year was The 1987
Appraisal Foundation
formed?
- Board of Trustees (BOT)
What are the 3 boards of
- Appraiser Qualifications Board (AQB)
The Appraisal Foundation?
- Appraisal Standards Board (ASB)
https://quizlet.com/1076455169/15-hour-national-uspap-course-mckissock-exam-questions-answers-latest-already-graded-a-update-20252026-exam… 1/19
,9/15/25, 5:44 AM 15-hour National USPAP Course - McKissock EXAM Questions & Answers | Latest Already Graded A+ UPDATE 2025|2026 EXAM …
Financial Institutions Reform, Recovery, and
Enforcement Act of 1989
FIRREA Title XI created the Appraisal Subcommittee (ASC) of
the Federal Financial Institutions Examination Council
(FFIEC).
- Independence
- Impartiality
An Appraiser must act with
- Objectivity
...
- Competency
- Integrity
Adoption, citation, or implementation by government
agencies through regulation or administrative actions,
Where does USPAP's legal or by private enterprise in the form of contract
authority come from? requirements.
Since TAF is not a government agency, it cannot
create legal oversight or enforcement on its own.
1. Appraisal Sponsors, consisting of non-profit
appraisal organizations serving appraisers;
2. Affiliate Sponsors, consisting of non-profit
What are the three
organizations serving those with an interest in
categories of TAF
valuation, primarily users of appraisal services;
sponsors?
3. International Sponsors, consisting of either non-
profit or non-stock organizations based outside the
U.S. with an interest in valuation.
1. The Appraisal Foundation Advisory Council (TAFAC)
What are the two advisory made up of reps from non-profits and gov't entities
councils of TAF? 2. The Industry Advisory Council (IAC) members from
for-profit orgs.
- Appoints members to its independent boards
- Secures funding for TAF operations
Board of Trustees (BOT)
- Monitors performance and oversight of TAF and its
Boards and Advisory Councils
https://quizlet.com/1076455169/15-hour-national-uspap-course-mckissock-exam-questions-answers-latest-already-graded-a-update-20252026-exam… 2/19
, 9/15/25, 5:44 AM 15-hour National USPAP Course - McKissock EXAM Questions & Answers | Latest Already Graded A+ UPDATE 2025|2026 EXAM …
The Appraiser Establishes the minimum education, experience, and
Qualifications Board examination requirements an individual must meet in
(AQB) order to become a licensed or certified appraiser.
The Appraisal Standards Develops, interprets, and amends the Uniform
Board (ASB) Standards of Professional Appraisal Practice (USPAP).
The US Federal Financial Institutions Examination
Council.
FFIEC is a formal interagency body empowered to
FFIEC
prescribe uniform principles, standards, and report
forms, and to make recommendations to promote
uniformity in the supervision of financial institutions.
7 members, each appointed by the head of their
respective agency, representing:
1. Board of Governors of the Federal Reserve System
(FRB)
2. Office of the Comptroller of the Currency (OCC)
Composition of the ASC 3. Federal Deposit Insurance Corporation (FDIC)
4. National Credit Union Administration (NCUA)
5. Department of Housing and Urban Development
(HUD)
6. Federal Housing Finance Agency (FHFA)
7. Consumer Financial Protection Bureau (CFPB)
Advisory Opinions in Offer guidance and advice, but do not establish new
USPAP standards or interpret existing standards.
1. To promote and maintain a high level of public trust
According to the
in professional appraisal practice.
preamble, the purpose of
2. To establish minimum requirements for professional
USPAP is ...
appraisal practice.
The service or appraiser is obligated to comply by
Compliance with USPAP is law, regulation, agreement with client or other user.
required when ... Even when not obligated, an individual may still
choose to comply.
https://quizlet.com/1076455169/15-hour-national-uspap-course-mckissock-exam-questions-answers-latest-already-graded-a-update-20252026-exam… 3/19
