USPAP EXAM (2025) ACTUAL EXAM | GET IT
CORRECT !!!
Appraisal standards history -
-Correct Answers
Black Tuesday -- stock market crash of 1929
- The savings & loan crisis led to in 1986 a Ad Hoc
Committee created USPAP (8 appr. organizations) and in
1987 The Appraisal Foundation
Unified appraisal standards -
-Correct Answers
Ad Hoc committee believed in creating a new
organization to set the national standard --> USPAP
(Uniform Standards of Professional Appraisal Practice)
Title XI of FIRREA -
-Correct Answers
- The reason federal agencies began to reference and ID
USPAP in laws and regulations
- This stated that RE appraisals be performed in a
standardized manner
- USPAP under TAF was a private entity --> public
- Provides protection for federal financial and public
policy interests in real estate related transactions -->
Passed in response to loan and savings crisis
Public expectations of appraisers -
-Correct Answers
to be knowledgeable, experienced, objective,
independent, and have integrity
, What is the TAF structure? -
-Correct Answers
- Made up of 3 boards: 1) Board of Trustees (BOT) 2)
Appraiser Qualifications Board (AQB) 3) Appraisal
Standards Board (ASB)
Appraiser Qualifications Board -
-Correct Answers
under FIRREA, established minimum education and
experience guidelines that states must use to issue
appraisal licenses and certifications
Appraisal Standards Board (ASB) -
-Correct Answers
Develops, interprets, and amends the Uniform
Standards of Professional Appraisal Practice (USPAP)
- Does this on an as-needed basis (publish USPAP on a
2yr cycle) --> Advisory Opinions
Board of Trustees -
-Correct Answers
Has the power to: 1) Appoint members to AQB and ASB
2) Ensure TAF is funded 3) Monitor TAF, it's 2 boards
(AQB & ASB), and it's 2 Advisory Councils (IAC & TAFAC)
Exposure drafts -
-Correct Answers
- used when ASB is interested in making potential
changes to USPAP
CORRECT !!!
Appraisal standards history -
-Correct Answers
Black Tuesday -- stock market crash of 1929
- The savings & loan crisis led to in 1986 a Ad Hoc
Committee created USPAP (8 appr. organizations) and in
1987 The Appraisal Foundation
Unified appraisal standards -
-Correct Answers
Ad Hoc committee believed in creating a new
organization to set the national standard --> USPAP
(Uniform Standards of Professional Appraisal Practice)
Title XI of FIRREA -
-Correct Answers
- The reason federal agencies began to reference and ID
USPAP in laws and regulations
- This stated that RE appraisals be performed in a
standardized manner
- USPAP under TAF was a private entity --> public
- Provides protection for federal financial and public
policy interests in real estate related transactions -->
Passed in response to loan and savings crisis
Public expectations of appraisers -
-Correct Answers
to be knowledgeable, experienced, objective,
independent, and have integrity
, What is the TAF structure? -
-Correct Answers
- Made up of 3 boards: 1) Board of Trustees (BOT) 2)
Appraiser Qualifications Board (AQB) 3) Appraisal
Standards Board (ASB)
Appraiser Qualifications Board -
-Correct Answers
under FIRREA, established minimum education and
experience guidelines that states must use to issue
appraisal licenses and certifications
Appraisal Standards Board (ASB) -
-Correct Answers
Develops, interprets, and amends the Uniform
Standards of Professional Appraisal Practice (USPAP)
- Does this on an as-needed basis (publish USPAP on a
2yr cycle) --> Advisory Opinions
Board of Trustees -
-Correct Answers
Has the power to: 1) Appoint members to AQB and ASB
2) Ensure TAF is funded 3) Monitor TAF, it's 2 boards
(AQB & ASB), and it's 2 Advisory Councils (IAC & TAFAC)
Exposure drafts -
-Correct Answers
- used when ASB is interested in making potential
changes to USPAP
