ASA ME201 Exam Questions With Correct Answers Already Passed |
ed
Upda
1. Agency is a legal relationship between an agent and a principal.
2. The agent is
authorized and principal
compelled to
act on behalf
of
the .
3. A fiduciary is a person occupying a position of trust in relationship to another
person or group of persons.
4. Why can't
ap- praisers If appraisers were agents, it would be impossible for them to exercise
be agents? independent judgment. An agent's duty of loyalty and obedience to their
principles would con- flict with their fiduciary duties to perform their
5. Professiona
l Ethics professional mission with integrity.
6. When was How you conduct yourself and your business. Synonymous with morality
USPAP created?
In the 1980's, (8) national organizations met
7. The original to form standards which became an ad hoc
US- PAP was committee that between 1986 & 1987
pro- duced
created what now is known as USPAP
April 27, 1987.
8. FIRREA the Federal
Recovery, and Enforcement Act (FIRREA) passed by Congress in August
1989.
It recognized the Appraisal Foundation as the source for the
promulgation of standards of behavior and professional appraisal conduct
for "federally related transactions."
1/
13
, ASA ME201 Exam Questions With Correct Answers Already Passed |
ed
Upda
9. Title Eleven certification, licensing,
ad- dressed
and professional conduct for real estate
appraisers.
10. Appraisal
Stan- dards Revises USPAP - produces and amends.
Board
• Issues statements on USPAP
• Issues Advisory Opinions
11. Appraisal
Stan- dards
• Assists the ASB
Advisory
Council • Membership is appointed by the board of trustees of the Appraisal
Foundation
• 20 members
• Membership consist of organizations involved with appraisals and
12. What are the appraisers
parts of the • Considers and comments on exposure drafts
US- PAP?
• Consults with the ASB concerning major technical issues
• USPAP Preamble
• Definitions
• Ethics Rule
• Record Keeping Rule
• Competency Rule
• Scope of Work Rule
13. What are
the three • Jurisdictional Exception Rule
parts of • Standards and Standard Rules
Ethics? • Statements on Appraisal Standards
14. Conduct • Advisory Opinions
(Ethics) • USPAP Frequently Asked
Questions Conduct, Management and
Confidentiality
2/
13
ed
Upda
1. Agency is a legal relationship between an agent and a principal.
2. The agent is
authorized and principal
compelled to
act on behalf
of
the .
3. A fiduciary is a person occupying a position of trust in relationship to another
person or group of persons.
4. Why can't
ap- praisers If appraisers were agents, it would be impossible for them to exercise
be agents? independent judgment. An agent's duty of loyalty and obedience to their
principles would con- flict with their fiduciary duties to perform their
5. Professiona
l Ethics professional mission with integrity.
6. When was How you conduct yourself and your business. Synonymous with morality
USPAP created?
In the 1980's, (8) national organizations met
7. The original to form standards which became an ad hoc
US- PAP was committee that between 1986 & 1987
pro- duced
created what now is known as USPAP
April 27, 1987.
8. FIRREA the Federal
Recovery, and Enforcement Act (FIRREA) passed by Congress in August
1989.
It recognized the Appraisal Foundation as the source for the
promulgation of standards of behavior and professional appraisal conduct
for "federally related transactions."
1/
13
, ASA ME201 Exam Questions With Correct Answers Already Passed |
ed
Upda
9. Title Eleven certification, licensing,
ad- dressed
and professional conduct for real estate
appraisers.
10. Appraisal
Stan- dards Revises USPAP - produces and amends.
Board
• Issues statements on USPAP
• Issues Advisory Opinions
11. Appraisal
Stan- dards
• Assists the ASB
Advisory
Council • Membership is appointed by the board of trustees of the Appraisal
Foundation
• 20 members
• Membership consist of organizations involved with appraisals and
12. What are the appraisers
parts of the • Considers and comments on exposure drafts
US- PAP?
• Consults with the ASB concerning major technical issues
• USPAP Preamble
• Definitions
• Ethics Rule
• Record Keeping Rule
• Competency Rule
• Scope of Work Rule
13. What are
the three • Jurisdictional Exception Rule
parts of • Standards and Standard Rules
Ethics? • Statements on Appraisal Standards
14. Conduct • Advisory Opinions
(Ethics) • USPAP Frequently Asked
Questions Conduct, Management and
Confidentiality
2/
13
