USPAP Final Exam Questions With 100% Correct Answers | Verified
202
1. The Appraisal Foundation has the authority
to enforce the requirements of USPAP. False; The Appraisal Foundation
is a private entity. The
Foundation and its boards
2. Which Foundation board is responsible for have no enforce- ment
US- PAP? authority in any jurisdiction.
Appraisal Standards Board
(ASB)
3. Currently, the boards within The Appraisal Foun- Appraisal Standards Board,
Ap-
dation include: praiser Qualifications Board, Board
of Trustees
4. Which entity is responsible for establishingAppraiser Qualifications Board
edu-
cation and experience requirements for licensing (AQB)
and certification of appraisers?
5. Which entity appoints members of the AQB
and ASB? Board of Trustees (BOT)
6. Qualification criteria for appraiser
certification and recertification are Appraiser Qualifications Board
disseminated to state ap- praisal boards by
the: (AQB)
7. Advisory Opinions are best described as not part of USPAP, but included
as
reference material
8. USPAP is written, amended, and interpreted
by the: Appraisal Standards Board
(ASB)
9. USPAP is enforced by: State appraiser
1/
34
, USPAP Final Exam Questions With 100% Correct Answers | Verified
202
licensing/certifi- cation
agencies
10. Which is NOT a responsibility of the
Appraisal Subcommittee (ASC)? Writing, interpreting, and
amend- ing USPAP
2/
34
, USPAP Final Exam Questions With 100% Correct Answers | Verified
202
WRONG Answers: Monitoring
the practices, procedures, and
activi- ties of The Appraisal
Foundation, Maintaining a
National Registry of licensed
and certified appraisers,
Overseeing each state's
apprais- er licensing and
certification pro- gram are
11. Which entity maintains the official National handled by the ASC
Reg- istry of state-certified and licensed
appraisers?
Appraisal Subcommittee (ASC)
12. Who is responsible for issuing credentials to
in- dividual appraisers?
State appraisal regulatory
agen- cies
13. Why are USPAP Advisory Opinions issued? To otter advice
14. Which of these is considered an integral part
of USPAP and has the same weight as the Comments
compo- nents they address?
15. Which part of USPAP establishes the
require- ments for workfile content for an
appraisal or appraisal review assignment? RECORD KEEPING RULE
16. In USPAP, the appraisal process is divided
into two distinct types of activity: and
. Development, reporting
17. The first step in the appraisal process is: Identify the problem
18. Which step in the appraisal process
involves communication of the appraiser's Reporting
opinions and conclusions?
3/
34
, USPAP Final Exam Questions With 100% Correct Answers | Verified
202
19. To which property types does USPAP apply? Both tangible and intangible
property
20. What is the stated purpose of USPAP? Promote and maintain a high
level
of public trust in appraisal practice
21. The PREAMBLE states that USPAP
intended to benefit: Appraisers and users of
appraisal services
22. When obligated by law or regulation, an apprais- Must
er comply with USPAP.
23. The requirement for USPAP compliance in an ap- Any of these answers
praisal assignment could be the result of:
24. An appraiser has the professional
responsibility to identify the capacity in which True
he or she is per- forming.
25. When performing valuation services outside
of appraisal practice, an individual must be
careful not to the client and other intended Mislead
users about his or her role.
26. A valuation service that is premised upon
advo- cacy:
It cannot be performed by an
in- dividual acting as an
appraiser
27. USPAP states that in a situation when an individ- The individual should still
comply
ual is not required by law, regulation, or when he or she is acting as an
agree- ment to comply with USPAP:
4/
34
202
1. The Appraisal Foundation has the authority
to enforce the requirements of USPAP. False; The Appraisal Foundation
is a private entity. The
Foundation and its boards
2. Which Foundation board is responsible for have no enforce- ment
US- PAP? authority in any jurisdiction.
Appraisal Standards Board
(ASB)
3. Currently, the boards within The Appraisal Foun- Appraisal Standards Board,
Ap-
dation include: praiser Qualifications Board, Board
of Trustees
4. Which entity is responsible for establishingAppraiser Qualifications Board
edu-
cation and experience requirements for licensing (AQB)
and certification of appraisers?
5. Which entity appoints members of the AQB
and ASB? Board of Trustees (BOT)
6. Qualification criteria for appraiser
certification and recertification are Appraiser Qualifications Board
disseminated to state ap- praisal boards by
the: (AQB)
7. Advisory Opinions are best described as not part of USPAP, but included
as
reference material
8. USPAP is written, amended, and interpreted
by the: Appraisal Standards Board
(ASB)
9. USPAP is enforced by: State appraiser
1/
34
, USPAP Final Exam Questions With 100% Correct Answers | Verified
202
licensing/certifi- cation
agencies
10. Which is NOT a responsibility of the
Appraisal Subcommittee (ASC)? Writing, interpreting, and
amend- ing USPAP
2/
34
, USPAP Final Exam Questions With 100% Correct Answers | Verified
202
WRONG Answers: Monitoring
the practices, procedures, and
activi- ties of The Appraisal
Foundation, Maintaining a
National Registry of licensed
and certified appraisers,
Overseeing each state's
apprais- er licensing and
certification pro- gram are
11. Which entity maintains the official National handled by the ASC
Reg- istry of state-certified and licensed
appraisers?
Appraisal Subcommittee (ASC)
12. Who is responsible for issuing credentials to
in- dividual appraisers?
State appraisal regulatory
agen- cies
13. Why are USPAP Advisory Opinions issued? To otter advice
14. Which of these is considered an integral part
of USPAP and has the same weight as the Comments
compo- nents they address?
15. Which part of USPAP establishes the
require- ments for workfile content for an
appraisal or appraisal review assignment? RECORD KEEPING RULE
16. In USPAP, the appraisal process is divided
into two distinct types of activity: and
. Development, reporting
17. The first step in the appraisal process is: Identify the problem
18. Which step in the appraisal process
involves communication of the appraiser's Reporting
opinions and conclusions?
3/
34
, USPAP Final Exam Questions With 100% Correct Answers | Verified
202
19. To which property types does USPAP apply? Both tangible and intangible
property
20. What is the stated purpose of USPAP? Promote and maintain a high
level
of public trust in appraisal practice
21. The PREAMBLE states that USPAP
intended to benefit: Appraisers and users of
appraisal services
22. When obligated by law or regulation, an apprais- Must
er comply with USPAP.
23. The requirement for USPAP compliance in an ap- Any of these answers
praisal assignment could be the result of:
24. An appraiser has the professional
responsibility to identify the capacity in which True
he or she is per- forming.
25. When performing valuation services outside
of appraisal practice, an individual must be
careful not to the client and other intended Mislead
users about his or her role.
26. A valuation service that is premised upon
advo- cacy:
It cannot be performed by an
in- dividual acting as an
appraiser
27. USPAP states that in a situation when an individ- The individual should still
comply
ual is not required by law, regulation, or when he or she is acting as an
agree- ment to comply with USPAP:
4/
34
