ASA ME201 Exam Review3
Agency - ANSWERS-Legal relationship between an agent and a principal. Agent acts on behalf of
principal.
Fiduciary - ANSWERS-Person occupying a position of trust in relationship to another person or
persons.
Are appraisers agents? - ANSWERS-No
USPAP history: - ANSWERS-In 1930's appraisal organizations published standards of ethics and
practice, in 1980's 8 groups met to form standards and formed USPAP.
Year USPAP was founded: - ANSWERS-1987
Appraisal Standards Board: - ANSWERS-Solutions to inquiries submitted by state regulators,
publishes ASB State Advisory Bulletin, Revises/issues statements for USPAP
Is the Appraisal Standards Board independent from professional appraisal organizations? -
ANSWERS-Yes
Appraisal Qualifications Board: - ANSWERS-Develops, publishes, interprets, and amends
qualification criteria for professional appraisers
Personal property appraiser qualification criteria was adopted after a: - ANSWERS-Three year
process tha began with an Appraiser Qualifications Board in Feb. 1995
Agency - ANSWERS-Legal relationship between an agent and a principal. Agent acts on behalf of
principal.
Fiduciary - ANSWERS-Person occupying a position of trust in relationship to another person or
persons.
Are appraisers agents? - ANSWERS-No
USPAP history: - ANSWERS-In 1930's appraisal organizations published standards of ethics and
practice, in 1980's 8 groups met to form standards and formed USPAP.
Year USPAP was founded: - ANSWERS-1987
Appraisal Standards Board: - ANSWERS-Solutions to inquiries submitted by state regulators,
publishes ASB State Advisory Bulletin, Revises/issues statements for USPAP
Is the Appraisal Standards Board independent from professional appraisal organizations? -
ANSWERS-Yes
Appraisal Qualifications Board: - ANSWERS-Develops, publishes, interprets, and amends
qualification criteria for professional appraisers
Personal property appraiser qualification criteria was adopted after a: - ANSWERS-Three year
process tha began with an Appraiser Qualifications Board in Feb. 1995
