USPAP COURSE 4 FULL REVISION NOTES WITH
UNIFORM STANDARDS OF PROFESSIONAL
APPRAISAL PRACTICE CONCEPTS
◉ Board of Trustees (BOT)
Answer: - Appoints members to its independent boards
- Secures funding for TAF operations
- Monitors performance and oversight of TAF and its Boards and
Advisory Councils
◉ The Appraiser Qualifications Board (AQB)
Answer: Establishes the minimum education, experience, and
examination requirements an individual must meet in order to
become a licensed or certified appraiser.
◉ The Appraisal Standards Board (ASB)
Answer: Develops, interprets, and amends the Uniform Standards of
Professional Appraisal Practice (USPAP).
◉ FFIEC
Answer: The US Federal Financial Institutions Examination Council.
,FFIEC is a formal interagency body empowered to prescribe uniform
principles, standards, and report forms, and to make
recommendations to promote uniformity in the supervision of
financial institutions.
◉ Composition of the ASC
Answer: 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)
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 USPAP
Answer: Offer guidance and advice, but do not establish new
standards or interpret existing standards.
◉ According to the preamble, the purpose of USPAP is ...
Answer: 1. To promote and maintain a high level of public trust in
professional appraisal practice.
, 2. To establish minimum requirements for professional appraisal
practice.
◉ Compliance with USPAP is required when ...
Answer: The service or appraiser is obligated to comply by law,
regulation, agreement with client or other user.
Even when not obligated, an individual may still choose to comply.
◉ Valuation Service
Answer: A service pertaining to an aspect of property value,
regardless of the type of service and whether it is performed by
appraisers or by others.
◉ Appraisal Practice
Answer: Valuation services performed by an individual acting as an
appraiser, including but not limited to appraisal and appraisal
review.
◉ Appraisal Review
Answer: The act or process of developing and communicating an
opinion about the quality of another appraiser's work that was
performed as part of an appraisal or appraisal review assignment.
◉ Appraisal
UNIFORM STANDARDS OF PROFESSIONAL
APPRAISAL PRACTICE CONCEPTS
◉ Board of Trustees (BOT)
Answer: - Appoints members to its independent boards
- Secures funding for TAF operations
- Monitors performance and oversight of TAF and its Boards and
Advisory Councils
◉ The Appraiser Qualifications Board (AQB)
Answer: Establishes the minimum education, experience, and
examination requirements an individual must meet in order to
become a licensed or certified appraiser.
◉ The Appraisal Standards Board (ASB)
Answer: Develops, interprets, and amends the Uniform Standards of
Professional Appraisal Practice (USPAP).
◉ FFIEC
Answer: The US Federal Financial Institutions Examination Council.
,FFIEC is a formal interagency body empowered to prescribe uniform
principles, standards, and report forms, and to make
recommendations to promote uniformity in the supervision of
financial institutions.
◉ Composition of the ASC
Answer: 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)
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 USPAP
Answer: Offer guidance and advice, but do not establish new
standards or interpret existing standards.
◉ According to the preamble, the purpose of USPAP is ...
Answer: 1. To promote and maintain a high level of public trust in
professional appraisal practice.
, 2. To establish minimum requirements for professional appraisal
practice.
◉ Compliance with USPAP is required when ...
Answer: The service or appraiser is obligated to comply by law,
regulation, agreement with client or other user.
Even when not obligated, an individual may still choose to comply.
◉ Valuation Service
Answer: A service pertaining to an aspect of property value,
regardless of the type of service and whether it is performed by
appraisers or by others.
◉ Appraisal Practice
Answer: Valuation services performed by an individual acting as an
appraiser, including but not limited to appraisal and appraisal
review.
◉ Appraisal Review
Answer: The act or process of developing and communicating an
opinion about the quality of another appraiser's work that was
performed as part of an appraisal or appraisal review assignment.
◉ Appraisal
