USPAP Module 1 Comprehensive Final Review 2026 | 100% Accurate Answers & Study Guide (PDF)

, USPAP Module 1 Comprehensive Final Review 2026 |
100% Accurate Answers
1. Which federal law requires appraisals used in federally related loan
transactions to be performed by state-licensed or state-certified appraisers?

Truth in Lending Act

Real Estate Settlement Procedures Act

Financial Institutions Reform, Recovery, and Enforcement Act

Fair Credit Reporting Act

2. Based on the requirements found in the ETHICS RULE, when must an
appraiser comply with USPAP?

when the services include a written appraisal report

when performing a valuation service

when the client is aware the individual is an appraiser

when required by law, regulation, or agreement with the client or
other intended users

3. Describe the significance of the 'development and reporting' activities in the
appraisal process.

The 'development' activity is concerned with legal compliance, while
'reporting' is about client interaction.

The 'development' activity involves gathering and analyzing data to
form an opinion of value, while 'reporting' is the process of
communicating that opinion to clients.

The 'development' activity focuses solely on market trends, while
'reporting' is about compliance with regulations.

, The 'development' activity is about reviewing past appraisals, while
'reporting' is about creating new standards.

4. What legislation was enacted in 1989 to take major steps to establish
depository institution accountability and minimize risky lending practices for
consumer safety?

Federal Deposit Insurance Corporation Act

Financial Institution Reform, Recovery and Enforcement Act
(FIRREA)

Disintermediation Act

Federal Deposit Safety Act

5. What is one of the primary roles of The Appraisal Foundation's Board of
Trustees?

To oversee the activities of The Appraisal Foundation.

To establish appraisal standards.

To conduct appraisals.

To provide legal advice to appraisers.

6. Which statement is TRUE regarding USPAP and the appraisal review process
for real property?

If the reviewer develops his or her own opinion of value, it must be
developed under the requirements of STANDARD 1.

A reviewer is required to develop his or her own opinion of value if the
reviewer feels the original value is not credible.

In an appraisal review assignment, the subject of the review is the
appraiser who completed the work.

, k In reviewing an appraisal, the reviewer is prohibited from developing or
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expressinganopinionofvalue.
k k k k k




7. WhatASB communication is released for public comment that includes all the
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proposed changes to USPAP?
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k an Exposure Draft k k




k an Appraisal Report k k




k an Advisory Opinion k k




k a Statement on Standards
k k k




8. Many organizations have developed over the years in the real estate
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appraisal field. Among them are the A.I.R.E.A. and the S.R.E.A.. Which of the
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followingistruerelativetothesetwoorganizations?
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k They are professional organizations of persons who make residential
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k appraisals.

k They are professional organizations founded in the 1930s.
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k k They are professional organizations that are international in scope.
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k All of the above k k k




9. Describe the significance of requiring compliance to the new standards by
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appraisalorganizationsasproposedbytheAd-HocCommittee.
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k It allows appraisal organizations to operate independently without
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k oversight.

k It focuses solely on the financial aspects of appraisal ratherthan
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ethical standards.
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k Requiring compliance ensures uniformity and integrity in appraisal k k k k k k k




k practices, which helps maintain public trust. k k k k k