NATIONAL USPAP COURSE EXAM REVIEW
STUDY NOTES
◉ The stated purpose of USPAP.
Answer: Promote and maintain a high level of public trust in
appraisal practice.
◉ When obligated by law or regulation an appraiser must.
Answer: comply with USPAP.
◉ USPAP applies to which types of properties?.
Answer: Tangible and Intangible
◉ Valuation services.
Answer: is not a subset of appraisal practice.
◉ An appraiser has the professional responsibility.
Answer: to identify the capacity in which he or she is performing.
◉ Reasons why an appraiser would prepare an appraisal assignment
in conformance with USPAP.
Answer: 1. Agreement with client.
,2. Law or regulation.
3. Voluntary choice.
◉ An appraiser who provides an appraisal service that is not an
appraisal, appraisal review, or appraisal consulting assignment does
not have workfile obligations associated with the assignment..
Answer: True
◉ An individual is not prohibited from providing valuation services
that involve advocacy while acting as an appraiser..
Answer: False
◉ When performing valuation services outside of appraisal practice,
appraisers must be careful not to _________________ the client and other
intended users about their role..
Answer: Mislead
◉ USPAP states that in a situation when an individual is not required
by law, regulation, or agreement to comply with USPAP:.
Answer: The individual should still comply when acting as an
appraiser.
◉ An appraiser is engaged to teach an appraisal course. What parts
of USPAP apply?.
,Answer: The parts of USPAP that apply generally to appraisal
practice.
◉ The Appraisal Practices Board (APB) was created when?.
Answer: 2010
◉ The APB is a(n).
Answer: independent board.
◉ Boards within The Appraisal Foundation (TAF).
Answer: 1. Board of Trustees (BOT)
2. Appraisal Standards Board (ASB)
3. Appraisal Qualifications Board (AQB)
4. Appraisal Practices Board (APB)
◉ APB is a.
Answer: private entity.
◉ The APB has authority to enforce the requirements of USPAP..
Answer: False
◉ Who has the only jurisdiction and authority over appraisers?.
, Answer: States
◉ ASB.
Answer: Develops, interprets, and amends USPAP.
◉ Advisory opinions.
Answer: Not part of USPAP; reference material only.
◉ APB.
Answer: Guidance is voluntary.
◉ ASC.
Answer: Maintains the official National Registry of state certified
and licensed appraisers.
◉ State appraisal regulatory committees.
Answer: responsible for issuing credentials to individual appraisers.
◉ Responsibilities of ASC:.
Answer: • Establishes, improves, and promulgates the USPAP
• Subject, content, and substance of USPAP and other
communication related to appraisal standards.
STUDY NOTES
◉ The stated purpose of USPAP.
Answer: Promote and maintain a high level of public trust in
appraisal practice.
◉ When obligated by law or regulation an appraiser must.
Answer: comply with USPAP.
◉ USPAP applies to which types of properties?.
Answer: Tangible and Intangible
◉ Valuation services.
Answer: is not a subset of appraisal practice.
◉ An appraiser has the professional responsibility.
Answer: to identify the capacity in which he or she is performing.
◉ Reasons why an appraiser would prepare an appraisal assignment
in conformance with USPAP.
Answer: 1. Agreement with client.
,2. Law or regulation.
3. Voluntary choice.
◉ An appraiser who provides an appraisal service that is not an
appraisal, appraisal review, or appraisal consulting assignment does
not have workfile obligations associated with the assignment..
Answer: True
◉ An individual is not prohibited from providing valuation services
that involve advocacy while acting as an appraiser..
Answer: False
◉ When performing valuation services outside of appraisal practice,
appraisers must be careful not to _________________ the client and other
intended users about their role..
Answer: Mislead
◉ USPAP states that in a situation when an individual is not required
by law, regulation, or agreement to comply with USPAP:.
Answer: The individual should still comply when acting as an
appraiser.
◉ An appraiser is engaged to teach an appraisal course. What parts
of USPAP apply?.
,Answer: The parts of USPAP that apply generally to appraisal
practice.
◉ The Appraisal Practices Board (APB) was created when?.
Answer: 2010
◉ The APB is a(n).
Answer: independent board.
◉ Boards within The Appraisal Foundation (TAF).
Answer: 1. Board of Trustees (BOT)
2. Appraisal Standards Board (ASB)
3. Appraisal Qualifications Board (AQB)
4. Appraisal Practices Board (APB)
◉ APB is a.
Answer: private entity.
◉ The APB has authority to enforce the requirements of USPAP..
Answer: False
◉ Who has the only jurisdiction and authority over appraisers?.
, Answer: States
◉ ASB.
Answer: Develops, interprets, and amends USPAP.
◉ Advisory opinions.
Answer: Not part of USPAP; reference material only.
◉ APB.
Answer: Guidance is voluntary.
◉ ASC.
Answer: Maintains the official National Registry of state certified
and licensed appraisers.
◉ State appraisal regulatory committees.
Answer: responsible for issuing credentials to individual appraisers.
◉ Responsibilities of ASC:.
Answer: • Establishes, improves, and promulgates the USPAP
• Subject, content, and substance of USPAP and other
communication related to appraisal standards.
