NATIONAL UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE QUESTIONS WITH CORRECT ANSWER

Which entity is responsible for establishing education and experience requirements for licensing and certification of appraisers? CORRECT ANSWER Appraiser Qualifications Board (AQB) The guidance issued by the Appraisal Practices Board is considered: CORRECT ANSWER Voluntary USPAP is developed, interpreted, and amended by the: CORRECT ANSWER Appraisal Standards Board (ASB) The Appraisal Standards Board (ASB) develops, interprets, and amends USPAP. Advisory Opinions are best described as CORRECT ANSWER not part of USPAP, but included as reference material Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? Maintaining a national registry of licensed and certified appraisers Monitoring the practices, procedures, and activities of The Appraisal Foundation Monitoring each state's appraiser licensing and certification program Developing, amending, and interpreting USPAP CORRECT ANSWER Developing, amending, and interpreting USPAP Under FIRREA, USPAP is enforced by: CORRECT ANSWER State appraiser licensing/certification agencies The responsibility of enforcing USPAP is provided to the individual state appraiser licensing and certification agencies. Which entity maintains the official national registry of state-certified and licensed appraisers? CORRECT ANSWER Appraisal Subcommittee (ASC) The Appraisal Subcommittee maintains a registry of all licensed and certified appraisers in the United States. States submit the registry fees using funds collected from appraisers. Who is responsible for issuing credentials to individual appraisers? CORRECT ANSWER State appraisal regulatory agencies