USPAP | 133 QUESTIONS| WITH COMPLETE SOLUTIONS

Which board within The Appraisal Foundation has the authority to make revisions to USPAP? Board of Trustees (BOT) Appraisal Standards Board (ASB) Appraiser Qualifications Board (AQB) All boards within the Foundation have the authority to revise USPAP correct answer: Appraisal Standards Board (ASB) The three independent boards within The Appraisal Foundation include: Appraisal Standards Board, Appraisal Subcommittee, Federal Housing Finance Agency Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees Board of Trustees, Federal Housing Board, Fannie Mae Board Appraisal Standards Board, Federal Appraiser Board, Federal Housing Administration correct answer: Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees Which law mandated that all states must establish a program for appraiser licensing and certification? HVCC Dodd-Frank Act Truth in Lending Act FIRREA correct answer: FIRREA Who is responsible for appointing members to the Appraiser Qualifications Board? Appraisal Standards Board (ASB) The Secretary of HUD The AQB appoints its own members The Board of Trustees (BOT) correct answer: the board of trustees (bot) The Dodd-Frank Act of 2010 requires the ASC to create and maintain a national registry of: Home builders and contractors Subprime lenders Appraisal trainees and supervisors Appraisal management companies correct answer: Appraisal management companies The ASC's National Complaint Hotline will provide referrals for complaints against: Appraisers only AMCs only Appraisers, lenders, AMCs or others Government entities such as state appraisal boards and HUD correct answer: Appraisers, lenders, AMCs or others