USPAP Final Exam questions with correct answers 2023

USPAP Final Exam questions with correct answers 2023The Appraisal Foundation has the authority to enforce the requirements of USPAP. False; The Appraisal Foundation is a private entity. The Foundation and its boards have no enforcement authority in any jurisdiction. Which Foundation board is responsible for USPAP? Appraisal Standards Board (ASB) Currently, the boards within The Appraisal Foundation include: Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees Which entity is responsible for establishing education and experience requirements for licensing and certification of appraisers? Appraiser Qualifications Board (AQB) Which entity appoints members of the AQB and ASB? Board of Trustees (BOT) Qualification criteria for appraiser certification and recertification are disseminated to state appraisal boards by the: Appraiser Qualifications Board (AQB) Advisory Opinions are best described as not part of USPAP, but included as reference material USPAP is written, amended, and interpreted by the: Appraisal Standards Board (ASB) USPAP is enforced by: State appraiser licensing/certification agencies Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? Writing, interpreting, and amending USPAP WRONG Answers: Monitoring the practices, procedures, and activities of The Appraisal Foundation, Maintaining a National Registry of licensed and certified appraisers, Overseeing each state's appraiser licensing and certification program are handled by the ASC Which entity maintains the official National Registry of state-certified and licensed appraisers? Appraisal Subcommittee (ASC) Who is responsible for issuing credentials to individual appraisers? State appraisal regulatory agencies Why are USPAP Advisory Opinions issued? To offer advice Which of these is considered an integral part of USPAP and has the same weight as the components they address? Comments Which part of USPAP establishes the requirements for workfile content for an appraisal or appraisal review assignment? RECORD KEEPING RULE In USPAP, the appraisal process is divided into two distinct types of activity: _________ and __________. Development, reporting The first step in the appraisal process is: Identify the problem Which step in the appraisal process involves communication of the appraiser's opinions and conclusions? Reporting To which property types does USPAP apply? Both tangible and intangible property What is the stated purpose of USPAP? Promote and maintain a high level of public trust in appraisal practice The PREAMBLE states that USPAP intended to benefit: Appraisers and users of appraisal services When obligated by law or regulation, an appraiser _______ comply with USPAP. Must The requirement for USPAP compliance in an appraisal assignment could be the result of: Any of these answers