15-hour National USPAP-McKissock EXAM 100% CORRECT

USPAP contains what 4 sections? 1) The Preamble 2) Definitions 3) Rules 4) Standards USPAP Provides... 1. A common basis for comparison 2. A reference source for all users of the document 3. A basis for uniform enforcement for state regulatory agencies 4. A reason for clients, other intended users, and the public to place their trust in the services performed by professional appraisers What year was The Appraisal Foundation formed? 1987 What are the 3 boards of The Appraisal Foundation? - Board of Trustees (BOT) - Appraiser Qualifications Board (AQB) - Appraisal Standards Board (ASB) FIRREA Financial Institutions Reform, Recovery, and Enforcement Act of 1989 Title XI created the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC). An Appraiser must act with ... - Independence - Impartiality - Objectivity - Competency - Integrity Where does USPAP's legal authority come from? Adoption, citation, or implementation by government agencies through regulation or administrative actions, or by private enterprise in the form of contract requirements. Since TAF is not a government agency, it cannot create legal oversight or enforcement on its own. What are the three categories of TAF sponsors? 1. Appraisal Sponsors, consisting of non-profit appraisal organizations serving appraisers; 2. Affiliate Sponsors, consisting of non-profit organizations serving those with an interest in valuation, primarily users of appraisal services; 3. International Sponsors, consisting of either non-profit or non-stock organizations based outside the U.S. with an interest in valuation. What are the two advisory councils of TAF? 1. The Appraisal Foundation Advisory Council (TAFAC) made up of reps from non-profits and gov't entities 2. The Industry Advisory Council (IAC) members from for-profit orgs. Board of Trustees (BOT) - Appoints members to its independent boards - Secures funding for TAF operations - Monitors performance and oversight of TAF and its Boards and Advisory Councils The Appraiser Qualifications Board (AQB) Establishes the minimum education, experience, and examination requirements an individual must meet in order to become a licensed or certified appraiser.