Mckissock USPAP Chapter 1 Questions and Answers Rated A

Mckissock USPAP Chapter 1 Questions and Answers Rated A 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 USPAP Stands for Uniform Standards of Professional Appraisal Practice Year Appraisal Foundation formed 1987 3 Boards of Appraisal Foundation - Board of Trustees (BOT) - The Appraiser Qualifications Board (AQB) - The Appraisal Standards Board (ASB) - Appraisal Practices Board (APB) How does USPAP achieve legal authority It achieves legal authority by adoption, citation, or implementation by government agencies through regulation or administrative actions, or by private enterprise in the form of contract requirements. Functions of the Board of Trustees (BOT) -Appoints Members to the APB, AQB, and ASB -Secures funding for TAF operations -Monitors performance and oversight of TAF and its three boards (APB, AQB, and ASB) and three Advisory councils Functions of the Appraisal Qualifications Board (AQB) -Establishes education requirements -Defines issues and promotes qualification criteria -Anything that has to do with education of USPAP Functions of The Appraisal Standards Board (ASB) -Responsible for the subject, content, and substance of USPAP and other communications related to appraisal standards -Issues responses such as FAQs and Q&As -Can make Revisions to USPAP Functions of The Appraisal Practices board (APB) -Responsible for identifying and issuing voluntary guidance in the form of valuation advisories, on recognized valuation methods and techniques, which may apply to all disciplines within the appraisal profession Functions of The Appraisal Subcommittee (ASC) -Formed in 1989, as a result of FIRREA -This is an entity of the federal government, which has a role over state boards and real appraisers Responsibilities of the Appraisal Subcommittee (ASC) -Has authority to monitor the Appraisal Foundation - Oversee the activities of state licensure and certification agencies Who establishes the minimum qualifications criteria for appraisers and standards for practice? The AQB and the ASB 10 USPAP Standards (4 and 5 are gone) 1. Real Property Appraisal, Development 2. Real Property Appraisal, Reporting 3. Appraisal Review, Development and Reporting 6. Mass Appraisal, Development and Reporting 7. Personal Property Appraisal, Development 8. Personal Property Appraisal, Reporting 9. Business Appraisal, Development 10. Business Appraisal, Reporting Advisory Options 36 have been published 31 Remain Active Steps in Appraisal Process 1. Definition of the problem 2. Determination of the appropriate scope of work 3. Data collection and Analysis 4. Application of the approaches to value 5. Reconciliation of value indications and final opinion of value 6. Report of defined value opinions Two types of activity defined in USPAP 1. Development 2. Reporting