Uspap Exam Questions And Answers Recent Update
2023/2024 . Assured A+ Best Defined
Financial chaos began in the US during the - Correct answer 1929 stock market crash after the great
depression
In the 1950s-70s double continued with - Correct answer -Works related areas
-Property taxation
-Federal housing programs
1990s trouble was because of... - Correct answer Mortgage scams and illegal house flipping.
1980s trouble was because of... - Correct answer the Savings and Loans Crisis
1990s to 2000s trouble was from... - Correct answer identity theft and appraisal report tampering.
Prior to 1930s, appeasing properties could be done by... - Correct answer mortgage brokers and real
estate agents
In the wake of the stock market crash and economic depression the first.... - Correct answer group of
appraisers were formed
Issues recognized by new professional appraisers - Correct answer -Provide credible services
-Have services provided by ethical and competent individuals
-Foster public trust
Ad-hoc Committee - Correct answer Eventually became USPAP
-find market value
-develop independent authority
TAF - Correct answer The Appraisal Foundation
Three boards on TAF - Correct answer -The Appraiser Qualifications Board
-The Appraisal Standards Board
-The Board of Trustees
USPAP has no legal authority but... - Correct answer NYS enforces it!
Congress contributed to USPAPs acceptance by... - Correct answer identifying it as the generally
accepted set of standard practices for the profession.
Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) provided...
- Correct answer Recognition and authorized federal institutions to reference USPAP
Uniform Relocation Assistance and Real Properties Acquisition Policies Act - Correct answer Where the
executive branch followed congress by referencing USPAP
With Office of Management and Budget (OMB) Circlular A-129, January 11, 1993.... - Correct answer
Other federal agencies recognized USPAP
[Type here] [Type here] [Type here]
, The IRS bulletin 2006-46, November 13, 2006 generally - Correct answer Accepted USPAP appraisal
standards, defining a "qualified appraisal"
Other groups that accept USPAP as integrated standards in their policies. - Correct answer Fannie mae,
farmer mac, the farm credit admin, employee relation council
TAF definition - Correct answer The Appraisal Foundation
TAF IS - Correct answer -A Non-Profit
-An org authorized by congress
An org made up of other organizations
TAF has how many boards? - Correct answer Two!
Two TAF boards names - Correct answer -Appraiser Qualifications board
-Appraiser Standards Board
TAF Sponsors - Correct answer -Appraisal sponsors (non-profits)
-Affiliate sponsors (non-profits with valuation interest)
-International sponsors (non-profit based outside of US with valuation interest)
TAF Advisory Councils - Correct answer The appraisal foundation advisory council (has non-profit
organizations)
-The inducts advisory council (has for profit organizations)
The board of Trustees- 3 functions - Correct answer 1) Appoints members to its independent boards
2) Secures funding for TAF operations
3) Monitors performance and oversight of TAF and its boards and Advisory Councils
"Valuation Advisories" - Correct answer Means to identify issues and give guidance.
Board also gives written, visual and audio information.
Appraiser Qualifications Board Functions - Correct answer -Establishes minimum education, experience,
and other criteria for verification of appraisers and supervisors.
-Defines, issues, and promotes qualification criteria
-Teaches qualification criteria to states, gov. and others
-Creates Licensing and Certification Exams
-Responsible for USPAP courses
The Appraisal Standards Board- Functions - Correct answer -Revises and promotes USPAP
-Responsible for the subject, content, and substance of USPAP
-Establishes standards of professional appraisal practice
[Type here] [Type here] [Type here]
2023/2024 . Assured A+ Best Defined
Financial chaos began in the US during the - Correct answer 1929 stock market crash after the great
depression
In the 1950s-70s double continued with - Correct answer -Works related areas
-Property taxation
-Federal housing programs
1990s trouble was because of... - Correct answer Mortgage scams and illegal house flipping.
1980s trouble was because of... - Correct answer the Savings and Loans Crisis
1990s to 2000s trouble was from... - Correct answer identity theft and appraisal report tampering.
Prior to 1930s, appeasing properties could be done by... - Correct answer mortgage brokers and real
estate agents
In the wake of the stock market crash and economic depression the first.... - Correct answer group of
appraisers were formed
Issues recognized by new professional appraisers - Correct answer -Provide credible services
-Have services provided by ethical and competent individuals
-Foster public trust
Ad-hoc Committee - Correct answer Eventually became USPAP
-find market value
-develop independent authority
TAF - Correct answer The Appraisal Foundation
Three boards on TAF - Correct answer -The Appraiser Qualifications Board
-The Appraisal Standards Board
-The Board of Trustees
USPAP has no legal authority but... - Correct answer NYS enforces it!
Congress contributed to USPAPs acceptance by... - Correct answer identifying it as the generally
accepted set of standard practices for the profession.
Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) provided...
- Correct answer Recognition and authorized federal institutions to reference USPAP
Uniform Relocation Assistance and Real Properties Acquisition Policies Act - Correct answer Where the
executive branch followed congress by referencing USPAP
With Office of Management and Budget (OMB) Circlular A-129, January 11, 1993.... - Correct answer
Other federal agencies recognized USPAP
[Type here] [Type here] [Type here]
, The IRS bulletin 2006-46, November 13, 2006 generally - Correct answer Accepted USPAP appraisal
standards, defining a "qualified appraisal"
Other groups that accept USPAP as integrated standards in their policies. - Correct answer Fannie mae,
farmer mac, the farm credit admin, employee relation council
TAF definition - Correct answer The Appraisal Foundation
TAF IS - Correct answer -A Non-Profit
-An org authorized by congress
An org made up of other organizations
TAF has how many boards? - Correct answer Two!
Two TAF boards names - Correct answer -Appraiser Qualifications board
-Appraiser Standards Board
TAF Sponsors - Correct answer -Appraisal sponsors (non-profits)
-Affiliate sponsors (non-profits with valuation interest)
-International sponsors (non-profit based outside of US with valuation interest)
TAF Advisory Councils - Correct answer The appraisal foundation advisory council (has non-profit
organizations)
-The inducts advisory council (has for profit organizations)
The board of Trustees- 3 functions - Correct answer 1) Appoints members to its independent boards
2) Secures funding for TAF operations
3) Monitors performance and oversight of TAF and its boards and Advisory Councils
"Valuation Advisories" - Correct answer Means to identify issues and give guidance.
Board also gives written, visual and audio information.
Appraiser Qualifications Board Functions - Correct answer -Establishes minimum education, experience,
and other criteria for verification of appraisers and supervisors.
-Defines, issues, and promotes qualification criteria
-Teaches qualification criteria to states, gov. and others
-Creates Licensing and Certification Exams
-Responsible for USPAP courses
The Appraisal Standards Board- Functions - Correct answer -Revises and promotes USPAP
-Responsible for the subject, content, and substance of USPAP
-Establishes standards of professional appraisal practice
[Type here] [Type here] [Type here]
