NATIONAL USPAP , USPAP 15- HOUR COURSE FINAL AND COMPLETE STUDY EXAM SET

NATIONAL USPAP , USPAP 15- HOUR COURSE FINAL AND COMPLETE STUDY EXAM SET What is USPAP? - CORRECT ANSWER-Uniform Standards of Professional Appraisal Practice Why was USPAP developed? - CORRECT ANSWER-To promote and maintain a high level of public trust as well as confidence in professional appraisal practice What are the benefits of USPAP? - CORRECT ANSWER-1) Provides a common basis for comparison (eg are we doing the appropriate work for the type of assignment?) 2) Provides a reference source for all users of the document. 3) Provides a basis for uniform enforcement for state regulatory agencies. 4) Provides a reason for clients, other intended users, and the public to place their trust in the services performed by professional appraisers. What is the role of the Appraisal Standards Board (ASB) of The Appraisal Foundation? - CORRECT ANSWER-To develop, interpret, and amend the Uniform Standards of Professional Appraisal Practice (USPAP). What are the five sections of USPAP? - CORRECT ANSWER-Preamble Definitions Rules Standards (Including Standards Rules) Statements on Appraisal Standards (currently no active statements) Are the Advisory Opinions (AO) and the Frequently Asked Questions (FAQ) a part of USPAP? - CORRECT ANSWER-NO. These are reference materials of "Other Communications". They are for guidance only. These communications do not establish new Standards or interpret existing Standards and are not a part of USPAP. Who enforces the adherence and content of USPAP? - CORRECT ANSWER-State and Federal Regulatory Authorities Who appoints the ASB (Appraisal Standards Board)? - CORRECT ANSWER-Members are appointed by the BOT (Board of Trustees) What is the purpose of USPAP? - CORRECT ANSWER-The purpose is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers. Who does the ASB (Appraisal Standards Board) promulgate USPAP for? - CORRECT ANSWER-It is promulgated for both appraisers and users of appraisal services. What is the appraiser's responsibility? - CORRECT ANSWER-It is to protect the overall public trust. How does USPAP address the ethical and performance obligations of appraisers? - CORRECT ANSWER-USPAP addresses the ethical and performance obligations of appraisers through DEFINITIONS, RULES, STANDARDS, STANDARDS RULES, and STATEMENTS (there are currently no active statements). What do the DEFINITIONS portion of USPAP establish? - CORRECT ANSWER-The DEFINITIONS establish the application of certain terminology in USPAP. What is the purpose of the ETHICS RULE? - CORRECT ANSWER-The ETHICS RULE sets forth the requirements for integrity, impartiality, objectivity, independent judgment, and ethical conduct. What does the RECORD KEEPING RULE establish? - CORRECT ANSWER-The RECORD KEEPING RULE establishes the workfile requirements for appraisal and appraisal review assignments. What does the COMPETENCY RULE do? - CORRECT ANSWER-The COMPETENCY RULE presents pre-assignment and assignment conditions for knowledge and experience. Wat does the SCOPE OF WORK RULE do? - CORRECT ANSWER-The SCOPE OF WORK RULE presents obligations related to problem identification, research, and analysis. What doe the JURISDICTIONAL EXCEPTION RULE do? - CORRECT ANSWER-The JURISDICTIONAL EXCEPTION RULE preserves the balance of USPAP if a portion is contrary to law or public policy of a jurisdiction. What is the purpose of the STANDARDS? - CORRECT ANSWER-The STANDARDS establish the requirements for appraisal and appraisal review and the manner in which each is communicated. What is the purpose of STANDARDS 1 and 2? - CORRECT ANSWER-STANDARDS 1 & 2 establishes requirements for the development and communication of a real property appraisal. What is the purpose of STANDARDS 3 and 4? - CORRECT ANSWER-STANDARDS 3 and 4 establishes requirements for the development and communication of an appraisal review. What is the purpose of STANDARDS 5 and 6? - CORRECT ANSWER-STANDARDS 5 & 6 establishes requirements for the development and communication of a mass appraisal. What is the purpose of STANDARDS 7 and 8? - CORRECT ANSWER-STANDARDS 7 and 8 establishes requirements for the development and communication of a personal property appraisal. What is the purpose of STANDARDS 9 and 10? - CORRECT ANSWER-STANDARDS 9 & 10 establishes requirements for the development and communication of a business or intangible asset appraisal. What is the purpose of the COMMENTS of USPAP? - CORRECT ANSWER-Comments are an integral part of USPAP and have the same weight as the component they address. These extensions of the DEFINITIONS, RULES, and STANDARDS RULES provide interpretation and establish the context and conditions for application. Does USPAP establish who or which assignments must comply? - CORRECT ANSWER-NO. USPAP does not establish who or which assignments must comply. What are the limitations of The Appraisal Foundation? - CORRECT ANSWER-The Appraisal Foundation is not a government entity. It does not have the power to make, judge, or enforce law. What are the limitations of the Appraisal Standards Board? - CORRECT ANSWER-The Appraisal Standards Board is not a government entity. It does not have the power to make, judge, or enforce law. When must an appraiser comply with USPAP? - CORRECT ANSWER-An appraiser must comply with USPAP when either the service or the appraiser is required by law, regulation, or agreement with the client. Individuals may also choose to comply with USPAP any time that individual is performing the service as an appraiser. What must an appraiser do to comply with USPAP? - CORRECT ANSWER-- An appraiser must act competently and in a manner that is independent, impartial, and objective. - An appraiser must comply with the ETHICS RULE in all aspects of appraisal practice. - An appraiser must maintain the data, information and analysis necessary to support his or her opinions for appraisal and appraisal review assignments in accordance with the RECORD KEEPING RULE. - An appraiser must comply with the COMPETENCY RULE and the JURISDICTIONAL EXCEPTION RULE for all assignments.