National Uniform Standards of Professional Appraisal Practice questions and answers.

National Uniform Standards of Professional Appraisal Practice questions and answers. Which entity is responsible for establishing education and experience requirements for licensing and certification of appraisers? - correct answers.Appraiser Qualifications Board (AQB) The guidance issued by the Appraisal Practices Board is considered: - correct answers.Voluntary USPAP is developed, interpreted, and amended by the: - correct answers.Appraisal Standards Board (ASB) The Appraisal Standards Board (ASB) develops, interprets, and amends USPAP. Advisory Opinions are best described as - correct part of USPAP, but included as reference material Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? Maintaining a national registry of licensed and certified appraisers Monitoring the practices, procedures, and activities of The Appraisal Foundation Monitoring each state's appraiser licensing and certification program Developing, amending, and interpreting USPAP - correct answers.Developing, amending, and interpreting USPAP Under FIRREA, USPAP is enforced by: - correct answers.State appraiser licensing/certification agencies The responsibility of enforcing USPAP is provided to the individual state appraiser licensing and certification agencies. Which entity maintains the official national registry of state-certified and licensed appraisers? - correct answers.Appraisal Subcommittee (ASC) The Appraisal Subcommittee maintains a registry of all licensed and certified appraisers in the United States. States submit the registry fees using funds collected from appraisers. Who is responsible for issuing credentials to individual appraisers? - correct answers.State appraisal regulatory agencies State appraiser regulatory agencies are responsible for receiving and processing applications for licensure and certification, and for issuing credentials to qualified individuals. The first step in the appraisal process is: - correct answers.Identify the problem Which step in the appraisal process involves communication of the appraiser's opinions and conclusions? Receipt of fee from the client Reporting Determination of scope of work Identification of the problem - correct answers.Reporting In USPAP, the appraisal process is divided into two distinct types of activity: _________ and __________. Opinion, conclusion New, old Development, reporting Analysis, appraisal - correct answers.Development, reporting Currently, the boards within The Appraisal Foundation include: - correct answers.Appraisal Standards Board, Appraiser Qualifications Board, Appraisal Practices Board, Board of Trustees Which independent board was created within The Appraisal Foundation in 2010? - correct answers.Appraisal Practices Board (APB) Which statement is TRUE regarding The Appraisal Foundation and USPAP enforcement authority? The Appraisal Foundation may take action against individual appraisers who violate USPAP. The Appraisal Foundation does not have the authority to enforce the requirements of USPAP. The Appraisal Subcommittee provides The Appraisal Foundation with the authority to enforce USPAP. - correct answers.The Appraisal Foundation does not have the authority to enforce the requirements of USPAP. The Appraisal Foundation is a private entity. TAF and its boards have no enforcement authority in any jurisdiction. A preference or inclination that precludes an appraiser's impartiality, independence, or objectivity is: - correct answers.Bias An appraiser is not permitted to be ____________ when performing an appraisal. - correct answers.An advocate An appraiser must be impartial and cannot advocate the cause or interest of any party or issue. If an appraiser assumes a condition to be true that does not exist for the purposes of analysis, this is an example of: - correct answers.A hypothetical condition A hypothetical condition is used to appraise a property under a condition contrary to known fact. If an appraiser assumes a condition to be true, and evidence supports that belief, although that fact is not certain, this is an example of: - correct answers.An extraordinary assumption The terms extraordinary assumption and hypothetical condition: - correct answers.Have different meanings within USPAP These two terms are often misused by appraisers and users of appraisal services. Sometimes the terms are (mistakenly) used interchangeably, but they are not the same. By using a published cost manual, an appraiser determines that the construction cost of a 2,500 square foot dwelling is $400,000. This figure represents the dwelling's: - correct answers.Cost Cost is the amount required to create, produce, or obtain a property. Cost is a fact, or an estimate of fact. "The monetary relationship between properties and those who buy, sell or use those properties" is the definition of: - correct answers.Value