Mckissock USPAP Chapter 1 Exam Questions With 100% Correct Answers 2024

Mckissock USPAP Chapter 1 Exam Questions With 100% Correct Answers 2024 USPAP Provides... - answer1. 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 - answerUniform Standards of Professional Appraisal Practice Year Appraisal Foundation formed - answer1987 3 Boards of Appraisal Foundation - answer- Board of Trustees (BOT) - The Appraiser Qualifications Board (AQB) - The Appraisal Standards Board (ASB) - Appraisal Practices Board (APB) How does USPAP achieve legal authority - answerIt 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) - answer-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) - answer-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) - answer-Responsible for the subject, content, and substance of USPAP and other communications related to appraisal standards