USPAP Study Guide with Questions and 100% Correct Answers

An appraiser is asked to perform an assignment for which he immediately identifies himself as lacking the knowledge and experience to complete the assignment competily. According to the competency rule, at which point must eh appriser disclose this to the client? Before accepting the assignment The National Association of REALTORS was origin; ally established in 1980, but under what name? National Association of Real Estate Exchanges Which statement was not part of the critical issues recognized by professional appraisal organizations after the stock market crash of 1929? -Professional services must be performed in a manner that creates public trust in the judicial appraiser and also appraisal practices -Real property appraisers should be federally licensed to protect public trust -Appraisal services performed by ethical and competent individuals satisfy an established social need -Providing credible appraisal services is necessary for the overall economic well-being of society Real property appraisers should be federally licensed to protect public trust What was the name of the appraisal organization formed in 1932 that later became a founding sponsor of The Appraisal Foundation? American institutes of real estate appraisers What label is associated with the day the stock market plummeted on October 29, 1929? Black Tuesday Prior to the collapse of the stock market in 1929, what happened in the real estate market about 1925? Real estate values had peaked What discipline(s) did the developers include in USPAP to promote and maintain public trust in appraisal practice what did the Ad-Hoc committee believe was necessary in order to implement the standards they adopted creation of a new organization Identify the statement that best describes the purpose of the appraisal foundation a nonprofit private organization established for educational and scientific purposes