15 Hr National USPAP Course- Practice Questions and Answers

Which Foundation board is responsible for USPAP? Appraisal Standards Board (ASB) Appraisal Subcommittee (ASC) Consumer Financial Protection Bureau (CFPB) Appraiser Qualifications Board (AQB) The Appraisal Foundation has the authority to enforce the requirements of USPAP. T or F false The Appraisal Foundation is a private entity. The Foundation and its boards have no enforcement authority in any jurisdiction. Currently, the boards within The Appraisal Foundation include: Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees Bias is permitted in an appraisal as long as the bias is clearly disclosed in the report. False In appraisal practice, advocating the cause or interest of any party or issue is: Not permitted Under the ETHICS RULE, an individual acting as an appraiser must not advocate the cause or interest of any party or issue. The ethical obligations of USPAP apply to: Individual appraisers USPAP does not apply to appraisal companies; however, the ETHICS RULE exhorts appraisers who are employed by companies who do not conduct themselves in accordance with USPAP to take whatever steps are appropriate to ensure USPAP compliance. USPAP does not apply to appraisal clients. An appraiser must disclose any service he or she provided regarding the subject property for a period of _________ prior to agreeing to perform the assignment. Three years An appraiser is disclosing to a client the fact that she had previously appraised the subject property within the prior three years. When making this disclosure, the appraiser