USPAP Final Exam Questions and Answers

A new edition of USPAP has been released. Which statement is true regarding the effective date of this new edition of USPAP? The ASB determines when the edition of USPAP will be effective. You are reading an Advisory Opinion in the USPAP publication. Officially, Advisory Opinions are considered: Other communications, and not part of USPAP Which statement is most accurate regarding the ASB's analysis of comments to exposure drafts? Each member of the ASB reads and considers all comments. The ASB releases an exposure draft of proposed changes to USPAP, and you wish to provide comments. At a minimum, you will have _______ to provide comments to the ASB. 30 days As the terms are used by the ASB, what is the difference between a Discussion Draft and an Exposure Draft? An Exposure Draft is a formal proposal to revise USPAP, while a Discussion Draft merely solicits feedback from industry participants. Changes to USPAP may only be made after: Completion of the exposure process and discussion and adoption at a public meeting You want to participate in the USPAP revision process but are busy and prefer not to travel. What is your best option? Register for ASB meetings and livestream them on your computer as they are happening. Fair housing laws would apply to an appraisal of _________, but not to the appraisal of ____________. A duplex, a medical office One common thread in news articles about appraisers is the allegation that the appraisal process is ________. Conversely, USPAP requires an appraiser to be ________. Subjective, objective Published stories alleging bias and discrimination by appraisers have appeared: In news outlets across the country When does USPAP prohibit an appraiser from using or relying on SUPPORTED conclusions about protected classes? When such conclusions violate federal, state, or local laws