15-hour National USPAP Course - McKissock Questions and Answers

15-hour National USPAP Course - McKissock USPAP contains what 4 sections? - Answer- 1) The Preamble 2) Definitions 3) Rules 4) Standards USPAP Provides... - Answer- 1. 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 What year was The Appraisal Foundation formed? - Answer- 1987 What are the 3 boards of The Appraisal Foundation? - Answer- - Board of Trustees (BOT) - Appraiser Qualifications Board (AQB) - Appraisal Standards Board (ASB) FIRREA - Answer- Financial Institutions Reform, Recovery, and Enforcement Act of 1989 Title XI created the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC). An Appraiser must act with ... - Answer- - Independence - Impartiality - Objectivity - Competency - Integrity Where does USPAP's legal authority come from? - Answer- Adoption, citation, or implementation by government agencies through regulation or administrative actions, or by private enterprise in the form of contract requirements. Since TAF is not a government agency, it cannot create legal oversight or enforcement on its own. What are the three categories of TAF sponsors? - Answer- 1. Appraisal Sponsors, consisting of non-profit appraisal organizations serving appraisers; 2. Affiliate Sponsors, consisting of non-profit organizations serving those with an interest in valuation, primarily users of appraisal services; 3. International Sponsors, consisting of either non-profit or non-stock organizations based outside the U.S. with an interest in valuation. What are the two advisory councils of TAF? - Answer- 1. The Appraisal Foundation Advisory Council (TAFAC) made up of reps from non-profits and gov't entities 2. The Industry Advisory Council (IAC) members from for-profit orgs. Board of Trustees (BOT) - Answer- - Appoints members to its independent boards - Secures funding for TAF operations - Monitors performance and oversight of TAF and its Boards and Advisory Councils