USPAP FINAL EXAM WITH 2023-2024 Questions and Answers
The boards within the Appraisal foundation include - Appraisal standards board, appraisal
qualificatioms board, appraisal practices board, board of trustees
Which independent board was created within the appraisal foundation in 2010 - Appraisal
practices board APB
Does the appraisal foundation have the authority to enforce the requirements of USPAP - No
Which entity is responsible for establishing education and experience requirements for
licensing and certification of appraisers - Appraiser qualifications board
Which entity appoints members of the APB, AQB, ASB - BOT board of trustees
USPAP was developed interpreted and amended by - Appraisal standards board ASB
The guidance issued by the Appraisal standards board is considered - Voluntary
Advisory opinions are best described as - Not a part of USPAP, but included as reference material.
Under FIRREA USPAP is enforced by - State Appraiser licensing/certification agencies
The first step in the appraisal process is - Identify the problem
Which step in the appraisal process involves communication of the appraisers opinions and conclusions - Reporting
In USPAP the appraisal process is divided into two distinct types of activity - Developing and
reporting
A preference or inclination that precludes an appraisers impartiality, independence or
objectivity - Bias
An appraiser is not permitted to be when performing an appraisal - An advocate
The terms extraordinary assumption and hypothetical condition - Have different meanings
within USPAP
If an appraiser assumes a condition to be true, and evidence supports that belief, although that fact is not certain - Extraordinary assumption
The boards within the Appraisal foundation include - Appraisal standards board, appraisal
qualificatioms board, appraisal practices board, board of trustees
Which independent board was created within the appraisal foundation in 2010 - Appraisal
practices board APB
Does the appraisal foundation have the authority to enforce the requirements of USPAP - No
Which entity is responsible for establishing education and experience requirements for
licensing and certification of appraisers - Appraiser qualifications board
Which entity appoints members of the APB, AQB, ASB - BOT board of trustees
USPAP was developed interpreted and amended by - Appraisal standards board ASB
The guidance issued by the Appraisal standards board is considered - Voluntary
Advisory opinions are best described as - Not a part of USPAP, but included as reference material.
Under FIRREA USPAP is enforced by - State Appraiser licensing/certification agencies
The first step in the appraisal process is - Identify the problem
Which step in the appraisal process involves communication of the appraisers opinions and conclusions - Reporting
In USPAP the appraisal process is divided into two distinct types of activity - Developing and
reporting
A preference or inclination that precludes an appraisers impartiality, independence or
objectivity - Bias
An appraiser is not permitted to be when performing an appraisal - An advocate
The terms extraordinary assumption and hypothetical condition - Have different meanings
within USPAP
If an appraiser assumes a condition to be true, and evidence supports that belief, although that fact is not certain - Extraordinary assumption
