15-hour National USPAP Course – McKissock Exam Questions and Answers

15-hour National USPAP Course –
McKissock Exam Questions and
Answers

USPAP iicontains iiwhat ii4 iisections? ii- iiAnswers ii-1) iiThe iiPreamble
2) iiDefinitions
3) iiRules
4) iiStandards

USPAP iiProvides... ii- iiAnswers ii-1. iiA iicommon iibasis iifor iicomparison
2. iiA iireference iisource iifor iiall iiusers iiof iithe iidocument
3. iiA iibasis iifor iiuniform iienforcement iifor iistate iiregulatory iiagencies
4. iiA iireason iifor iiclients, iiother iiintended iiusers, iiand iithe iipublic iito iiplace iitheir iitrust iiin
iithe iiservices iiperformed iiby iiprofessional iiappraisers


What iiyear iiwas iiThe iiAppraisal iiFoundation iiformed? ii- iiAnswers ii-1987

What iiare iithe ii3 iiboards iiof iiThe iiAppraisal iiFoundation? ii- iiAnswers ii-- iiBoard iiof
iiTrustees ii(BOT)
- iiAppraiser iiQualifications iiBoard ii(AQB)
- iiAppraisal iiStandards iiBoard ii(ASB)

FIRREA ii- iiAnswers ii-Financial iiInstitutions iiReform, iiRecovery, iiand iiEnforcement iiAct
iiof ii1989
Title iiXI iicreated iithe iiAppraisal iiSubcommittee ii(ASC) iiof iithe iiFederal iiFinancial
iiInstitutions iiExamination iiCouncil ii(FFIEC).


An iiAppraiser iimust iiact iiwith ii... ii- iiAnswers ii-- iiIndependence
- iiImpartiality
- iiObjectivity
- iiCompetency
- iiIntegrity

Where iidoes iiUSPAP's iilegal iiauthority iicome iifrom? ii- iiAnswers ii-Adoption, iicitation, iior
iiimplementation iiby iigovernment iiagencies iithrough iiregulation iior iiadministrative
iiactions, iior iiby iiprivate iienterprise iiin iithe iiform iiof iicontract iirequirements.
Since iiTAF iiis iinot iia iigovernment iiagency, iiit iicannot iicreate iilegal iioversight iior
iienforcement iion iiits iiown.

, What iiare iithe iithree iicategories iiof iiTAF iisponsors? ii- iiAnswers ii-1. iiAppraisal
iiSponsors, iiconsisting iiof iinon-profit iiappraisal iiorganizations iiserving iiappraisers;
2. iiAffiliate iiSponsors, iiconsisting iiof iinon-profit iiorganizations iiserving iithose iiwith iian
iiinterest iiin iivaluation, iiprimarily iiusers iiof iiappraisal iiservices;
3. iiInternational iiSponsors, iiconsisting iiof iieither iinon-profit iior iinon-stock iiorganizations
iibased iioutside iithe iiU.S. iiwith iian iiinterest iiin iivaluation.


What iiare iithe iitwo iiadvisory iicouncils iiof iiTAF? ii- iiAnswers ii-1. iiThe iiAppraisal
iiFoundation iiAdvisory iiCouncil ii(TAFAC) iimade iiup iiof iireps iifrom iinon-profits iiand iigov't
iientities
2. iiThe iiIndustry iiAdvisory iiCouncil ii(IAC) iimembers iifrom iifor-profit iiorgs.

Board iiof iiTrustees ii(BOT) ii- iiAnswers ii-- iiAppoints iimembers iito iiits iiindependent
iiboards
- iiSecures iifunding iifor iiTAF iioperations
- iiMonitors iiperformance iiand iioversight iiof iiTAF iiand iiits iiBoards iiand iiAdvisory
iiCouncils


The iiAppraiser iiQualifications iiBoard ii(AQB) ii- iiAnswers ii-Establishes iithe iiminimum
iieducation, iiexperience, iiand iiexamination iirequirements iian iiindividual iimust iimeet iiin
iiorder iito iibecome iia iilicensed iior iicertified iiappraiser.


The iiAppraisal iiStandards iiBoard ii(ASB) ii- iiAnswers ii-Develops, iiinterprets, iiand
iiamends iithe iiUniform iiStandards iiof iiProfessional iiAppraisal iiPractice ii(USPAP).


FFIEC ii- iiAnswers ii-The iiUS iiFederal iiFinancial iiInstitutions iiExamination iiCouncil.
FFIEC iiis iia iiformal iiinteragency iibody iiempowered iito iiprescribe iiuniform iiprinciples,
iistandards, iiand iireport iiforms, iiand iito iimake iirecommendations iito iipromote iiuniformity
iiin iithe iisupervision iiof iifinancial iiinstitutions.


Composition iiof iithe iiASC ii- iiAnswers ii-7 iimembers, iieach iiappointed iiby iithe iihead iiof
iitheir iirespective iiagency, iirepresenting:
1. iiBoard iiof iiGovernors iiof iithe iiFederal iiReserve iiSystem ii(FRB)
2. iiOffice iiof iithe iiComptroller iiof iithe iiCurrency ii(OCC)
3. iiFederal iiDeposit iiInsurance iiCorporation ii(FDIC)
4. iiNational iiCredit iiUnion iiAdministration ii(NCUA)
5. iiDepartment iiof iiHousing iiand iiUrban iiDevelopment ii(HUD)
6. iiFederal iiHousing iiFinance iiAgency ii(FHFA)
7. iiConsumer iiFinancial iiProtection iiBureau ii(CFPB)

Advisory iiOpinions iiin iiUSPAP ii- iiAnswers ii-Offer iiguidance iiand iiadvice, iibut iido iinot
iiestablish iinew iistandards iior iiinterpret iiexisting iistandards.


According iito iithe iipreamble, iithe iipurpose iiof iiUSPAP iiis ii... ii- iiAnswers ii-1. iiTo iipromote
iiand iimaintain iia iihigh iilevel iiof iipublic iitrust iiin iiprofessional iiappraisal iipractice. ii