15-Hour National USPAP Course Exam with correct Answers

15-Hour National USPAP Course Exam
with correct Answers

What iiare iithe ii4 iisections iiof iiUSPAP? ii- iiCorrect iiAnswers ii--preamble
-definitions
-rules
-standards ii(including iistandards iirules)

Benefits iiof iiUSPAP ii- iiCorrect iiAnswers ii--provides iia iicommon iibasis iifor iicomparison
-provides iia iireference iisource iifor iiall iiusers iiof iithe iidocument
-provides iia iibasis iifor iiuniform iienforcement iifor iistate iiregulatory iiagencies
-provides iia iireason iifor iiclients, iiother iiintended iiusers, iiand iithe iipublic iito iiplace iitheir
iitrust iiin iithe iiservices iiperformed iiby iiprofessional iiappraisers


What iidoes iithe iiAppraisal iiFoundation iihelp iido? ii- iiCorrect iiAnswers ii-prevent iifinancial
iilosses iiin iifederally iiinsured iimortgages iiby iisetting iistringent iiqualifications iiand
iistandards iifor iiappraisers iiinvolved iiin iireal iiestate iitransactions


The iiAppraisal iiFoundation iiis iiorganized iiinto iiwhat ii3 iimain iiboards? ii- iiCorrect
iiAnswers ii--board iiof iitrustees ii(BOT)
-appraiser iiqualifications iiboard ii(AQB)
-appraiser iistandards iiboard ii(ASB)

Board iiof iiTrustees ii(BOT) ii- iiCorrect iiAnswers ii-provides iivolunteer iileadership iiand
iioversight iifor iithe iiFoundation


Appraiser iiQualifications iiBoard ii(AQB) ii- iiCorrect iiAnswers ii--an iiindependent iiboard iiof
iithe iiFoundation
-sets iiminimum iiqualification iicriteria iithat iimust iibe iimet iibefore iientering iithe iiprofession
iiand iiqualifications iito iimaintain iia iicredential


Appraiser iiStandards iiBoard ii(ASB) ii- iiCorrect iiAnswers ii--an iiindependent iiboard iiof iithe
iiFoundation
-establishes iithe iiUSPAP iion iian iiannual iibasis

When iidid iithe iiU.S. iiCongress iienact iiFIRREA ii(Financial iiInstitutions iiReform,
iiRecovery, iiand iiEnforcement iiAct)? ii- iiCorrect iiAnswers ii-1989

, What iicreated iithe iiASC iiof iithe iiFFIEC ii(Federal iiFinancial iiInstitutions iiExamination
iiCouncil)? ii- iiCorrect iiAnswers ii-Title iiXI iiof iiFIRREA


What iiis iione iiof iiASC's iicore iifunctions? ii- iiCorrect iiAnswers ii-monitor iithe iirequirements
iiestablished iiby iistate iiregulatory iiagencies iifor iicertification iiand iilicensing iiof
iiappraisers iiqualified iito iiperform iiappraisals iiin iiconnection iiwith iifederally iirelated
iitransactions


What iiwas iiUSPAP iicreated iito iido? ii- iiCorrect iiAnswers ii-to iipromote iiand iipreserve
iipublic iitrust iiin iiprofessional iiappraisal iipractice


The iiconcept iiof iitrust iiobligates iithe iiappraiser iito iiact iiin iithe iipublic's iiinterest, iiwhich
iimeans iithe iiappraiser iimust iiact iiwith... ii- iiCorrect iiAnswers ii--independence
-impartiality
-objectivity
-competency
-integrity

Do iithe iiAppraisal iiFoundation iiand iiits iiboards iihave iiany iilegal iioversight iior
iienforcement iiauthority iiin iiany iijurisdiction? ii- iiCorrect iiAnswers ii-no


USPAP iiachieves iilegal iiauthority iiby... ii- iiCorrect iiAnswers ii-adoption, iicitation, iior
iiimplementation iiby iigovernment iiagencies iithrough iiregulation iior iiadministrative
iiactions, iior iiby iiprivate iienterprise iiin iithe iiform iiof iicontract iirequirements


The iiFoundation iiis iistructured iito... ii- iiCorrect iiAnswers ii-reflect iiits iiposition iiwithin iithe
iiappraisal iiprofession iias iian iiorganization iiof iiorganizations


3 iicategories iiof iiSponsors iithe iiFoundation iihas ii- iiCorrect iiAnswers ii--appraisal
iisponsors
-affiliate iisponsors
-international iisponsors

Appraisal iiSponsors ii- iiCorrect iiAnswers ii-consists iiof iinon-profit iiappraisal
iiorganizations iiservings iiappraiser


Affiliate iiSponsors ii- iiCorrect iiAnswers ii-consist iiof iinon-profit iiappraisal iiorganizations
iiserving iithose iiwith iian iiinterest iiin iivaluation, iiprimarily iiusers iiof iiappraisal iiservices


International iiSponsors ii- iiCorrect iiAnswers ii-consists iiof iieither iinon-profit iior iinon-stock
iiorganizations iibased iioutside iithe iiU.S. iiwith iian iiinterest iiin iivaluation


2 iiadvisory iicouncils iithe iiAppraisal iiFoundation iihas ii- iiCorrect iiAnswers ii--The
iiAppraisal iiFoundation iiAdvisory iiCouncil ii(TAFAC)
-The iiIndustry iiAdvisory iiCouncil ii(IAC)