USPAP course for 2024-2025 Questions
and Answers
USPAP iiAdvisory iiOpinions iiare iiconsidered iiby iithe iiASB iito iibe: ii- iiAnswers ii-Other
iicommunications, iiand iinot iipart iiof iiUSPAP
The iinew iiedition iiof iiUSPAP iihas iibeen iireleased. iiWhich iistatement iiis iitrue iiregarding
iithe iieffective iidate iiof iithis iinew iiedition iiof iiUSPAP? ii- iiAnswers ii-The iiASB iidetermines
iiwhen iithe iiedition iiof iiUSPAP iiwill iibe iieffective.
The iiending iieffective iidate iifor iithe ii2024 iiedition iiof iiUSPAP iiis: ii- iiAnswers ii-To iibe
iidetermined
Is iithere iia iidifference iibetween iia iiDiscussion iiDraft iiand iian iiExposure iiDraft, iiand iiif
iiso, iiwhat iiis iithe iidifference? ii- iiAnswers ii-An iiexposure iidraft iiis iia iiformal iiproposal iito
iirevise iiUSPAP, iiwhile iia iidiscussion iidraft iimerely iisolicits iifeedback iifrom iiindustry
iiparticipants.
You iisend iithe iiASB iia iiletter iiwith iia iicomment iiregarding iia iiproposed iichange iito
iiUSPAP. iiWho iiwill iiread iiit? ii- iiAnswers ii-all iimembers iiof iithe iiASB
The iiASB iihas iiissued iian iiexposure iidraft iiof iiproposed iichanges iito iiUSPAP. iiWhat
iimust iioccur iibefore iithese iiproposed iichanges iimay iibe iimade iito iiUSPAP? ii- iiAnswers
ii-The iiproposed iichanges iimust iibe iidiscussed iiand iiadopted iiat iia iipublic iimeeting
A iistakeholder iiin iithe iiappraisal iiprofession iiwants iito iiparticipate iiin iithe iiUSPAP
iirevision iiprocess iibut iidoes iinot iihave iithe iitime iito iitravel iito iiattend iiASB iimeetings iiin
iiperson. iiWhat iiis iithis iiindividual's iibest iioption? ii- iiAnswers ii-Register iifor iiASB
iimeetings iiand iilivestream iithem iion iitheir iicomputer.
The iiPREAMBLE iistates iithat iiUSPAP iiis iipromulgated iifor: ii- iiAnswers ii-Appraisers iiand
iiusers iiof iiappraisal iiservices
The iiprimary iipurpose iiof iiUSPAP iiis: ii- iiAnswers ii-Promoting iiand iipreserving iipublic
iitrust iiin iiappraisal iipractice.
, _______ iichange iiis iione iiof iithe iireasons iiwhy iithe iiASB iiadded iithe iiNondiscrimination
iisection iito iithe iiETHICS iiRULE. ii- iiAnswers ii-Social
With iiregard iito iiprohibitions iion iibias iiand iidiscrimination, iithe iirevisions iito iithe iicurrent
iiedition iiof iiUSPAP iiwere iimade iiin iiorder iito: ii- iiAnswers ii-Make iiexisting iiprohibitions
iiclearer iiand iimore iidirect
Which iistatement iiregarding iibias iiand iiUSPAP iiis iiTRUE? ii- iiAnswers ii-USPAP iihas
iialways iiprohibited iiappraisers iifrom iiperforming iian iiassignment iiwith iibias.
Which iiterm iiis iidefined iiin iifederal iiregulations iias ii"a iiresidential iistructure iithat
iicontains iione iito iifour iiliving iiunits iiwhether iior iinot iithat iistructure iiis iiattached iito iireal
iiproperty"? ii- iiAnswers ii-Dwelling
Which iiof iithe iifollowing iiis iiNOT iia iifederal iiantidiscrimination iilaw iithat iiis iispecifically
iireferenced iiin iithe iiNondiscrimination iisection iiof iithe iiETHICS iiRULE? ii- iiAnswers ii-
Dodd-Frank iiAct
An iiappraiser iiis iirequired iito iibe iiknowledgeable iiof, iiand iicomply iiwith, ii____________
iiantidiscrimination iilaws iiand iiregulations ii- iiAnswers ii-Federal, iistate, iiand iilocal
An iiappraiser iiagrees iito iiperform iian iiappraisal iiassignment iion iia iiresidential iiproperty
iifor iimortgage iilending. iiThe iiassignment iicomes iito iithe iiappraiser iithrough iian
iiappraisal iimanagement iicompany ii(AMC). iiWho iiis iiresponsible iifor iidetermining iiwhat
iiantidiscrimination iilaws iiapply iito iithe iiassignment? ii- iiAnswers ii-The iiappraiser
In iia iireal iiestate iilending iisituation, iian iiindividual iiemploys iiwhat iithey iibelieve iiare
iineutral iipolicies iior iipractices, iihowever iithese iipolicies iiare iilater iifound iito
iidisproportionately iiharm iimembers iiof iia iiprotected iigroup. iiThis iiindividual iimay iibe
iiguilty iiof iia iifair iihousing iiviolation iiunder iithe iiconcept iiof iidisparate: ii- iiAnswers ii-impact
An iiappraiser iidoes iinot iiwant iito iiprovide iisubjective iistatements iiin iitheir iiappraisal
iireports, iiso iithey iiresearch iithe iiU.S. iiCensus iiBureau iifor iidemographic iiinformation.
iiThey iithen iiinclude iiin iieach iiappraisal iireport, iia iipage iiwith iia iiprintout iiof iiinformation
iifrom iithe iiCensus iiBureau, iiwhich iiincludes iithe iiracial iiand iiethnic iimakeup iiof iithe
iimarket iiarea. iiSince iithe iiinformation iicame iifrom iithe iiCensus iiBureau, iiwhich iiis iipart
iiof iithe iifederal iigovernment, iimay iithe iiappraiser iiuse iior iirely iion iithis iidata iiin iivaluing
iithe iisubject iiproperty iifor iia iifederally iiregulated iilending iitransaction? ii- iiAnswers ii-No,
iiin iimost iiinstances, iian iiappraiser iiis iiprohibited iifrom iiusing iior iirelying iion iithis
iiinformation iiabout iiprotected iicharacteristics
An iiappraiser iiis iioffered iithe iiopportunity iito iiperform iian iiappraisal iiassignment iion iia
iiresidence iiin iia iimarket iiarea iiwith iiwhich iithe iiappraiser iiis iigeographically iicompetent.
iiHowever, iithe iiappraiser iidiscovers iithe iiclient iiis iia iimember iiof iia iiracial iiminority
iigroup iiand iideclines iito iiperform iithe iiappraisal. iiDoes iiUSPAP iipermit iithe iiappraiser iito
iirefuse iito iienter iiinto iian iiagreement iito iiperform iian iiassignment iibased iion iithe iiclient's
and Answers
USPAP iiAdvisory iiOpinions iiare iiconsidered iiby iithe iiASB iito iibe: ii- iiAnswers ii-Other
iicommunications, iiand iinot iipart iiof iiUSPAP
The iinew iiedition iiof iiUSPAP iihas iibeen iireleased. iiWhich iistatement iiis iitrue iiregarding
iithe iieffective iidate iiof iithis iinew iiedition iiof iiUSPAP? ii- iiAnswers ii-The iiASB iidetermines
iiwhen iithe iiedition iiof iiUSPAP iiwill iibe iieffective.
The iiending iieffective iidate iifor iithe ii2024 iiedition iiof iiUSPAP iiis: ii- iiAnswers ii-To iibe
iidetermined
Is iithere iia iidifference iibetween iia iiDiscussion iiDraft iiand iian iiExposure iiDraft, iiand iiif
iiso, iiwhat iiis iithe iidifference? ii- iiAnswers ii-An iiexposure iidraft iiis iia iiformal iiproposal iito
iirevise iiUSPAP, iiwhile iia iidiscussion iidraft iimerely iisolicits iifeedback iifrom iiindustry
iiparticipants.
You iisend iithe iiASB iia iiletter iiwith iia iicomment iiregarding iia iiproposed iichange iito
iiUSPAP. iiWho iiwill iiread iiit? ii- iiAnswers ii-all iimembers iiof iithe iiASB
The iiASB iihas iiissued iian iiexposure iidraft iiof iiproposed iichanges iito iiUSPAP. iiWhat
iimust iioccur iibefore iithese iiproposed iichanges iimay iibe iimade iito iiUSPAP? ii- iiAnswers
ii-The iiproposed iichanges iimust iibe iidiscussed iiand iiadopted iiat iia iipublic iimeeting
A iistakeholder iiin iithe iiappraisal iiprofession iiwants iito iiparticipate iiin iithe iiUSPAP
iirevision iiprocess iibut iidoes iinot iihave iithe iitime iito iitravel iito iiattend iiASB iimeetings iiin
iiperson. iiWhat iiis iithis iiindividual's iibest iioption? ii- iiAnswers ii-Register iifor iiASB
iimeetings iiand iilivestream iithem iion iitheir iicomputer.
The iiPREAMBLE iistates iithat iiUSPAP iiis iipromulgated iifor: ii- iiAnswers ii-Appraisers iiand
iiusers iiof iiappraisal iiservices
The iiprimary iipurpose iiof iiUSPAP iiis: ii- iiAnswers ii-Promoting iiand iipreserving iipublic
iitrust iiin iiappraisal iipractice.
, _______ iichange iiis iione iiof iithe iireasons iiwhy iithe iiASB iiadded iithe iiNondiscrimination
iisection iito iithe iiETHICS iiRULE. ii- iiAnswers ii-Social
With iiregard iito iiprohibitions iion iibias iiand iidiscrimination, iithe iirevisions iito iithe iicurrent
iiedition iiof iiUSPAP iiwere iimade iiin iiorder iito: ii- iiAnswers ii-Make iiexisting iiprohibitions
iiclearer iiand iimore iidirect
Which iistatement iiregarding iibias iiand iiUSPAP iiis iiTRUE? ii- iiAnswers ii-USPAP iihas
iialways iiprohibited iiappraisers iifrom iiperforming iian iiassignment iiwith iibias.
Which iiterm iiis iidefined iiin iifederal iiregulations iias ii"a iiresidential iistructure iithat
iicontains iione iito iifour iiliving iiunits iiwhether iior iinot iithat iistructure iiis iiattached iito iireal
iiproperty"? ii- iiAnswers ii-Dwelling
Which iiof iithe iifollowing iiis iiNOT iia iifederal iiantidiscrimination iilaw iithat iiis iispecifically
iireferenced iiin iithe iiNondiscrimination iisection iiof iithe iiETHICS iiRULE? ii- iiAnswers ii-
Dodd-Frank iiAct
An iiappraiser iiis iirequired iito iibe iiknowledgeable iiof, iiand iicomply iiwith, ii____________
iiantidiscrimination iilaws iiand iiregulations ii- iiAnswers ii-Federal, iistate, iiand iilocal
An iiappraiser iiagrees iito iiperform iian iiappraisal iiassignment iion iia iiresidential iiproperty
iifor iimortgage iilending. iiThe iiassignment iicomes iito iithe iiappraiser iithrough iian
iiappraisal iimanagement iicompany ii(AMC). iiWho iiis iiresponsible iifor iidetermining iiwhat
iiantidiscrimination iilaws iiapply iito iithe iiassignment? ii- iiAnswers ii-The iiappraiser
In iia iireal iiestate iilending iisituation, iian iiindividual iiemploys iiwhat iithey iibelieve iiare
iineutral iipolicies iior iipractices, iihowever iithese iipolicies iiare iilater iifound iito
iidisproportionately iiharm iimembers iiof iia iiprotected iigroup. iiThis iiindividual iimay iibe
iiguilty iiof iia iifair iihousing iiviolation iiunder iithe iiconcept iiof iidisparate: ii- iiAnswers ii-impact
An iiappraiser iidoes iinot iiwant iito iiprovide iisubjective iistatements iiin iitheir iiappraisal
iireports, iiso iithey iiresearch iithe iiU.S. iiCensus iiBureau iifor iidemographic iiinformation.
iiThey iithen iiinclude iiin iieach iiappraisal iireport, iia iipage iiwith iia iiprintout iiof iiinformation
iifrom iithe iiCensus iiBureau, iiwhich iiincludes iithe iiracial iiand iiethnic iimakeup iiof iithe
iimarket iiarea. iiSince iithe iiinformation iicame iifrom iithe iiCensus iiBureau, iiwhich iiis iipart
iiof iithe iifederal iigovernment, iimay iithe iiappraiser iiuse iior iirely iion iithis iidata iiin iivaluing
iithe iisubject iiproperty iifor iia iifederally iiregulated iilending iitransaction? ii- iiAnswers ii-No,
iiin iimost iiinstances, iian iiappraiser iiis iiprohibited iifrom iiusing iior iirelying iion iithis
iiinformation iiabout iiprotected iicharacteristics
An iiappraiser iiis iioffered iithe iiopportunity iito iiperform iian iiappraisal iiassignment iion iia
iiresidence iiin iia iimarket iiarea iiwith iiwhich iithe iiappraiser iiis iigeographically iicompetent.
iiHowever, iithe iiappraiser iidiscovers iithe iiclient iiis iia iimember iiof iia iiracial iiminority
iigroup iiand iideclines iito iiperform iithe iiappraisal. iiDoes iiUSPAP iipermit iithe iiappraiser iito
iirefuse iito iienter iiinto iian iiagreement iito iiperform iian iiassignment iibased iion iithe iiclient's
