MCKISSOCK USPAP CHAPTER 1 REAL ESTATE EXAM QUESTIONS AND ANSWERS

MCKISSOCK USPAP CHAPTER 1 REAL ESTATE EXAM QUESTIONS AND ANSWERS Responsibilities of the Appraisal Subcommittee (ASC) - Answer--Has authority to monitor the Appraisal Foundation - Oversee the activities of state licensure and certification agencies Who establishes the minimum qualifications criteria for appraisers and standards for practice? - Answer-The AQB and the ASB 10 USPAP Standards (4 and 5 are gone) - Answer-1. Real Property Appraisal, Development 2. Real Property Appraisal, Reporting 3. Appraisal Review, Development and Reporting 6. Mass Appraisal, Development and Reporting 7. Personal Property Appraisal, Development 8. Personal Property Appraisal, Reporting 9. Business Appraisal, Development 10. Business Appraisal, Reporting Advisory Options - Answer-36 have been published 31 Remain Active 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 USPAP Stands for - Answer-Uniform Standards of Professional Appraisal Practice Year Appraisal Foundation formed - Answer-1987 3 Boards of Appraisal Foundation - Answer-- Board of Trustees (BOT) - The Appraiser Qualifications Board (AQB) - The Appraisal Standards Board (ASB) - Appraisal Practices Board (APB)