15-HOUR NATIONAL USPAP
K
COURSE EXAM QUESTIONS
C
AND CORRECT DETAILED /
LO
VERIFIED ANSWERS LATEST
UPDATE
YC
D
U
ST
, What are the 4 sections of USPAP? - ANS -preamble
-definitions
-rules
-standards (including standards rules)
Benefits of USPAP - ANS -provides a common basis for comparison
-provides a reference source for all users of the document
-provides a basis for uniform enforcement for state regulatory agencies
-provides a reason for clients, other intended users, and the public to place their trust in the
K
services performed by professional appraisers
What does the Appraisal Foundation help do? - ANS prevent financial losses in federally
C
insured mortgages by setting stringent qualifications and standards for appraisers involved in
real estate transactions
LO
The Appraisal Foundation is organized into what 3 main boards? - ANS -board of trustees
(BOT)
-appraiser qualifications board (AQB)
-appraiser standards board (ASB)
YC
Board of Trustees (BOT) - ANS provides volunteer leadership and oversight for the
Foundation
Appraiser Qualifications Board (AQB) - ANS -an independent board of the Foundation
-sets minimum qualification criteria that must be met before entering the profession and
qualifications to maintain a credential
D
Appraiser Standards Board (ASB) - ANS -an independent board of the Foundation
-establishes the USPAP on an annual basis
U
When did the U.S. Congress enact FIRREA (Financial Institutions Reform, Recovery, and
Enforcement Act)? - ANS 1989
ST
What created the ASC of the FFIEC (Federal Financial Institutions Examination Council)? -
ANS Title XI of FIRREA
What is one of ASC's core functions? - ANS monitor the requirements established by state
regulatory agencies for certification and licensing of appraisers qualified to perform appraisals in
connection with federally related transactions
What was USPAP created to do? - ANS to promote and preserve public trust in professional
appraisal practice
K
COURSE EXAM QUESTIONS
C
AND CORRECT DETAILED /
LO
VERIFIED ANSWERS LATEST
UPDATE
YC
D
U
ST
, What are the 4 sections of USPAP? - ANS -preamble
-definitions
-rules
-standards (including standards rules)
Benefits of USPAP - ANS -provides a common basis for comparison
-provides a reference source for all users of the document
-provides a basis for uniform enforcement for state regulatory agencies
-provides a reason for clients, other intended users, and the public to place their trust in the
K
services performed by professional appraisers
What does the Appraisal Foundation help do? - ANS prevent financial losses in federally
C
insured mortgages by setting stringent qualifications and standards for appraisers involved in
real estate transactions
LO
The Appraisal Foundation is organized into what 3 main boards? - ANS -board of trustees
(BOT)
-appraiser qualifications board (AQB)
-appraiser standards board (ASB)
YC
Board of Trustees (BOT) - ANS provides volunteer leadership and oversight for the
Foundation
Appraiser Qualifications Board (AQB) - ANS -an independent board of the Foundation
-sets minimum qualification criteria that must be met before entering the profession and
qualifications to maintain a credential
D
Appraiser Standards Board (ASB) - ANS -an independent board of the Foundation
-establishes the USPAP on an annual basis
U
When did the U.S. Congress enact FIRREA (Financial Institutions Reform, Recovery, and
Enforcement Act)? - ANS 1989
ST
What created the ASC of the FFIEC (Federal Financial Institutions Examination Council)? -
ANS Title XI of FIRREA
What is one of ASC's core functions? - ANS monitor the requirements established by state
regulatory agencies for certification and licensing of appraisers qualified to perform appraisals in
connection with federally related transactions
What was USPAP created to do? - ANS to promote and preserve public trust in professional
appraisal practice
