USPAP 15 HOUR COURSE
2020-2021 EXAM QUESTIONS
AND CORRECT DETAILED /
K
VERIFIED ANSWERS LATEST
C
UPDATE
LO
YC
D
U
ST
,The Appraisal Foundation has the authority to enforce the requirements of USPAP. -
ANS False
The Appraisal Foundation is a private entity. The Foundation and its boards have no
enforcement authority in any jurisdiction.
Which Foundation board is responsible for USPAP? - ANS Appraisal Standards
Board (ASB)
Currently, the boards within The Appraisal Foundation include: - ANS Appraisal
K
Standards Board, Appraiser Qualifications Board, Board of Trustees
C
The Appraisal Foundation has two advisory councils: - ANS The Appraisal
Foundation Advisory Council (TAFAC), which is made up of representatives from
non-profit
LO
organizations and government entities.
The Industry Advisory Council (IAC), which has members from for-profit organizations.
The Appraiser Qualifications Board (AQB) - ANS Establishes minimum education and
YC
experience for certification and recertification of real property appraisers and
supervisors
Which entity is responsible for establishing education and experience requirements for
licensing and certification of appraisers? - ANS Appraiser Qualifications Board (AQB)
D
Which entity appoints members of the AQB and ASB? - ANS Board of Trustees
U
(BOT)
Qualification criteria for appraiser certification and recertification are disseminated to
ST
state appraisal boards by the: - ANS Appraiser Qualifications Board (AQB)
The Appraisal Standards Board (ASB) - ANS The Appraisal Standards Board (ASB)
writes, amends, and interprets the Uniform Standards of Professional Appraisal Practice
(USPAP).
It is responsible for the subject, content, and substance of USPAP and other
communications related to appraisal standards.
, USPAP establishes standards of professional appraisal practice for the guidance and
education of appraisers and users of appraisal services.
The ASB and Other Communications - ANS "Other Communications" are not part of
USPAP and are not enforceable.
Advisory Opinions and Frequently Asked Questions are additional reference materials
that provide guidance only and illustrate applicability of appraisal standards and offer
advice.
K
USPAP is written, amended, and interpreted by the: - ANS Appraisal Standards
Board (ASB)
C
Advisory Opinions are best described as - ANS not part of USPAP, but included as
reference material
LO
The Appraisal Subcommittee (ASC) - ANS Created as a result of FIRREA, the
Appraisal Subcommittee (ASC) has a supervisory role over state appraiser regulatory
agencies and real property appraisers.
YC
Responsibilities of the ASC - ANS The ASC is not part of the Foundation, but has
authority from Title XI of FIRREA to monitor the activities of the Foundation, including
both the ASB and AQB in regard to real property issues.
Title XI of FIRREA also authorized the ASC to oversee the activities of state appraisal
D
licensure and certification agencies.
U
State Appraiser Licensure and Certification Agencies - ANS The state appraiser
regulatory agencies have enforcement authority within their appraiser certification
programs, including the authority to establish higher than the AQB minimum criteria for
ST
appraiser requirements and standards of practice.
State appraiser regulatory agencies are responsible for validating qualifications of
applicants, issuing credentials to qualified individuals, and overseeing renewals of
credentials in the form of continuing education.
State regulatory agencies are also responsible for taking disciplinary action against
appraisers who violate USPAP or other appraisal standards.
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?
2020-2021 EXAM QUESTIONS
AND CORRECT DETAILED /
K
VERIFIED ANSWERS LATEST
C
UPDATE
LO
YC
D
U
ST
,The Appraisal Foundation has the authority to enforce the requirements of USPAP. -
ANS False
The Appraisal Foundation is a private entity. The Foundation and its boards have no
enforcement authority in any jurisdiction.
Which Foundation board is responsible for USPAP? - ANS Appraisal Standards
Board (ASB)
Currently, the boards within The Appraisal Foundation include: - ANS Appraisal
K
Standards Board, Appraiser Qualifications Board, Board of Trustees
C
The Appraisal Foundation has two advisory councils: - ANS The Appraisal
Foundation Advisory Council (TAFAC), which is made up of representatives from
non-profit
LO
organizations and government entities.
The Industry Advisory Council (IAC), which has members from for-profit organizations.
The Appraiser Qualifications Board (AQB) - ANS Establishes minimum education and
YC
experience for certification and recertification of real property appraisers and
supervisors
Which entity is responsible for establishing education and experience requirements for
licensing and certification of appraisers? - ANS Appraiser Qualifications Board (AQB)
D
Which entity appoints members of the AQB and ASB? - ANS Board of Trustees
U
(BOT)
Qualification criteria for appraiser certification and recertification are disseminated to
ST
state appraisal boards by the: - ANS Appraiser Qualifications Board (AQB)
The Appraisal Standards Board (ASB) - ANS The Appraisal Standards Board (ASB)
writes, amends, and interprets the Uniform Standards of Professional Appraisal Practice
(USPAP).
It is responsible for the subject, content, and substance of USPAP and other
communications related to appraisal standards.
, USPAP establishes standards of professional appraisal practice for the guidance and
education of appraisers and users of appraisal services.
The ASB and Other Communications - ANS "Other Communications" are not part of
USPAP and are not enforceable.
Advisory Opinions and Frequently Asked Questions are additional reference materials
that provide guidance only and illustrate applicability of appraisal standards and offer
advice.
K
USPAP is written, amended, and interpreted by the: - ANS Appraisal Standards
Board (ASB)
C
Advisory Opinions are best described as - ANS not part of USPAP, but included as
reference material
LO
The Appraisal Subcommittee (ASC) - ANS Created as a result of FIRREA, the
Appraisal Subcommittee (ASC) has a supervisory role over state appraiser regulatory
agencies and real property appraisers.
YC
Responsibilities of the ASC - ANS The ASC is not part of the Foundation, but has
authority from Title XI of FIRREA to monitor the activities of the Foundation, including
both the ASB and AQB in regard to real property issues.
Title XI of FIRREA also authorized the ASC to oversee the activities of state appraisal
D
licensure and certification agencies.
U
State Appraiser Licensure and Certification Agencies - ANS The state appraiser
regulatory agencies have enforcement authority within their appraiser certification
programs, including the authority to establish higher than the AQB minimum criteria for
ST
appraiser requirements and standards of practice.
State appraiser regulatory agencies are responsible for validating qualifications of
applicants, issuing credentials to qualified individuals, and overseeing renewals of
credentials in the form of continuing education.
State regulatory agencies are also responsible for taking disciplinary action against
appraisers who violate USPAP or other appraisal standards.
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?
