15 HOUR NATIONAL USPAP
COURSE 2020-2021 EXAM
K
QUESTIONS AND CORRECT
C
DETAILED / VERIFIED
LO
ANSWERS LATEST UPDATE
YC
D
U
ST
,the appraisal foundation has the authority to enforce the requirements of USPAP? T or
F - ANS false
currently, the boards within the appraisal foundation include: - ANS appraisal
standards board
appraiser qualifications board
board of trustees
which foundation board is responsible for USPAP? - ANS appraisal standards board
K
(ASB)
C
qualification criteria for appraiser certification and recertification are disseminated to
state appraisal boards by the : - ANS appraiser qualifications board (AQB)
LO
which entity appoints members of the AQB and ASB? - ANS board of trustees
which entity is responsible for establishing education and experience requirements for
licensing and certification of appraisers? - ANS appraiser qualifications board
YC
advisor opinions are best described as - ANS not part of the USPAP, but included as
reference material
USPAP is written, amended, and interpreted by the: - ANS appraisal standards board
D
who is responsible for issuing credentials to individual appraisers? - ANS state
appraisal regulatory agencies
U
which is NOT a responsibility of the Appraisal Subcommittee (ASC)?
a) monitoring the practices, procedures, and activities of the appraisal foundation
ST
b) maintaining a national registry of licensed and certified appraisers
c) overseeing each states appraiser licensing and certification program
d) writing, interpreting, and amending USPAP - ANS writing, interpreting, and
amending USPAP
USPAP is enforced by: - ANS state appraiser licensing certification agencies
which entity maintains the official national registry of state certified and licensed
appraisers? - ANS appraisal subcommittee (ASC)
,why are USPAP advisory opinions issued? - ANS to offer advice
which of these is considered an integral part of USPAP and has the same weight as the
components they address? - ANS comments
which part of USPAP establishes the requirements for work file content for an appraisal
or appraisal review assignment? - ANS record keeping rule
the first step in the appraisal process is: - ANS identify the problem
K
which step in the appraisal process involves communication of the appraisers opinions
and conclusions? - ANS reporting
C
in USPAP, the appraisal process is divided into two distinct types of activity:
_______&________ - ANS development & reporting
LO
chapter 1 summary: - ANS 1. The confluence of historical economic events and the
development of the uniform appraisal standards and regulatory structure occurred in the
late 1980s.
YC
2. Eight U.S. based professional appraisal organizations created The Appraisal
Foundation in 1987 to promulgate standards of practice and minimum appraiser
qualifications criteria for the benefit of the public.
3. The development of standards placed greater expectations on the appraiser to act in
D
a manner that promotes public trust and confidence in appraisal services.
U
4. The Appraisal Standards Board (ASB) has complete authority over the development
and promulgation of appraisal standards (USPAP) within the Foundation.
ST
5. The Foundation supports the work of its independent boards by providing staff
support for their activities, by funding their operations, publishing USPAP, establishing
qualification requirements, and issuing other Board communications.
6. The ASC oversees the states to ensure they are implementing the minimum
qualifications and standards appropriately. In turn, a responsibility of the states is to
ensure that real property appraisers who perform appraisals in real estate transactions
that could expose the United States government to financial loss are sufficiently trained
and tested to assure competency and independent judgment according to uniform
standards and ethics.
, 8. USPAP provides a basis for professional practitioners to judge their own work and the
work of their peers. USPAP also provides members of the public, clients, and other
intended users with a basis for expectations regarding appraisal services.
USPAP facilitates uniform enforcement of standards, and together with competent
enforcement activity, brings discipline to those who abuse the public trust.
9. Public trust is essential for orderly commerce in our society.
10. Publ
K
to which property types does USPAP apply? - ANS both tangible and intangible
C
property
the PREAMBLE states that USPAP intended to benefit: - ANS appraisers and users of
LO
appraisal services
when obligated by law or regulation, an appraiser _______ comply with USPAP. - ANS
must
YC
what is the stated purpose of USPAP? - ANS promote and maintain a high level of
public trust in appraisal practice
the requirement for USPAP compliance in an appraisal assignment could be the result
of: - ANS - voluntary choice by the appraiser
D
- agreement with the client
- law or regulation
U
an appraiser has the professional responsibility to identify the capacity in which he or
she is performing. T or F? - ANS true
ST
a valuation service that is premised upon advocacy: - ANS it cannot be performed by
an individual acting as an appraiser
when performing valuation services outside of appraisal practice, an individual must be
careful not to ________ the client and other intended users about his or her role - ANS
mislead
COURSE 2020-2021 EXAM
K
QUESTIONS AND CORRECT
C
DETAILED / VERIFIED
LO
ANSWERS LATEST UPDATE
YC
D
U
ST
,the appraisal foundation has the authority to enforce the requirements of USPAP? T or
F - ANS false
currently, the boards within the appraisal foundation include: - ANS appraisal
standards board
appraiser qualifications board
board of trustees
which foundation board is responsible for USPAP? - ANS appraisal standards board
K
(ASB)
C
qualification criteria for appraiser certification and recertification are disseminated to
state appraisal boards by the : - ANS appraiser qualifications board (AQB)
LO
which entity appoints members of the AQB and ASB? - ANS board of trustees
which entity is responsible for establishing education and experience requirements for
licensing and certification of appraisers? - ANS appraiser qualifications board
YC
advisor opinions are best described as - ANS not part of the USPAP, but included as
reference material
USPAP is written, amended, and interpreted by the: - ANS appraisal standards board
D
who is responsible for issuing credentials to individual appraisers? - ANS state
appraisal regulatory agencies
U
which is NOT a responsibility of the Appraisal Subcommittee (ASC)?
a) monitoring the practices, procedures, and activities of the appraisal foundation
ST
b) maintaining a national registry of licensed and certified appraisers
c) overseeing each states appraiser licensing and certification program
d) writing, interpreting, and amending USPAP - ANS writing, interpreting, and
amending USPAP
USPAP is enforced by: - ANS state appraiser licensing certification agencies
which entity maintains the official national registry of state certified and licensed
appraisers? - ANS appraisal subcommittee (ASC)
,why are USPAP advisory opinions issued? - ANS to offer advice
which of these is considered an integral part of USPAP and has the same weight as the
components they address? - ANS comments
which part of USPAP establishes the requirements for work file content for an appraisal
or appraisal review assignment? - ANS record keeping rule
the first step in the appraisal process is: - ANS identify the problem
K
which step in the appraisal process involves communication of the appraisers opinions
and conclusions? - ANS reporting
C
in USPAP, the appraisal process is divided into two distinct types of activity:
_______&________ - ANS development & reporting
LO
chapter 1 summary: - ANS 1. The confluence of historical economic events and the
development of the uniform appraisal standards and regulatory structure occurred in the
late 1980s.
YC
2. Eight U.S. based professional appraisal organizations created The Appraisal
Foundation in 1987 to promulgate standards of practice and minimum appraiser
qualifications criteria for the benefit of the public.
3. The development of standards placed greater expectations on the appraiser to act in
D
a manner that promotes public trust and confidence in appraisal services.
U
4. The Appraisal Standards Board (ASB) has complete authority over the development
and promulgation of appraisal standards (USPAP) within the Foundation.
ST
5. The Foundation supports the work of its independent boards by providing staff
support for their activities, by funding their operations, publishing USPAP, establishing
qualification requirements, and issuing other Board communications.
6. The ASC oversees the states to ensure they are implementing the minimum
qualifications and standards appropriately. In turn, a responsibility of the states is to
ensure that real property appraisers who perform appraisals in real estate transactions
that could expose the United States government to financial loss are sufficiently trained
and tested to assure competency and independent judgment according to uniform
standards and ethics.
, 8. USPAP provides a basis for professional practitioners to judge their own work and the
work of their peers. USPAP also provides members of the public, clients, and other
intended users with a basis for expectations regarding appraisal services.
USPAP facilitates uniform enforcement of standards, and together with competent
enforcement activity, brings discipline to those who abuse the public trust.
9. Public trust is essential for orderly commerce in our society.
10. Publ
K
to which property types does USPAP apply? - ANS both tangible and intangible
C
property
the PREAMBLE states that USPAP intended to benefit: - ANS appraisers and users of
LO
appraisal services
when obligated by law or regulation, an appraiser _______ comply with USPAP. - ANS
must
YC
what is the stated purpose of USPAP? - ANS promote and maintain a high level of
public trust in appraisal practice
the requirement for USPAP compliance in an appraisal assignment could be the result
of: - ANS - voluntary choice by the appraiser
D
- agreement with the client
- law or regulation
U
an appraiser has the professional responsibility to identify the capacity in which he or
she is performing. T or F? - ANS true
ST
a valuation service that is premised upon advocacy: - ANS it cannot be performed by
an individual acting as an appraiser
when performing valuation services outside of appraisal practice, an individual must be
careful not to ________ the client and other intended users about his or her role - ANS
mislead
