hour National USPAP Updates

hour National USPAP Updates Study online at 1. The ASB has issued an exposure draft of proposed changes to the USPAP. What must occure before these proposed changes may be made to USPAP? The proposed changes must be discussed and adopted at a public meeting 2. USPAP Advisory opinions are considered by the ASB to be: Other communications and not part of the USPAP 3. The new edition of the USPAP has been released. Which statement is true re- guarding the effective date of this new edition if USPAP The ASB determines whent he edition of USPAP will be effec- tive. 4. _________ Change is one of the rea- sons the ASB added the Nondiscrimina- tion section to the ethics rule Social 5. You send the ASB a letter with a comment reguarding a proposed change to the US- PAP. Who will read it? All members of the ASB 6. The ending effective date for the 2024 edi- tion of the USPAP is: To be determined 7. With reguard to prohibitions on bias and descrimination the revisions to the cur- rent edition of USPAP were made in order to: Make existing prohibitions clearer and mor direst 8. Which statement reguarding bias and US- PAP is true? USPAP has always prohibited appraisers from performing as- signment with bias. 9. Is there a difference between a discussion draft and an exposure draft, and if so what is the difference? An exposure draft is a formal proposal to revise USPA, while a discussion draft merely so- licites feedback from industry participants. 10. 1 / 28 hour National USPAP Updates Study online at A steakholder is the appraisal proffesion wants to participate in the USPAP revision proscess but does not have the time to travel to ASB meetings in person. What is the individuals best option? Register for ASB meetings and live stream them 0n their com- puter. 11. Which term is defined in federal regul- tions as "a residential structure that con- tains 1 to 4 living units weather or not that structure is attached to the real property? Dwelling 12. Which of the following is NOT a federal antidescrimination law that is specifically refrenced in the nondescrimination sec- tion of the Ethics Rule? Dodd-Frank act 13. USPAP requires an appraiser to be knowl- edgeable of, and comply with, which an- tidiscrimination laws? Federal, State and Local 14. An appraiser intentionally selects compa- rable sales that they believe are owned by people of the same race as the subject property owner. Is this permissible un- der the Nondiscrimination section of the ETHICS RULE? No, this would be a violation of the ETHICS RULE. 15. In a real estate lending situation, an individual employees what they believe are nuetral policies or practices, how- ever, these policies are later found to disporportionately harm members of a protected group. This individual may be guilty of a fair housing violation under the concept of disparate: Impact 16. An apperaiser does not want to provide subjective statements in thier appraisel reports, So they research the U.S. Cen- sus Bureau for demographic information. NO, in most instances, an ap- praiser is prohibited in using or relying on this information about protected characteristics 2 / 28 hour National USPAP Updates Study online at They then include in each appraisal re- port, a page with printout information from the Census Bureau, which includes the racial and ethnic makeup of the mar- ket area. Since the information came from the Census Bureau, which is part of the Fedral Government, may the appraiser use or rely on this data in valuing the subject property for a Federally regulated lending transaction. 17. An appraiser does not want to ever be accused of providing a discriminatory ap- praisal report. They believe that is they decide they will nolonger preform ap- praisals for any clients who live in a zip code area in which there is a high num- ber of minority residents, they can reduce that risk. Is this likely to be a violation of the civil rights act of 1866 and therefore, USPAP? YES 18. An appraiser is offered the opportunity to perform an appraisal assignment on a residence in a market area with which the appraiser is geographically compe- tent. However, the appraiser discovers the client is a member of a racial minority group and declines to perform the ap- praisal. Does USPAP permit the apprais- er to refuse to enter into an agreement to perform an assignment based on the client's race? No, the practice of refusing to enter into an appraisal assign- ment because of the client's race violates USPAP 19. A state passes a law that prohibits hous- ing discrimination based on a person's political affiliation. Is this an example of a "state and local antidiscrimination" law? Yes, because state laws may establish additional protected classes 20. 3 / 28 hour National USPAP Updates Study online at ECOA prohibits discrimination in a credit transaction, based on: Marital status Source of Income All of these Religion 21. Which statement regarding bias and US- PAP is TRUE? USPAP has always prohibited appraisers from performing an assignment with bias. 22. With regard to prohibitions on bias and discrimination, the revisions to the cur- rent edition of USPAP were made in order to: Make existing prohibitions clearer and more direct 23. _______ change is one of the reasons why the ASB added the Nondiscrimina- tion section to the ETHICS RULE. Social 24. Which term is defined in federal regula- tions as "a residential structure that con- tains one to four living units whether or not that structure is attached to real prop- erty"? Dwelling 25. Which of the following is NOT a federal antidiscrimination law that is specifically referenced in the Nondiscrimination sec- tion of the ETHICS RULE? Dodd-Frank Act 26. A residential appraiser agrees to perform an appraisal on real property for mort- gage lending, for an FHA-insured loan. The appraiser is engaged by an appraisal management company (AMC). Who is re- sponsible for determining what antidis- crimination laws apply to the assign- ment? The appraiser 27. Federal, state, and local 4 / 28 hour National USPAP Updates Study online at An appraiser is required to be knowledge- able of, and comply with, ____________ antidiscrimination laws and regulations. 28. In a real estate lending situation, an indi- vidual employs what they believe are neu- tral policies or practices, however these policies are later found to disproportion- ately harm members of a protected group. This individual may be guilty of a fair housing violation under the concept of disparate: Impact 29. An appraiser does not want to ever be accused of providing a discriminatory ap- praisal report. They believe that if they de- cide they will no longer agree to perform appraisals for any clients who live in a zip code area in which there is a high num- ber of minority residents, they can reduce that risk. Is this likely to be a violation of the Civil Rights Act of 1866, and therefore, USPAP? Yes