USPAP 15 HOUR COURSE 2024-2025
Latest Update
The Appraisal Foundation has the authority to enforce the requirements of USPAP. -
ANSWER 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? - ANSWER Appraisal Standards
Board (ASB)
Currently, the boards within The Appraisal Foundation include: - ANSWER Appraisal
Standards Board, Appraiser Qualifications Board, Board of Trustees
The Appraisal Foundation has two advisory councils: - ANSWER The Appraisal
Foundation Advisory Council (TAFAC), which is made up of representatives from non-
profit
organizations and government entities.
The Industry Advisory Council (IAC), which has members from for-profit organizations.
The Appraiser Qualifications Board (AQB) - ANSWER Establishes minimum education
and 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? - ANSWER Appraiser Qualifications Board
(AQB)
Which entity appoints members of the AQB and ASB? - ANSWER Board of Trustees
(BOT)
Qualification criteria for appraiser certification and recertification are disseminated to
state appraisal boards by the: - ANSWER Appraiser Qualifications Board (AQB)
The Appraisal Standards Board (ASB) - ANSWER 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 - ANSWER "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.
USPAP is written, amended, and interpreted by the: - ANSWER Appraisal Standards
Board (ASB)
Advisory Opinions are best described as - ANSWER not part of USPAP, but included as
reference material
The Appraisal Subcommittee (ASC) - ANSWER Created as a result of FIRREA, the
Appraisal Subcommittee (ASC) has a supervisory role over state appraiser regulatory
agencies and real property appraisers.
Responsibilities of the ASC - ANSWER 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
licensure and certification agencies.
State Appraiser Licensure and Certification Agencies - ANSWER 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
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)?
A.Writing, interpreting, and amending USPAP
B.Monitoring the practices, procedures, and activities of The Appraisal Foundation
C.Overseeing each state's appraiser licensing and certification program
, D.Maintaining a National Registry of licensed and certified appraisers - ANSWER
Writing, interpreting, and amending USPAP
Who is responsible for issuing credentials to individual appraisers? - ANSWER State
appraisal regulatory agencies
USPAP is enforced by: - ANSWER State appraiser licensing/certification agencies
Which entity maintains the official National Registry of state-certified and licensed
appraisers? - ANSWER Appraisal Subcommittee (ASC)
The PREAMBLE describes - ANSWER the overall purpose and structure of USPAP.
The USPAP Blueprint, Part Two - ANSWER The titles of each of the Standards
identifies the discipline and/or task.
STANDARD 1 - Real Property Appraisal, Development
STANDARD 2 - Real Property Appraisal, Reporting
STANDARD 3 - Appraisal Review, Development
STANDARD 4 - Appraisal Review, Reporting
STANDARD 5 - Mass Appraisal, Development
STANDARD 6 - Mass Appraisal, Reporting
STANDARD 7 - Personal Property Appraisal, Development
STANDARD 8 - Personal Property Appraisal, Reporting
STANDARD 9 - Business Appraisal, Development
STANDARD 10 - Business Appraisal, Reporting
Comments appear throughout USPAP. They are an integral part of USPAP and have
the same weight as the component they address.
The Comments provide interpretation and establish the context and conditions for
application.
Comments appear throughout USPAP. - ANSWER They are an integral part of USPAP
and have the same weight as the component they address.
Advisory Opinions and FAQs offer advice and guidance - ANSWER but do not establish
new standards or interpret existing standards.
Why are USPAP Advisory Opinions issued? - ANSWER to offer advice
Which part of USPAP establishes the requirements for workfile content for an appraisal
or appraisal review assignment? - ANSWER RECORD KEEPING RULE
Latest Update
The Appraisal Foundation has the authority to enforce the requirements of USPAP. -
ANSWER 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? - ANSWER Appraisal Standards
Board (ASB)
Currently, the boards within The Appraisal Foundation include: - ANSWER Appraisal
Standards Board, Appraiser Qualifications Board, Board of Trustees
The Appraisal Foundation has two advisory councils: - ANSWER The Appraisal
Foundation Advisory Council (TAFAC), which is made up of representatives from non-
profit
organizations and government entities.
The Industry Advisory Council (IAC), which has members from for-profit organizations.
The Appraiser Qualifications Board (AQB) - ANSWER Establishes minimum education
and 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? - ANSWER Appraiser Qualifications Board
(AQB)
Which entity appoints members of the AQB and ASB? - ANSWER Board of Trustees
(BOT)
Qualification criteria for appraiser certification and recertification are disseminated to
state appraisal boards by the: - ANSWER Appraiser Qualifications Board (AQB)
The Appraisal Standards Board (ASB) - ANSWER 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 - ANSWER "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.
USPAP is written, amended, and interpreted by the: - ANSWER Appraisal Standards
Board (ASB)
Advisory Opinions are best described as - ANSWER not part of USPAP, but included as
reference material
The Appraisal Subcommittee (ASC) - ANSWER Created as a result of FIRREA, the
Appraisal Subcommittee (ASC) has a supervisory role over state appraiser regulatory
agencies and real property appraisers.
Responsibilities of the ASC - ANSWER 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
licensure and certification agencies.
State Appraiser Licensure and Certification Agencies - ANSWER 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
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)?
A.Writing, interpreting, and amending USPAP
B.Monitoring the practices, procedures, and activities of The Appraisal Foundation
C.Overseeing each state's appraiser licensing and certification program
, D.Maintaining a National Registry of licensed and certified appraisers - ANSWER
Writing, interpreting, and amending USPAP
Who is responsible for issuing credentials to individual appraisers? - ANSWER State
appraisal regulatory agencies
USPAP is enforced by: - ANSWER State appraiser licensing/certification agencies
Which entity maintains the official National Registry of state-certified and licensed
appraisers? - ANSWER Appraisal Subcommittee (ASC)
The PREAMBLE describes - ANSWER the overall purpose and structure of USPAP.
The USPAP Blueprint, Part Two - ANSWER The titles of each of the Standards
identifies the discipline and/or task.
STANDARD 1 - Real Property Appraisal, Development
STANDARD 2 - Real Property Appraisal, Reporting
STANDARD 3 - Appraisal Review, Development
STANDARD 4 - Appraisal Review, Reporting
STANDARD 5 - Mass Appraisal, Development
STANDARD 6 - Mass Appraisal, Reporting
STANDARD 7 - Personal Property Appraisal, Development
STANDARD 8 - Personal Property Appraisal, Reporting
STANDARD 9 - Business Appraisal, Development
STANDARD 10 - Business Appraisal, Reporting
Comments appear throughout USPAP. They are an integral part of USPAP and have
the same weight as the component they address.
The Comments provide interpretation and establish the context and conditions for
application.
Comments appear throughout USPAP. - ANSWER They are an integral part of USPAP
and have the same weight as the component they address.
Advisory Opinions and FAQs offer advice and guidance - ANSWER but do not establish
new standards or interpret existing standards.
Why are USPAP Advisory Opinions issued? - ANSWER to offer advice
Which part of USPAP establishes the requirements for workfile content for an appraisal
or appraisal review assignment? - ANSWER RECORD KEEPING RULE
