15-hour National USPAP Course –
McKissock Accurate 100%
USPAP contains what 4 sections? - ANSWER 1) The Preamble
2) Definitions
3) Rules
4) Standards
USPAP Provides... - ANSWER 1. A common basis for comparison
2. A reference source for all users of the document
3. A basis for uniform enforcement for state regulatory agencies
4. A reason for clients, other intended users, and the public to place their trust in the
services performed by professional appraisers
What year was The Appraisal Foundation formed? - ANSWER 1987
What are the 3 boards of The Appraisal Foundation? - ANSWER - Board of Trustees
(BOT)
- Appraiser Qualifications Board (AQB)
- Appraisal Standards Board (ASB)
FIRREA - ANSWER Financial Institutions Reform, Recovery, and Enforcement Act of
1989
Title XI created the Appraisal Subcommittee (ASC) of the Federal Financial Institutions
Examination Council (FFIEC).
An Appraiser must act with ... - ANSWER - Independence
- Impartiality
- Objectivity
- Competency
- Integrity
Where does USPAP's legal authority come from? - ANSWER Adoption, citation, or
implementation by government agencies through regulation or administrative actions, or
by private enterprise in the form of contract requirements.
Since TAF is not a government agency, it cannot create legal oversight or enforcement
on its own.
What are the three categories of TAF sponsors? - ANSWER 1. Appraisal Sponsors,
consisting of non-profit appraisal organizations serving appraisers;
2. Affiliate Sponsors, consisting of non-profit organizations serving those with an interest
in valuation, primarily users of appraisal services;
3. International Sponsors, consisting of either non-profit or non-stock organizations
based outside the U.S. with an interest in valuation.
, What are the two advisory councils of TAF? - ANSWER 1. The Appraisal Foundation
Advisory Council (TAFAC) made up of reps from non-profits and gov't entities
2. The Industry Advisory Council (IAC) members from for-profit orgs.
Board of Trustees (BOT) - ANSWER - Appoints members to its independent boards
- Secures funding for TAF operations
- Monitors performance and oversight of TAF and its Boards and Advisory Councils
The Appraiser Qualifications Board (AQB) - ANSWER Establishes the minimum
education, experience, and examination requirements an individual must meet in order
to become a licensed or certified appraiser.
The Appraisal Standards Board (ASB) - ANSWER Develops, interprets, and amends
the Uniform Standards of Professional Appraisal Practice (USPAP).
FFIEC - ANSWER The US Federal Financial Institutions Examination Council.
FFIEC is a formal interagency body empowered to prescribe uniform principles,
standards, and report forms, and to make recommendations to promote uniformity in the
supervision of financial institutions.
Composition of the ASC - ANSWER 7 members, each appointed by the head of their
respective agency, representing:
1. Board of Governors of the Federal Reserve System (FRB)
2. Office of the Comptroller of the Currency (OCC)
3. Federal Deposit Insurance Corporation (FDIC)
4. National Credit Union Administration (NCUA)
5. Department of Housing and Urban Development (HUD)
6. Federal Housing Finance Agency (FHFA)
7. Consumer Financial Protection Bureau (CFPB)
Advisory Opinions in USPAP - ANSWER Offer guidance and advice, but do not
establish new standards or interpret existing standards.
Confidential Information - ANSWER Information that is either identified by the client as
confidential when providing it to an appraiser and that is not available from any other
source; or classified as confidential or private by applicable law or regulation
Bias - ANSWER A preference or inclination that precludes an appraiser's impartiality,
independence, or objectivity in an assignment.
Extraordinary Assumption - ANSWER an assignment-specific assumption as of the
effective date regarding uncertain information used in an analysis which, if found to be
false, could alter the appraiser's opinions or conclusions.
McKissock Accurate 100%
USPAP contains what 4 sections? - ANSWER 1) The Preamble
2) Definitions
3) Rules
4) Standards
USPAP Provides... - ANSWER 1. A common basis for comparison
2. A reference source for all users of the document
3. A basis for uniform enforcement for state regulatory agencies
4. A reason for clients, other intended users, and the public to place their trust in the
services performed by professional appraisers
What year was The Appraisal Foundation formed? - ANSWER 1987
What are the 3 boards of The Appraisal Foundation? - ANSWER - Board of Trustees
(BOT)
- Appraiser Qualifications Board (AQB)
- Appraisal Standards Board (ASB)
FIRREA - ANSWER Financial Institutions Reform, Recovery, and Enforcement Act of
1989
Title XI created the Appraisal Subcommittee (ASC) of the Federal Financial Institutions
Examination Council (FFIEC).
An Appraiser must act with ... - ANSWER - Independence
- Impartiality
- Objectivity
- Competency
- Integrity
Where does USPAP's legal authority come from? - ANSWER Adoption, citation, or
implementation by government agencies through regulation or administrative actions, or
by private enterprise in the form of contract requirements.
Since TAF is not a government agency, it cannot create legal oversight or enforcement
on its own.
What are the three categories of TAF sponsors? - ANSWER 1. Appraisal Sponsors,
consisting of non-profit appraisal organizations serving appraisers;
2. Affiliate Sponsors, consisting of non-profit organizations serving those with an interest
in valuation, primarily users of appraisal services;
3. International Sponsors, consisting of either non-profit or non-stock organizations
based outside the U.S. with an interest in valuation.
, What are the two advisory councils of TAF? - ANSWER 1. The Appraisal Foundation
Advisory Council (TAFAC) made up of reps from non-profits and gov't entities
2. The Industry Advisory Council (IAC) members from for-profit orgs.
Board of Trustees (BOT) - ANSWER - Appoints members to its independent boards
- Secures funding for TAF operations
- Monitors performance and oversight of TAF and its Boards and Advisory Councils
The Appraiser Qualifications Board (AQB) - ANSWER Establishes the minimum
education, experience, and examination requirements an individual must meet in order
to become a licensed or certified appraiser.
The Appraisal Standards Board (ASB) - ANSWER Develops, interprets, and amends
the Uniform Standards of Professional Appraisal Practice (USPAP).
FFIEC - ANSWER The US Federal Financial Institutions Examination Council.
FFIEC is a formal interagency body empowered to prescribe uniform principles,
standards, and report forms, and to make recommendations to promote uniformity in the
supervision of financial institutions.
Composition of the ASC - ANSWER 7 members, each appointed by the head of their
respective agency, representing:
1. Board of Governors of the Federal Reserve System (FRB)
2. Office of the Comptroller of the Currency (OCC)
3. Federal Deposit Insurance Corporation (FDIC)
4. National Credit Union Administration (NCUA)
5. Department of Housing and Urban Development (HUD)
6. Federal Housing Finance Agency (FHFA)
7. Consumer Financial Protection Bureau (CFPB)
Advisory Opinions in USPAP - ANSWER Offer guidance and advice, but do not
establish new standards or interpret existing standards.
Confidential Information - ANSWER Information that is either identified by the client as
confidential when providing it to an appraiser and that is not available from any other
source; or classified as confidential or private by applicable law or regulation
Bias - ANSWER A preference or inclination that precludes an appraiser's impartiality,
independence, or objectivity in an assignment.
Extraordinary Assumption - ANSWER an assignment-specific assumption as of the
effective date regarding uncertain information used in an analysis which, if found to be
false, could alter the appraiser's opinions or conclusions.
