USPAP 15 Hour Course Review-PART 1
Accurate 100%
In 1987 The Appraisal Foundation (TAF) was established. It consists of 3 boards: -
ANSWER 1. AQB- The Appraiser Qualifications Board 2. ASB- The Appraisal
Standards Board 3. BOT- The Board of Trustees
In 2010 a forth board was added: - ANSWER 4. APB- Appraisal Practices Board
Trust obligates the appraiser to act in the public interest: - ANSWER Independence,
Objectivity/Impartiality, Experience, Specialized Knowledge, Integrity
The Appraisal Foundation Is NOT: - ANSWER 1. A Government agency 2. A
Professional appraisal organization 3. A Membership organization
The Appraisal Foundation IS: - ANSWER 1. A non-profit organization 2. Has authority
from congress regarding real property appraisal qualifications and standards
The Appraisal Foundation has three advisory councils: - ANSWER 1. TAFAC- The
Appraisal Foundation Advisory Council 2. IAC- Industry Advisory Council 3. VGF-
Valuers Global Forum (Formerly the International Valuation Council)
The Appraisal Standards Board (ASB): - ANSWER Amends, Develops and Interprets
USPAP
The Appraisal Subcommittee (ASC): - ANSWER Created as a result of FIRREA. ASC
has a supervisory role over state agencies with the duty to ensure that the federal
government has sufficient controls in place to protect federally regulated financial
institutions.
FIRREA: - ANSWER Financial Institutions Reform, Recovery and Enforcement Act
The ASC is not part of TAF, but has authority from Title XI of FIRREA To: - ANSWER
Monitor TAF including AQB and ASB regarding Real Property Issues
Structure of USPAP: - ANSWER USPAP is intend to provide a common basis for all
appraisal practice thereby ensuring the goal of promoting, and preserving the public
trust.
USPAP STANDARD 3: - ANSWER Appraisal Review, Development and Reporting
USPAP STANDARD 6: - ANSWER Mass appraisal, Development and Reporting
USPAP STANDARD 7: - ANSWER Personal Property Appraisal, Development
Accurate 100%
In 1987 The Appraisal Foundation (TAF) was established. It consists of 3 boards: -
ANSWER 1. AQB- The Appraiser Qualifications Board 2. ASB- The Appraisal
Standards Board 3. BOT- The Board of Trustees
In 2010 a forth board was added: - ANSWER 4. APB- Appraisal Practices Board
Trust obligates the appraiser to act in the public interest: - ANSWER Independence,
Objectivity/Impartiality, Experience, Specialized Knowledge, Integrity
The Appraisal Foundation Is NOT: - ANSWER 1. A Government agency 2. A
Professional appraisal organization 3. A Membership organization
The Appraisal Foundation IS: - ANSWER 1. A non-profit organization 2. Has authority
from congress regarding real property appraisal qualifications and standards
The Appraisal Foundation has three advisory councils: - ANSWER 1. TAFAC- The
Appraisal Foundation Advisory Council 2. IAC- Industry Advisory Council 3. VGF-
Valuers Global Forum (Formerly the International Valuation Council)
The Appraisal Standards Board (ASB): - ANSWER Amends, Develops and Interprets
USPAP
The Appraisal Subcommittee (ASC): - ANSWER Created as a result of FIRREA. ASC
has a supervisory role over state agencies with the duty to ensure that the federal
government has sufficient controls in place to protect federally regulated financial
institutions.
FIRREA: - ANSWER Financial Institutions Reform, Recovery and Enforcement Act
The ASC is not part of TAF, but has authority from Title XI of FIRREA To: - ANSWER
Monitor TAF including AQB and ASB regarding Real Property Issues
Structure of USPAP: - ANSWER USPAP is intend to provide a common basis for all
appraisal practice thereby ensuring the goal of promoting, and preserving the public
trust.
USPAP STANDARD 3: - ANSWER Appraisal Review, Development and Reporting
USPAP STANDARD 6: - ANSWER Mass appraisal, Development and Reporting
USPAP STANDARD 7: - ANSWER Personal Property Appraisal, Development
