USPAP Final Exam Correct 100%
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
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)
Advisory Opinions are best described as - ANSWER not part of USPAP, but included as
reference material
USPAP is written, amended, and interpreted by the: - ANSWER Appraisal Standards
Board (ASB)
USPAP is enforced by: - ANSWER State appraiser licensing/certification agencies
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - ANSWER
Writing, interpreting, and amending USPAP
WRONG Answers: Monitoring the practices, procedures, and activities of The Appraisal
Foundation, Maintaining a National Registry of licensed and certified appraisers,
Overseeing each state's appraiser licensing and certification program are handled by
the ASC
Which entity maintains the official National Registry of state-certified and licensed
appraisers? - ANSWER Appraisal Subcommittee (ASC)
Who is responsible for issuing credentials to individual appraisers? - ANSWER State
appraisal regulatory agencies
Why are USPAP Advisory Opinions issued? - ANSWER To offer advice
, Which of these is considered an integral part of USPAP and has the same weight as the
components they address? - ANSWER Comments
Which part of USPAP establishes the requirements for workfile content for an appraisal
or appraisal review assignment? - ANSWER RECORD KEEPING RULE
In USPAP, the appraisal process is divided into two distinct types of activity: _________
and __________. - ANSWER Development, reporting
The first step in the appraisal process is: - ANSWER Identify the problem
Which step in the appraisal process involves communication of the appraiser's opinions
and conclusions? - ANSWER Reporting
To which property types does USPAP apply? - ANSWER Both tangible and intangible
property
What is the stated purpose of USPAP? - ANSWER Promote and maintain a high level
of public trust in appraisal practice
The PREAMBLE states that USPAP intended to benefit: - ANSWER Appraisers and
users of appraisal services
When obligated by law or regulation, an appraiser _______ comply with USPAP. -
ANSWER Must
The requirement for USPAP compliance in an appraisal assignment could be the result
of: - ANSWER Any of these answers
An appraiser has the professional responsibility to identify the capacity in which he or
she is performing. - ANSWER True
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. -
ANSWER Mislead
A valuation service that is premised upon advocacy: - ANSWER It cannot be performed
by an individual acting as an appraiser
USPAP states that in a situation when an individual is not required by law, regulation, or
agreement to comply with USPAP: - ANSWER The individual should still comply when
he or she is acting as an appraiser
A preference or inclination that precludes an appraiser's impartiality, independence, or
objectivity is: - ANSWER Bias
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
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)
Advisory Opinions are best described as - ANSWER not part of USPAP, but included as
reference material
USPAP is written, amended, and interpreted by the: - ANSWER Appraisal Standards
Board (ASB)
USPAP is enforced by: - ANSWER State appraiser licensing/certification agencies
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - ANSWER
Writing, interpreting, and amending USPAP
WRONG Answers: Monitoring the practices, procedures, and activities of The Appraisal
Foundation, Maintaining a National Registry of licensed and certified appraisers,
Overseeing each state's appraiser licensing and certification program are handled by
the ASC
Which entity maintains the official National Registry of state-certified and licensed
appraisers? - ANSWER Appraisal Subcommittee (ASC)
Who is responsible for issuing credentials to individual appraisers? - ANSWER State
appraisal regulatory agencies
Why are USPAP Advisory Opinions issued? - ANSWER To offer advice
, Which of these is considered an integral part of USPAP and has the same weight as the
components they address? - ANSWER Comments
Which part of USPAP establishes the requirements for workfile content for an appraisal
or appraisal review assignment? - ANSWER RECORD KEEPING RULE
In USPAP, the appraisal process is divided into two distinct types of activity: _________
and __________. - ANSWER Development, reporting
The first step in the appraisal process is: - ANSWER Identify the problem
Which step in the appraisal process involves communication of the appraiser's opinions
and conclusions? - ANSWER Reporting
To which property types does USPAP apply? - ANSWER Both tangible and intangible
property
What is the stated purpose of USPAP? - ANSWER Promote and maintain a high level
of public trust in appraisal practice
The PREAMBLE states that USPAP intended to benefit: - ANSWER Appraisers and
users of appraisal services
When obligated by law or regulation, an appraiser _______ comply with USPAP. -
ANSWER Must
The requirement for USPAP compliance in an appraisal assignment could be the result
of: - ANSWER Any of these answers
An appraiser has the professional responsibility to identify the capacity in which he or
she is performing. - ANSWER True
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. -
ANSWER Mislead
A valuation service that is premised upon advocacy: - ANSWER It cannot be performed
by an individual acting as an appraiser
USPAP states that in a situation when an individual is not required by law, regulation, or
agreement to comply with USPAP: - ANSWER The individual should still comply when
he or she is acting as an appraiser
A preference or inclination that precludes an appraiser's impartiality, independence, or
objectivity is: - ANSWER Bias
