15-Hour National USPAP Course Correct
100%
What are the 4 sections of USPAP? - ANSWER -preamble
-definitions
-rules
-standards (including standards rules)
Benefits of USPAP - ANSWER -provides a common basis for comparison
-provides a reference source for all users of the document
-provides a basis for uniform enforcement for state regulatory agencies
-provides a reason for clients, other intended users, and the public to place their trust in
the services performed by professional appraisers
What does the Appraisal Foundation help do? - ANSWER prevent financial losses in
federally insured mortgages by setting stringent qualifications and standards for
appraisers involved in real estate transactions
The Appraisal Foundation is organized into what 3 main boards? - ANSWER -board of
trustees (BOT)
-appraiser qualifications board (AQB)
-appraiser standards board (ASB)
Board of Trustees (BOT) - ANSWER provides volunteer leadership and oversight for the
Foundation
Appraiser Qualifications Board (AQB) - ANSWER -an independent board of the
Foundation
-sets minimum qualification criteria that must be met before entering the profession and
qualifications to maintain a credential
Appraiser Standards Board (ASB) - ANSWER -an independent board of the Foundation
-establishes the USPAP on an annual basis
When did the U.S. Congress enact FIRREA (Financial Institutions Reform, Recovery,
and Enforcement Act)? - ANSWER 1989
What created the ASC of the FFIEC (Federal Financial Institutions Examination
Council)? - ANSWER Title XI of FIRREA
What is one of ASC's core functions? - ANSWER monitor the requirements established
by state regulatory agencies for certification and licensing of appraisers qualified to
perform appraisals in connection with federally related transactions
, What was USPAP created to do? - ANSWER to promote and preserve public trust in
professional appraisal practice
The concept of trust obligates the appraiser to act in the public's interest, which means
the appraiser must act with... - ANSWER -independence
-impartiality
-objectivity
-competency
-integrity
Do the Appraisal Foundation and its boards have any legal oversight or enforcement
authority in any jurisdiction? - ANSWER no
USPAP achieves legal authority by... - ANSWER adoption, citation, or implementation
by government agencies through regulation or administrative actions, or by private
enterprise in the form of contract requirements
The Foundation is structured to... - ANSWER reflect its position within the appraisal
profession as an organization of organizations
3 categories of Sponsors the Foundation has - ANSWER -appraisal sponsors
-affiliate sponsors
-international sponsors
Appraisal Sponsors - ANSWER consists of non-profit appraisal organizations servings
appraiser
Affiliate Sponsors - ANSWER consist of non-profit appraisal organizations serving those
with an interest in valuation, primarily users of appraisal services
International Sponsors - ANSWER consists of either non-profit or non-stock
organizations based outside the U.S. with an interest in valuation
What is FFIEC (Federal Financial Institutions Examination Council)? - ANSWER 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
ASC has 7 members, each appointed by the head of his or her agency and they
represent: - ANSWER -Board of Governors of the Federal Reserve System (FRB)
-Office of the Comptroller of the Currency (OCC)
-Federal Deposit Insurance Corporation (FDIC)
-National Credit Union Administration (NCUA)
-Department of Housing and Urban Development (HUD)
-Federal Housing Finance Agency (FHFA)
100%
What are the 4 sections of USPAP? - ANSWER -preamble
-definitions
-rules
-standards (including standards rules)
Benefits of USPAP - ANSWER -provides a common basis for comparison
-provides a reference source for all users of the document
-provides a basis for uniform enforcement for state regulatory agencies
-provides a reason for clients, other intended users, and the public to place their trust in
the services performed by professional appraisers
What does the Appraisal Foundation help do? - ANSWER prevent financial losses in
federally insured mortgages by setting stringent qualifications and standards for
appraisers involved in real estate transactions
The Appraisal Foundation is organized into what 3 main boards? - ANSWER -board of
trustees (BOT)
-appraiser qualifications board (AQB)
-appraiser standards board (ASB)
Board of Trustees (BOT) - ANSWER provides volunteer leadership and oversight for the
Foundation
Appraiser Qualifications Board (AQB) - ANSWER -an independent board of the
Foundation
-sets minimum qualification criteria that must be met before entering the profession and
qualifications to maintain a credential
Appraiser Standards Board (ASB) - ANSWER -an independent board of the Foundation
-establishes the USPAP on an annual basis
When did the U.S. Congress enact FIRREA (Financial Institutions Reform, Recovery,
and Enforcement Act)? - ANSWER 1989
What created the ASC of the FFIEC (Federal Financial Institutions Examination
Council)? - ANSWER Title XI of FIRREA
What is one of ASC's core functions? - ANSWER monitor the requirements established
by state regulatory agencies for certification and licensing of appraisers qualified to
perform appraisals in connection with federally related transactions
, What was USPAP created to do? - ANSWER to promote and preserve public trust in
professional appraisal practice
The concept of trust obligates the appraiser to act in the public's interest, which means
the appraiser must act with... - ANSWER -independence
-impartiality
-objectivity
-competency
-integrity
Do the Appraisal Foundation and its boards have any legal oversight or enforcement
authority in any jurisdiction? - ANSWER no
USPAP achieves legal authority by... - ANSWER adoption, citation, or implementation
by government agencies through regulation or administrative actions, or by private
enterprise in the form of contract requirements
The Foundation is structured to... - ANSWER reflect its position within the appraisal
profession as an organization of organizations
3 categories of Sponsors the Foundation has - ANSWER -appraisal sponsors
-affiliate sponsors
-international sponsors
Appraisal Sponsors - ANSWER consists of non-profit appraisal organizations servings
appraiser
Affiliate Sponsors - ANSWER consist of non-profit appraisal organizations serving those
with an interest in valuation, primarily users of appraisal services
International Sponsors - ANSWER consists of either non-profit or non-stock
organizations based outside the U.S. with an interest in valuation
What is FFIEC (Federal Financial Institutions Examination Council)? - ANSWER 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
ASC has 7 members, each appointed by the head of his or her agency and they
represent: - ANSWER -Board of Governors of the Federal Reserve System (FRB)
-Office of the Comptroller of the Currency (OCC)
-Federal Deposit Insurance Corporation (FDIC)
-National Credit Union Administration (NCUA)
-Department of Housing and Urban Development (HUD)
-Federal Housing Finance Agency (FHFA)
