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USPAP Exam Questions And Answers
|Latest 2025 | Guaranteed Pass
Appraisal standards history - Answer✔Black Tuesday -- stock market crash of 1929
- The savings & loan crisis led to in 1986 a Ad Hoc Committee created USPAP (8 appr.
organizations) and in 1987 The Appraisal Foundation
Unified appraisal standards - Answer✔Ad Hoc committee believed in creating a new
organization to set the national standard --> USPAP (Uniform Standards of Professional
Appraisal Practice)
Title XI of FIRREA - Answer✔- The reason federal agencies began to reference and ID USPAP in
laws and regulations
- This stated that RE appraisals be performed in a standardized manner
- USPAP under TAF was a private entity --> public
- Provides protection for federal financial and public policy interests in real estate related
transactions --> Passed in response to loan and savings crisis
Public expectations of appraisers - Answer✔to be knowledgeable, experienced, objective,
independent, and have integrity
What is the TAF structure? - Answer✔- Made up of 3 boards: 1) Board of Trustees (BOT) 2)
Appraiser Qualifications Board (AQB) 3) Appraisal Standards Board (ASB)
1
, ©FYNDLAY 2025 ALL RIGHTS RESERVED 5:17 PM A+
Appraiser Qualifications Board - Answer✔under FIRREA, established minimum education and
experience guidelines that states must use to issue appraisal licenses and certifications
Appraisal Standards Board (ASB) - Answer✔Develops, interprets, and amends the Uniform
Standards of Professional Appraisal Practice (USPAP)
- Does this on an as-needed basis (publish USPAP on a 2yr cycle) --> Advisory Opinions
Board of Trustees - Answer✔Has the power to: 1) Appoint members to AQB and ASB 2) Ensure
TAF is funded 3) Monitor TAF, it's 2 boards (AQB & ASB), and it's 2 Advisory Councils (IAC &
TAFAC)
Exposure drafts - Answer✔- used when ASB is interested in making potential changes to USPAP
Where do outside suggestions for changes to USPAP originate?
1) ASB received comments & suggestions 2) consults with TAF, it's associated members and
organizations 3) organizations & interested parties (TAF sponsors) are consulted 4) Input from
the public 5) Before ASB issues the first ______ on changes, it receives info from sources 6)
Once ASB picks changes, they write down proposed edits in a communications called ______ 7)
ASB publishes and then gives public time to make comments 8) Issues an amended draft 9)
VOTING at a public meeting *****Rationale (if moving forward with changes, ASB exposes
revisions for public for a minimum of 30 days (3-5 drafts))
The Appraisal Subcommittee - Answer✔The government oversight entity charged with ensuring
appraiser compliance with the federal laws. Their mandate includes, monitoring the FFIRA,
states, and the Appraisal Foundation for compliance with Title XI, and maintaining the national
registry of appraisers eligible to appraise FRT's.
The Structure of USPAP - Answer✔1) Preamble 2) Definitions 3) Rules (ethics, record keeping,
SOW, etc) 4) Standards 5) Statements 6) Other communication (Advisory opinions, FAQ, Index
to USPAP Public, and Q&As)
2
USPAP Exam Questions And Answers
|Latest 2025 | Guaranteed Pass
Appraisal standards history - Answer✔Black Tuesday -- stock market crash of 1929
- The savings & loan crisis led to in 1986 a Ad Hoc Committee created USPAP (8 appr.
organizations) and in 1987 The Appraisal Foundation
Unified appraisal standards - Answer✔Ad Hoc committee believed in creating a new
organization to set the national standard --> USPAP (Uniform Standards of Professional
Appraisal Practice)
Title XI of FIRREA - Answer✔- The reason federal agencies began to reference and ID USPAP in
laws and regulations
- This stated that RE appraisals be performed in a standardized manner
- USPAP under TAF was a private entity --> public
- Provides protection for federal financial and public policy interests in real estate related
transactions --> Passed in response to loan and savings crisis
Public expectations of appraisers - Answer✔to be knowledgeable, experienced, objective,
independent, and have integrity
What is the TAF structure? - Answer✔- Made up of 3 boards: 1) Board of Trustees (BOT) 2)
Appraiser Qualifications Board (AQB) 3) Appraisal Standards Board (ASB)
1
, ©FYNDLAY 2025 ALL RIGHTS RESERVED 5:17 PM A+
Appraiser Qualifications Board - Answer✔under FIRREA, established minimum education and
experience guidelines that states must use to issue appraisal licenses and certifications
Appraisal Standards Board (ASB) - Answer✔Develops, interprets, and amends the Uniform
Standards of Professional Appraisal Practice (USPAP)
- Does this on an as-needed basis (publish USPAP on a 2yr cycle) --> Advisory Opinions
Board of Trustees - Answer✔Has the power to: 1) Appoint members to AQB and ASB 2) Ensure
TAF is funded 3) Monitor TAF, it's 2 boards (AQB & ASB), and it's 2 Advisory Councils (IAC &
TAFAC)
Exposure drafts - Answer✔- used when ASB is interested in making potential changes to USPAP
Where do outside suggestions for changes to USPAP originate?
1) ASB received comments & suggestions 2) consults with TAF, it's associated members and
organizations 3) organizations & interested parties (TAF sponsors) are consulted 4) Input from
the public 5) Before ASB issues the first ______ on changes, it receives info from sources 6)
Once ASB picks changes, they write down proposed edits in a communications called ______ 7)
ASB publishes and then gives public time to make comments 8) Issues an amended draft 9)
VOTING at a public meeting *****Rationale (if moving forward with changes, ASB exposes
revisions for public for a minimum of 30 days (3-5 drafts))
The Appraisal Subcommittee - Answer✔The government oversight entity charged with ensuring
appraiser compliance with the federal laws. Their mandate includes, monitoring the FFIRA,
states, and the Appraisal Foundation for compliance with Title XI, and maintaining the national
registry of appraisers eligible to appraise FRT's.
The Structure of USPAP - Answer✔1) Preamble 2) Definitions 3) Rules (ethics, record keeping,
SOW, etc) 4) Standards 5) Statements 6) Other communication (Advisory opinions, FAQ, Index
to USPAP Public, and Q&As)
2
