USPAP Exam Questions and Answers: 15-Hour National
McKissock Course, Exams
The Preamble states that USPAP is - ANSWER>>for appraisers and
users of appraisal services.
The stated purpose of USPAP - ANSWER>>Promote and maintain a
high level of public trust in appraisal practice.
When obligated by law or regulation an appraiser must -
ANSWER>>comply with USPAP.
USPAP applies to which types of properties? - ANSWER>>Tangible
and Intangible
Valuation services - ANSWER>>is not a subset of appraisal practice.
An appraiser has the professional responsibility - ANSWER>>to
identify the capacity in which he or she is performing.
Reasons why an appraiser would prepare an appraisal assignment in
conformance with USPAP - ANSWER>>1. Agreement with client.
2. Law or regulation.
3. Voluntary choice.
An appraiser who provides an appraisal service that is not an
appraisal, appraisal review, or appraisal consulting assignment does
not have workfile obligations associated with the assignment. -
ANSWER>>True
An individual is not prohibited from providing valuation services that
involve advocacy while acting as an appraiser. - ANSWER>>False
When performing valuation services outside of appraisal practice,
appraisers must be careful not to _________________ the client and
other intended users about their role. - ANSWER>>Mislead
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 acting as an
appraiser.
, An appraiser is engaged to teach an appraisal course. What parts of
USPAP apply? - ANSWER>>The parts of USPAP that apply generally
to appraisal practice.
The Appraisal Practices Board (APB) was created when? -
ANSWER>>2010
The APB is a(n) - ANSWER>>independent board.
Boards within The Appraisal Foundation (TAF) - ANSWER>>1. Board
of Trustees (BOT)
2. Appraisal Standards Board (ASB)
3. Appraisal Qualifications Board (AQB)
4. Appraisal Practices Board (APB)
APB is a - ANSWER>>private entity.
The APB has authority to enforce the requirements of USPAP. -
ANSWER>>False
Who has the only jurisdiction and authority over appraisers? -
ANSWER>>States
ASB - ANSWER>>Develops, interprets, and amends USPAP.
Advisory opinions - ANSWER>>Not part of USPAP; reference material
only.
APB - ANSWER>>Guidance is voluntary.
ASC - ANSWER>>Maintains the official National Registry of state
certified and licensed appraisers.
State appraisal regulatory committees - ANSWER>>responsible for
issuing credentials to individual appraisers.
Responsibilities of ASC: - ANSWER>>• Establishes, improves, and
promulgates the USPAP
• Subject, content, and substance of USPAP and other communication
related to appraisal standards.
• Establishes standards of professional appraisal practice for the
guidance and education of appraisers and users of appraisal services.
• Maintains the official National Registry of state certified and licensed
appraisers.
McKissock Course, Exams
The Preamble states that USPAP is - ANSWER>>for appraisers and
users of appraisal services.
The stated purpose of USPAP - ANSWER>>Promote and maintain a
high level of public trust in appraisal practice.
When obligated by law or regulation an appraiser must -
ANSWER>>comply with USPAP.
USPAP applies to which types of properties? - ANSWER>>Tangible
and Intangible
Valuation services - ANSWER>>is not a subset of appraisal practice.
An appraiser has the professional responsibility - ANSWER>>to
identify the capacity in which he or she is performing.
Reasons why an appraiser would prepare an appraisal assignment in
conformance with USPAP - ANSWER>>1. Agreement with client.
2. Law or regulation.
3. Voluntary choice.
An appraiser who provides an appraisal service that is not an
appraisal, appraisal review, or appraisal consulting assignment does
not have workfile obligations associated with the assignment. -
ANSWER>>True
An individual is not prohibited from providing valuation services that
involve advocacy while acting as an appraiser. - ANSWER>>False
When performing valuation services outside of appraisal practice,
appraisers must be careful not to _________________ the client and
other intended users about their role. - ANSWER>>Mislead
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 acting as an
appraiser.
, An appraiser is engaged to teach an appraisal course. What parts of
USPAP apply? - ANSWER>>The parts of USPAP that apply generally
to appraisal practice.
The Appraisal Practices Board (APB) was created when? -
ANSWER>>2010
The APB is a(n) - ANSWER>>independent board.
Boards within The Appraisal Foundation (TAF) - ANSWER>>1. Board
of Trustees (BOT)
2. Appraisal Standards Board (ASB)
3. Appraisal Qualifications Board (AQB)
4. Appraisal Practices Board (APB)
APB is a - ANSWER>>private entity.
The APB has authority to enforce the requirements of USPAP. -
ANSWER>>False
Who has the only jurisdiction and authority over appraisers? -
ANSWER>>States
ASB - ANSWER>>Develops, interprets, and amends USPAP.
Advisory opinions - ANSWER>>Not part of USPAP; reference material
only.
APB - ANSWER>>Guidance is voluntary.
ASC - ANSWER>>Maintains the official National Registry of state
certified and licensed appraisers.
State appraisal regulatory committees - ANSWER>>responsible for
issuing credentials to individual appraisers.
Responsibilities of ASC: - ANSWER>>• Establishes, improves, and
promulgates the USPAP
• Subject, content, and substance of USPAP and other communication
related to appraisal standards.
• Establishes standards of professional appraisal practice for the
guidance and education of appraisers and users of appraisal services.
• Maintains the official National Registry of state certified and licensed
appraisers.
