15-Hour National USPAP Course Instructor Quiz Guide

15-Hour National USPAP Course Instructor Quiz
2024-2025 Guide
1. The Appraisal Foundation has the authority to enforce FALSE
the requirements of USPAP.
False
True

2. Which Foundation board is responsible for USPAP? -Appraisal Standards
Board (ASB)
-Consumer Financial Protection Bureau (CFPB)
-Appraiser Qualifications Board (AQB)
-Appraisal Standards Board (ASB)
-Appraisal Subcommittee (ASC)

3. Currently, the boards within The Appraisal Foundation -Appraisal Standards
include: Board, Appraiser Qualifi-
cations Board, Board of
-Appraisal Board, Appraisal Review Board, Administra- Trustees
tion Board
-Board of Trustees, Federal Housing Administration,
Fannie Mae
-Appraisal Standards Board, Appraiser Qualifications
Board, Board of Trustees
-Board of Trustees, Appraisal Standards Board, Ap-
praisal Subcommittee

4. Which entity is responsible for establishing education -Appraiser Qualifications
and experience requirements for licensing and certifi- Board (AQB)
cation of appraisers?

-Appraisal Standards Board (ASB)
-Appraiser Qualifications Board (AQB)
-Appraisal Subcommittee (ASC)
-Board of Trustees (BOT)



, 15-Hour National USPAP Course Instructor Quiz
2024-2025 Guide
5. Qualification criteria for appraiser certification and Appraiser Qualifications
recertification are disseminated to state appraisal Board (AQB)
boards by the:

-Appraisal Standards Board (ASB)
-Board of Trustees (BOT)
-Appraiser Qualifications Board (AQB)
-Consumer Financial Protection Bureau (CFPB)

6. Which entity appoints members of the AQB and ASB? Board of Trustees

-None Listed
-They appoint their own
-Appraisal Subcommittee
-Board of Trustees

7. Advisory Opinions are best described as -not part of USPAP, but in-
cluded as reference mate-
-an alternative index to USPAP rial
-issued by the Appraisal Subcommittee (ASC)
-subject to Fannie Mae requirements
-not part of USPAP, but included as reference material

8. USPAP is written, amended, and interpreted by the: Appraisal Standards
Board
-Appraiser Qualifications Board (AQB)
-Appraisal Subcommittee (ASC)
-Federal Reserve Board (FRB)
-Appraisal Standards Board (ASB)

9. What entity as a result of FIRREA has a supervisory ASC- Appraisal Subcom-
role over state appraiser regulatory agencies and real mittee
property appraisers?



, 15-Hour National USPAP Course Instructor Quiz
2024-2025 Guide
-Board of Trustees
-Appraisal Subcommittee (ASC)
-Appraiser Qualifications Board (AQB)
-Appraisal Standards Board (ASB)

10. Who established the ASC within the Federal Financial FIRREA
Institutions Examination Counsel (FFIEC)?

11. Who has authority to monitor the activities of the ASC
Foundation, including both the ASB and AQB?

-Board of Trustees
-Appraisal Subcommittee (ASC)
-Appraiser Qualifications Board (AQB)
-Appraisal Standards Board (ASB)

12. USPAP is enforced by: -State appraiser licens-
ing/certification agencies
-State appraiser licensing/certification agencies
-Appraisal Subcommittee (ASC)
-Appraiser Qualifications Board (AQB)
-Appraisal Standards Board (ASB)

13. Which entity maintains the official National Registry of Appraisal Subcommittee
State Certified and licensed appraisers? (ASC)

-Federal Reserve Board (FRB)
-Appraiser Qualifications Board (AQB)
-Appraisal Subcommittee (ASC)
-Appraisal Standards Board (ASB)

14. Which is NOT a responsibility of the Appraisal Subcom- -Writing, interpreting, and
mittee (ASC)? amending USPAP



, 15-Hour National USPAP Course Instructor Quiz
2024-2025 Guide
-Overseeing each state's appraiser licensing and cer-
tification program
-Writing, interpreting, and amending USPAP
-Maintaining a National Registry of licensed and certi-
fied appraisers
-Monitoring the practices, procedures, and activities
of The Appraisal Foundation

15. Who is responsible for issuing credentials to individual State appraisal regulatory
appraisers? agencies

-State appraisal regulatory agencies
-Appraisal Practices Board (APB)
-Appraisal Subcommittee (ASC)
-Appraiser Qualifications Board (AQB)

16. Which of these is considered an integral part of USPAP Comments
and has the same weight as the components they
address?

-USPAP FAQs
-Advisory Opinions
-USPAP Q&As
-Comments

17. Why are USPAP Advisory Opinions issued? To otter advice

-To revise existing standards
-To interpret existing standards
-To establish new appraisal standards
-To offer advice

18. RECORD KEEPING RULE