ASA USPAP FINAL EXAM QUESTIONS
COMPLETE WITH CORRECT ANSWERS
\Q\.The Appraisal Foundation has the authority to enforce the requirements of USPAP. -
ANSWERS✔-False; The Appraisal Foundation is a private entity. The Foundation and its boards
have no enforcement authority in any jurisdiction.
\Q\.Which Foundation board is responsible for USPAP? - ANSWERS✔-Appraisal Standards Board
(ASB)
\Q\.Currently, the boards within The Appraisal Foundation include: - ANSWERS✔-Appraisal
Standards Board, Appraiser Qualifications Board, Board of Trustees
\Q\.Which entity is responsible for establishing education and experience requirements for
licensing and certification of appraisers? - ANSWERS✔-Appraiser Qualifications Board (AQB)
\Q\.Which entity appoints members of the AQB and ASB? - ANSWERS✔-Board of Trustees (BOT)
\Q\.Qualification criteria for appraiser certification and recertification are disseminated to state
appraisal boards by the: - ANSWERS✔-Appraiser Qualifications Board (AQB)
\Q\.Advisory Opinions are best described as - ANSWERS✔-not part of USPAP, but included as
reference material
,\Q\.USPAP is written, amended, and interpreted by the: - ANSWERS✔-Appraisal Standards
Board (ASB)
\Q\.USPAP is enforced by: - ANSWERS✔-State appraiser licensing/certification agencies
\Q\.Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - ANSWERS✔-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
\Q\.Which entity maintains the official National Registry of state-certified and licensed
appraisers? - ANSWERS✔-Appraisal Subcommittee (ASC)
\Q\.Who is responsible for issuing credentials to individual appraisers? - ANSWERS✔-State
appraisal regulatory agencies
\Q\.Why are USPAP Advisory Opinions issued? - ANSWERS✔-To offer advice
\Q\.Which of these is considered an integral part of USPAP and has the same weight as the
components they address? - ANSWERS✔-Comments
\Q\.Which part of USPAP establishes the requirements for workfile content for an appraisal or
appraisal review assignment? - ANSWERS✔-RECORD KEEPING RULE
\Q\.In USPAP, the appraisal process is divided into two distinct types of activity: _________ and
__________. - ANSWERS✔-Development, reporting
, \Q\.The first step in the appraisal process is: - ANSWERS✔-Identify the problem
\Q\.Which step in the appraisal process involves communication of the appraiser's opinions and
conclusions? - ANSWERS✔-Reporting
\Q\.To which property types does USPAP apply? - ANSWERS✔-Both tangible and intangible
property
\Q\.What is the stated purpose of USPAP? - ANSWERS✔-Promote and maintain a high level of
public trust in appraisal practice
\Q\.The PREAMBLE states that USPAP intended to benefit: - ANSWERS✔-Appraisers and users of
appraisal services
\Q\.When obligated by law or regulation, an appraiser _______ comply with USPAP. -
ANSWERS✔-Must
\Q\.The requirement for USPAP compliance in an appraisal assignment could be the result of: -
ANSWERS✔-Any of these answers
\Q\.An appraiser has the professional responsibility to identify the capacity in which he or she is
performing. - ANSWERS✔-True
\Q\.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. -
ANSWERS✔-Mislead
COMPLETE WITH CORRECT ANSWERS
\Q\.The Appraisal Foundation has the authority to enforce the requirements of USPAP. -
ANSWERS✔-False; The Appraisal Foundation is a private entity. The Foundation and its boards
have no enforcement authority in any jurisdiction.
\Q\.Which Foundation board is responsible for USPAP? - ANSWERS✔-Appraisal Standards Board
(ASB)
\Q\.Currently, the boards within The Appraisal Foundation include: - ANSWERS✔-Appraisal
Standards Board, Appraiser Qualifications Board, Board of Trustees
\Q\.Which entity is responsible for establishing education and experience requirements for
licensing and certification of appraisers? - ANSWERS✔-Appraiser Qualifications Board (AQB)
\Q\.Which entity appoints members of the AQB and ASB? - ANSWERS✔-Board of Trustees (BOT)
\Q\.Qualification criteria for appraiser certification and recertification are disseminated to state
appraisal boards by the: - ANSWERS✔-Appraiser Qualifications Board (AQB)
\Q\.Advisory Opinions are best described as - ANSWERS✔-not part of USPAP, but included as
reference material
,\Q\.USPAP is written, amended, and interpreted by the: - ANSWERS✔-Appraisal Standards
Board (ASB)
\Q\.USPAP is enforced by: - ANSWERS✔-State appraiser licensing/certification agencies
\Q\.Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - ANSWERS✔-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
\Q\.Which entity maintains the official National Registry of state-certified and licensed
appraisers? - ANSWERS✔-Appraisal Subcommittee (ASC)
\Q\.Who is responsible for issuing credentials to individual appraisers? - ANSWERS✔-State
appraisal regulatory agencies
\Q\.Why are USPAP Advisory Opinions issued? - ANSWERS✔-To offer advice
\Q\.Which of these is considered an integral part of USPAP and has the same weight as the
components they address? - ANSWERS✔-Comments
\Q\.Which part of USPAP establishes the requirements for workfile content for an appraisal or
appraisal review assignment? - ANSWERS✔-RECORD KEEPING RULE
\Q\.In USPAP, the appraisal process is divided into two distinct types of activity: _________ and
__________. - ANSWERS✔-Development, reporting
, \Q\.The first step in the appraisal process is: - ANSWERS✔-Identify the problem
\Q\.Which step in the appraisal process involves communication of the appraiser's opinions and
conclusions? - ANSWERS✔-Reporting
\Q\.To which property types does USPAP apply? - ANSWERS✔-Both tangible and intangible
property
\Q\.What is the stated purpose of USPAP? - ANSWERS✔-Promote and maintain a high level of
public trust in appraisal practice
\Q\.The PREAMBLE states that USPAP intended to benefit: - ANSWERS✔-Appraisers and users of
appraisal services
\Q\.When obligated by law or regulation, an appraiser _______ comply with USPAP. -
ANSWERS✔-Must
\Q\.The requirement for USPAP compliance in an appraisal assignment could be the result of: -
ANSWERS✔-Any of these answers
\Q\.An appraiser has the professional responsibility to identify the capacity in which he or she is
performing. - ANSWERS✔-True
\Q\.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. -
ANSWERS✔-Mislead
