Study guides, Class notes & Summaries

USPAP Chp 1Which Foundation board is responsible for USPAP? - correct answer Appraisal Standards Board (ASB) The Appraisal Foundation has the authority to enforce the requirements of USPAP. - correct answer False Currently, the boards within The Appraisal Foundation include: - correct answer Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees Which entity is responsible for establishing education and experience requirements for licensing and certification of ...

National USPAP Course ch. 6What is the purpose of the JURISDICTIONAL EXCEPTION RULE? To provide a saving or severability clause to preserve the balance of USPAP To provide state appraisal regulatory agencies additional enforcement powers To allow USPAP to preempt existing laws and regulations - correct answer To provide a saving or severability clause to preserve the balance of USPAP When a law or regulation precludes compliance with any part of USPAP, appraisers must: Comply with that l...

National Appraisal USPAP #2AQB (Appraiser Qualifications Board) - correct answer Which of the following establishes minimum criteria for real property appraiser certification and licensing State regulatory agencies and professional appraisal organisations USPAP is enforced by - correct answer USPAP is enforced by To illustrate the applicability of appraisal standards - correct answer Why are Advisory Opinions issued It is nonbonding guidance material - correct answer Which of the fo...

National USPAP Course ch. 11STANDARD 5 is most similar in structure to: STANDARD 1 An Advisory Opinion STANDARD 4 STANDARD 2 - correct answer STANDARD 1 STANDARD 5, Mass Appraisal, Development, applies to: Both real and personal property Personal property only Real property only Real property only for the purposes of ad valorem taxation - correct answer Both real and personal property An appraiser is engaged by her local county assessment board to complete an appraisal on an apar...

National USPAP Course ch. 5Appraisers have broad _________ and significant _________ in determining the appropriate scope of work in an assignment. Errors, omissions Flexibility, responsibility Boundaries, limitations Acceptance, liability - correct answer Flexibility, responsibility The credibility of assignment results is measured in the context of: The amount of the value conclusion The intended use Lending guidelines The attainment of the client's stipulated result - correct an...

National USPAP Course ch. 7Which statement is FALSE regarding STANDARD 1? It covers real and personal property appraisal development. It can be used as a checklist for proper development. It mirrors the appraisal process. It contains six Standards Rules. - correct answer It covers real and personal property appraisal development. The requirements of STANDARD 1 can be used as a checklist by an appraiser who is developing a real property appraisal. False True - correct answer True An...

2020-2021 15-hr National USPAP Course Who is responsible for issuing credentials to individual appraisers? - correct answer State appraiser regulatory agencies are responsible for receiving and processing applications for licensure and certification, and for issuing credentials to qualified individuals. Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - correct answer USPAP is written, interpreted, and amended by the Appraisal Standards Board (ASB). The other answers list...

USPAP PRACTICE TESTSTANDARD 2 contains standards for: a. Real property appraisal review assignments b. Development and reporting of real property appraisals c. Reporting the results of real property appraisals * d. Development of real property appraisals - correct answer Reporting the results of real property appraisals The DEFINITIONS in USPAP: a. Are superseded by definitions in standard English dictionaries b. Are all taken from legal dictionaries c. Were established by FIRREA d...

USPAP Final ExamThe Appraisal Foundation has the authority to enforce the requirements of USPAP. - correct answer False; The Appraisal Foundation is a private entity. The Foundation and its boards have no enforcement authority in any jurisdiction. Which Foundation board is responsible for USPAP? - correct answer Appraisal Standards Board (ASB) Currently, the boards within The Appraisal Foundation include: - correct answer Appraisal Standards Board, Appraiser Qualifications Board, Board ...

USPAP 15-Hour CourseThe Preamble states that USPAP is - correct answer for appraisers and users of appraisal services. The stated purpose of USPAP - correct answer Promote and maintain a high level of public trust in appraisal practice. When obligated by law or regulation an appraiser must - correct answer comply with USPAP. USPAP applies to which types of properties? - correct answer Tangible and Intangible Valuation services - correct answer is not a subset of appraisal practi...