15-hour National USPAP Course – McKissock| 134 questions| with complete solutions

USPAP contains what 4 sections? CORRECT ANSWERS: 1) The Preamble 2) Definitions 3) Rules 4) Standards USPAP Provides... CORRECT ANSWERS: 1. A common basis for comparison 2. A reference source for all users of the document 3. A basis for uniform enforcement for state regulatory agencies 4. A reason for clients, other intended users, and the public to place their trust in the services performed by professional appraisers What year was The Appraisal Foundation formed? CORRECT ANSWERS: 1987 What are the 3 boards of The Appraisal Foundation? CORRECT ANSWERS: - Board of Trustees (BOT) - Appraiser Qualifications Board (AQB) - Appraisal Standards Board (ASB) FIRREA CORRECT ANSWERS: Financial Institutions Reform, Recovery, and Enforcement Act of 1989 Title XI created the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC). An Appraiser must act with ... CORRECT ANSWERS: - Independence - Impartiality - Objectivity - Competency - Integrity Where does USPAP's legal authority come from? CORRECT ANSWERS: Adoption, citation, or implementation by government agencies through regulation or administrative actions, or by private enterprise in the form of contract requirements. Since TAF is not a government agency, it cannot create legal oversight or enforcement on its own. What are the three categories of TAF sponsors? CORRECT ANSWERS: 1. Appraisal Sponsors, consisting of non-profit appraisal organizations serving appraisers; 2. Affiliate Sponsors, consisting of non-profit organizations serving those with an interest in valuation, primarily users of appraisal services; 3. International Sponsors, consisting of either non-profit or non-stock organizations based outside the U.S. with an interest in valuation.