EXAM TEST FOR NATIONAL USPAP 2023/2024 QUESTIONS & ANSWER

EXAM TEST FOR NATIONAL USPAP 2023/2024 QUESTIONS & ANSWER Which board within The Appraisal Foundation has the authority to make revisions to USPAP? Board of Trustees (BOT) Appraisal Standards Board (ASB) Appraiser Qualifications Board (AQB) All boards within the Foundation have the authority to revise USPAP - CORRECT ANSWER-Appraisal Standards Board (ASB) The three independent boards within The Appraisal Foundation include: Appraisal Standards Board, Appraisal Subcommittee, Federal Housing Finance Agency Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees Board of Trustees, Federal Housing Board, Fannie Mae Board Appraisal Standards Board, Federal Appraiser Board, Federal Housing Administration - CORRECT ANSWER-Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees Which law mandated that all states must establish a program for appraiser licensing and certification? HVCC Dodd-Frank Act Truth in Lending Act FIRREA - CORRECT ANSWER-FIRREA Who is responsible for appointing members to the Appraiser Qualifications Board? Appraisal Standards Board (ASB) The Secretary of HUD The AQB appoints its own members The Board of Trustees (BOT) - CORRECT ANSWER-the board of trustees (bot) The Dodd-Frank Act of 2010 requires the ASC to create and maintain a national registry of: Home builders and contractors Subprime lenders Appraisal trainees and supervisors Appraisal management companies - CORRECT ANSWER-Appraisal management companies The ASC's National Complaint Hotline will provide referrals for complaints against: Appraisers only AMCs only Appraisers, lenders, AMCs or others Government entities such as state appraisal boards and HUD - CORRECT ANSWERAppraisers, lenders, AMCs or others The ASC is composed of members appointed by the four federal financial institution regulatory agencies, plus the Bureau of Consumer Financial Protection, the Federal Housing Finance Agency, and _____________. Department of Homeland Security Environmental Protection Agency National Association of Homebuilders Department of Housing and Urban Development - CORRECT ANSWER-Department of Housing and Urban Development Currently, what is the annual national registry fee per appraiser? $25 $40 $75 $100 - CORRECT ANSWER-40 Which entity is responsible for monitoring The Appraisal Foundation to ensure it is properly fulfilling its responsibilities under Title XI of FIRREA? Appraisal Subcommittee (ASC) U.S. Department of HUD Appraiser Qualifications Board (AQB) State appraisal regulatory agencies - CORRECT ANSWER-asc An appraiser violates the laws of his state when performing an appraisal. Which entity may take disciplinary action against him? The Appraiser Qualifications Board (AQB) The Appraisal Standards Board (ASB) The state appraisal regulatory agency Any and all of these entities may pursue disciplinary action - CORRECT ANSWER-The state appraisal regulatory agency An individual submits an application to become a certified appraiser. Who is responsible for approving or disapproving the application? Appraisal Subcommittee (ASC) The state appraisal regulatory agency Appraiser Qualifications Board (AQB) A professional appraisal organization - CORRECT ANSWER-The state appraisal regulatory agency Which of these is NOT a function performed by professional appraiser organizations?