ASA ME201 Exam Review Questions And Answers |
Updated
1. Agency Legal relationship between an agent and a principal. Agent acts on
behalf of principal.
2. Fiduciary Person occupying a position of trust in relationship to another
person or
persons.
3. Are appraisers agents? No
4. USPAP history: In 1930's appraisal organizations published standards of ethics
and prac-
tice, in 1980's 8 groups met to form standards and formed
USPAP.
5. Year USPAP was
found- ed: 1987
6. Appraisal
Standards Board: Solutions to inquiries submitted by state regulators, publishes ASB
7. Is the Appraisal State Advisory Bulletin, Revises/issues statements for USPAP
Stan- dards Board
indepen- dent from Yes
profession- al
appraisal organiza-
tions?
8. Appraisal
Qualifica- tions
Board:
Develops, publishes, interprets, and amends qualification criteria for
9. Personal property ap- pro- fessional appraisers
Three year process tha began with an Appraiser Qualifications
Board in
praiser qualification cri- Feb. 1995
teria was adopted
after a:
1/
4
Updated
1. Agency Legal relationship between an agent and a principal. Agent acts on
behalf of principal.
2. Fiduciary Person occupying a position of trust in relationship to another
person or
persons.
3. Are appraisers agents? No
4. USPAP history: In 1930's appraisal organizations published standards of ethics
and prac-
tice, in 1980's 8 groups met to form standards and formed
USPAP.
5. Year USPAP was
found- ed: 1987
6. Appraisal
Standards Board: Solutions to inquiries submitted by state regulators, publishes ASB
7. Is the Appraisal State Advisory Bulletin, Revises/issues statements for USPAP
Stan- dards Board
indepen- dent from Yes
profession- al
appraisal organiza-
tions?
8. Appraisal
Qualifica- tions
Board:
Develops, publishes, interprets, and amends qualification criteria for
9. Personal property ap- pro- fessional appraisers
Three year process tha began with an Appraiser Qualifications
Board in
praiser qualification cri- Feb. 1995
teria was adopted
after a:
1/
4
