15-HOUR
15-HOUR NATIONAL USPAP
COURSE ACTUAL COMPLETE
QUESTIONS AND ANSWERS
What are the 4 sections of USPAP? - -
preamble
-
definitio
ns
-
rule
s
-standards (including
standards rules)
Benefits of USPAP - -provides a common basis for comparison
-provides a reference source for all users of the document
-provides a basis for uniform enforcement for state regulatory agencies
-provides a reason for clients, other intended users, and the public to place
their trust in the services performed by professional appraisers
What does the Appraisal Foundation help do? - prevent financial losses in
federally insured mortgages by setting stringent qualifications and standards
for appraisers involved in real estate transactions
The Appraisal Foundation is organized into what 3 main boards? - -board
of trustees (BOT)
-appraiser qualifications
board (AQB)
-appraiser standards
board (ASB)
Board of Trustees (BOT) - provides volunteer leadership and oversight for the
Foundation
Appraiser Qualifications Board (AQB) - -an independent board of the
Foundation -sets minimum qualification criteria that must be met
before entering the profession and qualifications to maintain a
credential
15-HOUR NATIONAL USPAP COURSE ACTUAL COMPLETE QUESTIONS AND ANSWERS
, 15-HOUR
Appraiser Standards Board (ASB) - -an independent board of
the Foundation
-establishes the USPAP on an
annual basis
When did the U.S. Congress enact FIRREA (Financial Institutions
Reform, Recovery, and
Enforcement Act)? -
1989
What created the ASC of the FFIEC (Federal Financial Institutions Examination
Council)? - Title XI
of
FIRREA
What is one of ASC's core functions? - monitor the requirements established
by state regulatory
agencies for certification and licensing of appraisers qualified to
perform appraisals in
connection with federally related
transactions
What was USPAP created to do? - to promote and preserve public
trust in professional
appraisal
practice
The concept of trust obligates the appraiser to act in the public's interest,
appraiser
which meansmust
theact
- -independ
e
-impartia
with... y enc
-objecti
lit y
-compet
vit cy
-integr
en y
it
Do the Appraisal Foundation and its boards have any legal oversight or
enforcement authority
in any jurisdiction?
- no
15-HOUR NATIONAL USPAP COURSE ACTUAL COMPLETE QUESTIONS AND ANSWERS
15-HOUR NATIONAL USPAP
COURSE ACTUAL COMPLETE
QUESTIONS AND ANSWERS
What are the 4 sections of USPAP? - -
preamble
-
definitio
ns
-
rule
s
-standards (including
standards rules)
Benefits of USPAP - -provides a common basis for comparison
-provides a reference source for all users of the document
-provides a basis for uniform enforcement for state regulatory agencies
-provides a reason for clients, other intended users, and the public to place
their trust in the services performed by professional appraisers
What does the Appraisal Foundation help do? - prevent financial losses in
federally insured mortgages by setting stringent qualifications and standards
for appraisers involved in real estate transactions
The Appraisal Foundation is organized into what 3 main boards? - -board
of trustees (BOT)
-appraiser qualifications
board (AQB)
-appraiser standards
board (ASB)
Board of Trustees (BOT) - provides volunteer leadership and oversight for the
Foundation
Appraiser Qualifications Board (AQB) - -an independent board of the
Foundation -sets minimum qualification criteria that must be met
before entering the profession and qualifications to maintain a
credential
15-HOUR NATIONAL USPAP COURSE ACTUAL COMPLETE QUESTIONS AND ANSWERS
, 15-HOUR
Appraiser Standards Board (ASB) - -an independent board of
the Foundation
-establishes the USPAP on an
annual basis
When did the U.S. Congress enact FIRREA (Financial Institutions
Reform, Recovery, and
Enforcement Act)? -
1989
What created the ASC of the FFIEC (Federal Financial Institutions Examination
Council)? - Title XI
of
FIRREA
What is one of ASC's core functions? - monitor the requirements established
by state regulatory
agencies for certification and licensing of appraisers qualified to
perform appraisals in
connection with federally related
transactions
What was USPAP created to do? - to promote and preserve public
trust in professional
appraisal
practice
The concept of trust obligates the appraiser to act in the public's interest,
appraiser
which meansmust
theact
- -independ
e
-impartia
with... y enc
-objecti
lit y
-compet
vit cy
-integr
en y
it
Do the Appraisal Foundation and its boards have any legal oversight or
enforcement authority
in any jurisdiction?
- no
15-HOUR NATIONAL USPAP COURSE ACTUAL COMPLETE QUESTIONS AND ANSWERS
