USPAP (Example Questions and Answers from the book)

Different appraisal regulations among states. correct answer: Which is not one of the contributing factors that led to a need for regulation in the appraisal profession? Appraisal Subcommittee (ASC) correct answer: Responsible for the Federal oversight of state real estate licensing and certification TRUE correct answer: (T/F) The AppraisalSubcommittee monitors the activities of TAF to determine if policies and procedures are consistent with title XI of FIRREA Appraisal Subcommittee (ASC) correct answer: Which board maintains the official National Registry of appraisers? Appraisal Practices Board (APB) correct answer: The board that identifies and issues voluntary guidance relating to recognized methods and techniques is the TRUE correct answer: (T/F) State agencies may impose appraiser requirements above and beyond those required by the Appraiser Qualifications Board and the Appraiser Standards Board. State Regulatory Agencies correct answer: Who is responsible for enforcing USPAP? Contains terms that have a specific meaning in USPAP correct answer: The definitions section of USPAP Promote and maintain a high level of public trust in appraisal practice. correct answer: The preamble of USPAP sets the tone that the purpose of USPAP is to A manner that is meaningful and not misleading. correct answer: The preamble of USPAP requires. Appraisers to communicate their analysis, opinions and conclusions in 3. Disclose the scope of work in the report. correct answer: The Scope of Work Rule establishes three general requirements. 1. Identify the problem, 2. Determine the appropriate scope of work and Illustrate the applicability of USPAP in specific situations. correct answer: Shelia had concerns about an appraisal situation and she was uncertain how to proceed. She consulted the USPAP Advisory opinions which Advisory Opinions correct answer: Which is NOT a part of USPAP? Standard 2 correct answer: Which USPAP Standard addresses the reporting of an individual in a real property appraisal?