USPAP 15-Hour Course ACTUAL EXAM 2023

USPAP 15-Hour Course ACTUAL EXAM 2023 The Preamble states that USPAP is - ANSfor appraisers and users of appraisal services. The stated purpose of USPAP - ANSPromote and maintain a high level of public trust in appraisal practice. When obligated by law or regulation an appraiser must - ANScomply with USPAP. USPAP applies to which types of properties? - ANSTangible and Intangible Valuation services - ANSis not a subset of appraisal practice. An appraiser has the professional responsibility - ANSto identify the capacity in which he or she is performing. Reasons why an appraiser would prepare an appraisal assignment in conformance with USPAP - ANS1. Agreement with client. 2. Law or regulation. 3. Voluntary choice. An appraiser who provides an appraisal service that is not an appraisal, appraisal review, or appraisal consulting assignment does not have workfile obligations associated with the assignment. - ANSTrue An individual is not prohibited from providing valuation services that involve advocacy while acting as an appraiser. - ANSFalse When performing valuation services outside of appraisal practice, appraisers must be careful not to _________________ the client and other intended users about their role. - ANSMislead USPAP states that in a situation when an individual is not required by law, regulation, or agreement to comply with USPAP: - ANSThe individual should still comply when acting as an appraiser. An appraiser is engaged to teach an appraisal course. What parts of USPAP apply? - ANSThe parts of USPAP that apply generally to appraisal practice. The Appraisal Practices Board (APB) was created when? - ANS2010 The APB is a(n) - ANSindependent board. Boards within The Appraisal Foundation (TAF) - ANS1. Board of Trustees (BOT) 2. Appraisal Standards Board (ASB) 3. Appraisal Qualifications Board (AQB) 4. Appraisal Practices Board (APB) APB is a - ANSprivate entity. The APB has authority to enforce the requirements of USPAP. - ANSFalse Who has the only jurisdiction and authority over appraisers? - ANSStates ASB - ANSDevelops, interprets, and amends USPAP. Advisory opinions - ANSNot part of USPAP; reference material only. APB - ANSGuidance is voluntary. ASC - ANSMaintains the official National Registry of state certified and licensed appraisers. State appraisal regulatory committees - ANSresponsible for issuing credentials to individual appraisers. Responsibilities of ASC: - ANS• Establishes, improves, and promulgates the USPAP • Subject, content, and substance of USPAP and other communication related to appraisal standards. • Establishes standards of professional appraisal practice for the guidance and education of appraisers and users of appraisal services. • Maintains the official National Registry of state certified and licensed appraisers. Developing, amending, and interpreting USPAP is NOT a responsibility of - ANSASC 12. USPAP divides the appraisal process into two distinct types of activity: - ANSDevelop and report