USPAP 15-Hour Course With Complete Solutions 2023

The Preamble states that USPAP is - for appraisers and users of appraisal services. The stated purpose of USPAP - Promote and maintain a high level of public trust in appraisal practice. When obligated by law or regulation an appraiser must - comply with USPAP. USPAP applies to which types of properties? - Tangible and Intangible Valuation services - is not a subset of appraisal practice. An appraiser has the professional responsibility - to identify the capacity in which he or she is performing. Reasons why an appraiser would prepare an appraisal assignment in conformance with USPAP - 1. 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. - True An individual is not prohibited from providing valuation services that involve advocacy while acting as an appraiser. - False When performing valuation services outside of appraisal practice, appraisers must be careful not to _________________ the client and other intended users about their role. - Mislead USPAP states that in a situation when an individual is not required by law, regulation, or agreement to comply with USPAP: - The individual should still comply when acting as an appraiser. An appraiser is engaged to teach an appraisal course. What parts of USPAP apply? - The parts of USPAP that apply generally to appraisal practice. The Appraisal Practices Board (APB) was created when? - 2010 The APB is a(n) - independent board. Boards within The Appraisal Foundation (TAF) - 1. Board of Trustees (BOT) 2. Appraisal Standards Board (ASB) 3. Appraisal Qualifications Board (AQB) 4. Appraisal Practices Board (APB) APB is a - private entity. The APB has authority to enforce the requirements of USPAP. - False Who has the only jurisdiction and authority over appraisers? - States ASB - Develops, interprets, and amends USPAP. Advisory opinions - Not part of USPAP; reference material only. APB - Guidance is voluntary. ASC - Maintains the official National Registry of state certified and licensed appraisers. State appraisal regulatory committees - responsible for issuing credentials to individual appraisers. Responsibilities of ASC: - • 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 - ASC 12. USPAP divides the appraisal process into two distinct types of activity: - Develop and report Identify the problem - The first step in the appraisal process. Communication - The reporting process involves ________________ of the appraiser's opinions and conclusions. AQB - • Disseminates to state appraisal boards the qualifications criteria for appraiser certifications and recertification. • Responsible for establishing education and experience requirements for licensing and certification of appraisers. BOT - appoints members of the APB, AQB, ASB. The ethical obligations of USPAP apply to - Individual appraisers. Bias - is never allowed. In appraisal practice, advocating the cause or interest of any party or issue is - never permitted. If an appraiser has appraised a property multiple times within the prior 3 years he must disclose the number of times he appraised the property to a prospective client. - True 3 years - Prior to accepting an assignment, an appraiser must disclose any service he provided regarding the subject property for a period of An appraiser has been asked to complete an appraisal assignment. The fee is to be paid when when the loan closes. According to USPAP, may the appraiser accept the assignment under the conditions? - No The payment of fees by the appraiser in connection with the procurement of an assignment is - allowed if properly disclosed. Confidential information is under USPAP is information the appraiser receives from - the client an dis identified as confidential, but is not available from other sources. The disclosure of confidential information to a third party is unethical unless - authorized by the client. Competency - fundamental to the definition of appraiser. An appraiser must obtain the necessary competency prior to accepting the assignment. - False