15 Hour- National USPAP Course Quizzes and Answers

Which entity appoints members of the ASB and AQB? 1. Board of Trustees (BOT) 2. Appraisal Subcommittee (ASC) 3. they appoints their own members 4. none of the above Board of Trustees (BOT) Which entity is responsible for establishing education and experience requirements for licensing and certification of appraisers? 1. Appraisal Subcommittee (ASC) 2. Appraisal Standards Board (ASB) 3. Board of Trustees (BOT) 4. Appraiser Qualifications Board (AQB) Appraiser Qualifications Board (AQB) Qualification criteria for appraiser certification and recertification are disseminated to state appraisal boards by the... 1. Consumer Financial Protection Bureau (CFPB) 2. Appraiser Qualifications Board (AQB) 3. Appraisal Standards Board (ASB) 4. Board of Trustees (BOT) Appraiser Qualifications Board (AQB) USPAP is written, amended, and interpreted by the... 1. Appraisal Standards Board (ASB) 2. Federal Reserve Board (FRB) 3. Appraiser Qualifications Board (AQB) 4. Appraisal Subcommittee (ASC) Appraisal Standards Board (ASB) Advisory Opinions are best described as... 1. an alternative index to USPAP 2. subject to Fannie Mae requirements 3. issued by the Appraisal Subcommittee (ASC) 4. not part of USPAP, but included as reference material not part of USPAP, but included as reference material Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? 1. overseeing each state's appraiser licensing and certification program 2. monitoring the practices, procedures, and activities of The Appraisal Foundation 3. maintaining a National Registry of licensed and certified appraisers 4. writing, interpreting, and amending USPAP writing, interpreting, and amending USPAP