USPAP Course Review Questions and Answers

Why was USPAP developed? to promote and maintain a high level of public trust in appraisal practice What does USPAP provide? a reason for clients, other intended users, and the public to place their trust in the services performed by professional appraisers What is USPAP? appraisal development process -minimum standards; it is a baseline; what everyone is held to What was made in response to the savings and loan crisis? Ad Hoc Committee on the USPAP What does the Ad Hoc Committee do? -focuses on defining "market value" for real property -recognizes credible appraisal practice, ethical and competence, and public trust Board of Trustees -oversight for the Foundation - appoints all members for AQB and ASB Appraiser Qualifications Board (AQB) -independent -sets minimum qualifications for appraisers -established minimum education and experience for certification and recertification of real property appraisers and supervisors (ultimate oversight of needed classes/instructors; regulates education criteria) Appraisal Standards Board (ASB) -independent -writes, amends, and interprets USPAP (responsible for subject and content of USPAP) -sole jurisdiction -how to become an appraiser -sets national appraisal standards How does USPAP achieve authority? Through... -adoption, citation, regulation or agreement Appraisal Subcommittee (ASC) -subcommittee of FFIEC; created as a result of FIRREA -core function is to monitor the requirements established by state regulatory agencies for certification and licensing of appraisers qualified to perform appraisals in connection with federally related transactions