USPAP (Example Questions and Answers from the Book)

Different appraisal regulations among states. Which is not one of the contributing factors that led to a need for regulation in the appraisal profession? Appraisal Subcommittee (ASC) Responsible for the Federal oversight of state real estate licensing and certification TRUE (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) Which board maintains the official National Registry of appraisers? Appraisal Practices Board (APB) The board that identifies and issues voluntary guidance relating to recognized methods and techniques is the TRUE (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 Who is responsible for enforcing USPAP? Contains terms that have a specific meaning in USPAP The definitions section of USPAP Promote and maintain a high level of public trust in appraisal practice. The preamble of USPAP sets the tone that the purpose of USPAP is to A manner that is meaningful and not misleading. The preamble of USPAP requires. Appraisers to communicate their analysis, opinions and conclusions in 3. Disclose the scope of work in the report. 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. Shelia had concerns about an appraisal situation and she was uncertain how to proceed. She consulted the USPAP Advisory opinions which