USPAP 15 HRS- SUMMARIZED QUESTION WITH CORRECT ANSWERS

USPAP 15 HRS- SUMMARIZED QUESTION WITH CORRECT ANSWERS A law or regulation-Answer-Appraisers must comply with requirements of USPAP when obligated by law or regulation Acquiring Competency-Answer-disclose lack of knowledge before, take steps to get competent, describe lack of knowledge in report An appraiser is not required to value the whole when the subject of the appraisal is:-Answer-Fractional interest, a physical segment or a partial holding Appraisal Practice-Answer-Valuation services performed by an individual acting as an appraiser, including but not limited to appraisal and appraisal review. Appraiser-Answer-One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. AQB appraiser qualification board-Answer-Sets minimum qualification criteria that must be met before entering the profession & qualifications to maintain credentials ASB (Appraisal Standards Board)-Answer-Establishes USPAP Writes, amends & interprets USPAP ASC (Appraisal Subcommittee)-Answer-Has supervisory role over state appraiser regulatory agencies & real property appraisers Operations funded by state/licensed appraiser through license renewal- national registry fee Maintains a national registry of state certified & licensed appraisers Assignment conditions include:-Answer-Assumptions, extraordinary assumptions, hypothetical conditions, laws and regulations, jurisdictional exceptions, and other conditions that affect the scope of work. Assignment Results-Answer-An appraiser's opinions or conclusions, not limited to value, that were developed when performing an appraisal assignment, an appraisal review assignment, or a valuation service other than an appraisal or appraisal review. assignment-Answer-A valuation service that is provided by an appraiser as a consequence of an agreement with a client. assumption-Answer-Something that is taken to be true