USPAP 15-Hour Course Questions and
Correct Answers| Latest Update
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.
Correct Answers| Latest Update
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.
