USPAP Final Exam Questions With
Correct Answers | Latest Update Graded
A+
The Appraisal Foundation has the authority to enforce the requirements of USPAP.
False
True - Answer- FALSE
Which Foundation board is responsible for USPAP?
-Consumer Financial Protection Bureau (CFPB)
-Appraiser Qualifications Board (AQB)
-Appraisal Standards Board (ASB)
-Appraisal Subcommittee (ASC) - Answer- -Appraisal Standards Board (ASB)
Currently, the boards within The Appraisal Foundation include:
-Appraisal Board, Appraisal Review Board, Administration Board
-Board of Trustees, Federal Housing Administration, Fannie Mae
-Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
-Board of Trustees, Appraisal Standards Board, Appraisal Subcommittee - Answer- -
Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
Which entity is responsible for establishing education and experience requirements for
licensing and certification of appraisers?
-Appraisal Standards Board (ASB)
-Appraiser Qualifications Board (AQB)
-Appraisal Subcommittee (ASC)
-Board of Trustees (BOT) - Answer- -Appraiser Qualifications Board (AQB)
Qualification criteria for appraiser certification and recertification are disseminated to
state appraisal boards by the:
-Appraisal Standards Board (ASB)
-Board of Trustees (BOT)
-Appraiser Qualifications Board (AQB)
-Consumer Financial Protection Bureau (CFPB) - Answer- Appraiser Qualifications
Board (AQB)
,Which entity appoints members of the AQB and ASB?
-None Listed
-They appoint their own
-Appraisal Subcommittee
-Board of Trustees - Answer- Board of Trustees
Advisory Opinions are best described as
-an alternative index to USPAP
-issued by the Appraisal Subcommittee (ASC)
-subject to Fannie Mae requirements
-not part of USPAP, but included as reference material - Answer- -not part of USPAP,
but included as reference material
USPAP is written, amended, and interpreted by the:
-Appraiser Qualifications Board (AQB)
-Appraisal Subcommittee (ASC)
-Federal Reserve Board (FRB)
-Appraisal Standards Board (ASB) - Answer- Appraisal Standards Board
What entity as a result of FIRREA has a supervisory role over state appraiser regulatory
agencies and real property appraisers?
-Board of Trustees
-Appraisal Subcommittee (ASC)
-Appraiser Qualifications Board (AQB)
-Appraisal Standards Board (ASB) - Answer- ASC- Appraisal Subcommittee
Who established the ASC within the Federal Financial Institutions Examination Counsel
(FFIEC)? - Answer- FIRREA
Who has authority to monitor the activities of the Foundation, including both the ASB
and AQB?
-Board of Trustees
-Appraisal Subcommittee (ASC)
-Appraiser Qualifications Board (AQB)
-Appraisal Standards Board (ASB) - Answer- ASC
USPAP is enforced by:
-State appraiser licensing/certification agencies
-Appraisal Subcommittee (ASC)
-Appraiser Qualifications Board (AQB)
,-Appraisal Standards Board (ASB) - Answer- -State appraiser licensing/certification
agencies
Which entity maintains the official National Registry of State Certified and licensed
appraisers?
-Federal Reserve Board (FRB)
-Appraiser Qualifications Board (AQB)
-Appraisal Subcommittee (ASC)
-Appraisal Standards Board (ASB) - Answer- Appraisal Subcommittee (ASC)
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?
-Overseeing each state's appraiser licensing and certification program
-Writing, interpreting, and amending USPAP
-Maintaining a National Registry of licensed and certified appraisers
-Monitoring the practices, procedures, and activities of The Appraisal Foundation -
Answer- -Writing, interpreting, and amending USPAP
Who is responsible for issuing credentials to individual appraisers?
-State appraisal regulatory agencies
-Appraisal Practices Board (APB)
-Appraisal Subcommittee (ASC)
-Appraiser Qualifications Board (AQB) - Answer- State appraisal regulatory agencies
Which of these is considered an integral part of USPAP and has the same weight as the
components they address?
-USPAP FAQs
-Advisory Opinions
-USPAP Q&As
-Comments - Answer- Comments
Why are USPAP Advisory Opinions issued?
-To revise existing standards
-To interpret existing standards
-To establish new appraisal standards
-To offer advice - Answer- To offer advice
Which part of USPAP establishes the requirements for workfile content for an appraisal
or appraisal review assignment?
-COMPETENCY RULE
-JURISDICTIONAL EXCEPTION RULE
, -Advisory Opinions
-RECORD KEEPING RULE - Answer- RECORD KEEPING RULE
The first step in the appraisal process is:
-Determine scope of work
-Reconcile the value indicators
-Identify the problem
-Perform market analysis and highest and best use - Answer- Identify the Problem
In USPAP, the appraisal process is divided into two distinct types of activity: _________
and __________.
-New, old
-Opinion, conclusion
-Analysis, appraisal
-Development, reporting - Answer- Development & Reporting
Which step in the appraisal process involved communication of the appraiser's opinions
and conclusions?
-Receipt of fee from the client
-Identification of the problem
-Determination of scope of work
-Reporting - Answer- Reporting
What part of USPAP sets the stage for what is included in USPAP, is the introduction to
USPAP?
-The preamble
-FAQ Section
-Scope of Work Rule
-STANDARD 1 - Answer- The preamble
The PREAMBLE states that USPAP intended to benefit:
-Appraisers only
-Appraisers and users of appraisal services
-Borrowers in mortgage-lending appraisal assignments
-Users of appraisal services only - Answer- Appraisers and users of appraisal services
When obligated by law or regulation, an appraiser _______ comply with USPAP.
-Need not
-Must
-May choose to
Correct Answers | Latest Update Graded
A+
The Appraisal Foundation has the authority to enforce the requirements of USPAP.
False
True - Answer- FALSE
Which Foundation board is responsible for USPAP?
-Consumer Financial Protection Bureau (CFPB)
-Appraiser Qualifications Board (AQB)
-Appraisal Standards Board (ASB)
-Appraisal Subcommittee (ASC) - Answer- -Appraisal Standards Board (ASB)
Currently, the boards within The Appraisal Foundation include:
-Appraisal Board, Appraisal Review Board, Administration Board
-Board of Trustees, Federal Housing Administration, Fannie Mae
-Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
-Board of Trustees, Appraisal Standards Board, Appraisal Subcommittee - Answer- -
Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
Which entity is responsible for establishing education and experience requirements for
licensing and certification of appraisers?
-Appraisal Standards Board (ASB)
-Appraiser Qualifications Board (AQB)
-Appraisal Subcommittee (ASC)
-Board of Trustees (BOT) - Answer- -Appraiser Qualifications Board (AQB)
Qualification criteria for appraiser certification and recertification are disseminated to
state appraisal boards by the:
-Appraisal Standards Board (ASB)
-Board of Trustees (BOT)
-Appraiser Qualifications Board (AQB)
-Consumer Financial Protection Bureau (CFPB) - Answer- Appraiser Qualifications
Board (AQB)
,Which entity appoints members of the AQB and ASB?
-None Listed
-They appoint their own
-Appraisal Subcommittee
-Board of Trustees - Answer- Board of Trustees
Advisory Opinions are best described as
-an alternative index to USPAP
-issued by the Appraisal Subcommittee (ASC)
-subject to Fannie Mae requirements
-not part of USPAP, but included as reference material - Answer- -not part of USPAP,
but included as reference material
USPAP is written, amended, and interpreted by the:
-Appraiser Qualifications Board (AQB)
-Appraisal Subcommittee (ASC)
-Federal Reserve Board (FRB)
-Appraisal Standards Board (ASB) - Answer- Appraisal Standards Board
What entity as a result of FIRREA has a supervisory role over state appraiser regulatory
agencies and real property appraisers?
-Board of Trustees
-Appraisal Subcommittee (ASC)
-Appraiser Qualifications Board (AQB)
-Appraisal Standards Board (ASB) - Answer- ASC- Appraisal Subcommittee
Who established the ASC within the Federal Financial Institutions Examination Counsel
(FFIEC)? - Answer- FIRREA
Who has authority to monitor the activities of the Foundation, including both the ASB
and AQB?
-Board of Trustees
-Appraisal Subcommittee (ASC)
-Appraiser Qualifications Board (AQB)
-Appraisal Standards Board (ASB) - Answer- ASC
USPAP is enforced by:
-State appraiser licensing/certification agencies
-Appraisal Subcommittee (ASC)
-Appraiser Qualifications Board (AQB)
,-Appraisal Standards Board (ASB) - Answer- -State appraiser licensing/certification
agencies
Which entity maintains the official National Registry of State Certified and licensed
appraisers?
-Federal Reserve Board (FRB)
-Appraiser Qualifications Board (AQB)
-Appraisal Subcommittee (ASC)
-Appraisal Standards Board (ASB) - Answer- Appraisal Subcommittee (ASC)
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?
-Overseeing each state's appraiser licensing and certification program
-Writing, interpreting, and amending USPAP
-Maintaining a National Registry of licensed and certified appraisers
-Monitoring the practices, procedures, and activities of The Appraisal Foundation -
Answer- -Writing, interpreting, and amending USPAP
Who is responsible for issuing credentials to individual appraisers?
-State appraisal regulatory agencies
-Appraisal Practices Board (APB)
-Appraisal Subcommittee (ASC)
-Appraiser Qualifications Board (AQB) - Answer- State appraisal regulatory agencies
Which of these is considered an integral part of USPAP and has the same weight as the
components they address?
-USPAP FAQs
-Advisory Opinions
-USPAP Q&As
-Comments - Answer- Comments
Why are USPAP Advisory Opinions issued?
-To revise existing standards
-To interpret existing standards
-To establish new appraisal standards
-To offer advice - Answer- To offer advice
Which part of USPAP establishes the requirements for workfile content for an appraisal
or appraisal review assignment?
-COMPETENCY RULE
-JURISDICTIONAL EXCEPTION RULE
, -Advisory Opinions
-RECORD KEEPING RULE - Answer- RECORD KEEPING RULE
The first step in the appraisal process is:
-Determine scope of work
-Reconcile the value indicators
-Identify the problem
-Perform market analysis and highest and best use - Answer- Identify the Problem
In USPAP, the appraisal process is divided into two distinct types of activity: _________
and __________.
-New, old
-Opinion, conclusion
-Analysis, appraisal
-Development, reporting - Answer- Development & Reporting
Which step in the appraisal process involved communication of the appraiser's opinions
and conclusions?
-Receipt of fee from the client
-Identification of the problem
-Determination of scope of work
-Reporting - Answer- Reporting
What part of USPAP sets the stage for what is included in USPAP, is the introduction to
USPAP?
-The preamble
-FAQ Section
-Scope of Work Rule
-STANDARD 1 - Answer- The preamble
The PREAMBLE states that USPAP intended to benefit:
-Appraisers only
-Appraisers and users of appraisal services
-Borrowers in mortgage-lending appraisal assignments
-Users of appraisal services only - Answer- Appraisers and users of appraisal services
When obligated by law or regulation, an appraiser _______ comply with USPAP.
-Need not
-Must
-May choose to
