USPAP 15 HourUSPAP 15 Hour Course exam questions With Complete Solutions Course With Complete Solutions

USPAP 15 Hour Course With Complete
Solutions 100%
Which |Foundation |board |is |responsible |for |USPAP?



A.) |Appraiser |Qualifications |Board |(AQB)

B.) |Appraisal |Standards |Board |(ASB)

C.) |Appraisal |Subcommittee |(ASC)

D.) |Consumer |Financial |Protection |Bureau |(CFPB) |- |correct |answer |B.) |Appraisal |Standards |Board |(ASB)



The |Appraisal |Foundation |has |the |authority |to |enforce |the |requirements |of |USPAP.



A.) |True

B.) |False |- |correct |answer |B.) |False



Currently, |the |boards |within |The |Appraisal |Foundation |include:



A.) |Board |of |Trustees, |Appraisal |Standards |Board, |Appraisal |Subcommittee



B.) |Board |of |Trustees, |Federal |Housing |Administration, |Fannie |Mae



C.) |Appraisal |Standards |Board, |Appraiser |Qualifications |Board, |Board |of |Trustees



D.) |Appraisal |Board, |Appraisal |Review |Board, |Administration |Board |- |correct |answer |C.) |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?



A.) |Appraiser |Qualifications |Board |(AQB)

,B.) |Appraisal |Subcommittee |(ASC)

C.) |Appraisal |Standards |Board |(ASB)

D.) |Board |of |Trustees |(BOT) |- |correct |answer |A.) |Appraiser |Qualifications |Board |(AQB)



Qualification |criteria |for |appraiser |certification |and |recertification |are |disseminated |to |state |appraisal
|boards |by |the:



A.) |Consumer |Financial |Protection |Bureau |(CFPB)

B.) |Appraiser |Qualifications |Board |(AQB)

C.) |Appraisal |Standards |Board |(ASB)

D.) |Board |of |Trustees |(BOT) |- |correct |answer |B.) |Appraiser |Qualifications |Board |(AQB)



Appraiser |Qualifications |Board |(AQB) |- |correct |answer |The |Appraiser |Qualifications |Board |(AQB)
|establishes |minimum |education, |experience, |and |other |criteria |for |certification |and |recertification |of

|qualified |real |property |appraisers. |It |is |also |responsible |for |disseminating |real |property |qualification

|criteria |to |states, |government |entities, |and |others.




Which |entity |appoints |members |of |the |AQB |and |ASB?

A.) |They |appoint |their |own |members

B.) |Appraisal |Subcommittee |(ASC)

C.) |None |of |the |answers |shown

D.) |Board |of |Trustees |(BOT) |- |correct |answer |D.) |Board |of |Trustees |(BOT)



USPAP |is |written, |amended, |and |interpreted |by |the:

A.) |Appraiser |Qualifications |Board |(AQB)

B.) |Federal |Reserve |Board |(FRB)

C.) |Appraisal |Standards |Board |(ASB)

D.) |Appraisal |Subcommittee |(ASC) |- |correct |answer |C.) |Appraisal |Standards |Board |(ASB)



Appraisal |Standards |Board |(ASB) |- |correct |answer |The |Appraisal |Standards |Board |(ASB) |writes,
|amends, |and |interprets |USPAP.

,Advisory |Opinions |are |best |described |as

A.) |not |part |of |USPAP, |but |included |as |reference |material

B.) |issued |by |the |Appraisal |Subcommittee |(ASC)

C.) |subject |to |Fannie |Mae |requirements

D.) |an |alternative |index |to |USPAP |- |correct |answer |A.) |not |part |of |USPAP, |but |included |as |reference
|material




Which |entity |maintains |the |official |National |Registry |of |state-certified |and |licensed |appraisers?

A.) |Appraisal |Standards |Board |(ASB)

B.) |Appraisal |Subcommittee |(ASC)

C.) |Appraiser |Qualifications |Board |(AQB)

D.) |Federal |Reserve |Board |(FRB) |- |correct |answer |B.) |Appraisal |Subcommittee |(ASC)



Appraisal |Subcommittee |(ASC) |- |correct |answer |maintains |a |registry |of |all |licensed |and |certified
|appraisers |in |the |United |States. |States |submit |the |registry |fees |using |funds |collected |from |appraisers.




USPAP |is |enforced |by:

A.) |The |Federal |Financial |Institutions |Examination |Council |(FFIEC)

B.) |Appraisal |Subcommittee |(ASC)

C.) |Appraisal |Standards |Board |(ASB)

D.) |State |appraiser |licensing/certification |agencies |- |correct |answer |D.) |State |appraiser
|licensing/certification |agencies




Which |is |NOT |a |responsibility |of |the |Appraisal |Subcommittee |(ASC)?

A.) |Maintaining |a |National |Registry |of |licensed |and |certified |appraisers

B.) |Monitoring |the |practices, |procedures, |and |activities |of |The |Appraisal |Foundation

C.) |Writing, |interpreting, |and |amending |USPAP

D.) |Overseeing |each |state's |appraiser |licensing |and |certification |program |- |correct |answer |C.) |Writing,
|interpreting, |and |amending |USPAP

, Who |is |responsible |for |issuing |credentials |to |individual |appraisers?

A.) |State |appraisal |regulatory |agencies

B.) |Appraisal |Subcommittee |(ASC)

C.) |Appraisal |Practices |Board |(APB)

D.) |Appraiser |Qualifications |Board |(AQB) |- |correct |answer |A.) |State |appraisal |regulatory |agencies



Why |are |USPAP |Advisory |Opinions |issued?

A.) |To |offer |advice

B.) |To |establish |new |appraisal |standards

C.) |To |revise |existing |standards

D.) |To |interpret |existing |standards |- |correct |answer |A.) |To |offer |advice



Which |part |of |USPAP |establishes |the |requirements |for |workfile |content |for |an |appraisal |or |appraisal
|review |assignment?



A.) |JURISDICTIONAL |EXCEPTION |RULE

B.) |Advisory |Opinions

C.) |COMPETENCY |RULE

D.) |RECORD |KEEPING |RULE |- |correct |answer |D.) |RECORD |KEEPING |RULE



Which |of |these |is |considered |an |integral |part |of |USPAP |and |has |the |same |weight |as |the |components
|they |address?



A.) |USPAP |FAQs

B.) |Advisory |Opinions

C.) |USPAP |Q&As

D.) |Comments |- |correct |answer |D.) |Comments



To |which |property |types |does |USPAP |apply?

A.) |Tangible |property |only