(15 HR) NATIONAL USPAP 2023/2024 FINAL TEST EXAM UPDATED AND VERIFIED

(15 HR) NATIONAL USPAP 2023/2024 FINAL TEST EXAM UPDATED AND VERIFIED What is USPAP? - CORRECT ANWER-Uniform Standards of Professional Appraisal Practice Why was USPAP developed? - CORRECT ANWER-To promote and maintain a high level of public trust as well as confidence in professional appraisal practice What are the benefits of USPAP? - CORRECT ANWER-1) Provides a common basis for comparison (eg are we doing the appropriate work for the type of assignment?) 2) Provides a reference source for all users of the document. 3) Provides a basis for uniform enforcement for state regulatory agencies. 4) Provides a reason for clients, other intended users, and the public to place their trust in the services performed by professional appraisers. What is the role of the Appraisal Standards Board (ASB) of The Appraisal Foundation? - CORRECT ANWER-To develop, interpret, and amend the Uniform Standards of Professional Appraisal Practice (USPAP). What are the five sections of USPAP? - CORRECT ANWER-Preamble Definitions Rules Standards (Including Standards Rules) Statements on Appraisal Standards (currently no active statements) Are the Advisory Opinions (AO) and the Frequently Asked Questions (FAQ) a part of USPAP? - CORRECT ANWER-NO. These are reference materials of "Other Communications". They are for guidance only. These communications do not establish new Standards or interpret existing Standards and are not a part of USPAP. Who enforces the adherence and content of USPAP? - CORRECT ANWER-State and Federal Regulatory Authorities Who appoints the ASB (Appraisal Standards Board)? - CORRECT ANWER-Members are appointed by the BOT (Board of Trustees) What is the purpose of USPAP? - CORRECT ANWER-The purpose is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers