USPAP 15-hour course| 173 QUESTIONS| WITH COMPLETE SOLUTIONS

The concept of public trust means that an appraiser must act: correct answer: in the public's interest USPAP establishes standards that are applicable in the appraisal of: correct answer: real property, intangible property, and personal property Which statement is TRUE regarding The Appraisal Foundation and USPAP enforcement authority? correct answer: The Appraisal Foundation does not have the authority to enforce the requirements of USPAP. Which entity is responsible for establishing education and experience requirements for licensing and certification of appraisers? correct answer: Appraiser Qualifications Board (AQB) Qualification criteria for appraiser certification and recertification are disseminated to state appraisal boards by the: correct answer: Appraiser Qualifications Board (AQB) Which entity appoints members of the Foundation's independent Boards? correct answer: Board of Trustees (BOT) USPAP is developed, interpreted, and amended by the: correct answer: Appraisal Standards Board (ASB) Advisory Opinions are best described as correct answer: Not part of USPAP, but included as reference material The ASB is considering comment letters written by members of the public regarding a proposed revision to USPAP. When reviewing these comment letters, the ASB focuses on: correct answer: The reasoning and insight presented in the letter Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? correct answer: Developing, amending, and interpreting USPAP Who is responsible for issuing credentials to individual appraisers? correct answer: State appraisal regulatory agencies Under FIRREA, USPAP is enforced by: correct answer: State appraiser licensing/certification agencies Which entity maintains the official national registry of state-certified and licensed appraisers? correct answer: Appraisal Subcommittee (ASC)