USPAP

National USPAP Course ACTUAL Exam LATEST 2023 1. The Appraisal Foundation has the authority to enforce the requirements of USPAP.: False 2. Currently, the boards within the Appraisal Foundation include:: Appraisal Standards Board, Appraisal Qualifications Board, Board of Trustees 3. Which Foundation board is responsible for USPAP?: Appraisal Standards Board 4. Qualification criteria for appraiser certification and recertification are disseminated to state appraisal boards by the:: Apprais...

Financial chaos began in the US during the correct answer: 1929 stock market crash after the great depression In the 1950s-70s double continued with correct answer: -Works related areas -Property taxation -Federal housing programs 1990s trouble was because of... correct answer: Mortgage scams and illegal house flipping. 1980s trouble was because of... correct answer: the Savings and Loans Crisis 1990s to 2000s trouble was from... correct answer: identity theft and appraisal re...

The Appraisal Foundation has the authority to enforce the requirements of USPAP. correct answer: False; The Appraisal Foundation is a private entity. The Foundation and its boards have no enforcement authority in any jurisdiction. Which Foundation board is responsible for USPAP? correct answer: Appraisal Standards Board (ASB) Currently, the boards within The Appraisal Foundation include: correct answer: Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees Whic...

The PREAMBLE states the purpose of USPAP is to maintain public ___ in the appraisal practice by establishing requirements for appraisers. correct answer: trust USPAP benefits providers of appraisal services and correct answer: users of appraisal services. Which is NOT considered significant real property appraisal assistance? correct answer: collecting employment data for use in analysis A valuation service performed by an individual acting as an appraiser requires the appraiser to c...

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 establishi...

The Appraisal Foundation has the authority to enforce the requirements of USPAP. correct answer: False Currently, the boards within the Appraisal Foundation include: correct answer: Appraisal Standards Board, Appraisal Qualifications Board, Board of Trustees Which Foundation board is responsible for USPAP? correct answer: Appraisal Standards Board Qualification criteria for appraiser certification and recertification are disseminated to state appraisal boards by the: correct answer: ...

Different appraisal regulations among states. correct answer: Which is not one of the contributing factors that led to a need for regulation in the appraisal profession? Appraisal Subcommittee (ASC) correct answer: Responsible for the Federal oversight of state real estate licensing and certification TRUE correct answer: (T/F) The AppraisalSubcommittee monitors the activities of TAF to determine if policies and procedures are consistent with title XI of FIRREA Appraisal Subcommittee ...

Which board within The Appraisal Foundation has the authority to make revisions to USPAP? Board of Trustees (BOT) Appraisal Standards Board (ASB) Appraiser Qualifications Board (AQB) All boards within the Foundation have the authority to revise USPAP correct answer: Appraisal Standards Board (ASB) The three independent boards within The Appraisal Foundation include: Appraisal Standards Board, Appraisal Subcommittee, Federal Housing Finance Agency Appraisal Standards Board, Appraiser Qu...

What are the 4 sections of USPAP? correct answer: -preamble -definitions -rules -standards (including standards rules) Benefits of USPAP correct answer: -provides a common basis for comparison -provides a reference source for all users of the document -provides a basis for uniform enforcement for state regulatory agencies -provides a reason for clients, other intended users, and the public to place their trust in the services performed by professional appraisers What does the Appra...

The appraiser could accept the assignment (as a new assignment) correct answer: as long as proper disclosure is made regarding the prior assignment & any confidential in formation is handled appropriately. in a deed being used in a purchase transaction, who is the grantee? correct answer: The party receiving title - "purchaser" is known as the grantee. Any services provided by an appraiser, other than an appraisal or appraisal review, would be appraisal practice w/ no applicable standa...