USPAP

Appraisal correct answer: The act or process of developing an opinion of value Appraisal practice correct answer: Valuation services performed by an individual acting as appraiser; including but not limited appraisal and appraisal review Appraisal review correct answer: The act or process of developing an opinion about the quality of another's appraisers work Appraiser correct answer: One who is expected to perform valuation services competently in a manner that is INDEPENDENT IMPA...

According to USPAP, any appraiser who signs any part of an appraisal report is required to: correct answer: sign the certification When is identification of the intended use of an appraiser's opinions and conclusions necessary in an appraisal assignment? correct answer: It is necessary in all appraisal assignments Which statement is FALSE regarding STANDARD 1? correct answer: It covers real and personal property appraisal development Which statement about appraisal trainees and work...

Who is responsible for issuing credentials to individual appraisers? correct answer: State appraiser regulatory agencies are responsible for receiving and processing applications for licensure and certification, and for issuing credentials to qualified individuals. Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? correct answer: USPAP is written, interpreted, and amended by the Appraisal Standards Board (ASB). The other answers listed are all responsibilities of the ASC. ...

Personal property brokerage/dealership, appraisal reviews, and personal property appraisals are all included within appraisal practice. valuation services. market analysis. consulting. correct answer: valuation services. The PREAMBLE of USPAP states that the Standards are C. limited to appraisers who are accredited or certified by appraisal organizations. A. only for appraisers. D. only for users of appraisal services B. for appraisers and users of appraisal services. correct an...

The ASB considers suggestions for changes to USPAP from: correct answer: Appraisers, users of appraisal services, regulators, and others You have a suggestion for a change to USPAP, and you want to tell the ASB about it. When making your suggestion, it is helpful to the ASB if you: correct answer: Explain how the proposed change will enhance public trust in appraisal practice The ASB has received numerous public comment letters in response to an exposure draft. When considering these com...

The Preamble states that USPAP is correct answer: for appraisers and users of appraisal services. The stated purpose of USPAP correct answer: Promote and maintain a high level of public trust in appraisal practice. When obligated by law or regulation an appraiser must correct answer: comply with USPAP. USPAP applies to which types of properties? correct answer: Tangible and Intangible Valuation services correct answer: is not a subset of appraisal practice. An appraiser has t...

What is USPAP? CORRECT ANSWERS: Uniform Standards of Professional Appraisal Practice Why was USPAP developed? CORRECT ANSWERS: 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 ANSWERS: 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...

Which of the following establishes minimum criteria for real property appraiser certification and licensing CORRECT ANSWERS: AQB (Appraiser Qualifications Board) USPAP is enforced by CORRECT ANSWERS: State regulatory agencies and professional appraisal organisations USPAP is enforced by Why are Advisory Opinions issued CORRECT ANSWERS: To illustrate the applicability of appraisal standards Which of the following best describes a Comment to a Standards Rule? CORRECT ANSWERS: It is no...