USPAP Study guides, Class notes & Summaries

USPAP contains what 4 sections? 1) The Preamble 2) Definitions 3) Rules 4) Standards USPAP Provides... 1. A common basis for comparison 2. A reference source for all users of the document 3. A basis for uniform enforcement for state regulatory agencies 4. A reason for clients, other intended users, and the public to place their trust in the services performed by professional appraisers What year was The Appraisal Foundation formed? 1987 What are the 3 boards of The Appraisal Found...

An Appraiser must retain a workfile for" Any assignment that is covered by standard rules. 5 years after preparation or at least 2 years after final disposition of judicial proceedings in which testimony was given, whichever period expires last. According to STANDARD 3, an appraiser performing an appraisal review must do all of the following except: The review appraiser may be asked to develop his or her own opinion of value as part of the review assignment, but the primary purpose of app...

Appraisal Subcommittee Which body has authority through FIRREA to oversee state licensing/certification activities of appraisers? An update is a new appraisal assignment. Which statement is true regarding an "update of an appraisal" and "recertification of value" according to USPAP? Appraisal Under USPAP, if a review appraiser disagrees with the final value opinion included in the work under review and he undertakes to provide a different opinion of value, the review appraiser is prepa...

Which entity appoints members of the ASB and AQB? 1. Board of Trustees (BOT) 2. Appraisal Subcommittee (ASC) 3. they appoints their own members 4. none of the above Board of Trustees (BOT) Which entity is responsible for establishing education and experience requirements for licensing and certification of appraisers? 1. Appraisal Subcommittee (ASC) 2. Appraisal Standards Board (ASB) 3. Board of Trustees (BOT) 4. Appraiser Qualifications Board (AQB) Appraiser Qualifications Board (AQB)...

T or F: The Appraisal Foundation has the authority to enforce the reqs of USPAP False (TAF is a private entity. No enforcement or jurisdiction) The Appraisal Foundation Includes: 1) BoT, ASB, ASC 2) AB, ARB, AB 3) ASB, AQB, BoT 4) BoT, FHA, Fan Mae 3) ASB, AQB, Board of Trustees Which foundation if responsible for USPAP? 1) AQB 2) CFPB 3) ASC 4) ASB 4) Appraisal Standards Board Which entity is responsible for establishing education and experience reqs for licensing and cert of...

USPAP in enforces by State regulatory agencies and professional appraisal organizations Which of the following establishes minimum criteria for real property appraiser certification and licensing Appraiser foundation advisory board Why are advisory opinions Used? To illustrate the applicability of appraisal standards Which one of the following is an assignment condition Extraordinary assumption Appraisal practice is defined as Evaluation service performed by an individual acting as a...

Which is not an element of problem identification? -assignment conditions -effective date of the opinions and conclusions -client and other intended users -reporting option to be used in the assignment Reporting option to be used in the assignment Most of the information necessary for the appraiser to identify the problem in a particular assignment Requires communication with the client What is true about appraising the same property for two clients Value opinion could be different in ...

End to end process to ensure mail is collected, distributed and delivered the type of clock the usps runs on - correct answer 24 hour clock Items sent within the US APO, FPO, UN, and its territories and possessions. - correct answer Domestic mail sets forth the policies, regulations and procedures governing domestic mail - correct answer DMM- Domestic Mail Manual sets forth policies, regulations, and procedures governing international mail - correct answer IMM- International Mail Manual...

What is USPAP? - correct answer Uniform Standards of Professional Appraisal Practice Why was USPAP developed? - correct answer 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 answer 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 en...

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...