Study guides, Class notes & Summaries

USPAP REVIEW STUDY GUIDE TEST 2024.The Appraisal Standards Board - correct answer What board develops USPAP? The client is always the - correct answer party who engages the appraiser in an assignment the subject of an appraisal review assignment may be - correct answer any work completed as part of an appraisal or appraisal review assignment In performing an appraisal review, the reviewer must always - correct answer develop and communicate an opinion about the quality of another apprai...

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 - answer-Reporting option to be used in the assignment Most of the information necessary for the appraiser to identify the problem in a particular assignment - answer-Requires communication with the client What is true about appraising the same property for two clients - answer-Val...

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

AQB - answer-establishes minimum education, experience, etc. for certification of real property appraisers and supervisors ASB - answer-revises and promulgates USPAP; responsible for subject, content, and substance of USPAP Appraisal Subcommittee - answer-operations are funded by state certified appraisers thru their license renewal payment in the form of a National Registry fee. Fee is paid to states and transferred to this committee Standards 1-10 - answer-address value, not p...

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

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

The Appraisal Foundation has the authority to enforce the requirements of USPAP. - 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? - answer-Appraisal Standards Board (ASB) Currently, the boards within The Appraisal Foundation include: - answer-Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees Which entity is respon...

Different appraisal regulations among states. - answer-Which is not one of the contributing factors that led to a need for regulation in the appraisal profession? Appraisal Subcommittee (ASC) - answer-Responsible for the Federal oversight of state real estate licensing and certification TRUE - 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 (ASC) - answer-W...

USPAP Test Review Exam Questions and Verified Solutions 2024 AQB - Answer -establishes minimum education, experience, etc. for certification of real property appraisers and supervisors ASB - Answer -revises and promulgates USPAP; responsible for subject, content, and substance of USPAP Appraisal Subcommittee - Answer -operations are funded by state certified appraisers thru their license renewal payment in the form of a National Registry fee. Fee is paid to states and transferred to this ...

USPAP Practice Test Exam 2024 with Verified Solutions STANDARD 2 contains standards for: a. Real property appraisal review assignments b. Development and reporting of real property appraisals c. Reporting the results of real property appraisals * d. Development of real property appraisals - Answer -Reporting the results of real property appraisals The DEFINITIONS in USPAP: a. Are superseded by definitions in standard English dictionaries b. Are all taken from legal dictionaries c. Were...