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USPAP 15-hour Questions & Answers(RATED A+)EXAM BUNDLEUSPAP 15-hour Questions & Answers(RATED A+)EXAM BUNDLEUSPAP 15-hour Questions & Answers(RATED A+)EXAM BUNDLEUSPAP 15-hour Questions & Answers(RATED A+)EXAM BUNDLEUSPAP 15-hour Questions & Answers(RATED A+)EXAM BUNDLEV

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.

What are the 4 sections of USPAP? - ANSWER -preamble -definitions -rules -standards (including standards rules) Benefits of USPAP - 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 Appraisal Foundation ...

Which Foundation board is responsible for USPAP? A.) Appraiser Qualifications Board (AQB) B.) Appraisal Standards Board (ASB) C.) Appraisal Subcommittee (ASC) D.) Consumer Financial Protection Bureau (CFPB) - ANSWER B.) Appraisal Standards Board (ASB) The Appraisal Foundation has the authority to enforce the requirements of USPAP. A.) True B.) False - ANSWER B.) False Currently, the boards within The Appraisal Foundation include: A.) Board of Trustees, Appraisal Standards Boar...

Which statement is TRUE regarding an appraiser's signature obligations ?An appraiser may give blanket authorization for another person to sign any and all appraisal reports for him or her. An appraiser may authorize another person to sign a report for him or her on an individual assignment-by assignment basis. An appraiser may affix the signature of another appraiser without his or her consent, under certain circumstances All of the answers listed are true - ANSWER While an appraise...

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 responsible ...

Should an appraiser change his opinion of value if it is less than a 1% difference in value if promised more work would come his way if he did? - ANSWER No, an appraiser must be able to perform assignments without accommodation of personal interests and without advocating the cause or interest of any party. If a client wants to know the current value as though repaired on a house that had severe flooding, what type of assignment condition should the appraiser use? - ANSWER Hypothetical Condit...

Valuation Services: - ANSWER Services pertaining to aspects of property value. (Can be valuation services by others than appraisers) Appraisal Practice: - ANSWER Valuation services performed by an individual acting as an appraiser including, but not limited to appraisal or appraisal review. What appraisal services are covered by USPAP: - ANSWER Appraisal, Appraisal Review, other services while acting in the role of an appraiser.

Currently, the boards within The Appraisal Foundation include: - ANSWER Appraisal Standards Board ASB Appraiser Qualifications Board AQB Board of Trustees BOT T or F. The Appraisal Foundation has the authority to enforce the requirements of USPAP. - ANSWER False Which Foundation board is responsible for USPAP? - ANSWER Appraisal Standards Board (ASB)

In 1987 The Appraisal Foundation (TAF) was established. It consists of 3 boards: - ANSWER 1. AQB- The Appraiser Qualifications Board 2. ASB- The Appraisal Standards Board 3. BOT- The Board of Trustees In 2010 a forth board was added: - ANSWER 4. APB- Appraisal Practices Board Trust obligates the appraiser to act in the public interest: - ANSWER Independence, Objectivity/Impartiality, Experience, Specialized Knowledge, Integrity