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Public
Title
15 HR National USPAP 2020-2021, USPAP 15-Hour Course, 15-Ho
USPAP Course
Flip terms and definitions
1
What is USPAP?
TERM
Uniform Standards of Professional Appraisal
Practice Image
DEFINITION
2
Why was USPAP developed?
,TERM
To promote and maintain a high level of
public trust as well as confidence in Image
professional appraisal practice
DEFINITION
3
What are the benefits of USPAP?
TERM
1) Provides a common basis for comparison
(eg are we doing the appropriate work for Image
the type of assignment?)
2) Provides a reference source for all users
of the document.
3) Provides a basis for uniform enforcement
for state regulatory agencies.
4) Provides a reason for clients, other
intended users, and the public to place their
trust in the services performed by
professional appraisers.
DEFINITION
4
, What is the role of the Appraisal Standards Board (ASB) of
The Appraisal Foundation?
TERM
To develop, interpret, and amend the
Uniform Standards of Professional Appraisal Image
Practice (USPAP).
DEFINITION
5
What are the five sections of USPAP?
TERM
Preamble
Definitions Image
Rules
Standards (Including Standards Rules)
Statements on Appraisal Standards
(currently no active statements)
DEFINITION
6
Are the Advisory Opinions (AO) and the Frequently Asked
Questions (FAQ) a part of USPAP?
, TERM
NO. These are reference materials of "Other
Communications". They are for guidance Image
only. These communications do not establish
new Standards or interpret existing
Standards and are not a part of USPAP.
DEFINITION
7
Who enforces the adherence and content of USPAP?
TERM
State and Federal Regulatory Authorities
Image
DEFINITION
8
Who appoints the ASB (Appraisal Standards Board)?
TERM
Members are appointed by the BOT (Board
of Trustees) Image
DEFINITION
Public
Title
15 HR National USPAP 2020-2021, USPAP 15-Hour Course, 15-Ho
USPAP Course
Flip terms and definitions
1
What is USPAP?
TERM
Uniform Standards of Professional Appraisal
Practice Image
DEFINITION
2
Why was USPAP developed?
,TERM
To promote and maintain a high level of
public trust as well as confidence in Image
professional appraisal practice
DEFINITION
3
What are the benefits of USPAP?
TERM
1) Provides a common basis for comparison
(eg are we doing the appropriate work for Image
the type of assignment?)
2) Provides a reference source for all users
of the document.
3) Provides a basis for uniform enforcement
for state regulatory agencies.
4) Provides a reason for clients, other
intended users, and the public to place their
trust in the services performed by
professional appraisers.
DEFINITION
4
, What is the role of the Appraisal Standards Board (ASB) of
The Appraisal Foundation?
TERM
To develop, interpret, and amend the
Uniform Standards of Professional Appraisal Image
Practice (USPAP).
DEFINITION
5
What are the five sections of USPAP?
TERM
Preamble
Definitions Image
Rules
Standards (Including Standards Rules)
Statements on Appraisal Standards
(currently no active statements)
DEFINITION
6
Are the Advisory Opinions (AO) and the Frequently Asked
Questions (FAQ) a part of USPAP?
, TERM
NO. These are reference materials of "Other
Communications". They are for guidance Image
only. These communications do not establish
new Standards or interpret existing
Standards and are not a part of USPAP.
DEFINITION
7
Who enforces the adherence and content of USPAP?
TERM
State and Federal Regulatory Authorities
Image
DEFINITION
8
Who appoints the ASB (Appraisal Standards Board)?
TERM
Members are appointed by the BOT (Board
of Trustees) Image
DEFINITION
