15 HR National USPAP 2020-2021, USPAP 15-Hour Course, 15-Hour
USPAP Course, McKissock USPAP Chapter 1, McKissock USPAP
Chapter 2 (Definitions), McKissock USPAP Chapter 4, McKissock
USPAP Chapter 7, McKissock USPAP Chapter 8, McKissock USPAP
Chapter 9...
What is USPAP? - (ANSWERS)Uniform Standards of Professional Appraisal
Practice
Why was USPAP developed? - (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? - (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 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.
What is the role of the Appraisal Standards Board (ASB) of The Appraisal
Foundation? - (ANSWERS)To develop, interpret, and amend the Uniform Standards
of Professional Appraisal Practice (USPAP).
What are the five sections of USPAP? - (ANSWERS)Preamble
Definitions
Rules
Standards (Including Standards Rules)
Statements on Appraisal Standards (currently no active statements)
Are the Advisory Opinions (AO) and the Frequently Asked Questions (FAQ) a part
of USPAP? - (ANSWERS)NO. These are reference materials of "Other
Communications". They are for guidance only. These communications do not
establish new Standards or interpret existing Standards and are not a part of USPAP.
Who enforces the adherence and content of USPAP? - (ANSWERS)State and
Federal Regulatory Authorities
, 15 HR National USPAP 2020-2021, USPAP 15-Hour Course, 15-Hour
USPAP Course, McKissock USPAP Chapter 1, McKissock USPAP
Chapter 2 (Definitions), McKissock USPAP Chapter 4, McKissock
USPAP Chapter 7, McKissock USPAP Chapter 8, McKissock USPAP
Chapter 9...
Who appoints the ASB (Appraisal Standards Board)? - (ANSWERS)Members are
appointed by the BOT (Board of Trustees)
What is the purpose of USPAP? - (ANSWERS)The purpose is to promote and
maintain a high level of public trust in appraisal practice by establishing
requirements for appraisers.
Who does the ASB (Appraisal Standards Board) promulgate USPAP for? -
(ANSWERS)It is promulgated for both appraisers and users of appraisal services.
What is the appraiser's responsibility? - (ANSWERS)It is to protect the overall
public trust.
How does USPAP address the ethical and performance obligations of appraisers? -
(ANSWERS)USPAP addresses the ethical and performance obligations of
appraisers through DEFINITIONS, RULES, STANDARDS, STANDARDS
RULES, and STATEMENTS (there are currently no active statements).
What do the DEFINITIONS portion of USPAP establish? - (ANSWERS)The
DEFINITIONS establish the application of certain terminology in USPAP.
What is the purpose of the ETHICS RULE? - (ANSWERS)The ETHICS RULE sets
forth the requirements for integrity, impartiality, objectivity, independent judgment,
and ethical conduct.
What does the RECORD KEEPING RULE establish? - (ANSWERS)The RECORD
KEEPING RULE establishes the workfile requirements for appraisal and appraisal
review assignments.
, 15 HR National USPAP 2020-2021, USPAP 15-Hour Course, 15-Hour
USPAP Course, McKissock USPAP Chapter 1, McKissock USPAP
Chapter 2 (Definitions), McKissock USPAP Chapter 4, McKissock
USPAP Chapter 7, McKissock USPAP Chapter 8, McKissock USPAP
Chapter 9...
What does the COMPETENCY RULE do? - (ANSWERS)The COMPETENCY
RULE presents pre-assignment and assignment conditions for knowledge and
experience.
Wat does the SCOPE OF WORK RULE do? - (ANSWERS)The SCOPE OF WORK
RULE presents obligations related to problem identification, research, and analysis.
What doe the JURISDICTIONAL EXCEPTION RULE do? - (ANSWERS)The
JURISDICTIONAL EXCEPTION RULE preserves the balance of USPAP if a
portion is contrary to law or public policy of a jurisdiction.
What is the purpose of the STANDARDS? - (ANSWERS)The STANDARDS
establish the requirements for appraisal and appraisal review and the manner in
which each is communicated.
What is the purpose of STANDARDS 1 and 2? - (ANSWERS)STANDARDS 1 & 2
establishes requirements for the development and communication of a real property
appraisal.
What is the purpose of STANDARDS 3 and 4? - (ANSWERS)STANDARDS 3 and
4 establishes requirements for the development and communication of an appraisal
review.
What is the purpose of STANDARDS 5 and 6? - (ANSWERS)STANDARDS 5 & 6
establishes requirements for the development and communication of a mass
appraisal.
What is the purpose of STANDARDS 7 and 8? - (ANSWERS)STANDARDS 7 and
8 establishes requirements for the development and communication of a personal
property appraisal.
, 15 HR National USPAP 2020-2021, USPAP 15-Hour Course, 15-Hour
USPAP Course, McKissock USPAP Chapter 1, McKissock USPAP
Chapter 2 (Definitions), McKissock USPAP Chapter 4, McKissock
USPAP Chapter 7, McKissock USPAP Chapter 8, McKissock USPAP
Chapter 9...
What is the purpose of STANDARDS 9 and 10? - (ANSWERS)STANDARDS 9 &
10 establishes requirements for the development and communication of a business
or intangible asset appraisal.
What is the purpose of the COMMENTS of USPAP? - (ANSWERS)Comments are
an integral part of USPAP and have the same weight as the component they address.
These extensions of the DEFINITIONS, RULES, and STANDARDS RULES
provide interpretation and establish the context and conditions for application.
Does USPAP establish who or which assignments must comply? - (ANSWERS)NO.
USPAP does not establish who or which assignments must comply.
What are the limitations of The Appraisal Foundation? - (ANSWERS)The Appraisal
Foundation is not a government entity. It does not have the power to make, judge, or
enforce law.
What are the limitations of the Appraisal Standards Board? - (ANSWERS)The
Appraisal Standards Board is not a government entity. It does not have the power to
make, judge, or enforce law.
When must an appraiser comply with USPAP? - (ANSWERS)An appraiser must
comply with USPAP when either the service or the appraiser is required by law,
regulation, or agreement with the client. Individuals may also choose to comply with
USPAP any time that individual is performing the service as an appraiser.
What must an appraiser do to comply with USPAP? - (ANSWERS)- An appraiser
must act competently and in a manner that is independent, impartial, and objective.
- An appraiser must comply with the ETHICS RULE in all aspects of appraisal
practice.
USPAP Course, McKissock USPAP Chapter 1, McKissock USPAP
Chapter 2 (Definitions), McKissock USPAP Chapter 4, McKissock
USPAP Chapter 7, McKissock USPAP Chapter 8, McKissock USPAP
Chapter 9...
What is USPAP? - (ANSWERS)Uniform Standards of Professional Appraisal
Practice
Why was USPAP developed? - (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? - (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 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.
What is the role of the Appraisal Standards Board (ASB) of The Appraisal
Foundation? - (ANSWERS)To develop, interpret, and amend the Uniform Standards
of Professional Appraisal Practice (USPAP).
What are the five sections of USPAP? - (ANSWERS)Preamble
Definitions
Rules
Standards (Including Standards Rules)
Statements on Appraisal Standards (currently no active statements)
Are the Advisory Opinions (AO) and the Frequently Asked Questions (FAQ) a part
of USPAP? - (ANSWERS)NO. These are reference materials of "Other
Communications". They are for guidance only. These communications do not
establish new Standards or interpret existing Standards and are not a part of USPAP.
Who enforces the adherence and content of USPAP? - (ANSWERS)State and
Federal Regulatory Authorities
, 15 HR National USPAP 2020-2021, USPAP 15-Hour Course, 15-Hour
USPAP Course, McKissock USPAP Chapter 1, McKissock USPAP
Chapter 2 (Definitions), McKissock USPAP Chapter 4, McKissock
USPAP Chapter 7, McKissock USPAP Chapter 8, McKissock USPAP
Chapter 9...
Who appoints the ASB (Appraisal Standards Board)? - (ANSWERS)Members are
appointed by the BOT (Board of Trustees)
What is the purpose of USPAP? - (ANSWERS)The purpose is to promote and
maintain a high level of public trust in appraisal practice by establishing
requirements for appraisers.
Who does the ASB (Appraisal Standards Board) promulgate USPAP for? -
(ANSWERS)It is promulgated for both appraisers and users of appraisal services.
What is the appraiser's responsibility? - (ANSWERS)It is to protect the overall
public trust.
How does USPAP address the ethical and performance obligations of appraisers? -
(ANSWERS)USPAP addresses the ethical and performance obligations of
appraisers through DEFINITIONS, RULES, STANDARDS, STANDARDS
RULES, and STATEMENTS (there are currently no active statements).
What do the DEFINITIONS portion of USPAP establish? - (ANSWERS)The
DEFINITIONS establish the application of certain terminology in USPAP.
What is the purpose of the ETHICS RULE? - (ANSWERS)The ETHICS RULE sets
forth the requirements for integrity, impartiality, objectivity, independent judgment,
and ethical conduct.
What does the RECORD KEEPING RULE establish? - (ANSWERS)The RECORD
KEEPING RULE establishes the workfile requirements for appraisal and appraisal
review assignments.
, 15 HR National USPAP 2020-2021, USPAP 15-Hour Course, 15-Hour
USPAP Course, McKissock USPAP Chapter 1, McKissock USPAP
Chapter 2 (Definitions), McKissock USPAP Chapter 4, McKissock
USPAP Chapter 7, McKissock USPAP Chapter 8, McKissock USPAP
Chapter 9...
What does the COMPETENCY RULE do? - (ANSWERS)The COMPETENCY
RULE presents pre-assignment and assignment conditions for knowledge and
experience.
Wat does the SCOPE OF WORK RULE do? - (ANSWERS)The SCOPE OF WORK
RULE presents obligations related to problem identification, research, and analysis.
What doe the JURISDICTIONAL EXCEPTION RULE do? - (ANSWERS)The
JURISDICTIONAL EXCEPTION RULE preserves the balance of USPAP if a
portion is contrary to law or public policy of a jurisdiction.
What is the purpose of the STANDARDS? - (ANSWERS)The STANDARDS
establish the requirements for appraisal and appraisal review and the manner in
which each is communicated.
What is the purpose of STANDARDS 1 and 2? - (ANSWERS)STANDARDS 1 & 2
establishes requirements for the development and communication of a real property
appraisal.
What is the purpose of STANDARDS 3 and 4? - (ANSWERS)STANDARDS 3 and
4 establishes requirements for the development and communication of an appraisal
review.
What is the purpose of STANDARDS 5 and 6? - (ANSWERS)STANDARDS 5 & 6
establishes requirements for the development and communication of a mass
appraisal.
What is the purpose of STANDARDS 7 and 8? - (ANSWERS)STANDARDS 7 and
8 establishes requirements for the development and communication of a personal
property appraisal.
, 15 HR National USPAP 2020-2021, USPAP 15-Hour Course, 15-Hour
USPAP Course, McKissock USPAP Chapter 1, McKissock USPAP
Chapter 2 (Definitions), McKissock USPAP Chapter 4, McKissock
USPAP Chapter 7, McKissock USPAP Chapter 8, McKissock USPAP
Chapter 9...
What is the purpose of STANDARDS 9 and 10? - (ANSWERS)STANDARDS 9 &
10 establishes requirements for the development and communication of a business
or intangible asset appraisal.
What is the purpose of the COMMENTS of USPAP? - (ANSWERS)Comments are
an integral part of USPAP and have the same weight as the component they address.
These extensions of the DEFINITIONS, RULES, and STANDARDS RULES
provide interpretation and establish the context and conditions for application.
Does USPAP establish who or which assignments must comply? - (ANSWERS)NO.
USPAP does not establish who or which assignments must comply.
What are the limitations of The Appraisal Foundation? - (ANSWERS)The Appraisal
Foundation is not a government entity. It does not have the power to make, judge, or
enforce law.
What are the limitations of the Appraisal Standards Board? - (ANSWERS)The
Appraisal Standards Board is not a government entity. It does not have the power to
make, judge, or enforce law.
When must an appraiser comply with USPAP? - (ANSWERS)An appraiser must
comply with USPAP when either the service or the appraiser is required by law,
regulation, or agreement with the client. Individuals may also choose to comply with
USPAP any time that individual is performing the service as an appraiser.
What must an appraiser do to comply with USPAP? - (ANSWERS)- An appraiser
must act competently and in a manner that is independent, impartial, and objective.
- An appraiser must comply with the ETHICS RULE in all aspects of appraisal
practice.
