2026 USPAP TEST QUESTIONS WITH
CORRECT ANSWERS
The Appraisal Foundation (Foundation) - CORRECT ANSWER -The Foundation is not a regulatory
agency, but it provides the tools that regulators use. The Foundation is organized into three
main boards: Board of Trustees (BOT), Appraiser Qualifications Board (AQB), Appraisal
Standards Board (ASB)
Board of Trustees (BOT) - CORRECT ANSWER -Board of Trustees (BOT), which provides volunteer
leadership and oversight for the Foundation.
Appraiser Qualifications Board (AQB) - CORRECT ANSWER -Appraiser Qualifications Board
(AQB), an independent board of the Foundation, which sets minimum qualification criteria that
must be met before entering the profession as well as qualifications to maintain a credential.
Appraisal Standards Board (ASB) - CORRECT ANSWER -Appraisal Standards Board (ASB), an
independent board of the Foundation, which establishes the Uniform Standards of Professional
Appraisal Practice (USPAP).
Appraisal Subcommittee (ASC) - CORRECT ANSWER -Under Title XI, one of the ASC's core
functions is to monitor the requirements established by state regulatory agencies for
certification and licensing of appraisers qualified to perform appraisals in connection with
federally related transactions.
Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) - CORRECT ANSWER -In
1989, the U.S. Congress enacted the Financial Institutions Reform, Recovery, and Enforcement
Act (FIRREA), which authorized the Foundation as the source of appraisal standards and
qualifications
,Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 created -
CORRECT ANSWER -Appraisal Subcommittee (ASC) of the Federal Financial Institutions
Examination Council (FFIEC).
USPAP was created to? - CORRECT ANSWER -Promote and preserve public trust in professional
appraisal practice.
All appraisal disciplines, including personal property, were included in USPAP to establish. -
CORRECT ANSWER -One set of standards for the appraisal profession.
The Foundation is. - CORRECT ANSWER -A private entity and not a government agency.
The Foundation and its boards - CORRECT ANSWER -Have no legal oversight or enforcement
authority in any jurisdiction.
USPAP achieves legal authority by - CORRECT ANSWER -Adoption, citation, or implementation
by government agencies through regulation or administrative actions, or by private enterprise in
the form of contract requirements
Sponsoring Organizations of the Foundation must require members to - CORRECT ANSWER -
Comply with USPAP.
The Foundation IS NOT: - CORRECT ANSWER -a. A government agency
b. A professional appraisal organization
c. A membership organization
, The Foundation IS - CORRECT ANSWER -a. A non-profit organization
b. An organization specifically authorized by Congress to establish real property appraiser
qualifications and appraisal standards.
c. An organization of nearly 100 organizations comprised of valuation professionals, banks,
homebuilders, attorneys, real estate professionals, and16 different government agencies.
The Foundation is governed by a Board of Trustees and has two independent boards with
Congressional authorization - CORRECT ANSWER -a. Appraiser Qualifications Board (AQB)
b. Appraisal Standards Board (ASB)
The Foundation has three categories of sponsors - CORRECT ANSWER -a. Appraisal Sponsors
(non-profit appraisal organizations serving appraisers)
b. Affiliate Sponsors (non-profit organizations serving those with an interest in valuation,
primarily users of appraisal services)
c. International Sponsors (non-profit or non-stock organizations based outside the United States
with an interest in valuation)
The Foundation has three advisory councils - CORRECT ANSWER -The Appraisal Foundation
Advisory Council (TAFAC)
The Industry Advisory Council (IAC)
The Council to Advance Residential Equity (CARE)
CORRECT ANSWERS
The Appraisal Foundation (Foundation) - CORRECT ANSWER -The Foundation is not a regulatory
agency, but it provides the tools that regulators use. The Foundation is organized into three
main boards: Board of Trustees (BOT), Appraiser Qualifications Board (AQB), Appraisal
Standards Board (ASB)
Board of Trustees (BOT) - CORRECT ANSWER -Board of Trustees (BOT), which provides volunteer
leadership and oversight for the Foundation.
Appraiser Qualifications Board (AQB) - CORRECT ANSWER -Appraiser Qualifications Board
(AQB), an independent board of the Foundation, which sets minimum qualification criteria that
must be met before entering the profession as well as qualifications to maintain a credential.
Appraisal Standards Board (ASB) - CORRECT ANSWER -Appraisal Standards Board (ASB), an
independent board of the Foundation, which establishes the Uniform Standards of Professional
Appraisal Practice (USPAP).
Appraisal Subcommittee (ASC) - CORRECT ANSWER -Under Title XI, one of the ASC's core
functions is to monitor the requirements established by state regulatory agencies for
certification and licensing of appraisers qualified to perform appraisals in connection with
federally related transactions.
Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) - CORRECT ANSWER -In
1989, the U.S. Congress enacted the Financial Institutions Reform, Recovery, and Enforcement
Act (FIRREA), which authorized the Foundation as the source of appraisal standards and
qualifications
,Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 created -
CORRECT ANSWER -Appraisal Subcommittee (ASC) of the Federal Financial Institutions
Examination Council (FFIEC).
USPAP was created to? - CORRECT ANSWER -Promote and preserve public trust in professional
appraisal practice.
All appraisal disciplines, including personal property, were included in USPAP to establish. -
CORRECT ANSWER -One set of standards for the appraisal profession.
The Foundation is. - CORRECT ANSWER -A private entity and not a government agency.
The Foundation and its boards - CORRECT ANSWER -Have no legal oversight or enforcement
authority in any jurisdiction.
USPAP achieves legal authority by - CORRECT ANSWER -Adoption, citation, or implementation
by government agencies through regulation or administrative actions, or by private enterprise in
the form of contract requirements
Sponsoring Organizations of the Foundation must require members to - CORRECT ANSWER -
Comply with USPAP.
The Foundation IS NOT: - CORRECT ANSWER -a. A government agency
b. A professional appraisal organization
c. A membership organization
, The Foundation IS - CORRECT ANSWER -a. A non-profit organization
b. An organization specifically authorized by Congress to establish real property appraiser
qualifications and appraisal standards.
c. An organization of nearly 100 organizations comprised of valuation professionals, banks,
homebuilders, attorneys, real estate professionals, and16 different government agencies.
The Foundation is governed by a Board of Trustees and has two independent boards with
Congressional authorization - CORRECT ANSWER -a. Appraiser Qualifications Board (AQB)
b. Appraisal Standards Board (ASB)
The Foundation has three categories of sponsors - CORRECT ANSWER -a. Appraisal Sponsors
(non-profit appraisal organizations serving appraisers)
b. Affiliate Sponsors (non-profit organizations serving those with an interest in valuation,
primarily users of appraisal services)
c. International Sponsors (non-profit or non-stock organizations based outside the United States
with an interest in valuation)
The Foundation has three advisory councils - CORRECT ANSWER -The Appraisal Foundation
Advisory Council (TAFAC)
The Industry Advisory Council (IAC)
The Council to Advance Residential Equity (CARE)
