15-HOUR NATIONAL USPAP STUDY GUIDE EXAM
QUESTIONS WITH CORRECT ANSWERS 2026
Savings and Loan (S&L) Crisis - CORRECT ANSWER -The failure of about 1/3 of the nation's
savings and loan associations from the mid 1980s to the mid 1990s.
Ad Hoc Committee - CORRECT ANSWER -Created in 1986 in response to the S&L Crisis; made of
8 professional appraisal organizations in the US along with the Appraisal Institute of Canada.
Initial work focused on defining "market value."
1) Credible appraisal practice, 2) ethical and competent individuals, 3) public trust - CORRECT
ANSWER -The critical issues identified by the Ad Hoc Committee
1987 - CORRECT ANSWER -The year the Appraisal Foundation was established in order to
implement USPAP
BOT, AQB, ASB - CORRECT ANSWER -The 3 main boards of the Appraisal Foundation
Board of Trustees - CORRECT ANSWER -The VOLUNTEER governing body of the Foundation;
appoints members to its independent boards, secures funding for TAF operation, and monitors
performance and oversight of the Foundation and its boards and advisory councils.
Appraiser Qualifications Board - CORRECT ANSWER -An independent board of the Foundation,
which sets minimum qualification criteria that must be met before entering the profession and
qualifications to maintain a credential.
Appraisal Standards Board - CORRECT ANSWER -An independent board of the Foundation,
which writes, amends, and interprets USPAP.
,Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) - CORRECT ANSWER -
Enacted in 1989; authorized the Foundation as the source of appraisal standards and
qualifications. Created the Appraisal Subcommittee (ASC) of the Federal Financial Institutions
Examination Council (FFIEC).
Appraisal Subcommittee - CORRECT ANSWER -Established by Title XI of the FIRREA and FFIEC;
has a supervisory role over state appraiser regulatory agencies and real property appraisers,
including the Foundation. Provides grants to the Foundation but is funded by license renewal
payments. Comprised of 7 members.
All of them - CORRECT ANSWER -The types of assets and disciplines included in USPAP
By adoption, citation, or implementation by gov. agencies - CORRECT ANSWER -How USPAP
achieves legal authority
None - CORRECT ANSWER -The Foundation's legal authority, including the ability to enforce
USPAP
The Appraisal Foundation - CORRECT ANSWER -A NON-PROFIT organization authorized by
Congress to establish real property appraiser qualifications and appraisal standards. IS NOT a
government agency.
AQB and ASB - CORRECT ANSWER -The Appraisal Foundation boards with Congressional
authorization.
Appraisal, Affiliate, and International - CORRECT ANSWER -The Foundation's 3 categories of
sponsors
The Appraisal Foundation Advisory Council (TAFAC) and The Industry Advisory Council (IAC) -
CORRECT ANSWER -The Foundation's two advisory councils
, Valuation Advisories - CORRECT ANSWER -Voluntary guidance about emerging issues and
recognized valuation techniques, provided by the BOT
Foreword, Preamble, Definitions, Rules, Standards, and Table of Contents - CORRECT ANSWER -6
Sections of USPAP
USPAP (Uniform Standards of Professional Appraisal Practice) - CORRECT ANSWER -Establishes
standards of professional appraisal practice for the guidance and education of appraisers and
users of appraisal services.
USPAP Q&As - CORRECT ANSWER -Written in response to questions received by the ASB; posted
on www.appraisalfoundation.org and social media accounts. The most relevant are included in
the FAQs publication
Advisory Opinions - CORRECT ANSWER -Guidance. Issued to illustrate the applicability of
appraisal standards in specific situations and to offer advice from the ASB. Not part of USPAP,
but included in the reference material
Federal Financial Institutions Examination Council (FFIEC) - CORRECT ANSWER -Prescribes
uniform principles, standards, and report forms, and makes recommendations to promote
uniformity in the supervision of financial institutions, including Banks.
State appraiser regulatory agencies - CORRECT ANSWER -Have the authority to establish higher
than the AQB minimum criteria for appraiser requirements. Typically governed by a board or
council consisting of 5-9 individuals who are appointed by the governor. Responsible for issuing
credentials, registering, and taking disciplinary action against appraisers who violate USPAP.
Ethics, competency, record keeping, scope of work, jurisdictional exception - CORRECT ANSWER
-The 5 sections within the "Rules" portion of USPAP
QUESTIONS WITH CORRECT ANSWERS 2026
Savings and Loan (S&L) Crisis - CORRECT ANSWER -The failure of about 1/3 of the nation's
savings and loan associations from the mid 1980s to the mid 1990s.
Ad Hoc Committee - CORRECT ANSWER -Created in 1986 in response to the S&L Crisis; made of
8 professional appraisal organizations in the US along with the Appraisal Institute of Canada.
Initial work focused on defining "market value."
1) Credible appraisal practice, 2) ethical and competent individuals, 3) public trust - CORRECT
ANSWER -The critical issues identified by the Ad Hoc Committee
1987 - CORRECT ANSWER -The year the Appraisal Foundation was established in order to
implement USPAP
BOT, AQB, ASB - CORRECT ANSWER -The 3 main boards of the Appraisal Foundation
Board of Trustees - CORRECT ANSWER -The VOLUNTEER governing body of the Foundation;
appoints members to its independent boards, secures funding for TAF operation, and monitors
performance and oversight of the Foundation and its boards and advisory councils.
Appraiser Qualifications Board - CORRECT ANSWER -An independent board of the Foundation,
which sets minimum qualification criteria that must be met before entering the profession and
qualifications to maintain a credential.
Appraisal Standards Board - CORRECT ANSWER -An independent board of the Foundation,
which writes, amends, and interprets USPAP.
,Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) - CORRECT ANSWER -
Enacted in 1989; authorized the Foundation as the source of appraisal standards and
qualifications. Created the Appraisal Subcommittee (ASC) of the Federal Financial Institutions
Examination Council (FFIEC).
Appraisal Subcommittee - CORRECT ANSWER -Established by Title XI of the FIRREA and FFIEC;
has a supervisory role over state appraiser regulatory agencies and real property appraisers,
including the Foundation. Provides grants to the Foundation but is funded by license renewal
payments. Comprised of 7 members.
All of them - CORRECT ANSWER -The types of assets and disciplines included in USPAP
By adoption, citation, or implementation by gov. agencies - CORRECT ANSWER -How USPAP
achieves legal authority
None - CORRECT ANSWER -The Foundation's legal authority, including the ability to enforce
USPAP
The Appraisal Foundation - CORRECT ANSWER -A NON-PROFIT organization authorized by
Congress to establish real property appraiser qualifications and appraisal standards. IS NOT a
government agency.
AQB and ASB - CORRECT ANSWER -The Appraisal Foundation boards with Congressional
authorization.
Appraisal, Affiliate, and International - CORRECT ANSWER -The Foundation's 3 categories of
sponsors
The Appraisal Foundation Advisory Council (TAFAC) and The Industry Advisory Council (IAC) -
CORRECT ANSWER -The Foundation's two advisory councils
, Valuation Advisories - CORRECT ANSWER -Voluntary guidance about emerging issues and
recognized valuation techniques, provided by the BOT
Foreword, Preamble, Definitions, Rules, Standards, and Table of Contents - CORRECT ANSWER -6
Sections of USPAP
USPAP (Uniform Standards of Professional Appraisal Practice) - CORRECT ANSWER -Establishes
standards of professional appraisal practice for the guidance and education of appraisers and
users of appraisal services.
USPAP Q&As - CORRECT ANSWER -Written in response to questions received by the ASB; posted
on www.appraisalfoundation.org and social media accounts. The most relevant are included in
the FAQs publication
Advisory Opinions - CORRECT ANSWER -Guidance. Issued to illustrate the applicability of
appraisal standards in specific situations and to offer advice from the ASB. Not part of USPAP,
but included in the reference material
Federal Financial Institutions Examination Council (FFIEC) - CORRECT ANSWER -Prescribes
uniform principles, standards, and report forms, and makes recommendations to promote
uniformity in the supervision of financial institutions, including Banks.
State appraiser regulatory agencies - CORRECT ANSWER -Have the authority to establish higher
than the AQB minimum criteria for appraiser requirements. Typically governed by a board or
council consisting of 5-9 individuals who are appointed by the governor. Responsible for issuing
credentials, registering, and taking disciplinary action against appraisers who violate USPAP.
Ethics, competency, record keeping, scope of work, jurisdictional exception - CORRECT ANSWER
-The 5 sections within the "Rules" portion of USPAP
