15-hour National USPAP Course – McKissock
Practice Exam Questions and Answers Top
Rated Latest Versions
USPAP contains what 4 sections? - Correct Answer>> 1) The Preamble
2) Definitions
3) Rules
4) Standards
USPAP Provides... - Correct Answer>> 1. A common basis for
comparison
2. A reference source for all users of the document
3. A basis for uniform enforcement for state regulatory agencies
4. A reason for clients, other intended users, and the public to place their
trust in the services performed by professional appraisers
What year was The Appraisal Foundation formed? - Correct Answer>>
1987
What are the 3 boards of The Appraisal Foundation? - Correct Answer>>
- Board of Trustees (BOT)
- Appraiser Qualifications Board (AQB)
- Appraisal Standards Board (ASB)
FIRREA - Correct Answer>> Financial Institutions Reform, Recovery, and
,Enforcement Act of 1989
Title XI created the Appraisal Subcommittee (ASC) of the Federal
Financial Institutions Examination Council (FFIEC).
An Appraiser must act with ... - Correct Answer>> - Independence
- Impartiality
- Objectivity
- Competency
,- Integrity
Where does USPAP's legal authority come from? - Correct Answer>>
Adoption, citation, or implementation by government agencies through
regulation or administrative actions, or by private enterprise in the form
of contract requirements.
Since TAF is not a government agency, it cannot create legal oversight or
enforcement on its own.
What are the three categories of TAF sponsors? - Correct Answer>> 1.
Appraisal Sponsors, consisting of non- profit appraisal organizations
serving appraisers;
2. Affiliate Sponsors,
consisting of non-profit organizations serving
those with an interest in valuation, primarily users of appraisal
services;
3. InternationalSponsors, consisting of either non-profit or non-stock
organizations based outside the
U.S. with an interest in valuation.
What are the two advisory councils of TAF? - Correct Answer>> 1. The
Appraisal Foundation Advisory Council (TAFAC) made up of reps from
non-profits and gov't entities
2. The Industry Advisory Council (IAC) members from for-profit orgs.
Board of Trustees (BOT) - Correct Answer>> - Appoints members to its
independent boards
- Secures funding for TAF operations
- Monitors performance and oversight of TAF and its Boards and Advisory
Councils
, The Appraiser Qualifications Board (AQB) - Correct Answer>>
Establishes the minimum education, experience, and examination
requirements an individual must meet in order to become a licensed or
certified appraiser.
The Appraisal Standards Board (ASB) - Correct Answer>> Develops,
interprets, and amends the Uniform Standards of Professional Appraisal
Practice (USPAP).
FFIEC - Correct Answer>> The US Federal Financial Institutions
Examination Council.
FFIEC is a formal interagency body empowered to prescribe uniform
principles, standards, and report forms, and to make recommendations
to promote uniformity in the supervision of financial institutions.
Practice Exam Questions and Answers Top
Rated Latest Versions
USPAP contains what 4 sections? - Correct Answer>> 1) The Preamble
2) Definitions
3) Rules
4) Standards
USPAP Provides... - Correct Answer>> 1. A common basis for
comparison
2. A reference source for all users of the document
3. A basis for uniform enforcement for state regulatory agencies
4. A reason for clients, other intended users, and the public to place their
trust in the services performed by professional appraisers
What year was The Appraisal Foundation formed? - Correct Answer>>
1987
What are the 3 boards of The Appraisal Foundation? - Correct Answer>>
- Board of Trustees (BOT)
- Appraiser Qualifications Board (AQB)
- Appraisal Standards Board (ASB)
FIRREA - Correct Answer>> Financial Institutions Reform, Recovery, and
,Enforcement Act of 1989
Title XI created the Appraisal Subcommittee (ASC) of the Federal
Financial Institutions Examination Council (FFIEC).
An Appraiser must act with ... - Correct Answer>> - Independence
- Impartiality
- Objectivity
- Competency
,- Integrity
Where does USPAP's legal authority come from? - Correct Answer>>
Adoption, citation, or implementation by government agencies through
regulation or administrative actions, or by private enterprise in the form
of contract requirements.
Since TAF is not a government agency, it cannot create legal oversight or
enforcement on its own.
What are the three categories of TAF sponsors? - Correct Answer>> 1.
Appraisal Sponsors, consisting of non- profit appraisal organizations
serving appraisers;
2. Affiliate Sponsors,
consisting of non-profit organizations serving
those with an interest in valuation, primarily users of appraisal
services;
3. InternationalSponsors, consisting of either non-profit or non-stock
organizations based outside the
U.S. with an interest in valuation.
What are the two advisory councils of TAF? - Correct Answer>> 1. The
Appraisal Foundation Advisory Council (TAFAC) made up of reps from
non-profits and gov't entities
2. The Industry Advisory Council (IAC) members from for-profit orgs.
Board of Trustees (BOT) - Correct Answer>> - Appoints members to its
independent boards
- Secures funding for TAF operations
- Monitors performance and oversight of TAF and its Boards and Advisory
Councils
, The Appraiser Qualifications Board (AQB) - Correct Answer>>
Establishes the minimum education, experience, and examination
requirements an individual must meet in order to become a licensed or
certified appraiser.
The Appraisal Standards Board (ASB) - Correct Answer>> Develops,
interprets, and amends the Uniform Standards of Professional Appraisal
Practice (USPAP).
FFIEC - Correct Answer>> The US Federal Financial Institutions
Examination Council.
FFIEC is a formal interagency body empowered to prescribe uniform
principles, standards, and report forms, and to make recommendations
to promote uniformity in the supervision of financial institutions.
