USPAP Course 2026 Question and Answer |
Complete Exam Prep Using Previously
Tested Content
• USPAP has 4 sections -✓✓Preamble
Definitions
Rules
Standards
• BOT - Board of Trustees -✓✓Volunteer leadership & oversight to
foundation
Governing body of foundation
• AQB appraiser qualification board -✓✓Sets minimum qualification
criteria that must be met before entering the profession & qualifications
to maintain credentials
• ASB (Appraisal Standards Board) -✓✓Establishes USPAP
Writes, amends & interprets USPAP
• USPAP was created to -✓✓to promote and preserve public trust in
professional appraisal practice
,• Title XI (11) FIRREA -✓✓Provided recognition & authorized federal
financial institution regulatory agencies to reference USPAP in their
regulations
• The foundation -✓✓Private entity, not a government agency
1 part of a 3 part regulatory system for real property appraisers
• ASC (Appraisal Subcommittee) -✓✓Has supervisory role over state
appraiser regulatory agencies & real property appraisers
Operations funded by state/licensed appraiser through license renewal-
national registry fee
Maintains a national registry of state certified & licensed appraisers
• Appraiser -✓✓One who is expected to perform valuation services
competently and in a manner that is independent, impartial, and
objective.
• Who must comply with USPAP -✓✓An individual must comply with
USPAP when required by law, regulation, or agreement with the client
or other intended users
And individual should comply with USPAP when choosing to represent
oneself as an appraiser
• Valuation service -✓✓a service pertaining to an aspect of property
value, regardless of the type of service and whether it is performed by
appraisers or by others.
, • Appraisal Practice -✓✓Valuation services performed by an individual
acting as an appraiser, including but not limited to appraisal and
appraisal review.
• Other services provided by an appraiser & within appraisal practice
might include -✓✓Teaching appraisal courses
Performing a feasibility study
Writing an appraisal article
Performing a market study
• User expectations -✓✓Identify the capacity in which she is performing
& inquire about the intended users expections
When performing services outside appraisal practice, do not
misrepresent yourself
Can choose to provide a valuation service as an appraiser or in some
other capacity, but must not violate public trust
• Ethics Rule -✓✓A USPAP rule that requires appraisers to avoid
actions that could be considered misleading or fraudulent
An appraiser must promote and preserve public trust inherent in
professional appraisal practice by observing the highest standards of
professional ethics
Complete Exam Prep Using Previously
Tested Content
• USPAP has 4 sections -✓✓Preamble
Definitions
Rules
Standards
• BOT - Board of Trustees -✓✓Volunteer leadership & oversight to
foundation
Governing body of foundation
• AQB appraiser qualification board -✓✓Sets minimum qualification
criteria that must be met before entering the profession & qualifications
to maintain credentials
• ASB (Appraisal Standards Board) -✓✓Establishes USPAP
Writes, amends & interprets USPAP
• USPAP was created to -✓✓to promote and preserve public trust in
professional appraisal practice
,• Title XI (11) FIRREA -✓✓Provided recognition & authorized federal
financial institution regulatory agencies to reference USPAP in their
regulations
• The foundation -✓✓Private entity, not a government agency
1 part of a 3 part regulatory system for real property appraisers
• ASC (Appraisal Subcommittee) -✓✓Has supervisory role over state
appraiser regulatory agencies & real property appraisers
Operations funded by state/licensed appraiser through license renewal-
national registry fee
Maintains a national registry of state certified & licensed appraisers
• Appraiser -✓✓One who is expected to perform valuation services
competently and in a manner that is independent, impartial, and
objective.
• Who must comply with USPAP -✓✓An individual must comply with
USPAP when required by law, regulation, or agreement with the client
or other intended users
And individual should comply with USPAP when choosing to represent
oneself as an appraiser
• Valuation service -✓✓a service pertaining to an aspect of property
value, regardless of the type of service and whether it is performed by
appraisers or by others.
, • Appraisal Practice -✓✓Valuation services performed by an individual
acting as an appraiser, including but not limited to appraisal and
appraisal review.
• Other services provided by an appraiser & within appraisal practice
might include -✓✓Teaching appraisal courses
Performing a feasibility study
Writing an appraisal article
Performing a market study
• User expectations -✓✓Identify the capacity in which she is performing
& inquire about the intended users expections
When performing services outside appraisal practice, do not
misrepresent yourself
Can choose to provide a valuation service as an appraiser or in some
other capacity, but must not violate public trust
• Ethics Rule -✓✓A USPAP rule that requires appraisers to avoid
actions that could be considered misleading or fraudulent
An appraiser must promote and preserve public trust inherent in
professional appraisal practice by observing the highest standards of
professional ethics
