USPAP Final Exam
The Appraisal Foundation has the authority to enforce the requirements of USPAP.
False; The Appraisal Foundation is a private entity. The Foundation and its boards
have no enforcement authority in any jurisdiction.
Which Foundation board is responsible for USPAP?
Appraisal Standards Board (ASB)
Currently, the boards within The Appraisal Foundation include:
Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
Which entity is responsible for establishing education and experience requirements
for licensing and certification of appraisers?
Appraiser Qualifications Board (AQB)
Which entity appoints members of the AQB and ASB?
Board of Trustees (BOT)
Qualification criteria for appraiser certification and recertification are disseminated
to state appraisal boards by the:
Appraiser Qualifications Board (AQB)
Advisory Opinions are best described as
not part of USPAP, but included as reference material
,USPAP is written, amended, and interpreted by the:
Appraisal Standards Board (ASB)
USPAP is enforced by:
State appraiser licensing/certification agencies
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?
Writing, interpreting, and amending USPAP
WRONG Answers: Monitoring the practices, procedures, and activities of The
Appraisal Foundation, Maintaining a National Registry of licensed and certified
appraisers, Overseeing each state's appraiser licensing and certification program are
handled by the ASC
Which entity maintains the official National Registry of state-certified and licensed
appraisers?
Appraisal Subcommittee (ASC)
Who is responsible for issuing credentials to individual appraisers?
State appraisal regulatory agencies
Why are USPAP Advisory Opinions issued?
To offer advice
Which of these is considered an integral part of USPAP and has the same weight as
the components they address?
, Comments
Which part of USPAP establishes the requirements for workfile content for an
appraisal or appraisal review assignment?
RECORD KEEPING RULE
In USPAP, the appraisal process is divided into two distinct types of activity:
_________ and __________.
Development, reporting
The first step in the appraisal process is:
Identify the problem
Which step in the appraisal process involves communication of the appraiser's
opinions and conclusions?
Reporting
To which property types does USPAP apply?
Both tangible and intangible property
What is the stated purpose of USPAP?
Promote and maintain a high level of public trust in appraisal practice
The PREAMBLE states that USPAP intended to benefit:
Appraisers and users of appraisal services
The Appraisal Foundation has the authority to enforce the requirements of USPAP.
False; The Appraisal Foundation is a private entity. The Foundation and its boards
have no enforcement authority in any jurisdiction.
Which Foundation board is responsible for USPAP?
Appraisal Standards Board (ASB)
Currently, the boards within The Appraisal Foundation include:
Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
Which entity is responsible for establishing education and experience requirements
for licensing and certification of appraisers?
Appraiser Qualifications Board (AQB)
Which entity appoints members of the AQB and ASB?
Board of Trustees (BOT)
Qualification criteria for appraiser certification and recertification are disseminated
to state appraisal boards by the:
Appraiser Qualifications Board (AQB)
Advisory Opinions are best described as
not part of USPAP, but included as reference material
,USPAP is written, amended, and interpreted by the:
Appraisal Standards Board (ASB)
USPAP is enforced by:
State appraiser licensing/certification agencies
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?
Writing, interpreting, and amending USPAP
WRONG Answers: Monitoring the practices, procedures, and activities of The
Appraisal Foundation, Maintaining a National Registry of licensed and certified
appraisers, Overseeing each state's appraiser licensing and certification program are
handled by the ASC
Which entity maintains the official National Registry of state-certified and licensed
appraisers?
Appraisal Subcommittee (ASC)
Who is responsible for issuing credentials to individual appraisers?
State appraisal regulatory agencies
Why are USPAP Advisory Opinions issued?
To offer advice
Which of these is considered an integral part of USPAP and has the same weight as
the components they address?
, Comments
Which part of USPAP establishes the requirements for workfile content for an
appraisal or appraisal review assignment?
RECORD KEEPING RULE
In USPAP, the appraisal process is divided into two distinct types of activity:
_________ and __________.
Development, reporting
The first step in the appraisal process is:
Identify the problem
Which step in the appraisal process involves communication of the appraiser's
opinions and conclusions?
Reporting
To which property types does USPAP apply?
Both tangible and intangible property
What is the stated purpose of USPAP?
Promote and maintain a high level of public trust in appraisal practice
The PREAMBLE states that USPAP intended to benefit:
Appraisers and users of appraisal services
