USPAP 2022-2023 Questions and
Answers Rated A+
Which board within The Appraisal Foundation has the authority to make revisions to USPAP?
Board of Trustees (BOT)
Appraisal Standards Board (ASB)
Appraiser Qualifications Board (AQB)
All boards within the Foundation have the authority to revise USPAP ✔✔Appraisal Standards
Board (ASB)
The three independent boards within The Appraisal Foundation include:
Appraisal Standards Board, Appraisal Subcommittee, Federal Housing Finance Agency
Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
Board of Trustees, Federal Housing Board, Fannie Mae Board
Appraisal Standards Board, Federal Appraiser Board, Federal Housing Administration
✔✔Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
Which law mandated that all states must establish a program for appraiser licensing and
certification?
,HVCC
Dodd-Frank Act
Truth in Lending Act
FIRREA ✔✔FIRREA
Who is responsible for appointing members to the Appraiser Qualifications Board?
Appraisal Standards Board (ASB)
The Secretary of HUD
The AQB appoints its own members
The Board of Trustees (BOT) ✔✔the board of trustees (bot)
The Dodd-Frank Act of 2010 requires the ASC to create and maintain a national registry of:
Home builders and contractors
Subprime lenders
Appraisal trainees and supervisors
Appraisal management companies ✔✔Appraisal management companies
The ASC's National Complaint Hotline will provide referrals for complaints against:
,Appraisers only
AMCs only
Appraisers, lenders, AMCs or others
Government entities such as state appraisal boards and HUD ✔✔Appraisers, lenders, AMCs or
others
The ASC is composed of members appointed by the four federal financial institution regulatory
agencies, plus the Bureau of Consumer Financial Protection, the Federal Housing Finance
Agency, and _____________.
Department of Homeland Security
Environmental Protection Agency
National Association of Homebuilders
Department of Housing and Urban Development ✔✔Department of Housing and Urban
Development
Currently, what is the annual national registry fee per appraiser?
$25
$40
$75
, $100 ✔✔40
Which entity is responsible for monitoring The Appraisal Foundation to ensure it is properly
fulfilling its responsibilities under Title XI of FIRREA?
Appraisal Subcommittee (ASC)
U.S. Department of HUD
Appraiser Qualifications Board (AQB)
State appraisal regulatory agencies ✔✔asc
An appraiser violates the laws of his state when performing an appraisal. Which entity may take
disciplinary action against him?
The Appraiser Qualifications Board (AQB)
The Appraisal Standards Board (ASB)
The state appraisal regulatory agency
Any and all of these entities may pursue disciplinary action ✔✔The state appraisal regulatory
agency
An individual submits an application to become a certified appraiser. Who is responsible for
approving or disapproving the application?
Answers Rated A+
Which board within The Appraisal Foundation has the authority to make revisions to USPAP?
Board of Trustees (BOT)
Appraisal Standards Board (ASB)
Appraiser Qualifications Board (AQB)
All boards within the Foundation have the authority to revise USPAP ✔✔Appraisal Standards
Board (ASB)
The three independent boards within The Appraisal Foundation include:
Appraisal Standards Board, Appraisal Subcommittee, Federal Housing Finance Agency
Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
Board of Trustees, Federal Housing Board, Fannie Mae Board
Appraisal Standards Board, Federal Appraiser Board, Federal Housing Administration
✔✔Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
Which law mandated that all states must establish a program for appraiser licensing and
certification?
,HVCC
Dodd-Frank Act
Truth in Lending Act
FIRREA ✔✔FIRREA
Who is responsible for appointing members to the Appraiser Qualifications Board?
Appraisal Standards Board (ASB)
The Secretary of HUD
The AQB appoints its own members
The Board of Trustees (BOT) ✔✔the board of trustees (bot)
The Dodd-Frank Act of 2010 requires the ASC to create and maintain a national registry of:
Home builders and contractors
Subprime lenders
Appraisal trainees and supervisors
Appraisal management companies ✔✔Appraisal management companies
The ASC's National Complaint Hotline will provide referrals for complaints against:
,Appraisers only
AMCs only
Appraisers, lenders, AMCs or others
Government entities such as state appraisal boards and HUD ✔✔Appraisers, lenders, AMCs or
others
The ASC is composed of members appointed by the four federal financial institution regulatory
agencies, plus the Bureau of Consumer Financial Protection, the Federal Housing Finance
Agency, and _____________.
Department of Homeland Security
Environmental Protection Agency
National Association of Homebuilders
Department of Housing and Urban Development ✔✔Department of Housing and Urban
Development
Currently, what is the annual national registry fee per appraiser?
$25
$40
$75
, $100 ✔✔40
Which entity is responsible for monitoring The Appraisal Foundation to ensure it is properly
fulfilling its responsibilities under Title XI of FIRREA?
Appraisal Subcommittee (ASC)
U.S. Department of HUD
Appraiser Qualifications Board (AQB)
State appraisal regulatory agencies ✔✔asc
An appraiser violates the laws of his state when performing an appraisal. Which entity may take
disciplinary action against him?
The Appraiser Qualifications Board (AQB)
The Appraisal Standards Board (ASB)
The state appraisal regulatory agency
Any and all of these entities may pursue disciplinary action ✔✔The state appraisal regulatory
agency
An individual submits an application to become a certified appraiser. Who is responsible for
approving or disapproving the application?
