15-HOUR NATIONAL USPAP COURSE –
MCKISSOCK 2023
USPAP contains what 4 sections? - 1) The Preamble
2) Definitions
3) Rules
4) Standards
USPAP Provides... - 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? - 1987
What are the 3 boards of The Appraisal Foundation? - - Board of Trustees (BOT)
- Appraiser Qualifications Board (AQB)
- Appraisal Standards Board (ASB)
FIRREA - 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 ... - - Independence
- Impartiality
- Objectivity
- Competency
- Integrity
Where does USPAP's legal authority come from? - 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? - 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. International Sponsors, 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? - 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) - - 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) - 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) - Develops, interprets, and amends the Uniform Standards
of Professional Appraisal Practice (USPAP).
FFIEC - 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.
Composition of the ASC - 7 members, each appointed by the head of their respective agency,
representing:
1. Board of Governors of the Federal Reserve System (FRB)
2. Office of the Comptroller of the Currency (OCC)
3. Federal Deposit Insurance Corporation (FDIC)
4. National Credit Union Administration (NCUA)
5. Department of Housing and Urban Development (HUD)
6. Federal Housing Finance Agency (FHFA)
7. Consumer Financial Protection Bureau (CFPB)
Advisory Opinions in USPAP - Offer guidance and advice, but do not establish new standards or
interpret existing standards.
According to the preamble, the purpose of USPAP is ... - 1. To promote and maintain a high
level of public trust in professional appraisal practice.
2. To establish minimum requirements for professional appraisal practice.
Compliance with USPAP is required when ... - The service or appraiser is obligated to comply by
law, regulation, agreement with client or other user.
Even when not obligated, an individual may still choose to comply.
MCKISSOCK 2023
USPAP contains what 4 sections? - 1) The Preamble
2) Definitions
3) Rules
4) Standards
USPAP Provides... - 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? - 1987
What are the 3 boards of The Appraisal Foundation? - - Board of Trustees (BOT)
- Appraiser Qualifications Board (AQB)
- Appraisal Standards Board (ASB)
FIRREA - 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 ... - - Independence
- Impartiality
- Objectivity
- Competency
- Integrity
Where does USPAP's legal authority come from? - 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? - 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. International Sponsors, 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? - 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) - - 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) - 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) - Develops, interprets, and amends the Uniform Standards
of Professional Appraisal Practice (USPAP).
FFIEC - 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.
Composition of the ASC - 7 members, each appointed by the head of their respective agency,
representing:
1. Board of Governors of the Federal Reserve System (FRB)
2. Office of the Comptroller of the Currency (OCC)
3. Federal Deposit Insurance Corporation (FDIC)
4. National Credit Union Administration (NCUA)
5. Department of Housing and Urban Development (HUD)
6. Federal Housing Finance Agency (FHFA)
7. Consumer Financial Protection Bureau (CFPB)
Advisory Opinions in USPAP - Offer guidance and advice, but do not establish new standards or
interpret existing standards.
According to the preamble, the purpose of USPAP is ... - 1. To promote and maintain a high
level of public trust in professional appraisal practice.
2. To establish minimum requirements for professional appraisal practice.
Compliance with USPAP is required when ... - The service or appraiser is obligated to comply by
law, regulation, agreement with client or other user.
Even when not obligated, an individual may still choose to comply.
