USPAP 15-Hour Course complete latest
update A+ graded
The Preamble states that USPAP is - answers for appraisers and users of appraisal
services.
The stated purpose of USPAP - answers Promote and maintain a high level of public
trust in appraisal practice.
When obligated by law or regulation an appraiser must - answers comply with USPAP.
USPAP applies to which types of properties? - answers Tangible and Intangible
Valuation services - answers is not a subset of appraisal practice.
An appraiser has the professional responsibility - answers to identify the capacity in
which he or she is performing.
Reasons why an appraiser would prepare an appraisal assignment in conformance with
USPAP - answers 1. Agreement with client.
2. Law or regulation.
3. Voluntary choice.
An appraiser who provides an appraisal service that is not an appraisal, appraisal
review, or appraisal consulting assignment does not have workfile obligations
associated with the assignment. - answers True
An individual is not prohibited from providing valuation services that involve advocacy
while acting as an appraiser. - answers False
When performing valuation services outside of appraisal practice, appraisers must be
careful not to _________________ the client and other intended users about their role. -
answers Mislead
, USPAP states that in a situation when an individual is not required by law, regulation, or
agreement to comply with USPAP: - answers The individual should still comply when
acting as an appraiser.
An appraiser is engaged to teach an appraisal course. What parts of USPAP apply? -
answers The parts of USPAP that apply generally to appraisal practice.
The Appraisal Practices Board (APB) was created when? - answers 2010
The APB is a(n) - answers independent board.
Boards within The Appraisal Foundation (TAF) - answers 1. Board of Trustees (BOT)
2. Appraisal Standards Board (ASB)
3. Appraisal Qualifications Board (AQB)
4. Appraisal Practices Board (APB)
APB is a - answers private entity.
The APB has authority to enforce the requirements of USPAP. - answers False
Who has the only jurisdiction and authority over appraisers? - answers States
ASB - answers Develops, interprets, and amends USPAP.
Advisory opinions - answers Not part of USPAP; reference material only.
APB - answers Guidance is voluntary.
ASC - answers Maintains the official National Registry of state certified and licensed
appraisers.
State appraisal regulatory committees - answers responsible for issuing credentials to
individual appraisers.
Responsibilities of ASC: - answers • Establishes, improves, and promulgates the
USPAP
• Subject, content, and substance of USPAP and other communication related to
appraisal standards.
• Establishes standards of professional appraisal practice for the guidance and
education of appraisers and users of appraisal services.
• Maintains the official National Registry of state certified and licensed appraisers.
Developing, amending, and interpreting USPAP is NOT a responsibility of - answers
ASC
12. USPAP divides the appraisal process into two distinct types of activity: - answers
Develop and report
update A+ graded
The Preamble states that USPAP is - answers for appraisers and users of appraisal
services.
The stated purpose of USPAP - answers Promote and maintain a high level of public
trust in appraisal practice.
When obligated by law or regulation an appraiser must - answers comply with USPAP.
USPAP applies to which types of properties? - answers Tangible and Intangible
Valuation services - answers is not a subset of appraisal practice.
An appraiser has the professional responsibility - answers to identify the capacity in
which he or she is performing.
Reasons why an appraiser would prepare an appraisal assignment in conformance with
USPAP - answers 1. Agreement with client.
2. Law or regulation.
3. Voluntary choice.
An appraiser who provides an appraisal service that is not an appraisal, appraisal
review, or appraisal consulting assignment does not have workfile obligations
associated with the assignment. - answers True
An individual is not prohibited from providing valuation services that involve advocacy
while acting as an appraiser. - answers False
When performing valuation services outside of appraisal practice, appraisers must be
careful not to _________________ the client and other intended users about their role. -
answers Mislead
, USPAP states that in a situation when an individual is not required by law, regulation, or
agreement to comply with USPAP: - answers The individual should still comply when
acting as an appraiser.
An appraiser is engaged to teach an appraisal course. What parts of USPAP apply? -
answers The parts of USPAP that apply generally to appraisal practice.
The Appraisal Practices Board (APB) was created when? - answers 2010
The APB is a(n) - answers independent board.
Boards within The Appraisal Foundation (TAF) - answers 1. Board of Trustees (BOT)
2. Appraisal Standards Board (ASB)
3. Appraisal Qualifications Board (AQB)
4. Appraisal Practices Board (APB)
APB is a - answers private entity.
The APB has authority to enforce the requirements of USPAP. - answers False
Who has the only jurisdiction and authority over appraisers? - answers States
ASB - answers Develops, interprets, and amends USPAP.
Advisory opinions - answers Not part of USPAP; reference material only.
APB - answers Guidance is voluntary.
ASC - answers Maintains the official National Registry of state certified and licensed
appraisers.
State appraisal regulatory committees - answers responsible for issuing credentials to
individual appraisers.
Responsibilities of ASC: - answers • Establishes, improves, and promulgates the
USPAP
• Subject, content, and substance of USPAP and other communication related to
appraisal standards.
• Establishes standards of professional appraisal practice for the guidance and
education of appraisers and users of appraisal services.
• Maintains the official National Registry of state certified and licensed appraisers.
Developing, amending, and interpreting USPAP is NOT a responsibility of - answers
ASC
12. USPAP divides the appraisal process into two distinct types of activity: - answers
Develop and report
