USPAP PRACTICE TEST 100% SOLVED

USPAP PRACTICE TEST 100% SOLVED STANDARD 2 contains standards for: a. Real property appraisal review assignments b. Development and reporting of real property appraisals c. Reporting the results of real property appraisals * d. Development of real property appraisals - Answer- Reporting the results of real property appraisals The DEFINITIONS in USPAP: a. Are superseded by definitions in standard English dictionaries b. Are all taken from legal dictionaries c. Were established by FIRREA d. Apply only in the context of USPAP - Answer- Apply only in the context of USPAP The Comments in USPAP: a. Are advisory materials for guidance only b. Are extensions of the DEFINITIONS, Rules and Standards Rules c. Are provided to link USPAP to other requirements d. Cite specific administrative applications of USPAP - Answer- Are extensions of the DEFINITIONS, Rules and Standards Rules The Appraisal Subcommittee is: a. A government agency b. A professional association for appraisers c. A professional association of users of appraisal services d. An education and research trust - Answer- A government agency Which of the following administers appraiser regulations per FIRREA? a. The Appraisal Subcommittee b. The Appraisal Foundation c. State regulatory agencies d. The Appraisal Standards Board - Answer- State regulatory agencies The Appraisal Foundation is: a. A professional association for appraisers b. A professional association of users of appraisal services c. A government agency d. An education and research trust - Answer- An education and research trust The Dodd-Frank Act: a. Replaced FIRREA b. Repealed FIRREA c. Added to the requirements of FIRREA d. Is unrelated to FIRREA - Answer- Added to the requirements of FIRREA The ASB considers suggestions for changes to USPAP from: a. Appraisers only b. Only employees of the federal government and banking regulatory agencies c. Appraisers, users of appraisal services, regulators, and others d. Appraisal regulators only - Answer- Appraisers, users of appraisal services, regulators, and others When exposing proposed changes to USPAP, the ASB provides a minimum ________ comment period on exposure drafts. a. 30-day b. 90-day c. 6-month d. 2-year - Answer- 30-day You want to provide comments on a proposed change to USPAP but the written comment period expired last week. What can you do? a. Provide oral comments at the ASB's public meeting b. Nothing; you are out of luck c. Submit a formal request for an extension of the comment period d. Contact your elected representative in the U.S. House of Representatives - Answer- Provide oral comments at the ASB's public meeting You submit a comment letter to The Appraisal Foundation regarding a proposed change to USPAP. What will TAF do with the letter? a. Destroy it after the 5-year record retention period b. Maintain it in a permanent file c. Distribute it to Board members, who may read it at their discretion d. Keep its contents strictly confidential - Answer- Maintain it in