15-hour National USPAP Course – McKissock questions|
with complete solutions
What is USPAP? - -Uniform Standards of Professional Appraisal Practice
Why was USPAP developed? - -To promote and maintain a high level of public trust
as well as confidence in professional appraisal practice
What are the benefits of USPAP? - -1) Provides a common basis for comparison (eg
are we doing the appropriate work for the type of assignment?)
2) Provides a reference source for all users of the document.
3) Provides a basis for uniform enforcement for state regulatory agencies.
4) Provides a reason for clients, other intended users, and the public to place their trust in
the services performed by professional appraisers.
Who appoints the ASB (Appraisal Standards Board)? - -Members are appointed by
the BOT (Board of Trustees)
What is the purpose of USPAP? - -The purpose is to promote and maintain a high
level of public trust in appraisal practice by establishing requirements for appraisers.
Who does the ASB (Appraisal Standards Board) promulgate USPAP for? - -It is
promulgated for both appraisers and users of appraisal services.
What is the appraiser's responsibility? - -It is to protect the overall public trust.
,How does USPAP address the ethical and performance obligations of appraisers? - -
USPAP addresses the ethical and performance obligations of appraisers through
DEFINITIONS, RULES, STANDARDS, STANDARDS RULES, and STATEMENTS (there are
currently no active statements).
What do the DEFINITIONS portion of USPAP establish? - -The DEFINITIONS establish
the application of certain terminology in USPAP.
What is the purpose of the ETHICS RULE? - -The ETHICS RULE sets forth the
requirements for integrity, impartiality, objectivity, independent judgment, and ethical
conduct.
What does the RECORD KEEPING RULE establish? - -The RECORD KEEPING RULE
establishes the workfile requirements for appraisal and appraisal review assignments.
What does the COMPETENCY RULE do? - -The COMPETENCY RULE presents pre-
assignment and assignment conditions for knowledge and experience.
Wat does the SCOPE OF WORK RULE do? - -The SCOPE OF WORK RULE presents
obligations related to problem identification, research, and analysis.
What doe the JURISDICTIONAL EXCEPTION RULE do? - -The JURISDICTIONAL
EXCEPTION RULE preserves the balance of USPAP if a portion is contrary to law or public
policy of a jurisdiction.
,What is the purpose of the STANDARDS? - -The STANDARDS establish the
requirements for appraisal and appraisal review and the manner in which each is
communicated.
What is the purpose of STANDARDS 1 and 2? - -STANDARDS 1 & 2 establishes
requirements for the development and communication of a real property appraisal.
What is the purpose of STANDARDS 3 and 4? - -STANDARDS 3 and 4 establishes
requirements for the development and communication of an appraisal review.
What is the purpose of STANDARDS 5 and 6? - -STANDARDS 5 & 6 establishes
requirements for the development and communication of a mass appraisal.
What is the purpose of STANDARDS 7 and 8? - -STANDARDS 7 and 8 establishes
requirements for the development and communication of a personal property appraisal.
What is the purpose of STANDARDS 9 and 10? - -STANDARDS 9 & 10 establishes
requirements for the development and communication of a business or intangible asset
appraisal.
What is the purpose of the COMMENTS of USPAP? - -Comments are an integral part
of USPAP and have the same weight as the component they address. These extensions of
the DEFINITIONS, RULES, and STANDARDS RULES provide interpretation and establish the
context and conditions for application.
, Does USPAP establish who or which assignments must comply? - -NO. USPAP does
not establish who or which assignments must comply.
What are the limitations of The Appraisal Foundation? - -The Appraisal Foundation is
not a government entity. It does not have the power to make, judge, or enforce law.
What are the limitations of the Appraisal Standards Board? - -The Appraisal
Standards Board is not a government entity. It does not have the power to make, judge, or
enforce law.
When must an appraiser comply with USPAP? - -An appraiser must comply with
USPAP when either the service or the appraiser is required by law, regulation, or agreement
with the client. Individuals may also choose to comply with USPAP any time that individual
is performing the service as an appraiser.
What is the role of the Appraisal Standards Board (ASB) of The Appraisal Foundation? -
-To develop, interpret, and amend the Uniform Standards of Professional Appraisal
Practice (USPAP).
What are the five sections of USPAP? - -Preamble
Definitions
Rules
Standards (Including Standards Rules)
Statements on Appraisal Standards (currently no active statements)
with complete solutions
What is USPAP? - -Uniform Standards of Professional Appraisal Practice
Why was USPAP developed? - -To promote and maintain a high level of public trust
as well as confidence in professional appraisal practice
What are the benefits of USPAP? - -1) Provides a common basis for comparison (eg
are we doing the appropriate work for the type of assignment?)
2) Provides a reference source for all users of the document.
3) Provides a basis for uniform enforcement for state regulatory agencies.
4) Provides a reason for clients, other intended users, and the public to place their trust in
the services performed by professional appraisers.
Who appoints the ASB (Appraisal Standards Board)? - -Members are appointed by
the BOT (Board of Trustees)
What is the purpose of USPAP? - -The purpose is to promote and maintain a high
level of public trust in appraisal practice by establishing requirements for appraisers.
Who does the ASB (Appraisal Standards Board) promulgate USPAP for? - -It is
promulgated for both appraisers and users of appraisal services.
What is the appraiser's responsibility? - -It is to protect the overall public trust.
,How does USPAP address the ethical and performance obligations of appraisers? - -
USPAP addresses the ethical and performance obligations of appraisers through
DEFINITIONS, RULES, STANDARDS, STANDARDS RULES, and STATEMENTS (there are
currently no active statements).
What do the DEFINITIONS portion of USPAP establish? - -The DEFINITIONS establish
the application of certain terminology in USPAP.
What is the purpose of the ETHICS RULE? - -The ETHICS RULE sets forth the
requirements for integrity, impartiality, objectivity, independent judgment, and ethical
conduct.
What does the RECORD KEEPING RULE establish? - -The RECORD KEEPING RULE
establishes the workfile requirements for appraisal and appraisal review assignments.
What does the COMPETENCY RULE do? - -The COMPETENCY RULE presents pre-
assignment and assignment conditions for knowledge and experience.
Wat does the SCOPE OF WORK RULE do? - -The SCOPE OF WORK RULE presents
obligations related to problem identification, research, and analysis.
What doe the JURISDICTIONAL EXCEPTION RULE do? - -The JURISDICTIONAL
EXCEPTION RULE preserves the balance of USPAP if a portion is contrary to law or public
policy of a jurisdiction.
,What is the purpose of the STANDARDS? - -The STANDARDS establish the
requirements for appraisal and appraisal review and the manner in which each is
communicated.
What is the purpose of STANDARDS 1 and 2? - -STANDARDS 1 & 2 establishes
requirements for the development and communication of a real property appraisal.
What is the purpose of STANDARDS 3 and 4? - -STANDARDS 3 and 4 establishes
requirements for the development and communication of an appraisal review.
What is the purpose of STANDARDS 5 and 6? - -STANDARDS 5 & 6 establishes
requirements for the development and communication of a mass appraisal.
What is the purpose of STANDARDS 7 and 8? - -STANDARDS 7 and 8 establishes
requirements for the development and communication of a personal property appraisal.
What is the purpose of STANDARDS 9 and 10? - -STANDARDS 9 & 10 establishes
requirements for the development and communication of a business or intangible asset
appraisal.
What is the purpose of the COMMENTS of USPAP? - -Comments are an integral part
of USPAP and have the same weight as the component they address. These extensions of
the DEFINITIONS, RULES, and STANDARDS RULES provide interpretation and establish the
context and conditions for application.
, Does USPAP establish who or which assignments must comply? - -NO. USPAP does
not establish who or which assignments must comply.
What are the limitations of The Appraisal Foundation? - -The Appraisal Foundation is
not a government entity. It does not have the power to make, judge, or enforce law.
What are the limitations of the Appraisal Standards Board? - -The Appraisal
Standards Board is not a government entity. It does not have the power to make, judge, or
enforce law.
When must an appraiser comply with USPAP? - -An appraiser must comply with
USPAP when either the service or the appraiser is required by law, regulation, or agreement
with the client. Individuals may also choose to comply with USPAP any time that individual
is performing the service as an appraiser.
What is the role of the Appraisal Standards Board (ASB) of The Appraisal Foundation? -
-To develop, interpret, and amend the Uniform Standards of Professional Appraisal
Practice (USPAP).
What are the five sections of USPAP? - -Preamble
Definitions
Rules
Standards (Including Standards Rules)
Statements on Appraisal Standards (currently no active statements)
