15-hr National USPAP Course
The Appraisal Foundation has the authority to enforce the requirements of USPAP.
-False
-True ANS: False
Currently, the boards within The Appraisal Foundation include:
-Board of Trustees, Federal Housing Administration, Fannie Mae
-Appraisal Board, Appraisal Review Board, Administration Board
-Board of Trustees, Appraisal Standards Board, Appraisal Subcommittee
-Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees ANS: Appraisal Standards
Board, Appraiser Qualifications Board, Board of Trustees
Which Foundation board is responsible for USPAP?
-Appraisal Standards Board (ASB)
-Consumer Financial Protection Bureau (CFPB)
-Appraisal Subcommittee (ASC)
-Appraiser Qualifications Board (AQB) ANS: Appraisal Standards Board (ASB)
Which entity is responsible for establishing education and experience requirements for licensing and
certification of appraisers?
-Appraisal Standards Board (ASB)
-Appraisal Subcommittee (ASC)
-Appraiser Qualifications Board (AQB)
-Board of Trustees (BOT) ANS: Appraiser Qualifications Board (AQB)
Qualification criteria for appraiser certification and recertification are disseminated to state appraisal
boards by the:
,-Appraiser Qualifications Board (AQB)
Board of Trustees (BOT)
Appraisal Standards Board (ASB)
Consumer Financial Protection Bureau (CFPB) ANS: Appraiser Qualifications Board (AQB)
Which entity appoints members of the AQB and ASB?
-They appoint their own members
-Appraisal Subcommittee (ASC)
-None of the answers shown
-Board of Trustees (BOT) ANS: Board of Trustees (BOT)
Advisory Opinions are best described as
-an alternative index to USPAP
-issued by the Appraisal Subcommittee (ASC)
-subject to Fannie Mae requirements
-not part of USPAP, but included as reference material ANS: Not part of USPAP, but included as
reference material
USPAP is written, amended, and interpreted by the:
-Appraisal Standards Board (ASB)
-Appraisal Subcommittee (ASC)
-Appraiser Qualifications Board (AQB)
-Federal Reserve Board (FRB) ANS: Appraisal Standards Board (ASB)
Which entity maintains the official National Registry of state-certified and licensed appraisers?
-Appraisal Subcommittee (ASC)
,-Appraisal Standards Board (ASB)
-Appraiser Qualifications Board (AQB)
-Federal Reserve Board (FRB) ANS: Appraisal Subcommittee (ASC)
Who is responsible for issuing credentials to individual appraisers?
-Appraisal Subcommittee (ASC)
-Appraiser Qualifications Board (AQB)
-Appraisal Practices Board (APB)
-State appraisal regulatory agencies ANS: State appraisal regulatory agencies
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?
-Maintaining a National Registry of licensed and certified appraisers
-Overseeing each state's appraiser licensing and certification program
-Writing, interpreting, and amending USPAP
-Monitoring the practices, procedures, and activities of The Appraisal Foundation ANS: Writing,
interpreting, and amending USPAP
USPAP is enforced by:
-Appraisal Subcommittee (ASC)
-State appraiser licensing/certification agencies
-The Federal Financial Institutions Examination Council (FFIEC)
-Appraisal Standards Board (ASB) ANS: State appraiser licensing/certification agencies
Which part of USPAP establishes the requirements for workfile content for an appraisal or appraisal
review assignment?
-JURISDICTIONAL EXCEPTION RULE
, -Advisory Opinions
-RECORD KEEPING RULE
-COMPETENCY RULE ANS: RECORD KEEPING RULE
Which of these is considered an integral part of USPAP and has the same weight as the components they
address?
-Comments
-USPAP FAQs
-USPAP Q&As
-Advisory Opinions ANS: Comments
Why are USPAP Advisory Opinions issued?
-To offer advice
-To interpret existing standards
-To revise existing standards
-To establish new appraisal standards ANS: To offer advice
The first step in the appraisal process is:
-Perform market analysis and highest and best use
-Identify the problem
-Determine scope of work
-Reconcile the value indicators ANS: Identify the problem
USPAP is enforced by:
-State appraiser licensing/certification agencies
-Appraisal Standards Board (ASB)
The Appraisal Foundation has the authority to enforce the requirements of USPAP.
-False
-True ANS: False
Currently, the boards within The Appraisal Foundation include:
-Board of Trustees, Federal Housing Administration, Fannie Mae
-Appraisal Board, Appraisal Review Board, Administration Board
-Board of Trustees, Appraisal Standards Board, Appraisal Subcommittee
-Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees ANS: Appraisal Standards
Board, Appraiser Qualifications Board, Board of Trustees
Which Foundation board is responsible for USPAP?
-Appraisal Standards Board (ASB)
-Consumer Financial Protection Bureau (CFPB)
-Appraisal Subcommittee (ASC)
-Appraiser Qualifications Board (AQB) ANS: Appraisal Standards Board (ASB)
Which entity is responsible for establishing education and experience requirements for licensing and
certification of appraisers?
-Appraisal Standards Board (ASB)
-Appraisal Subcommittee (ASC)
-Appraiser Qualifications Board (AQB)
-Board of Trustees (BOT) ANS: Appraiser Qualifications Board (AQB)
Qualification criteria for appraiser certification and recertification are disseminated to state appraisal
boards by the:
,-Appraiser Qualifications Board (AQB)
Board of Trustees (BOT)
Appraisal Standards Board (ASB)
Consumer Financial Protection Bureau (CFPB) ANS: Appraiser Qualifications Board (AQB)
Which entity appoints members of the AQB and ASB?
-They appoint their own members
-Appraisal Subcommittee (ASC)
-None of the answers shown
-Board of Trustees (BOT) ANS: Board of Trustees (BOT)
Advisory Opinions are best described as
-an alternative index to USPAP
-issued by the Appraisal Subcommittee (ASC)
-subject to Fannie Mae requirements
-not part of USPAP, but included as reference material ANS: Not part of USPAP, but included as
reference material
USPAP is written, amended, and interpreted by the:
-Appraisal Standards Board (ASB)
-Appraisal Subcommittee (ASC)
-Appraiser Qualifications Board (AQB)
-Federal Reserve Board (FRB) ANS: Appraisal Standards Board (ASB)
Which entity maintains the official National Registry of state-certified and licensed appraisers?
-Appraisal Subcommittee (ASC)
,-Appraisal Standards Board (ASB)
-Appraiser Qualifications Board (AQB)
-Federal Reserve Board (FRB) ANS: Appraisal Subcommittee (ASC)
Who is responsible for issuing credentials to individual appraisers?
-Appraisal Subcommittee (ASC)
-Appraiser Qualifications Board (AQB)
-Appraisal Practices Board (APB)
-State appraisal regulatory agencies ANS: State appraisal regulatory agencies
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?
-Maintaining a National Registry of licensed and certified appraisers
-Overseeing each state's appraiser licensing and certification program
-Writing, interpreting, and amending USPAP
-Monitoring the practices, procedures, and activities of The Appraisal Foundation ANS: Writing,
interpreting, and amending USPAP
USPAP is enforced by:
-Appraisal Subcommittee (ASC)
-State appraiser licensing/certification agencies
-The Federal Financial Institutions Examination Council (FFIEC)
-Appraisal Standards Board (ASB) ANS: State appraiser licensing/certification agencies
Which part of USPAP establishes the requirements for workfile content for an appraisal or appraisal
review assignment?
-JURISDICTIONAL EXCEPTION RULE
, -Advisory Opinions
-RECORD KEEPING RULE
-COMPETENCY RULE ANS: RECORD KEEPING RULE
Which of these is considered an integral part of USPAP and has the same weight as the components they
address?
-Comments
-USPAP FAQs
-USPAP Q&As
-Advisory Opinions ANS: Comments
Why are USPAP Advisory Opinions issued?
-To offer advice
-To interpret existing standards
-To revise existing standards
-To establish new appraisal standards ANS: To offer advice
The first step in the appraisal process is:
-Perform market analysis and highest and best use
-Identify the problem
-Determine scope of work
-Reconcile the value indicators ANS: Identify the problem
USPAP is enforced by:
-State appraiser licensing/certification agencies
-Appraisal Standards Board (ASB)
