ASA USPAP
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1. USPAP was formed in 1986 after what crisis?: S&L
2. Which foundation board establishes minimum education and experience for
certification and
recertification of real property appraisers and supervisors.: Appraisers Qualifications
Board
3. Which board write, amends, and interprets USPAP?: Appraisal Standards Board
4. What is the duty of The Appraisal Subcommittee?: It has a duty to ensure that the
government has sufficient controls in place over all real property appraisal activity to
protect the federally regulated financial institutions from loss.
5. _________ are an integral part of USPAP and have the same weight as the
component they address.: Comments
6. _____ and _____ offer advice and guidance, but do not establish new standards
or
interpret existing standards.: AOs and FAQs
7. _______________________________ is a valuation service performed by an individ-
ual
acting in the role of an appraiser.: appraisal practice
8. When performing valuation services outside of appraisal practice, appraisers
must be
careful not to ______________________ the client and other intended users about
their
role.: misrepresent
9. For assignments other than appraisal or appraisal review, there are no
___________________or ______________________ requirements in USPAP.: recording keep-
ing or workfile
10. If an individual who is both a business broker and an appraiser
provides a value opinion for a specific property to be used in an
offering document, the service is always outside appraisal
practice. T or F?: F
11. An individual must comply with USPAP when required by law,
regulation, or agreement (with the client or other intended users). T or F: T
12. Appraisal practice pertains only to appraisals. T or F: F
, ASA USPAP
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13. The purpose of USPAP is to promote and maintain a high level of
public trust in professional appraisal practice.: T
14. Business brokerage, appraisal reviews, and business appraisals are all in-
cluded within
A. appraisal practice.
B. consulting.
C. valuation services.
D. market analysis.: C
15. The PREAMBLE states that USPAP is:
A. only for appraisers.
B. for appraisers and users of appraisal services.
C. limited to state certified or licensed appraisers.
D. only for users of appraisal services.: B
16. According to USPAP, the party or parties who engage an appraiser in a
specific assignment
defines the
A. client.
B. party who pays the fee.
C. appraiser's peers.
D. other intended users.: A
17. For real property appraisers, USPAP is enforced by
A. The Appraisal Foundation.
B. the Appraisal Standards Board.
C. the Appraisal Subcommittee, through Congress.
D. state regulatory agencies.: D
18. For business appraisers, USPAP is enforced by
A. accrediting and certifying professional membership organizations.
B. the Appraisal Standards Board.
C. the Appraisal Subcommittee, through Congress.
D. state regulatory agencies.: A
19. Appraisal practice includes only
A. appraisal and appraisal review assignments.
Study online at https://quizlet.com/_8hknnb
1. USPAP was formed in 1986 after what crisis?: S&L
2. Which foundation board establishes minimum education and experience for
certification and
recertification of real property appraisers and supervisors.: Appraisers Qualifications
Board
3. Which board write, amends, and interprets USPAP?: Appraisal Standards Board
4. What is the duty of The Appraisal Subcommittee?: It has a duty to ensure that the
government has sufficient controls in place over all real property appraisal activity to
protect the federally regulated financial institutions from loss.
5. _________ are an integral part of USPAP and have the same weight as the
component they address.: Comments
6. _____ and _____ offer advice and guidance, but do not establish new standards
or
interpret existing standards.: AOs and FAQs
7. _______________________________ is a valuation service performed by an individ-
ual
acting in the role of an appraiser.: appraisal practice
8. When performing valuation services outside of appraisal practice, appraisers
must be
careful not to ______________________ the client and other intended users about
their
role.: misrepresent
9. For assignments other than appraisal or appraisal review, there are no
___________________or ______________________ requirements in USPAP.: recording keep-
ing or workfile
10. If an individual who is both a business broker and an appraiser
provides a value opinion for a specific property to be used in an
offering document, the service is always outside appraisal
practice. T or F?: F
11. An individual must comply with USPAP when required by law,
regulation, or agreement (with the client or other intended users). T or F: T
12. Appraisal practice pertains only to appraisals. T or F: F
, ASA USPAP
Study online at https://quizlet.com/_8hknnb
13. The purpose of USPAP is to promote and maintain a high level of
public trust in professional appraisal practice.: T
14. Business brokerage, appraisal reviews, and business appraisals are all in-
cluded within
A. appraisal practice.
B. consulting.
C. valuation services.
D. market analysis.: C
15. The PREAMBLE states that USPAP is:
A. only for appraisers.
B. for appraisers and users of appraisal services.
C. limited to state certified or licensed appraisers.
D. only for users of appraisal services.: B
16. According to USPAP, the party or parties who engage an appraiser in a
specific assignment
defines the
A. client.
B. party who pays the fee.
C. appraiser's peers.
D. other intended users.: A
17. For real property appraisers, USPAP is enforced by
A. The Appraisal Foundation.
B. the Appraisal Standards Board.
C. the Appraisal Subcommittee, through Congress.
D. state regulatory agencies.: D
18. For business appraisers, USPAP is enforced by
A. accrediting and certifying professional membership organizations.
B. the Appraisal Standards Board.
C. the Appraisal Subcommittee, through Congress.
D. state regulatory agencies.: A
19. Appraisal practice includes only
A. appraisal and appraisal review assignments.
