15 Hour National USPAP Exam Questions And
100% Verified Answers
\Q\.USPAP establishes standards for the appraisal of __________. -ANSWERS-real
property, personal property, and intangible property.
\Q\.The Structure of The Appraisal Foundation-ANSWERS-The Appraisal Foundation is
not a government agency, an appraisal trade organization, or a membership organization for
appraisers.
It is a non–profit organization that was given specific authority by Congress regarding appraiser
qualifications and appraisal standards.
TAF is an organization made up of other organizations. The Appraisal Foundation is governed by
a Board of Trustees (BOT) and has two independent boards with Congressional authorization:
Appraiser Qualifications Board (AQB)
Appraisal Standards Board (ASB)
\Q\. The Board of Trustees (BOT) -ANSWERS-The Board of Trustees (BOT) of The
Appraisal Foundation has three primary functions:
>Appoints members to the Foundation's independent boards
,>Secures funding for TAF operationsMonitors performance and oversight of TAF and its Boards
and Advisory Councils
>The BOT is the governing body of The Appraisal Foundation.
\Q\.The Appraiser Qualifications Board (AQB)-ANSWERS->Establishes minimum
education, experience, and other criteria for certification and recertification of real property
appraisers and supervisors
>Defines, issues, and promotes qualification criteria
>Disseminates qualification criteria to states, government entities, and others
>Creates and maintains the National Uniform Licensing and Certification Appraisal Examinations
>Is responsible for program administration of the 7–hour and 15–hour National USPAP Courses
and the Instructor Certification/Recertification Program
>Certifies national USPAP instructors and determines policy for AQB Instructor Review Panel
>Administers the Course Approval Program (CAP)
>Administers the review of undergraduate and graduate real estate degree programs
>Writes semi–annual Q&As in response to questions received regarding the Real Property
Appraiser Qualification Criteria, National Uniform Licensing and Certification Examinations, CAP,
or any other AQB–related issue or program
\Q\.The Appraisal Standards Board (ASB)-ANSWERS-The ASB is responsible for the
subject, content, and substance of USPAP and other communications related to appraisal
standards.
USPAP establishes standards of professional appraisal practice for the guidance and education
of appraisers and users of appraisal services.
, USPAP includes the DEFINITIONS, PREAMBLE, Rules, Standards, Standards Rules, and
Statements on Appraisal Standards. (Please note that all Statements on Appraisal Standards
were retired effective January 1, 2016.)
\Q\.The ASB and Other Communications-ANSWERS-In addition to promulgating USPAP,
the ASB also issues guidance in the form of Advisory Opinions and Frequently Asked Questions,
together with the Index, which are provided within the same bound publication for
convenience.
These items are examples of "other communications" that the ASB may issue to illustrate
appraisal standards and offer advice, but they are not part of USPAP and thus are not
enforceable.
\Q\.The Appraisal Subcommittee (ASC)-ANSWERS-Back in 1989, the Financial
Institutions Reform, Recovery, and Enforcement Act (FIRREA) (also known as the "Savings and
Loan Bailout Bill") created the Appraisal Subcommittee (ASC).
The ASC is charged with ensuring that the government has sufficient controls in place over all
real estate appraisal activity to protect federally–regulated financial institutions from loss.
The ASC is an entity of the federal government, and it has a supervisory role over state boards
and real property appraisers.
FIRREA established the ASC within the Federal Financial Institutions Examination Council (FFIEC).
\Q\.Composition of the ASC-ANSWERS-The ASC has seven members, each appointed by
the head of his or her agency. The members represent:
100% Verified Answers
\Q\.USPAP establishes standards for the appraisal of __________. -ANSWERS-real
property, personal property, and intangible property.
\Q\.The Structure of The Appraisal Foundation-ANSWERS-The Appraisal Foundation is
not a government agency, an appraisal trade organization, or a membership organization for
appraisers.
It is a non–profit organization that was given specific authority by Congress regarding appraiser
qualifications and appraisal standards.
TAF is an organization made up of other organizations. The Appraisal Foundation is governed by
a Board of Trustees (BOT) and has two independent boards with Congressional authorization:
Appraiser Qualifications Board (AQB)
Appraisal Standards Board (ASB)
\Q\. The Board of Trustees (BOT) -ANSWERS-The Board of Trustees (BOT) of The
Appraisal Foundation has three primary functions:
>Appoints members to the Foundation's independent boards
,>Secures funding for TAF operationsMonitors performance and oversight of TAF and its Boards
and Advisory Councils
>The BOT is the governing body of The Appraisal Foundation.
\Q\.The Appraiser Qualifications Board (AQB)-ANSWERS->Establishes minimum
education, experience, and other criteria for certification and recertification of real property
appraisers and supervisors
>Defines, issues, and promotes qualification criteria
>Disseminates qualification criteria to states, government entities, and others
>Creates and maintains the National Uniform Licensing and Certification Appraisal Examinations
>Is responsible for program administration of the 7–hour and 15–hour National USPAP Courses
and the Instructor Certification/Recertification Program
>Certifies national USPAP instructors and determines policy for AQB Instructor Review Panel
>Administers the Course Approval Program (CAP)
>Administers the review of undergraduate and graduate real estate degree programs
>Writes semi–annual Q&As in response to questions received regarding the Real Property
Appraiser Qualification Criteria, National Uniform Licensing and Certification Examinations, CAP,
or any other AQB–related issue or program
\Q\.The Appraisal Standards Board (ASB)-ANSWERS-The ASB is responsible for the
subject, content, and substance of USPAP and other communications related to appraisal
standards.
USPAP establishes standards of professional appraisal practice for the guidance and education
of appraisers and users of appraisal services.
, USPAP includes the DEFINITIONS, PREAMBLE, Rules, Standards, Standards Rules, and
Statements on Appraisal Standards. (Please note that all Statements on Appraisal Standards
were retired effective January 1, 2016.)
\Q\.The ASB and Other Communications-ANSWERS-In addition to promulgating USPAP,
the ASB also issues guidance in the form of Advisory Opinions and Frequently Asked Questions,
together with the Index, which are provided within the same bound publication for
convenience.
These items are examples of "other communications" that the ASB may issue to illustrate
appraisal standards and offer advice, but they are not part of USPAP and thus are not
enforceable.
\Q\.The Appraisal Subcommittee (ASC)-ANSWERS-Back in 1989, the Financial
Institutions Reform, Recovery, and Enforcement Act (FIRREA) (also known as the "Savings and
Loan Bailout Bill") created the Appraisal Subcommittee (ASC).
The ASC is charged with ensuring that the government has sufficient controls in place over all
real estate appraisal activity to protect federally–regulated financial institutions from loss.
The ASC is an entity of the federal government, and it has a supervisory role over state boards
and real property appraisers.
FIRREA established the ASC within the Federal Financial Institutions Examination Council (FFIEC).
\Q\.Composition of the ASC-ANSWERS-The ASC has seven members, each appointed by
the head of his or her agency. The members represent:
