USPAP BUNDLED Exams WITH THE LATEST UPDATE 2023

The Preamble states that USPAP is for appraisers and users of appraisal services. The stated purpose of USPAP Promote and maintain a high level of public trust in appraisal practice. When obligated by law or regulation an appraiser must comply with USPAP. USPAP applies to whi...

The Appraisal Foundation has the authority to enforce the requirements of USPAP. False; The Appraisal Foundation is a private entity. The Foundation and its boards have no enforcement authority in any jurisdiction. Which Foundation board is responsible for USPAP? Appraisal Standards Board (...

The Appraisal Foundation has the authority to enforce the requirements of USPAP. False; The Appraisal Foundation is a private entity. The Foundation and its boards have no enforcement authority in any jurisdiction. Which Foundation board is responsible for USPAP? Appraisal Standards Board (...

Different appraisal regulations among states. Which is not one of the contributing factors that led to a need for regulation in the appraisal profession? Appraisal Subcommittee (ASC) Responsible for the Federal oversight of state real estate licensing and certification TRUE (T/F) Th...

The concept of public trust means that an appraiser must act: in the public's interest USPAP establishes standards that are applicable in the appraisal of: real property, intangible property, and personal property Which statement is TRUE regarding The Appraisal Foundation and USPAP ...

Financial chaos began in the US during the 1929 stock market crash after the great depression In the 1950s-70s double continued with -Works related areas -Property taxation -Federal housing programs 1990s trouble was because of... Mortgage scams and illegal house flipping. ...

AQB establishes minimum education, experience, etc. for certification of real property appraisers and supervisors ASB revises and promulgates USPAP; responsible for subject, content, and substance of USPAP Appraisal Subcommittee operations are funded by state certified appraisers th...

The PREAMBLE states the purpose of USPAP is to maintain public ___ in the appraisal practice by establishing requirements for appraisers. trust USPAP benefits providers of appraisal services and users of appraisal services. Which is NOT considered significant real property appraisal ...

The ASB considers suggestions for changes to USPAP from: Appraisers, users of appraisal services, regulators, and others You have a suggestion for a change to USPAP, and you want to tell the ASB about it. When making your suggestion, it is helpful to the ASB if you: Explain how the proposed...

Standards 1-10 Address value, not price Advisory Opinions Are issued to illustrate the applicability of appraisal standards in specific situations and to offer advice from the ASB for the resolution of appraisal issues and problems. Appraisal Practice Performed only by the appraiser...

Who is responsible for issuing credentials to individual appraisers? State appraiser regulatory agencies are responsible for receiving and processing applications for licensure and certification, and for issuing credentials to qualified individuals. Which is NOT a responsibility of the Appra...

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 ar...

What is true about an appraiser's description of the physical characteristics of a property? a) The physical chracteristics are treated as outside the appraisal practice b) The physical characteristics are not assignment results. c) The pyhsical characteristics must be verified with public recor...

Which board within The Appraisal Foundation has the authority to make revisions to USPAP? Board of Trustees (BOT) Appraisal Standards Board (ASB) Appraiser Qualifications Board (AQB) All boards within the Foundation have the authority to revise USPAP Appraisal Standards Board (ASB) The t...