USPAP Study Sheet QUESTIONS AND ANSWERS| COMPLETE SOLN
1 view 0 purchase
Course
USPAP
Institution
USPAP
USPAP Study Sheet QUESTIONS AND ANSWERS| COMPLETE SOLN
Financial chaos began in the US during the Correct Answer: 1929 stock market crash after the great depression
In the 1950s-70s double continued with Correct Answer: -Works related areas-Property taxation-Federal housing programs
1990...
uspap study sheet questions and answers| complete soln
financial chaos began in the us during the
in the 1950s 70s double continued with
1990s trouble was because of
Written for
USPAP
All documents for this subject (913)
Seller
Follow
Classroom
Reviews received
Content preview
USPAP Study Sheet QUESTIONS AND
ANSWERS| COMPLETE SOLN
Financial chaos began in the US during the Correct Answer: 1929 stock market
crash after the great depression
In the 1950s-70s double continued with Correct Answer: -Works related areas-
Property taxation-Federal housing programs
1990s trouble was because of... Correct Answer: Mortgage scams and illegal
house flipping.
1980s trouble was because of... Correct Answer: the Savings and Loans Crisis
1990s to 2000s trouble was from... Correct Answer: identity theft and appraisal
report tampering.
Prior to 1930s, appeasing properties could be done by... Correct Answer:
mortgage brokers and real estate agents
Issues recognized by new professional appraisers Correct Answer: -Provide
credible services-Have services provided by ethical and competent individuals-
Foster public trust
Ad-hoc Committee Correct Answer: Eventually became USPAP-find market
value-develop independent authority
TAF Correct Answer: The appraisal foundation
USPAP has no legal authority but.. Correct Answer: NYS enforces it
Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of
1989 (FIRREA) provided.. Correct Answer: Recognition and authorized federal
institutions to reference USPAP
,Uniform Relocation Assistance and Real Properties Acquisition Policies Act
Correct Answer: Where the executive branch followed congress by referencing
USPAP
With Office of Management and Budget (OMB) Circlular A-129, January 11,
1993.... Correct Answer: Other federal agencies recognized USPAP
The IRS bulletin 2006-46, November 13, 2006 generally Correct Answer:
Accepted USPAP appraisal standards, defining a "qualified appraisal"
Other groups that accept USPAP as integrated standards in their policies. Correct
Answer: Fannie mae, farmer mac, the farm credit admin, employee relation
council
TAF definition Correct Answer: The Appraisal Foundation
TAF IS Correct Answer: -A Non-Profit
-An org authorized by congress
-An org made up of other organizations
-Affiliate sponsors (non-profits with valuation interest)
-International sponsors (non-profit based outside of US with valuation interest)
TAF Advisory Councils Correct Answer: The appraisal foundation advisory
council (has non-profit organizations)
-The inducts advisory council (has for profit organizations)
The board of Trustees- 3 functions Correct Answer: 1) Appoints members to its
independent boards
2) Secures funding for TAF operations
, 3) Monitors performance and oversight of TAF and its boards and Advisory
Councils
"valuation advisories" Correct Answer: Means to identify issues and give
guidance.
Board also gives written, visual and audio information.
Appraiser Qualifications Board Functions Correct Answer: -Establishes minimum
education, experience, and other criteria for verification of appraisers and
supervisors.-Defines, issues, and promotes qualification criteria-Teaches
qualification criteria to states, gov. and others-Creates Licensing and Certification
Exams-Responsible for USPAP courses
In the wake of the stock market crash and economic depression the first.... Correct
Answer: group of appraisers were formed
3 boards on TAF Correct Answer: -The Appraiser Qualifications Board
-The Appraisal Standards Board
-The Board of Trustees
Congress contributed to USPAPs acceptance by Correct Answer: identifying it as
the generally accepted set of standard practices for the profession.
Assumes conditions contrary to known facts Correct Answer: hypothetical
condition
An appraiser must prepare a workfile for... Correct Answer: each appraisal
A work file must be in existence __________ to the issuance of any report or other
communication of assignment results. Correct Answer: P
The Appraisal Standards Board- Functions Correct Answer: -Revises and
promotes USPAP
-Responsible for the subject, content, and substance of USPAP
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Classroom. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
