15-hour National USPAP Course 2023 Questions and Answers Passed
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15-hour National USPAP
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15-hour National USPAP
15-hour National USPAP Course 2023 Questions and Answers Passed
What are the 4 sections of USPAP?
-preamble
-definitions
-rules
-standards (including standards rules)
Benefits of USPAP
-provides a common basis for comparison
-provides a reference source for all users of the document
-pro...
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15-hour National USPAP Course 2023 Questions and
Answers Passed
What are the 4 sections of USPAP?
-preamble
-definitions
-rules
-standards (including standards rules)
Benefits of USPAP
-provides a common basis for comparison
-provides a reference source for all users of the document
-provides a basis for uniform enforcement for state regulatory agencies
-provides a reason for clients, other intended users, and the public to place their trust in
the services performed by professional appraisers
What does the Appraisal Foundation help do?
prevent financial losses in federally insured mortgages by setting stringent qualifications
and standards for appraisers involved in real estate transactions
The Appraisal Foundation is organized into what 3 main boards?
-board of trustees (BOT)
-appraiser qualifications board (AQB)
-appraiser standards board (ASB)
Board of Trustees (BOT)
provides volunteer leadership and oversight for the Foundation
Appraiser Qualifications Board (AQB)
-an independent board of the Foundation
-sets minimum qualification criteria that must be met before entering the profession and
qualifications to maintain a credential
Appraiser Standards Board (ASB)
-an independent board of the Foundation
-establishes the USPAP on an annual basis
When did the U.S. Congress enact FIRREA (Financial Institutions Reform,
Recovery, and Enforcement Act)?
1989
What created the ASC of the FFIEC (Federal Financial Institutions Examination
Council)?
Title XI of FIRREA
What is one of ASC's core functions?
monitor the requirements established by state regulatory agencies for certification and
licensing of appraisers qualified to perform appraisals in connection with federally
related transactions
What was USPAP created to do?
to promote and preserve public trust in professional appraisal practice
The concept of trust obligates the appraiser to act in the public's interest, which
means the appraiser must act with...
, -independence
-impartiality
-objectivity
-competency
-integrity
Do the Appraisal Foundation and its boards have any legal oversight or
enforcement authority in any jurisdiction?
no
USPAP achieves legal authority by...
adoption, citation, or implementation by government agencies through regulation or
administrative actions, or by private enterprise in the form of contract requirements
The Foundation is structured to...
reflect its position within the appraisal profession as an organization of organizations
3 categories of Sponsors the Foundation has
-appraisal sponsors
-affiliate sponsors
-international sponsors
Appraisal Sponsors
consists of non-profit appraisal organizations servings appraiser
Affiliate Sponsors
consist of non-profit appraisal organizations serving those with an interest in valuation,
primarily users of appraisal services
International Sponsors
consists of either non-profit or non-stock organizations based outside the U.S. with an
interest in valuation
2 advisory councils the Appraisal Foundation has
-The Appraisal Foundation Advisory Council (TAFAC)
-The Industry Advisory Council (IAC)
The Appraisal Foundation Advisory Council (TAFAC)
made up of representatives from non-profit organizations and government entities
The Industry Advisory Council (IAC)
has members from for-profit organizations
The Appraisal Foundation develops...
-recruitment programs to fulfill the growing need for real property
-simulated experience training to offer additional supervisory training opportunities
-resources for veterans who are interested in entering the appraisal profession
-outreach to universities to recruit students into the profession
Board of Trustees (BOT) has 3 primary functions:
-appoints members to its independent boards
-secures funding for TAF operations
-monitors performance and oversight of the Foundation and its Boards and Advisory
Councils
What is the governing body of the Foundation?
Board of Trustees
What does the AQB do?
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