National USPAP Course Exam GUIDE
2024(QUESTIONS AND ANSWERS)
The Appraisal Foundation has the authority to enforce the requirements of USPAP. -
CORRECT ANSWER-False
Currently, the boards within the Appraisal Foundation include: - CORRECT ANSWERAppraisal Standards Board, Appraisal Qualificatio...
National USPAP Course Exam GUIDE 2024 (QUESTIONS AND ANSWERS) The Appraisal Foundation has the authority to enforce the requirements of USPAP. - CORRECT ANSWER -False Currently, the boards within the Appraisal Foundation include: - CORRECT ANSWER -
Appraisal Standards Board, Appraisal Qualifications Board, Board of Trustees Which Foundation board is responsible for USPAP? - CORRECT ANSWER -Appraisal Standards Board Qualification criteria for appraiser certification and recertification are disseminated to state appraisal boards by the: - CORRECT ANSWER -Appraisal Qualifications Board Which entity is responsible for establishing education and experience requirements for licensing and certification of appraisers? - CORRECT ANSWER -Appraisal Qualifications Board Which entity appoints members of the AQB and ASB? - CORRECT ANSWER -Board of Trustees USPAP is written, amended, and interpreted by the: - CORRECT ANSWER -Appraisal Standards Board Advisory Opinions are best described as: - CORRECT ANSWER -not part of USPAP, but included as reference material Who is responsible for issuing credentials to individual appraisers? - CORRECT ANSWER -State appraisal regulatory agencies Which entity maintains the official National Registry of state -certified and licensed appraisers? - CORRECT ANSWER -Appraisal Subcommittee (ASC) Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - CORRECT ANSWER -writing, interpreting and amending USPAP USPAP is enforced by: - CORRECT ANSWER -state appraiser licensing/certification agencies Which part of USPAP establishes the requirements for workfile content for an appraisal or appraisal review assignment? - CORRECT ANSWER -Record Keeping Rule Why are USPAP Advisory Opinions issued? - CORRECT ANSWER -to offer advice Which of these is considered an integral part of USPAP and has the same weight as the components they address? - CORRECT ANSWER -comments The first step in the appraisal process is: - CORRECT ANSWER -identify the problem In USPAP, the appraisal process is divided into two distinct types of activity: _________ and __________. - CORRECT ANSWER -development, reporting Which step in the appraisal process involves communication of the appraiser's opinions and conclusions? - CORRECT ANSWER -reporting The PREAMBLE states that USPAP intended to benefit: - CORRECT ANSWER -
appraisers and users of appraisal services When obligated by law or regulation, an appraiser _______ comply with USPAP. - CORRECT ANSWER -must What is the stated purpose of USPAP? - CORRECT ANSWER -Promote and maintain a high level of public trust in appraisal practice To which property types does USPAP apply? - CORRECT ANSWER -Both tangible and intangible property An appraiser has the professional responsibility to identify the capacity in which he or she is performing. - CORRECT ANSWER -true The requirement for USPAP compliance in an appraisal assignment could be the result of - CORRECT ANSWER -law or regulation, voluntary choice by the appraiser, or agreement with the client A valuation service that is premised upon advocacy: - CORRECT ANSWER -cannot be performed by an individual acting as an appraiser When performing valuation services outside of appraisal practice, an individual must be careful not to __________ the client and other intended users about his or her role. - CORRECT ANSWER -mislead USPAP states that in a situation when an individual is not required by law, regulation, or agreement to comply with USPAP: - CORRECT ANSWER -the individual should still comply when he or she is acting as an appraiser A preference or inclination that precludes an appraiser's impartiality, independence, or objectivity is: - CORRECT ANSWER -bias
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