UPDATED -HR NATIONAL USPAP COURSE QUESTIONS WITH COMPLETEANSWERS ALREADY PASSED AND GRADED A+
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Course
Uspap
Institution
Uspap
-HR NATIONAL USPAP COURSE
QUESTIONS WITH COMPLETEANSWERS ALREADY
PASSED AND GRADED A+
The type and extent of research and analysis in an appraisal or appraisal review assignment
defines the: - CORRECT ANSWER Scope of work
The purpose of the JURISDICTIONAL EXCEPTION RULE is to: - CORRECT
ANS...
2020-2021 15-HR NATIONAL USPAP COURSE
QUESTIONS WITH COMPLETEANSWERS ALREADY
PASSED AND GRADED A+
The type and extent of research and analysis in an appraisal or appraisal review assignment
defines the: - CORRECT ANSWER Scope of work
The purpose of the JURISDICTIONAL EXCEPTION RULE is to: - CORRECT
ANSWER Preserve the balance of USPAP when compliance with one or more of its
parts is precluded by law or regulation
Valuation services performed by an individual acting as an appraiser - CORRECT
ANSWER Appraisal practice includes only:
Identified by the appraiser on the basis of communication with the client - CORRECT
ANSWER Intended use
Examples of assignment conditions could include: (select the most complete answer) -
Development Issue. An appraiser must: - CORRECT ANSWER not represent hi or her
role when providing valuation services the at are outside of appraisal practice.
An Appraiser must not disclose confidential information or assignment results to anyone
other than: - CORRECT ANSWER Persons specifically authorized by the client.
Workfile Retention: - CORRECT ANSWER At least 5 years after preparation or at
least 2 years after final disposition of any judicial proceeding in which he appraiser
provided testimony finished to the assignment, whichever period period expires last.
USPAP was developed to - CORRECT ANSWER promote and maintain a high level
of public trust in appraisal practice.
,2020-2021 15-HR NATIONAL USPAP COURSE
QUESTIONS WITH COMPLETEANSWERS ALREADY
PASSED AND GRADED A+
The USPAP publication also includes "Other Communications." Advisory Opinions (AOs)
and Frequently Asked Questions (FAQs) are additional reference materials that -
CORRECT ANSWER provide guidance only and are not part of USPAP.
The committee recognized three critical issues related to appraisal practice. The necessity
for: - CORRECT ANSWER Credible appraisal practice necessary for the general
economic well-being;
Ethical and competent individuals to meet society's need for appraisal practice; and
The performance of professional appraisal practices that would create public trust in the
individual appraiser and in appraisal practice.
The concept of trust obligates the appraiser to act in the public's interest, which means the
appraiser must act with: - CORRECT ANSWER Independence
Impartiality
Objectivity
Competency
Integrity
Which Foundation board is responsible for USPAP? - CORRECT ANSWER
Appraisal Standards Board (ASB)
,2020-2021 15-HR NATIONAL USPAP COURSE
QUESTIONS WITH COMPLETEANSWERS ALREADY
PASSED AND GRADED A+
The Appraisal Foundation has two advisory councils: - CORRECT ANSWER The
Appraisal Foundation Advisory Council (TAFAC), which is made up of representatives
from non-profit organizations and government entities;
The Industry Advisory Council (IAC), which has members from for-profit organizations.
The Appraiser Qualifications Board (AQB) - CORRECT ANSWER Establishes
minimum education and experience for certification and recertification of real property
appraisers and supervisors
Qualification criteria for appraiser certification and recertification are disseminated to state
appraisal boards by the: - CORRECT ANSWER Appraiser Qualifications Board
(AQB)
Which entity is responsible for establishing education and experience requirements for
licensing and certification of appraisers? - CORRECT ANSWER Appraiser
Qualifications Board (AQB)
The Appraisal Standards Board (ASB) - CORRECT ANSWER writes, amends, and
interprets the Uniform Standards of Professional Appraisal Practice (USPAP).
Advisory Opinions and Frequently Asked Questions are - CORRECT ANSWER
additional reference materials that provide guidance only and illustrate applicability of
appraisal standards and offer advice.
"Other Communications" are not - CORRECT ANSWER part of USPAP and are not
enforceable.
, 2020-2021 15-HR NATIONAL USPAP COURSE
QUESTIONS WITH COMPLETEANSWERS ALREADY
PASSED AND GRADED A+
FAQs are examples of "other communications" by the ASB that offer advice but are not -
CORRECT ANSWER part of USPAP.
USPAP is written, amended, and interpreted by the: - CORRECT ANSWER Appraisal
Standards Board (ASB)
Created as a result of FIRREA, the Appraisal Subcommittee (ASC) has - CORRECT
ANSWER a supervisory role over state appraiser regulatory agencies and real property
appraisers.
The ASC is not part of the Foundation, but has authority from Title XI of FIRREA to
monitor the activities of the - CORRECT ANSWER Foundation, including both the
ASB and AQB in regard to real property issues.
Who is responsible for issuing credentials to individual appraisers? - CORRECT
ANSWER State appraisal regulatory agencies
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 entity maintains the official National Registry of state-certified and licensed
The PREAMBLE describes - CORRECT ANSWER the overall purpose and structure
of USPAP.
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