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USPAP PRACTICE TEST QUESTIONS AND ANSWERS (100% PASS)
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USPAP PRACTICE TEST QUESTIONS AND ANSWERS (100% PASS)
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©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AMUSPAP PRACTICE TEST QUESTIONS AND ANSWERS (100% PASS)
STANDARD 2 contains standards for:
a. Real property appraisal review assignments
b. Development and reporting of real property appraisals
c. Reporting the results of real property appraisals *
d. Development of real property appraisals - ✔️✔️Reporting the results of real property
appraisals
The DEFINITIONS in USPAP:
a. Are superseded by definitions in standard English dictionaries
b. Are all taken from legal dictionaries
c. Were established by FIRREA
d. Apply only in the context of USPAP - ✔️✔️Apply only in the context of USPAP
The Comments in USPAP:
a. Are advisory materials for guidance only
b. Are extensions of the DEFINITIONS, Rules and Standards Rules
c. Are provided to link USPAP to other requirements
d. Cite specific administrative applications of USPAP - ✔️✔️Are extensions of the
DEFINITIONS, Rules and Standards Rules
The Appraisal Subcommittee is:
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,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
a. A government agency
b. A professional association for appraisers
c. A professional association of users of appraisal services
d. An education and research trust - ✔️✔️A government agency
Which of the following administers appraiser regulations per FIRREA?
a. The Appraisal Subcommittee
b. The Appraisal Foundation
c. State regulatory agencies
d. The Appraisal Standards Board - ✔️✔️State regulatory agencies
The Appraisal Foundation is:
a. A professional association for appraisers
b. A professional association of users of appraisal services
c. A government agency
d. An education and research trust - ✔️✔️An education and research trust
The Dodd-Frank Act:
a. Replaced FIRREA
b. Repealed FIRREA
c. Added to the requirements of FIRREA
d. Is unrelated to FIRREA - ✔️✔️Added to the requirements of FIRREA
The ASB considers suggestions for changes to USPAP from:
a. Appraisers only
b. Only employees of the federal government and banking regulatory agencies
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, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
c. Appraisers, users of appraisal services, regulators, and others
d. Appraisal regulators only - ✔️✔️Appraisers, users of appraisal services, regulators, and
others
When exposing proposed changes to USPAP, the ASB provides a minimum ________
comment period on exposure drafts.
a. 30-day
b. 90-day
c. 6-month
d. 2-year - ✔️✔️30-day
You want to provide comments on a proposed change to USPAP but the written
comment period expired last week. What can you do?
a. Provide oral comments at the ASB's public meeting
b. Nothing; you are out of luck
c. Submit a formal request for an extension of the comment period
d. Contact your elected representative in the U.S. House of Representatives -
✔️✔️Provide oral comments at the ASB's public meeting
You submit a comment letter to The Appraisal Foundation regarding a proposed change
to USPAP. What will TAF do with the letter?
a. Destroy it after the 5-year record retention period
b. Maintain it in a permanent file
c. Distribute it to Board members, who may read it at their discretion
d. Keep its contents strictly confidential - ✔️✔️Maintain it in a permanent file
The ASB is considering public comment letters on one of its Exposure Drafts. When
considering these comments, the ASB's primary focus is:
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