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USPAP Exam Questions and Answers
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USPAP Exam Questions and Answers
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USPAP Exam Questions and AnswersWhy iiwas iiUSPAP iideveloped? ii- iiAnswers ii-to iipromote iiand iimaintain iia iihigh iilevel iiof
iipublic iitrust iiin iiappraisal iipractice
What iidoes iiUSPAP iiprovide? ii- iiAnswers ii-a iireason iifor iiclients, iiother iiintended iiusers,
iiand iithe iipublic iito iiplace iitheir iitrust iiin iithe iiservices iiperformed iiby iiprofessional
iiappraisers
What iiis iiUSPAP? ii- iiAnswers ii-appraisal iidevelopment iiprocess ii
-minimum iistandards; iiit iiis iia iibaseline; iiwhat iieveryone iiis iiheld iito
What iiwas iimade iiin iiresponse iito iithe iisavings iiand iiloan iicrisis? ii- iiAnswers ii-Ad iiHoc
iiCommittee iion iithe iiUSPAP
What iidoes iithe iiAd iiHoc iiCommittee iido? ii- iiAnswers ii--focuses iion iidefining ii"market
iivalue" iifor iireal iiproperty
-recognizes iicredible iiappraisal iipractice, iiethical iiand iicompetence, iiand iipublic iitrust
Board iiof iiTrustees ii- iiAnswers ii--oversight iifor iithe iiFoundation
- iiappoints iiall iimembers iifor iiAQB iiand iiASB
Appraiser iiQualifications iiBoard ii(AQB) ii- iiAnswers ii--independent
-sets iiminimum iiqualifications iifor iiappraisers
-established iiminimum iieducation iiand iiexperience iifor iicertification iiand iirecertification
iiof iireal iiproperty iiappraisers iiand iisupervisors
(ultimate iioversight iiof iineeded iiclasses/instructors; iiregulates iieducation iicriteria)
Appraisal iiStandards iiBoard ii(ASB) ii- iiAnswers ii--independent
-writes, iiamends, iiand iiinterprets iiUSPAP ii(responsible iifor iisubject iiand iicontent iiof
iiUSPAP) ii
-sole iijurisdiction
-how iito iibecome iian iiappraiser ii
-sets iinational iiappraisal iistandards
How iidoes iiUSPAP iiachieve iiauthority? ii- iiAnswers ii-Through...
-adoption, iicitation, iiregulation iior iiagreement
,Appraisal iiSubcommittee ii(ASC) ii- iiAnswers ii--subcommittee iiof iiFFIEC; iicreated iias iia
iiresult iiof iiFIRREA
-core iifunction iiis iito iimonitor iithe iirequirements iiestablished iiby iistate iiregulatory
iiagencies iifor iicertification iiand iilicensing iiof iiappraisers iiqualified iito iiperform iiappraisals
iiin iiconnection iiwith iifederally iirelated iitransactions
-OVERSIGHT iiOF iiFOUNDATION
-arm iiof iiCongress ii***it iimaintains iithe iinational iiregistry iiof iistate iicertified iiand iilicensed
iiappraisers
Public iitrust iiattributes iian iiappraiser iiHAS iito iibe: ii- iiAnswers ii-Objective, iiindependent,
iiand iiimpartial
What iiis iithe iiFoundation? ii- iiAnswers ii--a iiprivate iientity
-authorized iiby iiCongress
-governed iiby iia iiBoard iiof iiTrustees*** ii& iihas iitwo iiindependent iiboards ii(AQB iiand
iiASB)
What iiis iithe iiPreamble? ii- iiAnswers ii--Describes iithe iioverall iipurpose iiand iistructure iiof
iiUSPAP
What iiis iithe iiDefinitions iisection iiof iiUSPAP? ii- iiAnswers ii--terms iithat iihave iia iidistinct
iimeaning iiin iiUSPAP
-need iia iicommon iiunderstanding
-essential iito iiunderstanding iithe iiuniform iistandards
What iiis iithe iiRules iisection iiof iiUSPAP? ii- iiAnswers ii-1. iiethics
2. iirecord iikeeping
3. iicompetency
4. iiscope iiof iiwork
5. iijurisdictional iiexception
Standards ii1-10 ii- iiAnswers ii--The iistandards iiidentify iithe iidiscipline iiand/or iitask
-even ii# iideals iiwith iireporting
-odd ii# iideals iiwith iidevelopment
Comment iisection iiof iiUSPAP ii- iiAnswers ii--legally iienforceable; iijust iias iiimportant
-provides iiinterpretation iiand iiestablish iithe iicontext iiand iiconditions iifor iiapplication
Advisory iiOpinions ii(AO) ii- iiAnswers ii--not iipart iiof iiUSPAP
-offers iiadvice iiand iiguidance ii-issued iito iiillustrate iithe iiapplicability iiof iithe iiStandards
iiin iispecific iisituations iiand iito iioffer iiadvice iifor iithe iiresolution iiof iiappraisal iiissues iiand
iiproblems
USPAP iiaddresses iithe iiappraisal iiprocess ii- iiAnswers ii-1. iiDefine iiproblem
2. iiScope iiof iiwork
3. iiData iicollection iiand iianalysis
, 4. iiApplication iiof iithe iiapproaches iito iithe iivalue
5. iiReconciliation iiof iivalue iiindications iiand iifinal iiopinion iiof iivalue
6. iiReport iiof iidefined iivalue iiopinions
The iiappraisal iiprocess iiis iidivided iiinto iitwo iidistinct iitypes iiof iiactivity: ii- iiAnswers ii-
Development iiand iireporting
Preamble- iiPurpose iiof iiUSPAP? ii- iiAnswers ii--to iipromote iiand iimaintain iia iihigh iilevel
iiof iipublic iitrust iiin iiprofessional iiappraisal iipractice
ii-you iido iithis iiby iiestablishing iiminimum iirequirements iifor iiprofessional iiappraisal
iipractice ii= iiUSPAP
Preamble- iiWho iibenefits iifrom iiUSPAP? ii- iiAnswers ii--providers iiand iiusers iiof
iiappraisal iiservices
Preamble- iiWhen iiis iicompliance iirequired? ii- iiAnswers ii--when iieither iithe iiservice iiof
iithe iiappraiser iiis iiobligated iito iicomply iiby:
Law
Regulation
Agreement ii(with iiclient/intended iiusers)
Tangible iiand iiIntangible ii- iiAnswers ii--property iitypes iicovered iiby iiUSPAP
-Tangible: iireal iiand iipersonal iiproperty
-Intangible: iibusiness iiinterests iiand iiothers
Preamble- iiValuation iiservice ii- iiAnswers ii--provided iiby iia iivariety iiof
iiprofessionals/others ii(can iibe iiappraisers)
-a iiservice iipertaining iito iian iiaspect iiof iiproperty iivalue, iiregardless iiof iitype iiof
iiservice/who iiperformed iiservice
-All-encompassing iiworld iiof iivalue-related iiservices
Preamble- iiAppraisal iiPractice ii- iiAnswers ii--provided iionly iiby iiappraisers
-valuation iiservices iiperformed iiby iione iiacting iias iian iiappraiser, iiincluding iiappraisal
iiand iiappraisal iireview
-USPAP iiapplies
Expectation iiof iiappraisers iicomplying iito iiUSPAP: ii- iiAnswers ii--public iitrust
-provide iiservices iiin iia iimanner iiconsistent iiwith iithe iidefinition iiof iiappraiser
-meet iiexpectation iiof iiclients/intended iiusers
Is iimarket iivalue iidefined iiin iiUSPAP? ii- iiAnswers ii--NO; iinot iiexactly
-it iidoes iinot iigive iia iicitable iidefinition
Bias ii- iiAnswers ii-preference iior iiinclination iithat iiprecludes iian iiappraiser's iiimpartiality,
iiindependence, iior iiobjectivity iiin iian iiassignment
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