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USPAP Exam with 100% correct Answers
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USPAP Exam with 100% correct Answers
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USPAP Exam with 100% correct AnswersUSPAP iiprovides: ii- iiCorrect iiAnswers ii-1. iiA iicommon iibasis iifor iicomparison
2. iiA iireference iisource iifor iiall iiusers iiof iithe iidocument
3. iiA iibasis iifor iiuniform iienforcement iifor iistate iiregulatory iiagencies
4. iiA iireason iifor iiclients, iiother iiintended iiusers, iiand iithe iipublic iito iiplace iitheir iitrust iiin
iithe iiservices iiperformed iiby iiprofessional iiappraisers
The iiAppraisal iiFoundation iiis iiorganized iiinto iithree iimain iiboards: ii- iiCorrect iiAnswers ii-
Board iiof iiTrustees ii(BOT), iiwhich iiprovides iivolunteer iileadership iiand iioversight iifor
iithe iiFoundation.
Appraiser iiQualifications iiBoard ii(AQB), iian iiindependent iiboard iiof iithe iiFoundation,
iiwhich iisets iiminimum iiqualification iicriteria iithat iimust iibe iimet iibefore iientering iithe
iiprofession iiand iiqualifications iito iimaintain iia iicredential.
Appraisal iiStandards iiBoard ii(ASB), iian iiindependent iiboard iiof iithe iiFoundation, iiwhich
iiestablishes iithe iiUniform iiStandards iiof iiProfessional iiAppraisal iiPractice ii(USPAP) iion
iian iiannual iibasis.
The iiFoundation iihelps ii- iiCorrect iiAnswers ii-prevent iifinancial iilosses iiin iifederally-
insured iimortgages iiby iisetting iistringent iiqualifications iiand iistandards iifor iiappraisers
iiinvolved iiin iireal iiestate iitransactions. iiMaintaining iithose iiqualifications iiand iistandards
iiis iiessential iito iiprotecting iithe iiUnited iiStates iigovernment, iiconsumers, iiand iitaxpayers
iiand iipromoting iithe iipublic iitrust.
Appraisal iipractice ii- iiCorrect iiAnswers ii-is iian iievolving iiprofession iiinfluenced iiby
iihistorical iievents. iiThe iiconfluence iiof iihistorical iieconomic iievents iiand iithe
iidevelopment iiof iithe iiuniform iiappraisal iistandards iiand iiregulatory iistructure iioccurred
iiin iithe iilate ii1980s.
The iisavings iiand iiloan iicrisis ii(S&L) ii- iiCorrect iiAnswers ii-from iithe iimid-1980s iito iithe
iimid-1990s iiresulted iiin iithe iifailure iiof iiapproximately iione-third iiof iithe iination's iisavings
iiand iiloan iiassociations.
in ii1986 ii- iiCorrect iiAnswers ii-in iiresponse iito iithe iiS&L iiCrisis, iieight iiprofessional
iiappraisal iiorganizations iiin iithe iiUnited iiStates iialong iiwith iithe iiAppraisal iiInstitute iiof
iiCanada iiformed iian iiAd iiHoc iiCommittee iion iithe iiUniform iiStandards iiof iiProfessional
iiAppraisal iiPractice. iiSome iiof iithe iicommittee's iiinitial iiwork iifocused iion iidefining
ii"market iivalue" iifor iireal iiproperty iiappraisals iiprepared iifor iiuse iiby iifederally iirelated
iiagencies.
,The iicommittee iirecognized iithree iicritical iiissues iirelated iito iiappraisal iipractice. iiThe
iinecessity iifor: ii- iiCorrect iiAnswers ii--Credible iiappraisal iipractice iinecessary iifor iithe
iigeneral iieconomic iiwell-being;
-Ethical iiand iicompetent iiindividuals iito iimeet iisociety's iineed iifor iiappraisal iipractice;
iiand
-The iiperformance iiof iiprofessional iiappraisal iipractices iithat iiwould iicreate iipublic iitrust
iiin iithe iiindividual iiappraiser iiand iiin iiappraisal iipractice
in ii1987 ii- iiCorrect iiAnswers ii-the iicommittee iiestablished iiThe iiAppraisal iiFoundation iito
iiimplement iiUSPAP iias iithe iigenerally iiaccepted iiset iiof iiappraisal iistandards iiin iithe
iiUnited iiStates.
in ii1989 ii- iiCorrect iiAnswers ii-the iiU.S. iiCongress iienacted iithe iiFinancial iiInstitutions
iiReform, iiRecovery, iiand iiEnforcement iiAct ii(FIRREA), iiwhich iiauthorized iithe
iiFoundation iias iithe iisource iiof iiappraisal iistandards iiand iiqualifications. iiTitle iiXI iiof iithe
iiFinancial iiInstitutions iiReform, iiRecovery, iiand iiEnforcement iiAct iiof ii1989 iicreated iithe
iiAppraisal iiSubcommittee ii(ASC) iiof iithe iiFederal iiFinancial iiInstitutions iiExamination
iiCouncil ii(FFIEC). iiUnder iiTitle iiXI, iione iiof iithe iiASC's iicore iifunctions 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.
in iithe ii1990s ii- iiCorrect iiAnswers ii-mortgage iiscams iiand iiillegal iiproperty iiflipping
iipreoccupied iithe iilending iiand iiappraisal iiindustries. iiThe iifinancial iiissues iicontinued
iiand iieven iiexpanded iiinto iithe ii2000s, iiwith iiappraisal iiidentify iitheft iiand iitampering
iiwith iiappraisal iirecords.
The iihousing iimarket iidownturn iiin iilate ii______ iibecame iian iieconomic iimeltdown iiin
ii2008-2009, iiwith iiramifications iinot iiseen iisince iithe iiGreat iiDepression. ii- iiCorrect
iiAnswers ii-2007
in ii2010 ii- iiCorrect iiAnswers ii-the iiFoundation iibegan iito iiprovide iitimely iivoluntary
iiguidance iito iiappraisers iiin iithe iiform iiof iiValuation iiAdvisories iion iirecognized iivaluation
iimethods iiand iitechniques.
the iiyear ii2019 iimarked ii- iiCorrect iiAnswers ii-the ii30th iianniversary iiof iithe iipassage iiof
iiTitle iiXI iiof iiFIRREA. iiDuring iithis iitime, iiit iihas iiadvanced iithe iipublic iitrust iiin iithe
iiappraisal iiand iivaluation iiprofession, iiwhich iiunderpins iithe iigreatest iieconomy iiin iithe
iiworld.
USPAP iiwas iicreated iito ii- iiCorrect iiAnswers ii-promote iiand iipreserve iipublic iitrust iiin
iiprofessional iiappraisal iipractice.
The iiconcept iiof iitrust iiobligates iithe iiappraiser iito iiact iiin iithe iipublic's iiinterest, iiwhich
iimeans iithe iiappraiser iimust iiact iiwith: ii- iiCorrect iiAnswers ii-independence, iiimpartiality,
iiobjectivity, iicompetency, iiand iiintegrity
,public iiacceptance iiof iiUSPAP ii- iiCorrect iiAnswers ii-Congress iicontributed iito iiUSPAP's
iiacceptance iiby iiidentifying iiit iias iithe iigenerally iirecognized iistandards iiof iipractice iiin
iithe iiappraisal iiprofession. iiTitle iiXI iiof iithe iiFinancial iiInstitutions iiReform, iiRecovery
iiand iiEnforcement iiAct iiof ii1989 ii(FIRREA) iiprovided iirecognition iiand iiauthorized
iifederal iifinancial iiinstitution iiregulatory iiagencies iito iireference iiUSPAP iiin iitheir
iiregulations. iiThe iiExecutive iiBranch iifollowed iiby iireferencing iiUSPAP iiin iithe iiUniform
iiRelocation iiAssistance iiand iiReal iiProperty iiAcquisition iiPolicies iiAct. iiWith iithe iiOffice
iiof iiManagement iiand iiBudget ii(OMB) iiCircular iiA-129, iidated iiJanuary ii11, ii1993, iiother
iifederal iiagencies iirecognized iiUSPAP. iiThe iiInternal iiRevenue iiService ii(IRS) iiInternal
iiRevenue iiBulletin ii2006-46, iidated iiNovember ii13, ii2006, iireferenced iiUSPAP iias
iigenerally iiaccepted iiappraisal iistandards iiin iidefining iia ii"qualified iiappraisal." iiPrivate
iiindustry iigroups iisuch iias iiFannie iiMae, iiFreddie iiMac, iiFarmer iiMac, iithe iiFarm iiCredit
iiAdministration, iiand iiWorldwide iiERC ii(formerly iiknown iias iithe iiEmployee iiRelocation
iiCouncil) iihave iireferenced iiUSPAP iiand iiintegrated iiit iiin iitheir iipolicies. iiThe iiIRS
iireinforced iithe iiimportance iiof iiUSPAP iiwhen iiit iiissued iia iinew iirule iiwhich iigoverns
iihow iicash iiand iinoncash iicharitable iicontributions iishould iibe iivalued. iiThe iinew iirule
iispecifically iicites iithe iiUniform iiStandards iiof iiProfessional iiAppraisal iiPractice
ii(USPAP) iiof iiThe iiAppraisal iiFoundation.
The iiFoundation iiis ii- iiCorrect iiAnswers ii-a iiprivate iientity iiand iinot iia iigovernment
iiagency. iiThe iiFoundation iiand iiits iiboards iihave iino iilegal iioversight iior iienforcement
iiauthority iiin iiany iijurisdiction. iiUSPAP iiachieves iilegal iiauthority iiby iiadoption, iicitation,
iior iiimplementation iiby iigovernment iiagencies iithrough iiregulation iior iiadministrative
iiactions, iior iiby iiprivate iienterprise iiin iithe iiform iiof iicontract iirequirements.
Currently, iithe iiboards iiwithin iithe iiappraisal iifoundation iiinclude ii- iiCorrect iiAnswers ii-
appraisal iistandards iiboard, iiappraiser iiqualifications iiboard, iiand iiboard iiof iitrustees
which iifoundation iiboard iiis iiresponsible iifor iiuspap ii- iiCorrect iiAnswers ii-appraisal
iistandards iiboard
true iior iifalse: iithe iiappraisal iifoundation iihas iithe iiauthority iito iienforce iithe
iirequirements iiof iiuspap ii- iiCorrect iiAnswers ii-false
the iistructure iiof iithe iiappraisal iifoundation ii- iiCorrect iiAnswers ii--its iistructured iito
iireflect iiits iiposition iiwithin iithe iiappraisal iiprofession iias iian iiorganization iiof
iiorganizations
-its iinot iia iimembership iibased iiadvocacy iiassociation, iibut iirather iirepresents iithe
iiprofession iias iia iiwhole iiby iiconvening iiorganizations iirepresenting iiappraisers iias iiwell
iias iicompanies iithat iihave iia iivested iiinterest iiin iiappraisal iiservices
-its iinot iia iigovernment iiagency, iian iiappraisal iitrade iiorganization, iior iia iimembership
iiorganization
-it iiis iia iinon-profit iiorganization iithat iiwas iispecifically iiauthorized iiby iicongress iito
iiestablish iireal iiproperty iiappraiser iiqualifications iiand iiappraisal iistandards
, -it iiis iian iiorganization iiof iinearly ii100 iiorganizations iicomprised iiof iivaluation
iiprofessionals, iibanks, iihomebuilders, iiattorneys, iireal iiestate iiprofessionals, iiand ii16
iidifferent iigovernment iiagencies
the iiappraisal iifoundation iiis iigoverned iiby iia iiBoard iiof iiTrustees iiand iihas iitwo
iiindependent iiboards iiwith iiCongressional iiauthorization: ii- iiCorrect iiAnswers ii-Appraiser
iiQualifications iiBoard ii(AQB) ii& iiAppraisal iiStandards iiBoard ii(ASB)
The iiFoundation iihas iithree iicategories iiof iisponsors: ii- iiCorrect iiAnswers ii--Appraisal
iiSponsors, iiconsisting iiof iinon-profit iiappraisal iiorganizations iiserving iiappraisers;
-Affiliate iiSponsors, iiconsisting iiof iinon-profit iiorganizations iiserving iithose iiwith iian
iiinterest iiin iivaluation, iiprimarily iiusers iiof iiappraisal iiservices; iiand
-International iiSponsors, iiconsisting iiof iieither iinon-profit iior iinon-stock iiorganizations
iibased iioutside iithe iiU.S. iiwith iian iiinterest iiin iivaluation.
appraisal iisponsors ii- iiCorrect iiAnswers ii-consists iiof iinon-profit iiappraisal iiorganizations
iiserving iiappraisers
affiliate iisponsors ii- iiCorrect iiAnswers ii-consists iiof iinon-profit iiorganizations iiserving
iithose iiwith iian iiinterest iiin iivaluation, iiprimarily iiusers iiof iiappraisal iiservices
international iisponsors ii- iiCorrect iiAnswers ii-consist iiof iieither iinon-profit iior iinon-stock
iiorganizations iibased iioutside iithe iiU.S. iiwith iian iiinterest iiin iivaluation
The iiAppraisal iiFoundation iihas iitwo iiadvisory iicouncils: ii- iiCorrect iiAnswers ii--The
iiAppraisal iiFoundation iiAdvisory iiCouncil ii(TAFAC), iiwhich iiis iimade iiup iiof
iirepresentatives iifrom iinon-profit iiorganizations iiand iigovernment iientities; iiand
-The iiIndustry iiAdvisory iiCouncil ii(IAC), iiwhich iihas iimembers iifrom iifor-profit
iiorganizations.
the iiappraisal iifoundation iiadvisory iicouncil ii(TAFAC) ii- iiCorrect iiAnswers ii-is iimade iiup
iiof iirepresentatives iifrom iinon-profit iiorganizations iiand iigovernment iientities
the iiindustry iiadvisory iicouncil ii(IAC) ii- iiCorrect iiAnswers ii-has iimembers iifrom iifor iiprofit
iiorganizations
appraiser iiqualifications iiboard iisets ii- iiCorrect iiAnswers ii-minimum iiqualifications iifor
iiappraisers
appraisal iistandards iiboard iisets ii- iiCorrect iiAnswers ii-appraisal iistandards ii(USPAP)
The iiFoundation iiis iicommitted iito ii- iiCorrect iiAnswers ii-building iithe iiappraisal
iiprofession iiby iibringing iinew iiappraisers iiinto iiit
The iiFoundation iidevelops: ii- iiCorrect iiAnswers ii--Recruitment iiprograms iito iifulfill iithe
iigrowing iineed iifor iireal iiproperty iiappraisers
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