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USPAP Test with 100% correct Answers
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USPAP Test with 100% correct Answers
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USPAP Test with 100% correct AnswersThe iiAppraisal iiFoundation ii(Foundation) ii- iiAnswers ii-The iiFoundation iiis iinot iia
iiregulatory iiagency, iibut iiit iiprovides iithe iitools iithat iiregulators iiuse. iiThe iiFoundation iiis
iiorganized iiinto iithree iimain iiboards: iiBoard iiof iiTrustees ii(BOT), iiAppraiser
iiQualifications iiBoard ii(AQB), iiAppraisal iiStandards iiBoard ii(ASB)
Board iiof iiTrustees ii(BOT) ii- iiAnswers ii-Board iiof iiTrustees ii(BOT), iiwhich iiprovides
iivolunteer iileadership iiand iioversight iifor iithe iiFoundation.
Appraiser iiQualifications iiBoard ii(AQB) ii- iiAnswers ii-Appraiser iiQualifications iiBoard
ii(AQB), iian iiindependent iiboard iiof iithe iiFoundation, iiwhich iisets iiminimum iiqualification
iicriteria iithat iimust iibe iimet iibefore iientering iithe iiprofession iias iiwell iias iiqualifications
iito iimaintain iia iicredential.
Appraisal iiStandards iiBoard ii(ASB) ii- iiAnswers ii-Appraisal iiStandards iiBoard ii(ASB), iian
iiindependent iiboard iiof iithe iiFoundation, iiwhich iiestablishes iithe iiUniform iiStandards iiof
iiProfessional iiAppraisal iiPractice ii(USPAP).
Appraisal iiSubcommittee ii(ASC) ii- iiAnswers ii-Under 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.
Financial iiInstitutions iiReform, iiRecovery, iiand iiEnforcement iiAct ii(FIRREA) ii- iiAnswers
ii-In ii1989, iithe 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
Title iiXI iiof iithe iiFinancial iiInstitutions iiReform, iiRecovery, iiand iiEnforcement iiAct iiof
ii1989 iicreated ii- iiAnswers ii-Appraisal iiSubcommittee ii(ASC) iiof iithe iiFederal iiFinancial
iiInstitutions iiExamination iiCouncil ii(FFIEC).
USPAP iiwas iicreated iito? ii- iiAnswers ii-Promote iiand iipreserve iipublic iitrust iiin
iiprofessional iiappraisal iipractice.
All iiappraisal iidisciplines, iiincluding iipersonal iiproperty, iiwere iiincluded iiin iiUSPAP iito
iiestablish. ii- iiAnswers ii-One iiset iiof iistandards iifor iithe iiappraisal iiprofession.
,The iiFoundation iiis. ii- iiAnswers ii-A iiprivate iientity iiand iinot iia iigovernment iiagency.
The iiFoundation iiand iiits iiboards ii- iiAnswers ii-Have iino iilegal iioversight iior iienforcement
iiauthority iiin iiany iijurisdiction.
USPAP iiachieves iilegal iiauthority iiby ii- iiAnswers ii-Adoption, iicitation, iior iiimplementation
iiby iigovernment iiagencies iithrough iiregulation iior iiadministrative iiactions, iior iiby iiprivate
iienterprise iiin iithe iiform iiof iicontract iirequirements
Sponsoring iiOrganizations iiof iithe iiFoundation iimust iirequire iimembers iito ii- iiAnswers ii-
Comply iiwith iiUSPAP.
The iiFoundation iiIS iiNOT: ii- iiAnswers ii-a. iiA iigovernment iiagency ii
b. iiA iiprofessional iiappraisal iiorganization ii
c. iiA iimembership iiorganization
The iiFoundation iiIS ii- iiAnswers ii-a. iiA iinon-profit iiorganization ii
b. iiAn iiorganization iispecifically iiauthorized iiby iiCongress iito iiestablish iireal iiproperty
iiappraiser iiqualifications iiand iiappraisal iistandards. ii
c. iiAn iiorganization iiof iinearly ii100 iiorganizations iicomprised iiof iivaluation
iiprofessionals, iibanks, iihomebuilders, iiattorneys, iireal iiestate iiprofessionals, iiand16
iidifferent iigovernment iiagencies.
The iiFoundation iiis iigoverned iiby iia iiBoard iiof iiTrustees iiand iihas iitwo iiindependent
iiboards iiwith iiCongressional iiauthorization ii- iiAnswers ii-a. iiAppraiser iiQualifications
iiBoard ii(AQB) ii
b. iiAppraisal iiStandards iiBoard ii(ASB)
The iiFoundation iihas iithree iicategories iiof iisponsors ii- iiAnswers ii-a. iiAppraisal
iiSponsors ii(non-profit iiappraisal iiorganizations iiserving iiappraisers) ii
b. iiAffiliate iiSponsors ii(non-profit iiorganizations iiserving iithose iiwith iian iiinterest iiin
iivaluation, iiprimarily iiusers iiof iiappraisal iiservices) ii
c. iiInternational iiSponsors ii(non-profit iior iinon-stock iiorganizations iibased iioutside iithe
iiUnited iiStates iiwith iian iiinterest iiin iivaluation)
The iiFoundation iihas iithree iiadvisory iicouncils ii- iiAnswers ii-The iiAppraisal iiFoundation
iiAdvisory iiCouncil ii(TAFAC)
, The iiIndustry iiAdvisory iiCouncil ii(IAC)
The iiCouncil iito iiAdvance iiResidential iiEquity ii(CARE)
The iirole iiof iithe iiBoard iiof iiTrustees ii- iiAnswers ii-Appoints iimembers iito iiits
iiindependent iiboards ii
iiSecures iifunding iifor iiFoundation iioperations ii
iiMonitors iiperformance iiand iioversight iiof iithe iiFoundation iiand iiits iiBoards iiand
iiAdvisory iiCouncils
The iirole iiof iithe iiAppraiser iiQualifications iiBoard ii- iiAnswers ii-Establishes iiminimum
iicriteria iifor iiappraiser iicertification iiand iilicensing.
Defines, iiissues, iiand iipromotes iiqualification iicriteria.
Disseminates iiqualification iicriteria iito iistates, iigovernment iientities, iiand iiothers.
Creates iiand iimaintains iithe iiNational iiUniform iiLicensing iiand iiCertification iiAppraisal
iiExaminations
Works iiin iiconjunction iiwith iithe iiASB iito iidevelop iithe ii7-and ii15-Hour iiNational iiUSPAP
iiCourses.
Administers iithe iiUSPAP iiInstructor iiCertification/Recertification iiProgram
Administers iithe iiCourse iiApproval iiProgram ii(CAP)
Writes iisemi-annual iiQ&As iiin iiresponse iito iiquestions iireceived iiregarding iithe iiReal
iiProperty iiAppraiser iiQualification iiCriteria, iiNational iiUniform iiLicensing iiand
iiCertification iiExaminations, iiCAP, iior iiany iiother iiAQB-related iiissue iior iiprogram.
The iirole iiof iithe iiAppraisal iiStandards iiBoard ii- iiAnswers ii-Develops, iiinterprets, iiand
iiamends iiUSPAP
Responsible iifor iithe iisubject iiand iicontent iiof iiUSPAP, iithe iiUSPAP iiGRM, iiand iiother
iicommunications iirelated iito iiappraisal iistandards:
The iiASB iiand iiAQB iiare iiindependent, iibut ii- iiAnswers ii-They iiwork iijointly iiin iiseveral
iiareas iisuch iias iithis iiNational iiUSPAP iiCourses iiand iithe iiUSPAP iiInstructor
iiCertification iiand iiRecertification iiPrograms.
Created iias iia iiresult iiof iiFIRREA, iithe iiASC ii- iiAnswers ii-Has iia iisupervisory iirole iiover
iistate iiappraiser iiregulatory iiagencies iiand iireal iiproperty iiappraisers. iiIt iihas iia iiduty iito
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