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-hr National USPAP Exam Questions and Complete Solutions Graded A+
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-hr National USPAP Exam Questions and Complete Solutions Graded A+
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2020-2024 15-hr NationalUSPAP Exam Questions
and Complete Solutions
Graded A+
Currently, the boards within The Appraisal Foundation include: - Answer: Appraisal Standards Board,
Appraiser Qualifications Board, Board of Trustees
Which Foundation board is responsible for USPAP? - Answer: Appraisal Standards Board (ASB)
True or false. The Appraisal Foundation has the authority to enforce the requirements of USPAP. -
Answer: False
The Appraisal Foundation is a private entity. The Foundation and its boards have no enforcement
authority in any jurisdiction.
The BOT (Board of Trustees) is the ________________ body of the Foundation. - Answer: governing
Which entity is responsible for establishing education and experience requirements for licensing and
certification of appraisers? - Answer: Appraiser Qualifications Board (AQB)
Qualification criteria for appraiser certification and recertification are disseminated to state appraisal
boards by the: - Answer: Appraiser Qualifications Board (AQB)
Which entity appoints members of the AQB and ASB? - Answer: Board of Trustees (BOT)
, Who writes, amends, and interprets the Uniform Standards of Professional Appraisal Practice (USPAP)? -
Answer: Appraisal Standards Board (ASB)
______________________ are a form of guidance issued by the ASB to illustrate the applicability of
USPAP in specific situations. - Answer: Advisory Opinions (AOs)
Advisory Opinions are best described as
an alternative set of standards
subject to Fannie Mae requirements
issued by the Appraisal Subcommittee (ASC)
not part of USPAP, but included as reference material - Answer: not part of USPAP, but included as
reference material
Who is not part of the Foundation, but has authority from Title XI of FIRREA to monitor and review the
activities of the Foundation, including both the ASB and AQB in regard to real property issues? - Answer:
Appraisal Subcommittee (ASC)
Who maintains a national registry of state certified and licensed appraisers? - Answer: Appraisal
Subcommittee (ASC)
Who makes an annual report to Congress? - Answer: Appraisal Subcommittee (ASC)
Who is responsible for administering registries of appraisal management companies (AMCs)? - Answer:
State appraiser regulatory agencies
USPAP is enforced by: - Answer: State appraiser licensing/certification agencies
Who is responsible for issuing credentials to individual appraisers? - Answer: State appraisal regulatory
agencies
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?
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