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2024 USPAP Test Questions and Complete Solutions Graded A+.
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2024 USPAP Test Questions and Complete Solutions Graded A+.
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2024 USPAP TestQuestions and Complete
Solutions Graded A+
The Appraisal Foundation (Foundation) - Answer: The Foundation is not a regulatory agency, but it
provides the tools that regulators use. The Foundation is organized into three main boards: Board of
Trustees (BOT), Appraiser Qualifications Board (AQB), Appraisal Standards Board (ASB)
Board of Trustees (BOT) - Answer: Board of Trustees (BOT), which provides volunteer leadership and
oversight for the Foundation.
Appraiser Qualifications Board (AQB) - Answer: Appraiser Qualifications Board (AQB), an independent
board of the Foundation, which sets minimum qualification criteria that must be met before entering
the profession as well as qualifications to maintain a credential.
Appraisal Standards Board (ASB) - Answer: Appraisal Standards Board (ASB), an independent board of
the Foundation, which establishes the Uniform Standards of Professional Appraisal Practice (USPAP).
Appraisal Subcommittee (ASC) - Answer: Under Title XI, one of the ASC's core functions is to monitor the
requirements established by state regulatory agencies for certification and licensing of appraisers
qualified to perform appraisals in connection with federally related transactions.
Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) - Answer: In 1989, the U.S.
Congress enacted the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), which
authorized the Foundation as the source of appraisal standards and qualifications
Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 created - Answer:
Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC).
USPAP was created to? - Answer: Promote and preserve public trust in professional appraisal practice.
,All appraisal disciplines, including personal property, were included in USPAP to establish. - Answer: One
set of standards for the appraisal profession.
The Foundation is. - Answer: A private entity and not a government agency.
The Foundation and its boards - Answer: Have no legal oversight or enforcement authority in any
jurisdiction.
USPAP achieves legal authority by - Answer: Adoption, citation, or implementation by government
agencies through regulation or administrative actions, or by private enterprise in the form of contract
requirements
Sponsoring Organizations of the Foundation must require members to - Answer: Comply with USPAP.
The Foundation IS NOT: - Answer: a. A government agency
b. A professional appraisal organization
c. A membership organization
The Foundation IS - Answer: a. A non-profit organization
b. An organization specifically authorized by Congress to establish real property appraiser qualifications
and appraisal standards.
c. An organization of nearly 100 organizations comprised of valuation professionals, banks,
homebuilders, attorneys, real estate professionals, and16 different government agencies.
The Foundation is governed by a Board of Trustees and has two independent boards with Congressional
authorization - Answer: a. Appraiser Qualifications Board (AQB)
, b. Appraisal Standards Board (ASB)
The Foundation has three categories of sponsors - Answer: a. Appraisal Sponsors (non-profit appraisal
organizations serving appraisers)
b. Affiliate Sponsors (non-profit organizations serving those with an interest in valuation, primarily users
of appraisal services)
c. International Sponsors (non-profit or non-stock organizations based outside the United States with an
interest in valuation)
The Foundation has three advisory councils - Answer: The Appraisal Foundation Advisory Council
(TAFAC)
The Industry Advisory Council (IAC)
The Council to Advance Residential Equity (CARE)
The role of the Board of Trustees - Answer: Appoints members to its independent boards
Secures funding for Foundation operations
Monitors performance and oversight of the Foundation and its Boards and Advisory Councils
The role of the Appraiser Qualifications Board - Answer: Establishes minimum criteria for appraiser
certification and licensing.
Defines, issues, and promotes qualification criteria.
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