USPAP Study Sheet QUESTIONS AND ANSWERS| COMPLETE SOLN
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USPAP
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USPAP
USPAP Study Sheet QUESTIONS AND ANSWERS| COMPLETE SOLN
Financial chaos began in the US during the Correct Answer: 1929 stock market crash after the great depression
In the 1950s-70s double continued with Correct Answer: -Works related areas-Property taxation-Federal housing programs
1990...
uspap study sheet questions and answers| complete soln
financial chaos began in the us during the
in the 1950s 70s double continued with
1990s trouble was because of
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USPAP Study Sheet QUESTIONS AND
ANSWERS| COMPLETE SOLN
Financial chaos began in the US during the Correct Answer: 1929 stock market
crash after the great depression
In the 1950s-70s double continued with Correct Answer: -Works related areas-
Property taxation-Federal housing programs
1990s trouble was because of... Correct Answer: Mortgage scams and illegal
house flipping.
1980s trouble was because of... Correct Answer: the Savings and Loans Crisis
1990s to 2000s trouble was from... Correct Answer: identity theft and appraisal
report tampering.
Prior to 1930s, appeasing properties could be done by... Correct Answer:
mortgage brokers and real estate agents
Issues recognized by new professional appraisers Correct Answer: -Provide
credible services-Have services provided by ethical and competent individuals-
Foster public trust
Ad-hoc Committee Correct Answer: Eventually became USPAP-find market
value-develop independent authority
TAF Correct Answer: The appraisal foundation
USPAP has no legal authority but.. Correct Answer: NYS enforces it
Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of
1989 (FIRREA) provided.. Correct Answer: Recognition and authorized federal
institutions to reference USPAP
,Uniform Relocation Assistance and Real Properties Acquisition Policies Act
Correct Answer: Where the executive branch followed congress by referencing
USPAP
With Office of Management and Budget (OMB) Circlular A-129, January 11,
1993.... Correct Answer: Other federal agencies recognized USPAP
The IRS bulletin 2006-46, November 13, 2006 generally Correct Answer:
Accepted USPAP appraisal standards, defining a "qualified appraisal"
Other groups that accept USPAP as integrated standards in their policies. Correct
Answer: Fannie mae, farmer mac, the farm credit admin, employee relation
council
TAF definition Correct Answer: The Appraisal Foundation
TAF IS Correct Answer: -A Non-Profit
-An org authorized by congress
-An org made up of other organizations
-Affiliate sponsors (non-profits with valuation interest)
-International sponsors (non-profit based outside of US with valuation interest)
TAF Advisory Councils Correct Answer: The appraisal foundation advisory
council (has non-profit organizations)
-The inducts advisory council (has for profit organizations)
The board of Trustees- 3 functions Correct Answer: 1) Appoints members to its
independent boards
2) Secures funding for TAF operations
, 3) Monitors performance and oversight of TAF and its boards and Advisory
Councils
"valuation advisories" Correct Answer: Means to identify issues and give
guidance.
Board also gives written, visual and audio information.
Appraiser Qualifications Board Functions Correct Answer: -Establishes minimum
education, experience, and other criteria for verification of appraisers and
supervisors.-Defines, issues, and promotes qualification criteria-Teaches
qualification criteria to states, gov. and others-Creates Licensing and Certification
Exams-Responsible for USPAP courses
In the wake of the stock market crash and economic depression the first.... Correct
Answer: group of appraisers were formed
3 boards on TAF Correct Answer: -The Appraiser Qualifications Board
-The Appraisal Standards Board
-The Board of Trustees
Congress contributed to USPAPs acceptance by Correct Answer: identifying it as
the generally accepted set of standard practices for the profession.
Assumes conditions contrary to known facts Correct Answer: hypothetical
condition
An appraiser must prepare a workfile for... Correct Answer: each appraisal
A work file must be in existence __________ to the issuance of any report or other
communication of assignment results. Correct Answer: P
The Appraisal Standards Board- Functions Correct Answer: -Revises and
promotes USPAP
-Responsible for the subject, content, and substance of USPAP
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