15-hour National USPAP Course - McKissock 2023 Questions and Answers Passed
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McKissock
Institution
McKissock
15-hour National USPAP Course - McKissock 2023 Questions and Answers Passed
USPAP contains what 4 sections?
1) The Preamble
2) Definitions
3) Rules
4) Standards
USPAP Provides...
1. A common basis for comparison
2. A reference source for all users of the document
3. A basis for uniform e...
15-hour National USPAP Course - McKissock 2023
Questions and Answers Passed
USPAP contains what 4 sections?
1) The Preamble
2) Definitions
3) Rules
4) Standards
USPAP Provides...
1. A common basis for comparison
2. A reference source for all users of the document
3. A basis for uniform enforcement for state regulatory agencies
4. A reason for clients, other intended users, and the public to place their trust in the
services performed by professional appraisers
What year was The Appraisal Foundation formed?
1987
What are the 3 boards of The Appraisal Foundation?
- Board of Trustees (BOT)
- Appraiser Qualifications Board (AQB)
- Appraisal Standards Board (ASB)
FIRREA
Financial Institutions Reform, Recovery, and Enforcement Act of 1989
Title XI created the Appraisal Subcommittee (ASC) of the Federal Financial Institutions
Examination Council (FFIEC).
An Appraiser must act with ...
- Independence
- Impartiality
- Objectivity
- Competency
- Integrity
Where does USPAP's legal authority come from?
Adoption, citation, or implementation by government agencies through regulation or
administrative actions, or by private enterprise in the form of contract requirements.
Since TAF is not a government agency, it cannot create legal oversight or enforcement
on its own.
What are the three categories of TAF sponsors?
1. Appraisal Sponsors, consisting of non-profit appraisal organizations serving
appraisers;
2. Affiliate Sponsors, consisting of non-profit organizations serving those with an interest
in valuation, primarily users of appraisal services;
3. International Sponsors, consisting of either non-profit or non-stock organizations
based outside the U.S. with an interest in valuation.
What are the two advisory councils of TAF?
, 1. The Appraisal Foundation Advisory Council (TAFAC) made up of reps from non-
profits and gov't entities
2. The Industry Advisory Council (IAC) members from for-profit orgs.
Board of Trustees (BOT)
- Appoints members to its independent boards
- Secures funding for TAF operations
- Monitors performance and oversight of TAF and its Boards and Advisory Councils
The Appraiser Qualifications Board (AQB)
Establishes the minimum education, experience, and examination requirements an
individual must meet in order to become a licensed or certified appraiser.
The Appraisal Standards Board (ASB)
Develops, interprets, and amends the Uniform Standards of Professional Appraisal
Practice (USPAP).
FFIEC
The US Federal Financial Institutions Examination Council.
FFIEC is a formal interagency body empowered to prescribe uniform principles,
standards, and report forms, and to make recommendations to promote uniformity in the
supervision of financial institutions.
Composition of the ASC
7 members, each appointed by the head of their respective agency, representing:
1. Board of Governors of the Federal Reserve System (FRB)
2. Office of the Comptroller of the Currency (OCC)
3. Federal Deposit Insurance Corporation (FDIC)
4. National Credit Union Administration (NCUA)
5. Department of Housing and Urban Development (HUD)
6. Federal Housing Finance Agency (FHFA)
7. Consumer Financial Protection Bureau (CFPB)
Advisory Opinions in USPAP
Offer guidance and advice, but do not establish new standards or interpret existing
standards.
According to the preamble, the purpose of USPAP is ...
1. To promote and maintain a high level of public trust in professional appraisal practice.
2. To establish minimum requirements for professional appraisal practice.
Compliance with USPAP is required when ...
The service or appraiser is obligated to comply by law, regulation, agreement with client
or other user.
Even when not obligated, an individual may still choose to comply.
Valuation Service
A service pertaining to an aspect of property value, regardless of the type of service and
whether it is performed by appraisers or by others.
Appraisal Practice
Valuation services performed by an individual acting as an appraiser, including but not
limited to appraisal and appraisal review.
Appraisal Review
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