Exam (elaborations)
NATIONAL UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE
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NATIONAL UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE
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NATIONAL UNIFORM STANDARDS OFPROFESSIONAL APPRAISAL PRACTICE
Which entity is responsible for establishing education and experience requirements for
licensing and certification of appraisers? - Answers -Appraiser Qualifications Board
(AQB)
The guidance issued by the Appraisal Practices Board is considered: - Answers -
Voluntary
USPAP is developed, interpreted, and amended by the: - Answers -Appraisal Standards
Board (ASB)
The Appraisal Standards Board (ASB) develops, interprets, and amends USPAP.
Advisory Opinions are best described as - Answers -not part of USPAP, but included as
reference material
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?
Maintaining a national registry of licensed and certified appraisers
Monitoring the practices, procedures, and activities of The Appraisal Foundation
Monitoring each state's appraiser licensing and certification program
Developing, amending, and interpreting USPAP - Answers -Developing, amending, and
interpreting USPAP
Under FIRREA, USPAP is enforced by: - Answers -State appraiser
licensing/certification agencies
The responsibility of enforcing USPAP is provided to the individual state appraiser
licensing and certification agencies.
Which entity maintains the official national registry of state-certified and licensed
appraisers? - Answers -Appraisal Subcommittee (ASC)
The Appraisal Subcommittee maintains a registry of all licensed and certified appraisers
in the United States. States submit the registry fees using funds collected from
appraisers.
Who is responsible for issuing credentials to individual appraisers? - Answers -State
appraisal regulatory agencies
State appraiser regulatory agencies are responsible for receiving and processing
applications for licensure and certification, and for issuing credentials to qualified
individuals.
,The first step in the appraisal process is: - Answers -Identify the problem
Which step in the appraisal process involves communication of the appraiser's opinions
and conclusions?
Receipt of fee from the client
Reporting
Determination of scope of work
Identification of the problem - Answers -Reporting
In USPAP, the appraisal process is divided into two distinct types of activity: _________
and __________.
Opinion, conclusion
New, old
Development, reporting
Analysis, appraisal - Answers -Development, reporting
Currently, the boards within The Appraisal Foundation include: - Answers -Appraisal
Standards Board, Appraiser Qualifications Board, Appraisal Practices Board, Board of
Trustees
Which independent board was created within The Appraisal Foundation in 2010? -
Answers -Appraisal Practices Board (APB)
Which statement is TRUE regarding The Appraisal Foundation and USPAP
enforcement authority?
Which statement about intended users is TRUE?
The client is always an intended user.
An appraiser may retroactively add an intended user after an assignment has been
completed.
The client must be the only identified intended user. - Answers -The client is always an
intended user.
A workfile must be maintained for: - Answers -All appraisal and appraisal review
assignments
Which is the broader category of services?
Valuation Services
Appraisal Practice - Answers -Valuation Services
In USPAP, each Standard is composed of: - Answers -Standards Rules
, "The type and extent of research and analyses in an assignment" is the definition of
___________. - Answers -Scope of work
Appraisal practice includes only: - Answers -Valuation services provided by an
individual acting as an appraiser
A real estate broker completes a Comparative Market Analysis (CMA) on a property that
he wants to list for sale. What would this be considered? - Answers -A valuation service
A key distinction between appraisal practice and other types of valuation services is that
only appraisers conduct appraisal practice. The broker is not providing this service as
an appraiser; therefore, it is not part of appraisal practice.
An intended user is: - Answers -A party who is identified by the appraiser based on
communication with the client at the time of the assignment
What is the stated purpose of USPAP? - Answers -Promote and maintain a high level of
public trust in appraisal practice
The PREAMBLE states that USPAP is: - Answers -For appraisers and users of
appraisal services
When obligated by law or regulation, an appraiser ________ comply with USPAP. -
Answers -Must
When obligated by law, regulation, or agreement with the client, an appraiser must
comply with USPAP.
To which property types does USPAP apply? - Answers -Both tangible and intangible
property
One of an appraiser's obligations with regard to user expectations is to: - Answers -
Identify the capacity in which he or she is performing
What could cause an appraiser to prepare an appraisal assignment in conformance with
USPAP? - Answers -Law or regulation, agreement with the client, or voluntary choice by
the appraiser
Compliance with USPAP could be triggered by law, regulation, agreement with the
client, or the appraiser's choice
Which statement is TRUE regarding the relationship between valuation services and
appraisal practice?
Valuation services is a subset of appraisal practice.
Appraisal practice and valuation services have no relationship.
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