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USPAP Exam Questions and Answers
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USPAP Exam Questions and Answers
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USPAP Exam Questions and AnswersWhich iiboard iiwithin iiThe iiAppraisal iiFoundation iihas iithe iiauthority iito iimake iirevisions
iito iiUSPAP?
Board iiof iiTrustees ii(BOT)
Appraisal iiStandards iiBoard ii(ASB)
Appraiser iiQualifications iiBoard ii(AQB)
All iiboards iiwithin iithe iiFoundation iihave iithe iiauthority iito iirevise iiUSPAP ii- iiAnswers ii-
Appraisal iiStandards iiBoard ii(ASB)
The iithree iiindependent iiboards iiwithin iiThe iiAppraisal iiFoundation iiinclude:
Appraisal iiStandards iiBoard, iiAppraisal iiSubcommittee, iiFederal iiHousing iiFinance
iiAgency
Appraisal iiStandards iiBoard, iiAppraiser iiQualifications iiBoard, iiBoard iiof iiTrustees
Board iiof iiTrustees, iiFederal iiHousing iiBoard, iiFannie iiMae iiBoard
Appraisal iiStandards iiBoard, iiFederal iiAppraiser iiBoard, iiFederal iiHousing
iiAdministration ii- iiAnswers ii-Appraisal iiStandards iiBoard, iiAppraiser iiQualifications
iiBoard, iiBoard iiof iiTrustees
Which iilaw iimandated iithat iiall iistates iimust iiestablish iia iiprogram iifor iiappraiser
iilicensing iiand iicertification?
HVCC
Dodd-Frank iiAct
Truth iiin iiLending iiAct
FIRREA ii- iiAnswers ii-FIRREA
Who iiis iiresponsible iifor iiappointing iimembers iito iithe iiAppraiser iiQualifications iiBoard?
Appraisal iiStandards iiBoard ii(ASB)
The iiSecretary iiof iiHUD
The iiAQB iiappoints iiits iiown iimembers
The iiBoard iiof iiTrustees ii(BOT) ii- iiAnswers ii-the iiboard iiof iitrustees ii(bot)
The iiDodd-Frank iiAct iiof ii2010 iirequires iithe iiASC iito iicreate iiand iimaintain iia iinational
iiregistry iiof:
Home iibuilders iiand iicontractors
Subprime iilenders
Appraisal iitrainees iiand iisupervisors
Appraisal iimanagement iicompanies ii- iiAnswers ii-Appraisal iimanagement iicompanies
The iiASC's iiNational iiComplaint iiHotline iiwill iiprovide iireferrals iifor iicomplaints iiagainst:
,Appraisers iionly
AMCs iionly
Appraisers, iilenders, iiAMCs iior iiothers
Government iientities iisuch iias iistate iiappraisal iiboards iiand iiHUD ii- iiAnswers ii-
Appraisers, iilenders, iiAMCs iior iiothers
The iiASC iiis iicomposed iiof iimembers iiappointed iiby iithe iifour iifederal iifinancial
iiinstitution iiregulatory iiagencies, iiplus iithe iiBureau iiof iiConsumer iiFinancial iiProtection,
iithe iiFederal iiHousing iiFinance iiAgency, iiand ii_____________.
Department iiof iiHomeland iiSecurity
Environmental iiProtection iiAgency
National iiAssociation iiof iiHomebuilders
Department iiof iiHousing iiand iiUrban iiDevelopment ii- iiAnswers ii-Department iiof
iiHousing iiand iiUrban iiDevelopment
Currently, iiwhat iiis iithe iiannual iinational iiregistry iifee iiper iiappraiser?
$25
$40
$75
$100 ii- iiAnswers ii-40
Which iientity iiis iiresponsible iifor iimonitoring iiThe iiAppraisal iiFoundation iito iiensure iiit iiis
iiproperly iifulfilling iiits iiresponsibilities iiunder iiTitle iiXI iiof iiFIRREA?
Appraisal iiSubcommittee ii(ASC)
U.S. iiDepartment iiof iiHUD
Appraiser iiQualifications iiBoard ii(AQB)
State iiappraisal iiregulatory iiagencies ii- iiAnswers ii-asc
An iiappraiser iiviolates iithe iilaws iiof iihis iistate iiwhen iiperforming iian iiappraisal. iiWhich
iientity iimay iitake iidisciplinary iiaction iiagainst iihim?
The iiAppraiser iiQualifications iiBoard ii(AQB)
The iiAppraisal iiStandards iiBoard ii(ASB)
The iistate iiappraisal iiregulatory iiagency
Any iiand iiall iiof iithese iientities iimay iipursue iidisciplinary iiaction ii- iiAnswers ii-The iistate
iiappraisal iiregulatory iiagency
An iiindividual iisubmits iian iiapplication iito iibecome iia iicertified iiappraiser. iiWho iiis
iiresponsible iifor iiapproving iior iidisapproving iithe iiapplication?
Appraisal iiSubcommittee ii(ASC)
The iistate iiappraisal iiregulatory iiagency
Appraiser iiQualifications iiBoard ii(AQB)
A iiprofessional iiappraisal iiorganization ii- iiAnswers ii-The iistate iiappraisal iiregulatory
iiagency
Which iiof iithese iiis iiNOT iia iifunction iiperformed iiby iiprofessional iiappraiser
iiorganizations?
,Disseminating iiprofessional iipublications iiand iitrade iijournals
Issuing iiappraisal iicredentials
Offering iinetworking iiopportunities
Providing iilegislative iilobbying iiand iiadvocacy ii- iiAnswers ii-Issuing iiappraisal
iicredentials
How iioften iido iiASC iirepresentatives iiperform iian iion-site iireview iiof iieach iistate's
iiappraisal iilicensing iiand iicertification iiprogram?
Monthly
Every iiyear
Every iitwo iiyears
Every iithree iiyears ii- iiAnswers ii-every ii2 iiyears
The iiAppraisal iiFoundation iiissues iiValuation iiAdvisories iion iirecognized iiappraisal
iimethods iiand iitechniques. iiFor iiappraisers, iicompliance iiwith iithese iiValuation
iiAdvisories iiis:
Voluntary
Required iiby iistate iiappraisal iiregulatory iiagencies
Forbidden
Mandated iiby iifederal iilaw ii- iiAnswers ii-voluntary
Which iifederal iientity iimaintains iioversight iiauthority iiover iistate iiappraisal iiregulatory
iiagencies?
The iiAppraisal iiFoundation ii(TAF)
U.S. iiDepartment iiof iiHUD
Appraisal iiSubcommittee ii(ASC)
No iione; iithese iiagencies iiare iiself-policing ii- iiAnswers ii-asc
Before iithe iiAQB iirevises iithe iiReal iiProperty iiAppraiser iiQualification iiCriteria, iiit iimust
iifirst:
Expose iithe iiproposed iichanges iiand iisolicit iicomments
Demonstrate iithat iithe iiproposed iichanges iiwill iinot iiaffect iithe iiprofession
Formally iipoll iiall iiappraisers iiin iithe iiUnited iiStates
Receive iiformal iiapproval iifrom iithe iiU.S. iiDepartment iiof iiHUD ii- iiAnswers ii-Expose iithe
iiproposed iichanges iiand iisolicit iicomments
According iito iithe iiAQB iiminimum iicriteria, iian iiapplicant iifor iia iiLicensed iiResidential
iiAppraiser iicredential iimust iiobtain ii_______ iiexperience iihours iiin iino iifewer iithan
ii_______ iimonths.
1,000; ii6
1,000; ii12
2,000; ii16
2,000; ii24 ii- iiAnswers ii-1000; ii6
, A iiTrainee iiAppraiser iiwishes iito iiupgrade iito iia iiLicensed iiResidential iiAppraiser
iicredential. iiUnder iithe iiAQB iiCriteria, iihow iimany iiadditional iihours iiof iiappraisal
iieducation iimust iithe iiTrainee iiAppraiser iicomplete?
25
50
75
90 ii- iiAnswers ii-75
As iithe iiterm ii"Trainee iiAppraiser" iiis iiused iiin iithe iiAQB iiCriteria, iiit iirefers iito iiwhich
iistate-specific iiterms?
Trainee iiAppraisers iionly
Provisional iiAppraisers iionly
Registered iiAppraisers iionly
The iiterm ii"Trainee iiAppraiser" iirefers iito iiall iiof iithese ii- iiAnswers ii-The iiterm ii"Trainee
iiAppraiser" iirefers iito iiall iiof iithese
To iiobtain iia iiLicensed iiResidential iiAppraiser iicredential, iian iiapplicant iimust iiobtain
ii______ iicreditable iihours iiof iiappraisal iieducation.
120
150
200
2,000 ii- iiAnswers ii-150
Which iitype iiof iiappraisal iicredential iidoes iinot iirequire iian iiapplicant iito iipossess iiany
iiappraisal iiexperience?
Licensed iiResidential iiAppraiser
Trainee iiAppraiser
Certified iiResidential iiAppraiser
None iiof iithese iiclassifications iirequires iian iiapplicant iito iipossess iiappraisal iiexperience
ii- iiAnswers ii-Trainee iiAppraiser
An iiapplicant iifor iia iiCertified iiResidential iiAppraiser iicredential iimust iipossess
ii_________ iifrom iian iiaccredited iicollege iior iiuniversity.
A iiBachelor's iidegree iior iihigher
An iiAssociate's iidegree iiin iia iiconcentrated iifield iiof iistudy iirelated iito iibusiness iior iireal
iiestate
30 iisemester iicredit iihours iiin iispecified iitopics
Any iiof iithese ii- iiAnswers ii-any iiof iithese
A iiholder iiof iia iivalid iiCertified iiResidential iiAppraiser iicredential iiwants iito iiupgrade iito iia
iiCertified iiGeneral iicredential. iiHow iimany iiadditional iihours iiof iiappraisal iieducation
iidoes iihe iior iishe iineed iiin iiorder iito iiqualify?
100
150
175
200 ii- iiAnswers ii-100
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