USPAP Final Exam Questions and
Answers 100% Pass
The Appraisal Foundation has the authority to enforce the requirements of USPAP. ✔✔False;
The Appraisal Foundation is a private entity. The Foundation and its boards ha
...
USPAP Final Exam Questions and
Answers 100% Pass
The Appraisal Foundation has the authority to enforce the requirements of USPAP. ✔✔False;
The Appraisal Foundation is a private entity. The Foundation and its boards have no enforcement
authority in any jurisdiction.
Which Foundation board is responsible for USPAP? ✔✔Appraisal Standards Board (ASB)
Currently, the boards within The Appraisal Foundation include: ✔✔Appraisal Standards Board,
Appraiser Qualifications Board, Board of Trustees
Which entity is responsible for establishing education and experience requirements for licensing
and certification of appraisers? ✔✔Appraiser Qualifications Board (AQB)
Which entity appoints members of the AQB and ASB? ✔✔Board of Trustees (BOT)
Qualification criteria for appraiser certification and recertification are disseminated to state
appraisal boards by the: ✔✔Appraiser Qualifications Board (AQB)
Advisory Opinions are best described as ✔✔not part of USPAP, but included as reference
material
USPAP is written, amended, and interpreted by the: ✔✔Appraisal Standards Board (ASB)
USPAP is enforced by: ✔✔State appraiser licensing/certification agencies
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? ✔✔Writing, interpreting,
and amending USPAP
WRONG Answers: Monitoring the practices, procedures, and activities of The Appraisal
Foundation, Maintaining a National Registry of licensed and certified appraisers, Overseeing
each state's appraiser licensing and certification program are handled by the ASC
Which entity maintains the official National Registry of state-certified and licensed appraisers?
✔✔Appraisal Subcommittee (ASC)
Who is responsible for issuing credentials to individual appraisers? ✔✔State appraisal regulatory
agencies
Why are USPAP Advisory Opinions issued? ✔✔To offer advice
Which of these is considered an integral part of USPAP and has the same weight as the
components they address? ✔✔Comments
Which part of USPAP establishes the requirements for workfile content for an appraisal or
appraisal review assignment? ✔✔RECORD KEEPING RULE
In USPAP, the appraisal process is divided into two distinct types of activity: _________ and
__________. ✔✔Development, reporting
The first step in the appraisal process is: ✔✔Identify the problem
Which step in the appraisal process involves communication of the appraiser's opinions and
conclusions? ✔✔Reporting
To which property types does USPAP apply? ✔✔Both tangible and intangible property
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