USPAP 15-Hour Exam 21 Questions with Answers,100% CORRECT

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USPAP 15-Hour Exam 21 Questions with Answers What was the name of the National Association of REALTORS when it was originally established in 1908? - CORRECT ANSWER National association of real esta... te exchanges what was the name of the appraisal organization formed in 1932 that later became a founding sponsor of The Appraisal Foundation? - CORRECT ANSWER American Institute of Real Estate Appraisers What label is associated with the day the stock market plummeted on October 29, 1929? - CORRECT ANSWER Black tuesday Which historical event was the most influential to the formation of the Appraisal Foundation? - CORRECT ANSWER The savings and loan crisis of the 1980s. What disciplines did the developers include in uspap? - CORRECT ANSWER All appraisal and review appraisal disciplines what did the Ad-Hoc Committee believe was necessary in order to implement the standards they adopted? - CORRECT ANSWER Creation of a new organization. what is the primary purpose of USPAP? - CORRECT ANSWER Promote and maintain public trust in appraisal practice. Identify the statement that best describes the purpose of The Appraisal Foundation. - CORRECT ANSWER A nonprofit private organization established for educational and scientific purposes. The Board of Trustees (BOT) of The Appraisal Foundation has two primary functions, the first to ensure that The Foundation is adequately financed. What is the other function? - CORRECT ANSWER To appoint members to the AQB, APB and the ASB. Which federal law significantly helped USPAP gain public acceptance? - CORRECT ANSWER FIRREA Identify one of the ways USPAP achieves authority in various jurisdictions - CORRECT ANSWER By adoption, citation, or implementation of uspap by government agencies through regulation or administrative actions. A client contracts for services with an appraiser and the client's assignment requires compliance to USPAP. What is this an example of? - CORRECT ANSWER how USPAP achieves authority which entity is NOT an appraisal sponsor of the appraisal foundation - CORRECT ANSWER national credit union administration which of the following is not an attribute that clients count on an appraiser to possess when performing assignments? - CORRECT ANSWER Advocacy which existing entity of The Appraisal Foundation is comprised of nonprofit organizations and government agencies with interest in valuation? - CORRECT ANSWER The Appraisal Foundation Advisory Council Who is responsible for developing minimum criteria involving education and experience for state licensed and certified real property appraisers? - CORRECT ANSWER Appraiser Qualifications Board Who is responsible for development and revision of the Uniform Standards of Professional Appraisal Practice (USPAP)? - CORRECT ANSWER Appraisal Standards Board (ASB) What ASB communication is released for public comment that includes all the proposed changes to USPAP? - CORRECT ANSWER An exposure draft What do appraisal organizations, government agencies, client groups, work groups, appraisers, and members of the public have in common? - CORRECT ANSWER All may submit inquiries and concerns to the appraisal Standards Board. What are advisory opinions? - CORRECT ANSWER Guidance material issued by the ASB that illustrate the applicability of appraisal standards Which law required federal agencies to establish regulations to protect federal financial interests and public policy interests in real estate transactions requiring the services of an appraiser? - CORRECT ANSWER FIRREA [Show More]

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