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15 HR National USPAP 2022-2023 Questions and Answers Already Passed

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What is USPAP? ✔✔Uniform Standards of Professional Appraisal Practice Why was USPAP developed? ✔✔To promote and maintain a high level of public trust as well as confidence in professional ... appraisal practice What are the benefits of USPAP? ✔✔1) Provides a common basis for comparison (eg are we doing the appropriate work for the type of assignment?) 2) Provides a reference source for all users of the document. 3) Provides a basis for uniform enforcement for state regulatory agencies. 4) Provides a reason for clients, other intended users, and the public to place their trust in the services performed by professional appraisers. What is the role of the Appraisal Standards Board (ASB) of The Appraisal Foundation? ✔✔To develop, interpret, and amend the Uniform Standards of Professional Appraisal Practice (USPAP). What are the five sections of USPAP? ✔✔Preamble Definitions Rules Standards (Including Standards Rules) Statements on Appraisal Standards (currently no active statements) Are the Advisory Opinions (AO) and the Frequently Asked Questions (FAQ) a part of USPAP? ✔✔NO. These are reference materials of "Other Communications". They are for guidance only. These communications do not establish new Standards or interpret existing Standards and are not a part of USPAP. Who enforces the adherence and content of USPAP? ✔✔State and Federal Regulatory Authorities Who appoints the ASB (Appraisal Standards Board)? ✔✔Members are appointed by the BOT (Board of Trustees) What is the purpose of USPAP? ✔✔The purpose is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers. [Show More]

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