BAP Flashcards
One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective.
Appraiser
USPAP
Uniform Standards of Professional Appraisal Practice
Any communication, written or oral, of an appraisal or appraisal review that is transmitted to the client or a party authorized by the client upon completion of an assignment.
Report
A written communication of the results of a valuation or review assignment presented to the client in narrative style rather than on a form or orally.
Narrative Report
AQB
Appraisal Qualifications Board, charged with establishing the qualifications that all the states must meet in licensing, certification and re-certification of appraisers
FIRREA
Financial Institutions Reform, Recovery, and Enforcement Act. The beginning of the basic requirements for state licensed and state certified appraisers.
The four components of the Real Property Appraiser Qualification Criteria
Qualifying Education, Experience, Examinations, Continuing Education
Continuing Education Requirement
14 classroom hours each year. You must also complete the 7 hour National USPAP Update Course every two calendar years.
Scope of practice for trainee appraiser
the appraisal of those properties which the supervising certified appraiser is permitted by his/her current current credential and that the supervising appraiser is qualified to appraise.
Licensed Residential Real Property Appraiser
Can appraise non-complex one-to four residential units having a transaction value less than $1,000,000 and complex one to four residential units having a transaction value less than $250,000. Complex one to four family residential property appraisal means one in which the property to be appraised, the form of ownership, or the market conditions are atypical.
A not-for-profit organization, established exclusively for educational and scientific purposes.
The Appraisal Foundation
Three principal boards of TAF
Board of Trustees (BOT), Appraisal Standards Board (ASB), Appraiser Qualifications Board (AQB)
The Appraisal Foundation Board of Trustees
Acts as the executive board for the foundation. It is responsible for, among other things, appointing members of the ASB and AQB.
The Appraisal Foundation Appraisal Standards Board
Responsible for creating standards for ethics and performance of appraisers. This is accomplished through USPAP. The ASB is responsible for USPAP.
Enforcement Authority
The Appraisal Foundation has not enforcement authority. The appraisal standards and qualification criteria that are published by the appraisal foundation achieve legal authority by adoption, citation, or implementation by government agencies with the power to regulate or administer policy.
Congress recognized _______ as the generally recognized standards of practice in the appraisal profession in title XI of FIRREA.
Uniform Standards of Professional Appraisal Practice (USPAP)
_______ authorized federal financial institution regulatory agencies to reference ______ in their regulations.
FIRREA, USPAP
Title XI authorized _______ to be the basis for standards for the states to use in regulating appraisers.
USPAP
_______ required each state to establish an agency for the licensing and certification of real property appraisers. It also established the _________ which is a federal entity with oversight authority over the state licensing and certification agencies.
FIRREA, Appraisal Subcommittee (ASC)
The Appraisal Foundation has ___ sponsors
15
TAF BOT is composed of ___ individuals responsible for funding The Appraisal Foundation and appointing the members to TAF’s other boards - The ASB & AQB
21
The Appraisal Foundation advisory councils
the Appraisal Foundation Advisory Council (TAFAC) and the Industry Advisory Council (IAC)
_______ is composed of 61 non-profit organizations and governments agencies, which represent appraisers, users of appraisal services, and government agencies.
the Appraisal Foundation Advisory Council (TAFAC)
The __________ gives for-profit entities an opportunity to provide advice and counsel to TAF.
the Industry Advisory Council (IAC)
What establishes requirements for development of a real property appraisal?
USPAP Standard 1
What address is the reporting of a real property appraisal?
USPAP Standard 2
