BAP

Question 1

One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective.

Answer 1

Appraiser

Question 2

USPAP

Answer 2

Uniform Standards of Professional Appraisal Practice

Question 3

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.

Answer 3

Report

Question 4

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.

Answer 4

Narrative Report

Question 5

AQB

Answer 5

Appraisal Qualifications Board, charged with establishing the qualifications that all the states must meet in licensing, certification and re-certification of appraisers

Question 6

FIRREA

Answer 6

Financial Institutions Reform, Recovery, and Enforcement Act. The beginning of the basic requirements for state licensed and state certified appraisers.

Question 7

The four components of the Real Property Appraiser Qualification Criteria

Answer 7

Qualifying Education, Experience, Examinations, Continuing Education

Question 8

Continuing Education Requirement

Answer 8

14 classroom hours each year. You must also complete the 7 hour National USPAP Update Course every two calendar years.

Question 9

Scope of practice for trainee appraiser

Answer 9

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.

Question 10

Licensed Residential Real Property Appraiser

Answer 10

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.

Question 11

A not-for-profit organization, established exclusively for educational and scientific purposes.

Answer 11

The Appraisal Foundation

Question 12

Three principal boards of TAF

Answer 12

Board of Trustees (BOT), Appraisal Standards Board (ASB), Appraiser Qualifications Board (AQB)

Question 13

The Appraisal Foundation Board of Trustees

Answer 13

Acts as the executive board for the foundation. It is responsible for, among other things, appointing members of the ASB and AQB.

Question 14

The Appraisal Foundation Appraisal Standards Board

Answer 14

Responsible for creating standards for ethics and performance of appraisers. This is accomplished through USPAP. The ASB is responsible for USPAP.

Question 15

Enforcement Authority

Answer 15

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.

Question 16

Congress recognized _______ as the generally recognized standards of practice in the appraisal profession in title XI of FIRREA.

Answer 16

Uniform Standards of Professional Appraisal Practice (USPAP)

Question 17

_______ authorized federal financial institution regulatory agencies to reference ______ in their regulations.

Answer 17

FIRREA, USPAP

Question 18

Title XI authorized _______ to be the basis for standards for the states to use in regulating appraisers.

Answer 18

USPAP

Question 19

_______ 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.

Answer 19

FIRREA, Appraisal Subcommittee (ASC)

Question 20

The Appraisal Foundation has ___ sponsors

Answer 20

15

Question 21

TAF BOT is composed of ___ individuals responsible for funding The Appraisal Foundation and appointing the members to TAF’s other boards - The ASB & AQB

Answer 21

21

Question 22

The Appraisal Foundation advisory councils

Answer 22

the Appraisal Foundation Advisory Council (TAFAC) and the Industry Advisory Council (IAC)

Question 23

_______ is composed of 61 non-profit organizations and governments agencies, which represent appraisers, users of appraisal services, and government agencies.

Answer 23

the Appraisal Foundation Advisory Council (TAFAC)

Question 24

The __________ gives for-profit entities an opportunity to provide advice and counsel to TAF.

Answer 24

the Industry Advisory Council (IAC)

Question 25

What establishes requirements for development of a real property appraisal?

Answer 25

USPAP Standard 1

Question 26

What address is the reporting of a real property appraisal?

Answer 26

USPAP Standard 2