Chapter 1 Flashcards
The appraisal foundation has the authority to enforce their requirements of USPAP.
True or false
False
Why was USPAP developed?
To promote and maintain a high-level of public trust in appraisal practice.
____________ provides volunteer leadership and oversight for the foundation.
board of trustees (BOT)
__________ establishes minimum criteria for appraiser certification and licensing. This includes setting the minimum education and experience requirements for certification and recertification of real property, appraisers and supervisors.
Creates and maintains the national uniform, licensing in certification, appraisal examinations
AQB - appraiser qualifications board
____________. Rights, amends, and interprets the uniform standards of professional appraisal, practice USPAP.
It’s an independent board of the foundation which establishes the uniform standards of professional appraisal practice USPAP.
ASB - appraisal standards board.
The concept of trust obligates the appraiser to act in the Publix interest, which means the appraiser must act with:
Independence
Impartially
Objectivity
Competency
Integrity
- appoints members to its independent boards
- Secures funding for foundation operations.
- _ monitors performance, and oversight of the foundation and its boards and advisory councils_
Board of trustees BOT
_____________ Has a supervisory role over state, appraiser, regulatory agencies, and real property appraisers.
Has seven members each appointed by the head of his or her agency
Appraisal subcommittee - ASC
What are the 6 controlling steps and sequences in the appraisal process?
- Define the problem.
2.determine scope of work - Data collection
- Application of the approach to value.
- Reconciliation of value final opinion value.
- Reporting
In USPAP THE APPRAISAL PROCESS IS DIVIDED INTO TWO DISTINCT TYPES OF ACTIVITY _________ & ________.
development and reporting
