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USPAP > Deck #2 > Flashcards

Deck #2 Flashcards

1
Q

5 attributes an appraiser should have:

A

1.specialized knowledge
2.experience
3.objectivity
4.independence
5.integrity

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2
Q

TAF

A

The Appraisal Foundation

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3
Q

AQB

A

Appraisal Qualifications Board: responsible for establishing minimum qualifications for licensing and certifying real estate appraisers.

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4
Q

ASB

A

Appraiser Standards Board: responsible for the development, interpretation, and revision of the USPAP

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5
Q

ASC

A

Appraisal subcommitee: Government entity, oversees the appraisal regulatory programs

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6
Q

Advisory Opinions

A

guidance materials written by the ASB that illustrate the applicability of appraisal standards

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7
Q

Exposure Draft

A

communication released for public comment that includes all proposed changes for the USPAP

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8
Q

FFEIC

A

Federal Financial Institutions Examination Council a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions

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9
Q

In order to fund the activities of the Appraisal Subcommittee, what did the ASC establish?

A

a national registration fee

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10
Q

What entity has authority to oversee the Appraisal Foundation?

A

Appraisal Subcommittee

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11
Q

Any real estate related financial transaction which a federal financial institution’s regulatory agency requires the services of an appraisal:

A

federally related transaction

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12
Q

What section of the USPAP includes a description of the overall structure of the USPAP?

A

the Preamble

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13
Q

Which of the following is treated as “other communication by the appraisal standards board?

A

advisory opinions

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14
Q

What is the difference between USPAP Standards and Advisory Opinions?

A

Standards have the full force and effect of USPAP and Advisory Opinions do not.

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15
Q

6 steps to the appraisal process:

A

1.Identify the problem
2.Scope of work
3.Data collection and analysis
4.Application of the approaches to value
5.Reconciliation of value indications and final value opinion of value
6.Report of defined value opinions

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16
Q

In USPAP, appraisal is divided into which two types of activity?

A

development and reporting; development is what you do and reporting is what you communicate

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17
Q

the USPAP structure is comprised of what 5 parts?

A

Preamble
Definitions
Rules
Standard Rules
Statements on Appraisal Standards

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18
Q

3 “other communications listed in USPAP

A
  1. Advisory Opinions (AOs)
  2. FAQs
  3. the Index
19
Q

5 appraisal disciplines:

A
  1. real property appraisal
  2. appraisal review
  3. mass appraisal
  4. personal property appraisal
  5. business appraisal
20
Q

The appraisal process applies to all disciplines, but was originally created for which specific value discipline?

A

real property appraisal

21
Q

USPAP is structured to follow_____

A

the appraisal process

22
Q

What was the name of the appraisal organization that formed in 1932 that later became the founding sponsor of the Appraisal Foundation?

A

American Institute of Real Estate Appraisers

23
Q

Prior to the collapse of the stock market in 1929, what happened in the real estate market in 1925?

A

Real estate values peaked

24
Q

What label is associated with the stock market crash of 1929?

A

Black Tuesday

25
Q

What was the name of the National Association of Realtors when it was originally established in 1908?

A

National Association of Real Estate Exchanges

26
Q

USPAP

A

Uniformed Standards of Professional Appraisal Practice

27
Q

3 boards when the Appraisal Foundation was started:

A
  1. Board of Trustees (BOT)
  2. Appraiser Qualifications Board (AQB)
  3. The Appraisal Standards Board (ASB)
28
Q

What is the primary purpose of USPAP?

A

to promote and maintain public trust in appraisal practice

29
Q

What did the Ad Hoc committee believe was necessary in order to implement the standards they adopted?

A

creation of a new organization

30
Q

What event was most influential in created the Appraisal Foundation?

A

savings and loan crisis of the 1980s

31
Q

What disciplines did developers include in USPAP?

A

all appraisal and review appraisal disciplines

32
Q

3 primary functions of the BOT (Board of Trustees):

A
  1. appoint members to the ASQ and the ASB
  2. ensure the foundation is adequately funded
  3. monitor the performance of TAF and the ASQ and ASB plus the two advisory counsels (IAC and TAFAC)
33
Q

TAFAC

A

The Appraisal Foundation Advisory Counsel - comprised of nonprofit and government agencies

34
Q

IAC

A

The Industry Advisory Counsel - made from for profit entities with an interested in valuation

35
Q

The appraiser client’s assignment requires compliance to USPAP. What is this an example of?

A

How USPAP achieves authority

36
Q

What ASB communication is released for public comment that includes all proposed changes to USPAP?

A

an Exposure Draft

37
Q

What do appraisal organizations, government agencies, client groups, work groups, appraisers, and members of the public have in common?

A

they can all submit questions and concerns to the Appraisal Standards Board

38
Q

What are advisory opinions?

A

guidance material issued by the ASB that illustrate the applicability of appraisal standards

39
Q

Who is responsible for the development and revision of USPAP?

A

the ASB

40
Q

To fund the Appraisal Subcommittee, what was established?

A

a national registration fee

41
Q

What entity has the authority from Title XI of FIRREA to oversee the activites of The Appraisal Foundation, including both the ASB and the AQB?

A

The Appraisal Subcommittee

42
Q

What section of the USPAP covers the detailed requirements for specific disciplines and assignment types?

A

the Standards

43
Q

What section of USPAP includes a description of the overall structure of USPAP?

A

the Preamble

44
Q
A

USPAP (5 decks)

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