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2024 USPAP 15 Hour > Part 1 > Flashcards

Part 1 Flashcards

1
Q

What does ASB Stand For?

A

Appraisal Standards Board

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2
Q

What does AQB stand for?

A

Appraiser Qualifications Board

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3
Q

What does BOT stand for?

A

Board of Trustees

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4
Q

What are the 3 Boards of The Appraisal Foundation?

A

Board Of Trustees
Appraiser Qualifications Board
Appraisal Standards Board

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5
Q

What does ASC stand for?

A

The Appraisal Subcommittee

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6
Q

The _________ ____________ was created by the Federal Financial Institutions Examination Council as a result of FIRREA as a government entity in response to the Savings and Loan Crisis of the 80’s

A

Appraisal Subcommittee

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7
Q

The __________ ___________ is an Ad Hoc committee formed after the Savings and Loan Crisis of the 80’s

A

Appraisal Foundation

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8
Q

This Board revises and Promulgates USPAP

A

Appraisal Standards Board

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9
Q

RAMPB stands for

A

Real property standards 1 and 2
Appraisal review. 3 and 4
Mass appraisal. 5 and 6
Personal property. 7 and 8
Business appraisal. 9 and 10

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10
Q

The ____________ _____________ main purpose is public trust

A

Appraisal Foundation

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11
Q

Under Title XI one of the ____________ ___________ core functions is to monitor the requirements established by the state regulatory agencies for certification and licensing of appraisers qualified to perform appraisals in connection with federally related transactions

A

Appraisal Subcommittee

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12
Q

The _____________ ______________ ___________ 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

A

Appraiser Qualifications Board

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13
Q

The __________ ____________ ___________ is responsible for the subject and content of USPAP, the USPAP GRM and other communications related to appraisal standards

A

Appraisal Standards Board

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14
Q

This Board is in charge of compiling FAQ’s

A

The Appraisal Standards Board

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15
Q

How many Standards does USPAP have?

A

10

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16
Q

The client is the person who ____________ the appraiser

A

Engages

17
Q

In the Appraisal Process Chart, the most important part of Step 1, Definition of Value, is _____________ ______ ______________ ________

A

Identifying the intended use

18
Q

Step 1 of the Appraisal Process is ___________ ____ _____ _________

A

Definition of the Problem

19
Q

Step 2 of the Appraisal Process is Determine _________ ___ Work

A

Scope of

20
Q

Step 3 of the Appraisal Process is _______ Collection and ___________

A

Data
Analysis

21
Q

Step 2 of The Appraisal Process, Determine __________ ____ ________ is like the Game Plan

A

Scope of Work

22
Q

Step ____, Reconciliation of Value Indications and Final Opinion of Value, is the Final step of Appraisal Development

A

5

23
Q

Step ______ is the step that deals with ______ or the even numbered standards

A

6
Reporting

24
Q

What are the 6 parts of Step 1: Definition of the Problem, in the Appraisal Process Chart?

A

Identify client and other users
Identify intended use
Identify type and definition of value
Effective date of opinion
Identify relevant characteristics of property
Assignment conditions

25
Q

Who maintains the national registry of state certified and licensed appraisers?

A

Appraisal Subcommittee

26
Q

A form of guidance issued by the ASB to illustrate the applicability of USPAP in specific situations

A

Advisory Opinions

11

27
Q

How many boards are a part of The Appraisal Foundation

A

3

28
Q

How many founding professional organizations came together to form TAF?

A

9

29
Q

This organizations primary goal is to protect the federal government by monitoring TAF and auditing each states appraisal regulatory agencies

A

The Appraisal Subcommittee

30
Q

Who can enforce USPAP?

A

Regulatory Agencies or clients

31
Q

T/F Comments carry just as much weight as what precedes them in USPAP

A

True

32
Q

The two parts of appraising are:

A

Developing
Reporting

33
Q

The goal of appraisal development is to

A

Arrive at a credible opinion of value, or credible Assignment Results

2024 USPAP 15 Hour (11 decks)

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