USPAP Ch 1 Quiz Flashcards
Currently, the boards within The Appraisal Foundation include:
Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
The Appraisal Foundation has the authority to enforce the requirements of USPAP.
FALSE
Which Foundation board is responsible for USPAP?
Appraisal Standards Board (ASB)
Which entity is responsible for establishing education and experience requirements for licensing and certification of appraisers?
Appraiser Qualifications Board (AQB)
Qualification criteria for appraiser certification and recertification are disseminated to state appraisal boards by the:
Appraiser Qualifications Board (AQB)
Which entity appoints members of the AQB and ASB?
Board of Trustees (BOT)
USPAP is written, amended, and interpreted by the:
Appraisal Standards Board (ASB)
Advisory Opinions are best described as
not part of USPAP, but included as reference material
USPAP is enforced by:
State appraiser licensing/certification agencies
Who is responsible for issuing credentials to individual appraisers?
State appraisal regulatory agencies
Which entity maintains the official National Registry of state-certified and licensed appraisers?
Appraisal Subcommittee (ASC)
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?
Writing, interpreting, and amending USPAP
Why are USPAP Advisory Opinions issued?
To offer advice
Which part of USPAP establishes the requirements for workfile content for an appraisal or appraisal review assignment?
RECORD KEEPING RULE
Which of these is considered an integral part of USPAP and has the same weight as the components they address?
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