ASA Legal & Regulatory Framework

Question 1

USPAP is promulgated by which organization?

Accepted Answer

The Appraisal Foundation

Answer

The Appraisal Institute

Answer

The American Society of Appraisers

Answer

The Federal Reserve

Question 2

FIRREA, enacted in 1989, requires federally related real estate transactions above threshold amounts to use appraisers who are:

Accepted Answer

State-licensed or state-certified

Answer

ASA-designated members

Answer

MAI-designated appraisers

Answer

Employees of the lending institution

Question 3

In eminent domain proceedings in the US, the constitutional standard for compensation to the property owner is:

Accepted Answer

Just compensation, typically interpreted as fair market value

Answer

Replacement cost of the property taken

Answer

The owner's subjective value or sentimental worth

Answer

The assessed value for property tax purposes

Question 4

Under IRS regulations, a 'qualified appraisal' for tax purposes must be performed no earlier than how many days before the contribution date?

Accepted Answer

60 days

Answer

30 days

Answer

90 days

Answer

180 days

Question 5

The Uniform Standards of Professional Appraisal Practice (USPAP) Ethics Rule prohibits an appraiser from accepting an assignment where compensation is:

Accepted Answer

Contingent on reporting a predetermined value

Answer

Based on a flat fee agreed in advance

Answer

Paid by the party ordering the appraisal

Answer

Higher than local customary fees

Question 6

Which federal law expanded appraisal requirements and appraiser oversight beyond real estate to include personal property and business valuations in certain contexts?

Accepted Answer

The Pension Protection Act of 2006

Answer

FIRREA of 1989

Answer

Dodd-Frank Act of 2010

Answer

Sarbanes-Oxley Act of 2002