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USPAP Compliance and Enforcement Flashcards

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  1. What is the significance of USPAP's Advisory Opinions?

    Answer: They provide guidance on how to apply USPAP in specific situations but do not establish new requirements

    Advisory Opinions offer illustrative guidance on applying USPAP to specific scenarios but do not add to or modify the actual standards.

  2. Under USPAP, Frequently Asked Questions (FAQs) issued by The Appraisal Foundation are:

    Answer: Non-binding educational guidance to help appraisers understand USPAP

    FAQs provide non-binding educational guidance to help appraisers understand and apply USPAP but do not have the force of a standard.

  3. If a state law requires an appraiser to include specific disclosures not mentioned in USPAP, which of the following applies?

    Answer: The appraiser must follow state law and may use the jurisdictional exception if there is a conflict with USPAP

    State law requirements must be followed, and if they conflict with USPAP, the jurisdictional exception permits deviation from the specific conflicting USPAP requirement.

  4. Which federal law created the requirement for state-licensed or state-certified appraisers for federally related transactions?

    Answer: The Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA)

    FIRREA, enacted in 1989, established the requirement for state-licensed or certified appraisers in federally related real estate transactions.

  5. Which body maintains the National Registry of state-licensed and state-certified appraisers?

    Answer: The Appraisal Subcommittee (ASC)

    The Appraisal Subcommittee (ASC) maintains the National Registry of licensed and certified appraisers as part of its federal oversight role.

  6. Under USPAP, what is the consequence if an appraiser fails to maintain a work file for the required retention period?

    Answer: The appraiser may be subject to disciplinary action for violating the Record Keeping Rule

    Failure to maintain work files for the required period violates USPAP's Record Keeping Rule and can result in state disciplinary action.

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Sources & references

Exam facts on this page (fees, format, dates, passing scores) are checked against these official sources; the date is our last check. Editorial policy

  1. appraisalfoundation.org — Score validity, exam information · verified Oct 2026
  2. appraisalfoundation.sharefile.com — Test delivery, eligibility, renewal · verified Oct 2026