USPAP Compliance and Enforcement Flashcards

Which organization publishes USPAP and is responsible for its ongoing development?

Answer: The Appraisal Standards Board (ASB) of The Appraisal Foundation

The Appraisal Standards Board (ASB), a board of The Appraisal Foundation, is responsible for developing and publishing USPAP.

State appraisal regulatory agencies enforce USPAP compliance primarily through:

Answer: Investigating complaints and disciplining appraisers who violate USPAP

State agencies investigate complaints against appraisers and impose discipline for USPAP violations, which may include license suspension or revocation.

Under USPAP, which of the following can result in a formal disciplinary action against an appraiser?

Answer: Developing an appraisal that contains materially false or misleading statements

Materially false or misleading statements in an appraisal report violate the Ethics Rule and can result in formal disciplinary action.

The Appraisal Subcommittee (ASC) oversees state appraisal regulatory agencies primarily to ensure:

Answer: Adequate oversight of federally regulated real estate transactions

The ASC monitors state agencies to ensure they effectively regulate appraisers involved in federally related real estate transactions.

A complaint against an appraiser for a USPAP violation is typically investigated by:

Answer: The state appraisal regulatory agency where the appraiser is licensed

State appraisal regulatory agencies receive and investigate complaints against appraisers licensed in their jurisdiction.

Which of the following is a potential consequence of a proven USPAP Ethics Rule violation?

Answer: License suspension, revocation, or other disciplinary action by the state

Proven USPAP violations can result in license suspension, revocation, or other regulatory sanctions by the state appraisal licensing agency.