USPAP USPAP Compliance and Enforcement 2

Question 1

How often does the Appraisal Standards Board update USPAP?

Accepted Answer

Every two years

Answer

Annually

Answer

Every five years

Answer

Only when federal law requires changes

Question 2

Under USPAP, if an appraiser discovers a significant error in a completed and delivered report, what should the appraiser do?

Accepted Answer

Notify the client and correct the report if the error is material

Answer

Ignore the error if the client has not complained

Answer

Notify the state licensing board immediately

Answer

Issue a new appraisal with a current effective date only

Question 3

What is the role of the Appraisal Qualifications Board (AQB) in the appraisal profession?

Accepted Answer

Establishing minimum education, experience, and examination criteria for licensure

Answer

Writing and updating USPAP

Answer

Investigating ethics complaints against appraisers

Answer

Operating the national appraiser registry

Question 4

Under FIRREA, federally related transactions require the use of a state-licensed or state-certified appraiser for appraisals above a certain threshold. Who enforces this requirement?

Accepted Answer

Federal financial institution regulators (e.g., OCC, FDIC, Federal Reserve)

Answer

The Appraisal Foundation

Answer

The Appraisal Subcommittee exclusively

Answer

State courts through litigation only

Question 5

Which of the following statements about USPAP's applicability is accurate?

Accepted Answer

USPAP applies to all appraisers in all 50 states by state law adoption

Answer

USPAP applies only to appraisers with federal government contracts

Answer

USPAP is a voluntary guideline with no legal enforcement mechanism

Answer

USPAP applies only to residential property appraisals

Question 6

Under USPAP, the term 'appraiser' refers to one who is expected to:

Accepted Answer

Perform valuation services competently and in a manner that is independent, impartial, and objective

Answer

Hold a state certification only

Answer

Work exclusively for lending institutions

Answer

Appraise only real property