USPAP USPAP Compliance and Enforcement

Question 1

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

Accepted Answer

The Appraisal Standards Board (ASB) of The Appraisal Foundation

Answer

The Federal Housing Finance Agency (FHFA)

Answer

The Appraisal Subcommittee (ASC)

Answer

The Appraisal Institute

Question 2

State appraisal regulatory agencies enforce USPAP compliance primarily through:

Accepted Answer

Investigating complaints and disciplining appraisers who violate USPAP

Answer

Annual mandatory audits of all appraisers

Answer

Publishing lists of approved appraisers

Answer

Setting appraiser fee schedules

Question 3

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

Accepted Answer

Developing an appraisal that contains materially false or misleading statements

Answer

Using the income approach for a residential property

Answer

Submitting a report with a value opinion the client disagrees with

Answer

Declining an assignment due to lack of competency

Question 4

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

Accepted Answer

Adequate oversight of federally regulated real estate transactions

Answer

Uniform fee schedules across states

Answer

That only Appraisal Institute members are licensed

Answer

That all appraisals are reviewed by a federal agency

Question 5

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

Accepted Answer

The state appraisal regulatory agency where the appraiser is licensed

Answer

The Appraisal Foundation directly

Answer

The appraiser's professional association

Answer

The federal banking regulator overseeing the lender

Question 6

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

Accepted Answer

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

Answer

Mandatory additional appraisal education only

Answer

Civil liability only, with no effect on licensure

Answer

Automatic disqualification from Appraisal Institute membership