2018-2019 7hr Equivalent USPAP Update Course

 

Non-graded Quiz Questions – Course Introduction Section

 

Quiz Question #1

  1. Consider the following disciplines and various assignment types:
  • Personal Property, Real Property, Intangible Property
  • Appraisal, Appraisal Review, Mass Appraisal

What do appraisals in these various disciplines and assignment types have in common? 

A. They all deal with appraising homes

B. They all use USPAP as their standards and ethics

C. They all use Fannie Mae Guidelines as their standards

ANSWER: B

*USPAP has Standards for real property, personal property, and intangible property (business valuation). USPAP also has Standards for both Individual and Mass Appraisal Assignments. What appraisals in these various disciplines have in common is they all use USPAP as their Standards; USPAP is the authority and its publication is the governing document for Standards and Ethics authority.