Question

Who encourages the use, understanding and Implementation of the Uniform Standards of Professional Appraisal Practice (USPAP) as required by FIRREA?

A) Appraisal Oversight Board
B) Federal Reserve
C) Department of Housing and Urban Development
D) Appraisal Standards Board

Answer 1

The Appraisal Standards Board (ASB) leads the efforts in promoting the Uniform Standards of Professional Appraisal Practice (USPAP) as per FIRREA's requirements. Option D is correct.

Step-by-step explanation:

The entity that encourages the use, understanding, and implementation of the Uniform Standards of Professional Appraisal Practice (USPAP) as required by the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) is the Appraisal Standards Board (ASB). The Appraisal Standards Board is part of The Appraisal Foundation, which is authorized by Congress as the source of appraisal standards and appraiser qualifications.

The ASB is responsible for writing, amending, and interpreting USPAP. The Federal Reserve, Department of Housing and Urban Development, and an Appraisal Oversight Board may have roles related to enforcement or oversight, but it is the ASB that develops the standards themselves.