Before you read
Test yourself first: 5 questions
Question 1 of 5
Professional appraisers in the U.S. follow the standards known as:
Answer: A. USPAP (Uniform Standards of Professional Appraisal Practice) governs ethical and performance standards for appraisers.
Question 2 of 5
What does the acronym USPAP stand for?
Answer: B. USPAP stands for the Uniform Standards of Professional Appraisal Practice, the recognized standards of ethics and competency for appraisers in the United States.
Question 3 of 5
Under USPAP, an appraiser must NOT do which of the following?
Answer: B. USPAP's ethics provisions prohibit accepting an assignment with compensation contingent on reaching a predetermined value or a result that favors the client's interest.
Question 4 of 5
Which professional is required to be licensed or certified and to comply with USPAP when developing an opinion of value?
Answer: C. Appraisals must be developed by a licensed or certified appraiser in compliance with USPAP; CMAs and BPOs are prepared by licensees and are not USPAP appraisals.
Question 5 of 5
An appraiser values a 20-year-old duplex. The most reliable approach is likely:
Answer: B. Small residential income property leans on comparable sales and the income approach; reconciliation weighs them. Cost is weakest for older buildings (depreciation is hard to estimate), and GRM alone is a rough check, not a primary method.
Keep the streak going with more questions like these, each with a full rationale.
What you need to know
FIRREA (1989) requires state-licensed or state-certified appraisers for federally related transactions and created the oversight structure. Appraisers must be independent: no contingent fees tied to hitting a target value, and lenders order the appraisal (often through an AMC) rather than the loan officer choosing a friendly name.
USPAP, FIRREA & Who May Appraise: FAQs
Is USPAP, FIRREA & Who May Appraise on the real estate exam?
Yes. Valuation & Appraisal is a scored domain on the real estate licensing exam, and this topic appears in the national portion.
Is this cheat sheet free?
Yes — every page on Cinna RE's resource library is free to read, print and share. The app adds practice questions, mock exams and a readiness score.
