Uniform Standards of Professional Appraisal Practice (USPAP) Practice Exam

Who is responsible for establishing education and experience requirements for appraisers?

1. The Appraisal Institute

2. The Appraisal Standards Board

3. The Appraisal Qualifications Board

4. The National Association of Realtors

The correct answer is: The Appraisal Qualifications Board

The Appraisal Qualifications Board (AQB) is responsible for establishing the education and experience requirements for appraisers. This board sets the standards that govern the qualifications necessary for individuals to obtain licensing and certification in the field of appraisal. By establishing these standards, the AQB ensures that appraisers have the appropriate education and practical experience to perform their duties competently and ethically in various types of appraisal assignments. In the appraisal field, having a structured framework for education and experience is crucial to maintaining a high level of professionalism and public trust. The AQB's role is pivotal in determining the specific coursework, hours of practical experience, and other qualifications that aspiring appraisers must complete before they can practice professionally. The other entities mentioned, such as the Appraisal Institute and the Appraisal Standards Board, focus on different aspects of the profession, such as advocacy, certification options, and establishing ethical and performance standards, rather than directly setting the foundational educational and experiential requirements. The National Association of Realtors primarily deals with issues related to real estate agents and brokers, not specifically with the qualifications for appraisers. Thus, the AQB’s direct role in outlining the necessary qualifications clarifies why it is the correct answer in this context.