For the 2024 edition, where are USPAP Advisory Opinions and FAQs published?
Correct Answer
C) Separately, in the USPAP Guidance and Reference Manual
For 2024, USPAP is published as a stand-alone document, and the Advisory Opinions and FAQs are published separately as the USPAP Guidance and Reference Manual (USPAP GRM).
Why This Is the Correct Answer
Option C is correct because for 2024 the ASB decided to publish USPAP as a stand-alone publication and to publish the Advisory Opinions and FAQs separately as the USPAP Guidance and Reference Manual (USPAP GRM). In recent prior years these had been part of the USPAP publication.
Why the Other Options Are Wrong
Option A: In the USPAP document itself, after the Standards Rules
Option A, in the USPAP document itself after the Standards Rules, describes the older arrangement. For 2024 the Advisory Opinions and FAQs were removed from USPAP and published separately.
Option B: In each state’s appraiser licensing statute
Option B, in each state's appraiser licensing statute, is wrong because Advisory Opinions and FAQs are issued by the Appraisal Standards Board, not written into state statutes.
Option D: In the Fannie Mae Selling Guide
Option D, in the Fannie Mae Selling Guide, is wrong because that guide contains Fannie Mae's own requirements, not the ASB's Advisory Opinions and FAQs.
Rules book, guidance book
Since 2024 there are two books: USPAP for the rules and the GRM for the guidance.
How to use: Use this when asked where Advisory Opinions and FAQs are found.
Exam Tip
Note the edition named in the question, because the location of Advisory Opinions changed with the 2024 edition.
Common Mistakes to Avoid
- -Assuming Advisory Opinions are still printed in the USPAP book
- -Thinking Advisory Opinions come from state statutes
- -Confusing GSE guides with ASB guidance
Concept Deep Dive
Analysis
This question tests your knowledge of how the 2024 USPAP materials are organized. Starting with the 2024 edition, USPAP itself is a stand-alone publication. The Advisory Opinions and FAQs moved to a separate publication called the USPAP Guidance and Reference Manual.
Background Knowledge
USPAP is issued by the Appraisal Standards Board of The Appraisal Foundation. Before 2024, the USPAP book bundled the Standards with the Advisory Opinions and FAQs. Beginning in 2024, USPAP stands alone and the guidance material appears in the USPAP Guidance and Reference Manual.
Real-World Application
A trainee looks for an Advisory Opinion in her new 2024 USPAP book and cannot find it. Her supervisor explains that it now appears in the separate USPAP Guidance and Reference Manual.
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