USPAP contains what 4 sections? 1) The Preamble 2) Definitions 3) Rules 4) Standards USPAP Provides... 1. A common basis for comparison 2. A reference source for all users of the document 3. A basis for uniform enforcement for state regulatory agencies 4. A reason for clients, other intended users, and the public to place their trust in the services performed by professional appraisers What year was The Appraisal Foundation formed? 1987 What are the 3 boards of The Appraisal Foundation? - Board of Trustees (BOT) - Appraiser Qualifications Board (AQB) - Appraisal Standards Board (ASB) FIRREA Financial Institutions Reform, Recovery, and Enforcement Act of 1989 Title XI created the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC). An Appraiser must act with ... - Independence - Impartiality - Objectivity - Competency - Integrity Where does USPAP's legal authority come from? Adoption, citation, or implementation by government agencies through regulation or administrative actions, or by private enterprise in the form of contract requirements.