USPAP MCKISSOCK EXAM QUESTIONS
WITH DETAILED VERIFIED ANSWERS
/EXPERT VERIFIED /
MCKISSOCK APPRAISAL PROCEDURES
EXAM LATEST UPDATE ALREADY
GRADED A+
An appraisal review report - CORRECT ANSWER ✔✔- must be separate from the
work under review
Currently, the boards within The Appraisal Foundation include: - CORRECT
ANSWER ✔✔- Appraisal Standards Board, Appraiser Qualifications Board, Board
of Trustees
Exposure time is - CORRECT ANSWER ✔✔- An opinion developed by an appraiser
What is the primary purpose of an appraiser making an inspection of the subject
property - CORRECT ANSWER ✔✔- To collect information about characteristics
that are relevant to value
An extraordinary assumption may be used in an assignment only if: - CORRECT
ANSWER ✔✔- Required to develop credible results
When an appraiser provides a current value opinion on a proposed new building
he or she is utilizing an _______ that the proposed improvements are completed
Pg. 1
,as of the effective date of the appraisal - CORRECT ANSWER ✔✔- Hypothetical
condition
When developing a sales comparison approach under USPAP - CORRECT ANSWER
✔✔- The appraiser must analyze such data as are available to indicate a value
conclusion
In the development of an appraisal the appraiser is required to - CORRECT
ANSWER ✔✔- Not commit a substantial error that significantly affects the
appraisal
What is the essential difference between the two reporting options - CORRECT
ANSWER ✔✔- The content and level of information
The two written report options stated in standards rule 2-2 are - CORRECT
ANSWER ✔✔- Appraisal Report and Restricted Appraisal Report
Which of the following is not required by USPAP to be in an appraisal report -
CORRECT ANSWER ✔✔- Client's specific name
When reporting the results of an appraisal dates that must be included are -
CORRECT ANSWER ✔✔- Effective date and report date
In an appraisal report the scope of work used to develop the appraisal must be -
CORRECT ANSWER ✔✔- summarized
Pg. 2
,All written appraisal reports must contain - CORRECT ANSWER ✔✔- a signed
certification
An appraiser is preparing a restricted appraisal report in a situation where there
are intended users in addition to the client. Which statement is true regarding this
situation - CORRECT ANSWER ✔✔- These additional intended users must be
identified in the report by name.
According to USPAP, any appraiser who signs any part of an appraisal report is
required to - CORRECT ANSWER ✔✔- sign a certification
If a client requests a more current valuation on a property that was the subject of
a prior assignment, this is a(n) ____________. - CORRECT ANSWER ✔✔- new
assignment
The subject of an appraisal review assignment may be - CORRECT ANSWER ✔✔-
another appraiser's work that is completed as part of an appraisal or appraisal
review assignment
In performing an appraisal review a reviewer may use information that was not
available to the original appraiser in the normal course of business as long as the
information - CORRECT ANSWER ✔✔- is not used in the development of the
reviewer's opinion of the quality of the work under review
A reviewer is responsible for ensuring that there is __________ in a review report
so that it can be properly understood by __________. - CORRECT ANSWER ✔✔-
Sufficient information; intended users
Pg. 3
, Which of the following reports require a signed certification - CORRECT ANSWER
✔✔- All oral and written reports covered in USPAP
Which Foundation board is responsible for USPAP? - CORRECT ANSWER ✔✔-
Appraisal Standards Board (ASB)
Which entity appoints members of the AQB and ASB? - CORRECT ANSWER ✔✔-
Board of Trustees (BOT)
Qualification criteria for appraiser certification and recertification are
disseminated to state appraisal board by the? - CORRECT ANSWER ✔✔- Appraiser
Qualifications Board
Which entity is responsible for establishing education and experience
requirements for licensing and certification of appraisers? - CORRECT ANSWER
✔✔- Appraiser Qualifications Board (AQB)
USPAP is written, amended, and interpreted by the: - CORRECT ANSWER ✔✔-
Appraisal Standards Board (ASB)
Advisory Opinions are best described as - CORRECT ANSWER ✔✔- not part of
USPAP, but included as reference material
Which entity maintains the official National Registry of state-certified and
licensed appraisers? - CORRECT ANSWER ✔✔- Appraisal Subcommittee (ASC)
Pg. 4
WITH DETAILED VERIFIED ANSWERS
/EXPERT VERIFIED /
MCKISSOCK APPRAISAL PROCEDURES
EXAM LATEST UPDATE ALREADY
GRADED A+
An appraisal review report - CORRECT ANSWER ✔✔- must be separate from the
work under review
Currently, the boards within The Appraisal Foundation include: - CORRECT
ANSWER ✔✔- Appraisal Standards Board, Appraiser Qualifications Board, Board
of Trustees
Exposure time is - CORRECT ANSWER ✔✔- An opinion developed by an appraiser
What is the primary purpose of an appraiser making an inspection of the subject
property - CORRECT ANSWER ✔✔- To collect information about characteristics
that are relevant to value
An extraordinary assumption may be used in an assignment only if: - CORRECT
ANSWER ✔✔- Required to develop credible results
When an appraiser provides a current value opinion on a proposed new building
he or she is utilizing an _______ that the proposed improvements are completed
Pg. 1
,as of the effective date of the appraisal - CORRECT ANSWER ✔✔- Hypothetical
condition
When developing a sales comparison approach under USPAP - CORRECT ANSWER
✔✔- The appraiser must analyze such data as are available to indicate a value
conclusion
In the development of an appraisal the appraiser is required to - CORRECT
ANSWER ✔✔- Not commit a substantial error that significantly affects the
appraisal
What is the essential difference between the two reporting options - CORRECT
ANSWER ✔✔- The content and level of information
The two written report options stated in standards rule 2-2 are - CORRECT
ANSWER ✔✔- Appraisal Report and Restricted Appraisal Report
Which of the following is not required by USPAP to be in an appraisal report -
CORRECT ANSWER ✔✔- Client's specific name
When reporting the results of an appraisal dates that must be included are -
CORRECT ANSWER ✔✔- Effective date and report date
In an appraisal report the scope of work used to develop the appraisal must be -
CORRECT ANSWER ✔✔- summarized
Pg. 2
,All written appraisal reports must contain - CORRECT ANSWER ✔✔- a signed
certification
An appraiser is preparing a restricted appraisal report in a situation where there
are intended users in addition to the client. Which statement is true regarding this
situation - CORRECT ANSWER ✔✔- These additional intended users must be
identified in the report by name.
According to USPAP, any appraiser who signs any part of an appraisal report is
required to - CORRECT ANSWER ✔✔- sign a certification
If a client requests a more current valuation on a property that was the subject of
a prior assignment, this is a(n) ____________. - CORRECT ANSWER ✔✔- new
assignment
The subject of an appraisal review assignment may be - CORRECT ANSWER ✔✔-
another appraiser's work that is completed as part of an appraisal or appraisal
review assignment
In performing an appraisal review a reviewer may use information that was not
available to the original appraiser in the normal course of business as long as the
information - CORRECT ANSWER ✔✔- is not used in the development of the
reviewer's opinion of the quality of the work under review
A reviewer is responsible for ensuring that there is __________ in a review report
so that it can be properly understood by __________. - CORRECT ANSWER ✔✔-
Sufficient information; intended users
Pg. 3
, Which of the following reports require a signed certification - CORRECT ANSWER
✔✔- All oral and written reports covered in USPAP
Which Foundation board is responsible for USPAP? - CORRECT ANSWER ✔✔-
Appraisal Standards Board (ASB)
Which entity appoints members of the AQB and ASB? - CORRECT ANSWER ✔✔-
Board of Trustees (BOT)
Qualification criteria for appraiser certification and recertification are
disseminated to state appraisal board by the? - CORRECT ANSWER ✔✔- Appraiser
Qualifications Board
Which entity is responsible for establishing education and experience
requirements for licensing and certification of appraisers? - CORRECT ANSWER
✔✔- Appraiser Qualifications Board (AQB)
USPAP is written, amended, and interpreted by the: - CORRECT ANSWER ✔✔-
Appraisal Standards Board (ASB)
Advisory Opinions are best described as - CORRECT ANSWER ✔✔- not part of
USPAP, but included as reference material
Which entity maintains the official National Registry of state-certified and
licensed appraisers? - CORRECT ANSWER ✔✔- Appraisal Subcommittee (ASC)
Pg. 4
