BASIC APPRAISAL PROCEDURES MCKISSOCK
COMPREHENSIVE EXAM 2026 QUESTIONS
WITH SOLUTIONS GRADED A+
◉ Appraiser. Answer: One who is expected to perform valuation
services competently and in a manner that is independent, impartial, and
objective.
◉ report. Answer: any communication, written or oral, of an appraisal or
appraisal review that is transmitted to the client or a party authorized by
the client upon completion of an assignment.
◉ narrative report. Answer: A written communication of the results of a
valuation or review assignment presented to the client in narrative style
rather than on a form or orally.
◉ The AQB. Answer: charged with establishing the qualifications that
all the states must meet in licensing, certification and re-certification of
appraisers.
◉ january 8th, 2008. Answer: Major changes to the Criteria went into
effect
◉ May 1, 2018. Answer: Additional revisions were made effective
,◉ four components of the Real Property Appraiser Qualification
Criteria. Answer: qualifying ed, education, examinations, continuing ed
◉ The Appraisal Foundation. Answer: not-for-profit organization,
established exclusively for educational and scientific purposes.
◉ After The Appraisal Foundation was formed, the Uniform Standards
of Professional Appraisal Practice. Answer: was formally adopted by the
Appraisal Standards Board (ASB) in January 1989.
◉ The Appraisal Foundation has three principal boards:. Answer: Board
of Trustees (BOT)
Appraisal Standards Board (ASB)
Appraiser Qualifications Board (AQB)
◉ The BOT. Answer: acts as an executive board for the Foundation.
◉ The ASB. Answer: responsible for creating standards for ethics and
performance of appraisers.
◉ Uniform Standards of Professional Appraisal Practice (USPAP).
Answer: was developed by the Ad Hoc Committee in 1986 and 1987 and
was copyrighted in 1987 by The Appraisal Foundation.
, ◉ At its first meeting in 1989, the Appraisal Standards Board (ASB).
Answer: adopted USPAP as the governing document.
◉ USPAP may be. Answer: amended, interpreted, supplemented, or
retired only by the ASB.
◉ Congress recognized USPAP. Answer: as the generally recognized
standards of practice in the appraisal profession in Title XI of the
Financial Institutions Reform
◉ the Appraisal Subcommittee (ASC). Answer: is a federal entity with
oversight authority over the state licensing and certification agencies
◉ AMCs. Answer: appraisal management companies
◉ The Board of Trustees. Answer: omposed of 21 individuals
responsible for funding The Appraisal Foundation and appointing the
members to The Appraisal Foundation's other boards - the Appraisal
Standards Board and the Appraiser Qualifications Board.
◉ TAFAC. Answer: Appraisal Foundation Advisory Council
◉ iac. Answer: Industry Advisory Council
COMPREHENSIVE EXAM 2026 QUESTIONS
WITH SOLUTIONS GRADED A+
◉ Appraiser. Answer: One who is expected to perform valuation
services competently and in a manner that is independent, impartial, and
objective.
◉ report. Answer: any communication, written or oral, of an appraisal or
appraisal review that is transmitted to the client or a party authorized by
the client upon completion of an assignment.
◉ narrative report. Answer: A written communication of the results of a
valuation or review assignment presented to the client in narrative style
rather than on a form or orally.
◉ The AQB. Answer: charged with establishing the qualifications that
all the states must meet in licensing, certification and re-certification of
appraisers.
◉ january 8th, 2008. Answer: Major changes to the Criteria went into
effect
◉ May 1, 2018. Answer: Additional revisions were made effective
,◉ four components of the Real Property Appraiser Qualification
Criteria. Answer: qualifying ed, education, examinations, continuing ed
◉ The Appraisal Foundation. Answer: not-for-profit organization,
established exclusively for educational and scientific purposes.
◉ After The Appraisal Foundation was formed, the Uniform Standards
of Professional Appraisal Practice. Answer: was formally adopted by the
Appraisal Standards Board (ASB) in January 1989.
◉ The Appraisal Foundation has three principal boards:. Answer: Board
of Trustees (BOT)
Appraisal Standards Board (ASB)
Appraiser Qualifications Board (AQB)
◉ The BOT. Answer: acts as an executive board for the Foundation.
◉ The ASB. Answer: responsible for creating standards for ethics and
performance of appraisers.
◉ Uniform Standards of Professional Appraisal Practice (USPAP).
Answer: was developed by the Ad Hoc Committee in 1986 and 1987 and
was copyrighted in 1987 by The Appraisal Foundation.
, ◉ At its first meeting in 1989, the Appraisal Standards Board (ASB).
Answer: adopted USPAP as the governing document.
◉ USPAP may be. Answer: amended, interpreted, supplemented, or
retired only by the ASB.
◉ Congress recognized USPAP. Answer: as the generally recognized
standards of practice in the appraisal profession in Title XI of the
Financial Institutions Reform
◉ the Appraisal Subcommittee (ASC). Answer: is a federal entity with
oversight authority over the state licensing and certification agencies
◉ AMCs. Answer: appraisal management companies
◉ The Board of Trustees. Answer: omposed of 21 individuals
responsible for funding The Appraisal Foundation and appointing the
members to The Appraisal Foundation's other boards - the Appraisal
Standards Board and the Appraiser Qualifications Board.
◉ TAFAC. Answer: Appraisal Foundation Advisory Council
◉ iac. Answer: Industry Advisory Council
