USPAP MCKISSOCK EXAM QUESTIONS AND ANSWERS

USPAP MCKISSOCK EXAM
QUESTIONS AND ANSWERS
Currently, the boards within The Appraisal Foundation include: - ANSWERS-
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Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
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Which Foundation board is responsible for USPAP? - ANSWERS-
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Appraisal Standards Board (ASB) vz vz vz




Which entity appoints members of the AQB and ASB? - ANSWERS-
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Board of Trustees (BOT)
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Qualification criteria for appraiser certification and recertification are disseminated t
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o state appraisal board by the? - ANSWERS-Appraiser Qualifications Board
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Which entity is responsible for establishing education and experience requirements
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for licensing and certification of appraisers? - ANSWERS-
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Appraiser Qualifications Board (AQB) vz vz vz




USPAP is written, amended, and interpreted by the: - ANSWERS-
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Appraisal Standards Board (ASB) vz vz vz




Advisory Opinions are best described as - ANSWERS-
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not part of USPAP, but included as reference material
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Which entity maintains the official National Registry of state-
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certified and licensed appraisers? - ANSWERS-Appraisal Subcommittee (ASC)
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USPAP is enforced by: - ANSWERS-State appraiser licensing/certification agencies
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Who is responsible for issuing credentials to individual appraisers - ANSWERS-
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State appraisal regulatory agencies
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Which is not a responsibility of the Appraisal Subcommittee - ANSWERS-
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Writing, interpreting, and amending USPAP
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Which part of USPAP establishes the requirements for workfile content for an appr
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aisal or appraisal review assignment? - ANSWERS-RECORD KEEPING RULE
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Why are USPAP Advisory Opinions issued? - ANSWERS-offer advice
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Which of these is considered an integral part of USPAP and has the same weight a
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s the components they address? - ANSWERS-comments
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In USPAP the appraisal process is divided into two distinct types of activity______
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and ______? - ANSWERS-Development and Reporting
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, The first step in the appraisal process is ? - ANSWERS-Identify the problem
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Which step in the appraisal process involves communication of the appraiser's opin
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ions and conclusions? - ANSWERS-reporting
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What is the stated purpose of USPAP - ANSWERS-
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Promote and maintain a high level of public trust in appraisal practice
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To which property types does USPAP apply - ANSWERS-
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Both tangible and intangible property
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The preamble states that USPAP intended to benefit - ANSWERS-
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Appraisers and users of appraisal services vz vz vz vz vz




USPAP states that in a situation when an individual is not required by law, regulatio
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n, or agreement to comply with USPAP: - ANSWERS-
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The individual should still comply when he or she is acting as an appraiser
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A valuation service that is premised upon advocacy: - ANSWERS-
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It cannot be performed by an individual acting as an appraiser
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A preference or inclination that precludes an appraiser's impartiality, independence,
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or objectivity is: - ANSWERS-bias
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If an appraiser assumes a condition to be true, that does not exist for the purpose
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of analysis, this is an example of - ANSWERS-A hypothetical condition
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If an appraiser assumes a condition to be true, and evidence supports that belief, a
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lthough that fact is not certain, this is an example of: - ANSWERS-
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An extraordinary assumption
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The monetary relationship between properties and those who buy sell or use those
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properties is the definition of - ANSWERS-value vz vz vz vz vz vz




An appraiser receives a copy of a signed sales agreement for an office building, wh
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ich specifies the agreed-
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upon amount of $950,000. What does this figure represent? - ANSWERS-price
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By using a published cost manual, an appraiser determines that the construction co
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st of a 2,500 square foot dwelling is $400,000. This figure represents the dwelling's
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: - ANSWERS-Cost
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According to USPAP, the party or parties who engage an appraiser in a specific as
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signment defines the: - ANSWERS-client vz vz vz vz




An appraiser performs an appraisal assignment and develops an opinion of value.
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This value opinion is - ANSWERS-an assignment result
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