MCKISSOCK BASIC APPRAISAL PRINCIPLES EXAM QUESTIONS AND ANSWERS

MCKISSOCK BASIC APPRAISAL
PRINCIPLES EXAM QUESTIONS AND
ANSWERS
grant deed - ANSWERS-
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deed containing, or having implied by law, some but not all of the usual covenants
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of title
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Appraiser - ANSWERS- vz vz


One who is expected to perform valuation services competently and in a manner th
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at is independent, impartial, and objective.
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report - ANSWERS- vz vz


any communication, written or oral, of an appraisal or appraisal review that is trans
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mitted to the client or a party authorized by the client upon completion of an assign
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ment.

narrative report - ANSWERS- vz vz vz


A written communication of the results of a valuation or review assignment present
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ed to the client in narrative style rather than on a form or orally.
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The AQB - ANSWERS-
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charged with establishing the qualifications that all the states must meet in licensin
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g, certification and re-certification of appraisers.
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january 8th, 2008 - ANSWERS-Major changes to the Criteria went into effect
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May 1, 2018 - ANSWERS-Additional revisions were made effective
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four components of the Real Property Appraiser Qualification Criteria - ANSWERS-
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qualifying ed, education, examinations, continuing ed
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The Appraisal Foundation - ANSWERS-not-for-
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profit organization, established exclusively for educational and scientific purposes.
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After The Appraisal Foundation was formed, the Uniform Standards of Professional
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Appraisal Practice - ANSWERS-
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was formally adopted by the Appraisal Standards Board (ASB) in January 1989.
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The Appraisal Foundation has three principal boards: - ANSWERS-
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Board of Trustees (BOT) vz vz vz


Appraisal Standards Board (ASB) vz vz vz


Appraiser Qualifications Board (AQB) vz vz vz




The BOT - ANSWERS-acts as an executive board for the Foundation.
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, The ASB - ANSWERS-
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responsible for creating standards for ethics and performance of appraisers.
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Uniform Standards of Professional Appraisal Practice (USPAP) - ANSWERS-
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was developed by the Ad Hoc Committee in 1986 and 1987 and was copyrighted i
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n 1987 by The Appraisal Foundation.
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At its first meeting in 1989, the Appraisal Standards Board (ASB) - ANSWERS-
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adopted USPAP as the governing document. vz vz vz vz vz




USPAP may be - ANSWERS- vz vz vz vz


amended, interpreted, supplemented, or retired only by the ASB.
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Congress recognized USPAP - ANSWERS- vz vz vz vz


as the generally recognized standards of practice in the appraisal profession in Titl
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e XI of the Financial Institutions Reform
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the Appraisal Subcommittee (ASC) - ANSWERS-
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is a federal entity with oversight authority over the state licensing and certification a
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gencies

AMCs - ANSWERS-appraisal management companies
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The Board of Trustees - ANSWERS-
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omposed of 21 individuals responsible for funding The Appraisal Foundation and a
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ppointing the members to The Appraisal Foundation's other boards -
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the Appraisal Standards Board and the Appraiser Qualifications Board.
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TAFAC - ANSWERS-Appraisal Foundation Advisory Council
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iac - ANSWERS-Industry Advisory Council
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Appraisal Standards Board - ANSWERS- vz vz vz vz


exercises all authority and power over the subject, style, content, and substance of
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USPAP

Appraisal Practices Board (APB) - ANSWERS- vz vz vz vz vz


its purpose was to create guidance to assist appraisers in issues relating to recogni
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zed valuation methods and techniques.
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Even though the APB no longer exists - ANSWERS-
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The Appraisal Foundation plans to continue to issue these Valuation Advisories as i
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t deems necessary.
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Appraisal Subcommittee was created - ANSWERS- vz vz vz vz vz


under Section 1103 of Title XI of FIRREA
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HUD - ANSWERS- vz vz


Department of Housing and Urban Development, only act on complaint with fair len
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ding