Mckissock USPAP Actual Exam Study
Guide (Questions and Verified Answers)
Already Graded A+ | Brand New Version
1. USPAP contains what 4 sections? - ANSWER 1) The Preamble
2) Definitions
3) Rules
4) Standards
2. USPAP Provides... - ANSWER 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
3. In order to determine the appropriate scope of work, the appraiser must
________ the problem to be solved. - ANSWER Identify
4. The first step in the appraisal process is ? - ANSWER Identify the problem
5. Which step in the appraisal process involves communication of the
appraiser's opinions and conclusions? - ANSWER reporting
6. What is the stated purpose of USPAP - ANSWER Promote and maintain a
high level of public trust in appraisal practice
,7. To which property types does USPAP apply - ANSWER Both tangible and
intangible property
8. The preamble states that USPAP intended to benefit - ANSWER Appraisers
and users of appraisal services
9. USPAP states that in a situation when an individual is not required by law,
regulation, or agreement to comply with USPAP: - ANSWER The
individual should still comply when he or she is acting as an appraiser
10.A valuation service that is premised upon advocacy: - ANSWER It cannot
be performed by an individual acting as an appraiser
11.A preference or inclination that precludes an appraiser's impartiality,
independence, or objectivity is: - ANSWER bias
12.If an appraiser assumes a condition to be true, that does not exist for the
purpose of analysis, this is an example of - ANSWER A hypothetical
condition
13.If an appraiser assumes a condition to be true, and evidence supports that
belief, although that fact is not certain, this is an example of: - ANSWER
An extraordinary assumption
14.The monetary relationship between properties and those who buy sell or use
those properties is the definition of - ANSWER value
15.An appraiser receives a copy of a signed sales agreement for an office
building, which specifies the agreed-upon amount of $950,000. What does
this figure represent? - ANSWER price
,16.Currently, the boards within The Appraisal Foundation include: - ANSWER
Appraisal Standards Board, Appraiser Qualifications Board, Board of
Trustees
17.Which Foundation board is responsible for USPAP? - ANSWER Appraisal
Standards Board (ASB)
18.Which entity appoints members of the AQB and ASB? - ANSWER Board
of Trustees (BOT)
19.Qualification criteria for appraiser certification and recertification are
disseminated to state appraisal board by the? - ANSWER Appraiser
Qualifications Board
20.Which entity is responsible for establishing education and experience
requirements for licensing and certification of appraisers? - ANSWER
Appraiser Qualifications Board (AQB)
21.USPAP is written, amended, and interpreted by the: - ANSWER Appraisal
Standards Board (ASB)
22.Advisory Opinions are best described as - ANSWER not part of USPAP,
but included as reference material
23.Which entity maintains the official National Registry of state-certified and
licensed appraisers? - ANSWER Appraisal Subcommittee (ASC)
, 24.USPAP is enforced by: - ANSWER State appraiser licensing/certification
agencies
25.Who is responsible for issuing credentials to individual appraisers -
ANSWER State appraisal regulatory agencies
26.Which is not a responsibility of the Appraisal Subcommittee - ANSWER
Writing, interpreting, and amending USPAP
27.Which part of USPAP establishes the requirements for work file content for
an appraisal or appraisal review assignment? - ANSWER RECORD
KEEPING RULE
28.Why are USPAP Advisory Opinions issued? - ANSWER offer advice
29.Which of these is considered an integral part of USPAP and has the same
weight as the components they address? - ANSWER comments
30.In USPAP the appraisal process is divided into two distinct types of
activity______ and ______? - ANSWER Development and Reporting
31.By using a published cost manual, an appraiser determines that the
construction cost of a 2,500 square foot dwelling is $400,000. This figure
represents the dwelling's: - ANSWER Cost
32.According to USPAP, the party or parties who engage an appraiser in a
specific assignment defines the: - ANSWER client
Guide (Questions and Verified Answers)
Already Graded A+ | Brand New Version
1. USPAP contains what 4 sections? - ANSWER 1) The Preamble
2) Definitions
3) Rules
4) Standards
2. USPAP Provides... - ANSWER 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
3. In order to determine the appropriate scope of work, the appraiser must
________ the problem to be solved. - ANSWER Identify
4. The first step in the appraisal process is ? - ANSWER Identify the problem
5. Which step in the appraisal process involves communication of the
appraiser's opinions and conclusions? - ANSWER reporting
6. What is the stated purpose of USPAP - ANSWER Promote and maintain a
high level of public trust in appraisal practice
,7. To which property types does USPAP apply - ANSWER Both tangible and
intangible property
8. The preamble states that USPAP intended to benefit - ANSWER Appraisers
and users of appraisal services
9. USPAP states that in a situation when an individual is not required by law,
regulation, or agreement to comply with USPAP: - ANSWER The
individual should still comply when he or she is acting as an appraiser
10.A valuation service that is premised upon advocacy: - ANSWER It cannot
be performed by an individual acting as an appraiser
11.A preference or inclination that precludes an appraiser's impartiality,
independence, or objectivity is: - ANSWER bias
12.If an appraiser assumes a condition to be true, that does not exist for the
purpose of analysis, this is an example of - ANSWER A hypothetical
condition
13.If an appraiser assumes a condition to be true, and evidence supports that
belief, although that fact is not certain, this is an example of: - ANSWER
An extraordinary assumption
14.The monetary relationship between properties and those who buy sell or use
those properties is the definition of - ANSWER value
15.An appraiser receives a copy of a signed sales agreement for an office
building, which specifies the agreed-upon amount of $950,000. What does
this figure represent? - ANSWER price
,16.Currently, the boards within The Appraisal Foundation include: - ANSWER
Appraisal Standards Board, Appraiser Qualifications Board, Board of
Trustees
17.Which Foundation board is responsible for USPAP? - ANSWER Appraisal
Standards Board (ASB)
18.Which entity appoints members of the AQB and ASB? - ANSWER Board
of Trustees (BOT)
19.Qualification criteria for appraiser certification and recertification are
disseminated to state appraisal board by the? - ANSWER Appraiser
Qualifications Board
20.Which entity is responsible for establishing education and experience
requirements for licensing and certification of appraisers? - ANSWER
Appraiser Qualifications Board (AQB)
21.USPAP is written, amended, and interpreted by the: - ANSWER Appraisal
Standards Board (ASB)
22.Advisory Opinions are best described as - ANSWER not part of USPAP,
but included as reference material
23.Which entity maintains the official National Registry of state-certified and
licensed appraisers? - ANSWER Appraisal Subcommittee (ASC)
, 24.USPAP is enforced by: - ANSWER State appraiser licensing/certification
agencies
25.Who is responsible for issuing credentials to individual appraisers -
ANSWER State appraisal regulatory agencies
26.Which is not a responsibility of the Appraisal Subcommittee - ANSWER
Writing, interpreting, and amending USPAP
27.Which part of USPAP establishes the requirements for work file content for
an appraisal or appraisal review assignment? - ANSWER RECORD
KEEPING RULE
28.Why are USPAP Advisory Opinions issued? - ANSWER offer advice
29.Which of these is considered an integral part of USPAP and has the same
weight as the components they address? - ANSWER comments
30.In USPAP the appraisal process is divided into two distinct types of
activity______ and ______? - ANSWER Development and Reporting
31.By using a published cost manual, an appraiser determines that the
construction cost of a 2,500 square foot dwelling is $400,000. This figure
represents the dwelling's: - ANSWER Cost
32.According to USPAP, the party or parties who engage an appraiser in a
specific assignment defines the: - ANSWER client
