USPAP McKissock Latest Update 2025-2026
Exam 220 Questions with 100% Verified Correct
Answers Guaranteed A+
A preference or inclination that precludes an appraiser's impartiality, independence, or
objectivity is: - CORRECT ANSWER: bias
A real estate broker completes a comparative market analysis on a property that she
wants to list for sale. What would this be considered? - CORRECT ANSWER: A
valuation service
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
A valuation service that is premised upon advocacy: - CORRECT ANSWER: It cannot
be performed by an individual acting as an appraiser
A workfile must be maintained for: - CORRECT ANSWER: Appraisal and appraisal
review assignments only
According to USPAP, any appraiser who signs any part of an appraisal report is required
to - CORRECT ANSWER: sign a certification
According to USPAP, the party or parties who engage an appraiser in a specific
assignment defines the: - CORRECT ANSWER: client
Advisory Opinions are best described as - CORRECT ANSWER: not part of USPAP, but
included as reference material
All written appraisal reports must contain - CORRECT ANSWER: a signed certification
,An appraisal review report - CORRECT ANSWER: must be separate from the work
under review
An appraiser completes an appraisal and transmits the report to the client. The report
copy retained in the appraisers workfile does not have a significant affixed to it. Is this
permissible under USPAP? - CORRECT ANSWER: No, a true copy must include a
signature
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.
An appraiser must disclose any services he or she provided regarding the subject
property for a period of a _____ prior to agreeing to perform the assignment -
CORRECT ANSWER: Three years
An appraiser performs an appraisal assignment and develops an opinion of value. This
value opinion is - CORRECT ANSWER: an assignment result
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? -
CORRECT ANSWER: price
An appraiser's client wishes to remain anonymous, and asks the appraiser not to
include client's identity in an appraisal report. What should the appraiser do? -
CORRECT ANSWER: Omit the client's identity from the report but document the client's
identity in the workfile
An appraiser's peers are defined as other appraisers who: - CORRECT ANSWER: Have
expertise and competency in a similar type of assignment
An appraiser's report must contain ____________ to allow intended users to
understand the scope of work performed. - CORRECT ANSWER: Sufficient information
, An extraordinary assumption may be used in an assignment only if: - CORRECT
ANSWER: Required to develop credible results
An intended user is: - CORRECT ANSWER: A party who is identified by the appraiser
based on communication with the client at the time of the assignment
Appraisal practice includes only: - CORRECT ANSWER: Valuation services provided by
an individual acting as an appraiser
Appraisers have broad _________ and significant _________ in determining the
appropriate scope of work in an assignment. - CORRECT ANSWER: Flexibility,
responsibility
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: -
CORRECT ANSWER: Cost
Currently, the boards within The Appraisal Foundation include: - CORRECT ANSWER:
Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
Developing an opinion of value of a property as of a specified future date is - CORRECT
ANSWER: A prospective appraisal
Exposure time is - CORRECT ANSWER: An opinion developed by an appraiser
Identification of the intended use of an appraisers opinions and conclusions is -
CORRECT ANSWER: Necessary for determining the appropriate scope of work
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
Exam 220 Questions with 100% Verified Correct
Answers Guaranteed A+
A preference or inclination that precludes an appraiser's impartiality, independence, or
objectivity is: - CORRECT ANSWER: bias
A real estate broker completes a comparative market analysis on a property that she
wants to list for sale. What would this be considered? - CORRECT ANSWER: A
valuation service
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
A valuation service that is premised upon advocacy: - CORRECT ANSWER: It cannot
be performed by an individual acting as an appraiser
A workfile must be maintained for: - CORRECT ANSWER: Appraisal and appraisal
review assignments only
According to USPAP, any appraiser who signs any part of an appraisal report is required
to - CORRECT ANSWER: sign a certification
According to USPAP, the party or parties who engage an appraiser in a specific
assignment defines the: - CORRECT ANSWER: client
Advisory Opinions are best described as - CORRECT ANSWER: not part of USPAP, but
included as reference material
All written appraisal reports must contain - CORRECT ANSWER: a signed certification
,An appraisal review report - CORRECT ANSWER: must be separate from the work
under review
An appraiser completes an appraisal and transmits the report to the client. The report
copy retained in the appraisers workfile does not have a significant affixed to it. Is this
permissible under USPAP? - CORRECT ANSWER: No, a true copy must include a
signature
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.
An appraiser must disclose any services he or she provided regarding the subject
property for a period of a _____ prior to agreeing to perform the assignment -
CORRECT ANSWER: Three years
An appraiser performs an appraisal assignment and develops an opinion of value. This
value opinion is - CORRECT ANSWER: an assignment result
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? -
CORRECT ANSWER: price
An appraiser's client wishes to remain anonymous, and asks the appraiser not to
include client's identity in an appraisal report. What should the appraiser do? -
CORRECT ANSWER: Omit the client's identity from the report but document the client's
identity in the workfile
An appraiser's peers are defined as other appraisers who: - CORRECT ANSWER: Have
expertise and competency in a similar type of assignment
An appraiser's report must contain ____________ to allow intended users to
understand the scope of work performed. - CORRECT ANSWER: Sufficient information
, An extraordinary assumption may be used in an assignment only if: - CORRECT
ANSWER: Required to develop credible results
An intended user is: - CORRECT ANSWER: A party who is identified by the appraiser
based on communication with the client at the time of the assignment
Appraisal practice includes only: - CORRECT ANSWER: Valuation services provided by
an individual acting as an appraiser
Appraisers have broad _________ and significant _________ in determining the
appropriate scope of work in an assignment. - CORRECT ANSWER: Flexibility,
responsibility
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: -
CORRECT ANSWER: Cost
Currently, the boards within The Appraisal Foundation include: - CORRECT ANSWER:
Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
Developing an opinion of value of a property as of a specified future date is - CORRECT
ANSWER: A prospective appraisal
Exposure time is - CORRECT ANSWER: An opinion developed by an appraiser
Identification of the intended use of an appraisers opinions and conclusions is -
CORRECT ANSWER: Necessary for determining the appropriate scope of work
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
