Basic Appraisal Principles McKissock| 519 QUESTIONS| WITH
COMPLETE SOLUTIONS| 36 PAGES
The primary purpose of USPAP is to protect CORRECT ANSWERS: public trust
Normally the first step in highest and best use analysis is to research the uses that are
CORRECT ANSWERS: legally permissible
An appraiser is appraising a property with two structures on one tract of land. The client asks the
appraiser not to mention the second structure, as it is in poor condition. Which statement is
TRUE regarding this situation? CORRECT ANSWERS: If the appraiser complies with this
request, this would be an unethical act.
Which entity is responsible for establishing the requirements to become an appraiser?
CORRECT ANSWERS: the AQB
True or False: An applicant for Certified General appraiser must possess at least an associate's
degree from an accredited college or university. CORRECT ANSWERS: False
The requirements for state licensed and certified appraisers had their genesis in CORRECT
ANSWERS: FIRREA
An applicant who wishes to become a Certified Residential appraiser must have accumulated a
minimum of ______ hours of appraisal education. CORRECT ANSWERS: 200
True or False: The end of the U.S. housing boom meant that appraisal business dropped
significantly across the country. CORRECT ANSWERS: False
True or False: Of the required number of experience hours required for certified general
appraiser applicants, at least 1,500 hours must be in the appraisal of non-residential property.
CORRECT ANSWERS: True
According to the 2018 AQB Criteria, an applicant for Certified General Appraiser must obtain
_______ experience hours in no fewer than _____ months. CORRECT ANSWERS: 3,000, 18
True or False: Attorneys often engage appraisers to complete assignments for estates and
divorces. CORRECT ANSWERS: True
The continuing education requirement in the 2018 AQB Criteria (compared to the previous
criteria): CORRECT ANSWERS: remained unchanged
Which is a true statement regarding appraiser examinations? CORRECT ANSWERS: They are
the same in every state, with few exceptions
,If you have specific questions about appraisal certification or licensure requirements in your
state, you should CORRECT ANSWERS: contact the appraiser licensing and certification
agency in your state
Under the 2018 AQB Criteria, an applicant for a Certified Residential credential must hold a(n)
_____________. CORRECT ANSWERS: bachelor's degree, or alternative
The current AQB experience requirement for Licensed Residential Real Property Appraiser
applicants is CORRECT ANSWERS: 1,000 hours in no less than 6 months
The number of required classroom education hours for Certified Residential Appraisers under the
2018 AQB Criteria is ____ hours. CORRECT ANSWERS:
CORRECT ANSWERS: 200
To apply for an Appraiser Trainee license, an applicant must have _____ hours of qualifying
education courses and ______ creditable hours of experience. CORRECT ANSWERS: 75, 0
As the term is used in the definition of appraiser, _________ generally means a mental state that
does not favor one side over another. CORRECT ANSWERS: impartial
An appraisal report CORRECT ANSWERS: can be either written or oral
What event immediately preceded the Great Depression? CORRECT ANSWERS: Stock Market
Crash of 1929
In 1987, eight U.S. appraisal organizations formed CORRECT ANSWERS: The Appraisal
Foundation
True or False? The Board of Trustees acts as the executive board for The Appraisal Foundation.
CORRECT ANSWERS: True
The transfer of money from low interest-bearing accounts to higher interest-bearing accounts is
referred to as CORRECT ANSWERS: disintermediation
Which TAF advisory council consists of for-profit entities? CORRECT ANSWERS: IAC
True or False? Appraisal management companies (AMCs) are required to comply with the
requirements of USPAP. CORRECT ANSWERS: False
Which entity is responsible for appointing members to the ASB and AQB? CORRECT
ANSWERS: the Board of Trustees
True or False? Valuation Advisories, issued by The Appraisal Foundation, provide guidance that
is binding on real property appraisers. CORRECT ANSWERS: False
,True or False? The requirements of USPAP apply equally to appraisers and their clients
CORRECT ANSWERS: False
Who retains final authority over revisions to USPAP? CORRECT ANSWERS: the Appraisal
Standards Board
Which Foundation advisory council is made up of non-profit organizations and entities?
CORRECT ANSWERS: TAFAC
The Appraisal Foundation was established in CORRECT ANSWERS: 1987
What entity is responsible for appointing members to the ASB and the AQB? CORRECT
ANSWERS: the Board of Trustees of The Appraisal Foundation
Which of the agencies or institutions listed below are NOT directly involved in fair lending?
CORRECT ANSWERS: VA
The professional society that specializes in appraising personal property is the CORRECT
ANSWERS: American Society of Appraisers
The Uniform Standards of Professional Appraisal Practice (USPAP) was copyrighted by:
CORRECT ANSWERS: The Appraisal Foundation
The _________ monitors and reviews the practices, procedures, activities and organizational
structure of The Appraisal Foundation. CORRECT ANSWERS: ASC
The Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) is also known as
CORRECT ANSWERS: the Savings and Loan Bailout Bill
That is the familiar name for the FIRREA. CORRECT ANSWERS: ASB
Which is considered to be "other communications" provided by the ASB? CORRECT
ANSWERS: Advisory Opinions
Index
Q & As
All of the above
The first universally accepted appraisal report form appeared in the CORRECT ANSWERS:
1970s
The first organized appraisal groups appeared in the CORRECT ANSWERS: 1930s
The Savings and Loan Crisis happened in the CORRECT ANSWERS: Late 1980s
The secondary market came into prominence in mortgage lending in the CORRECT
ANSWERS: late 1970s
, The Fair Housing Act prohibits discrimination in housing because of all of the following statuses
EXCEPT CORRECT ANSWERS: Credit rating
The Uniform Standards of Professional Appraisal Practice (USPAP) was developed by the Ad
Hoc Committee and was copyrighted by The _________________. CORRECT ANSWERS:
Appraisal Foundation
The Uniform Standards of Professional Appraisal Practice (USPAP) was copyrighted by:.
CORRECT ANSWERS: The Appraisal Foundation
The appraisal standards and qualification criteria issued by The Appraisal Foundation's boards
achieve legal authority by adoption, citation or implementation by CORRECT ANSWERS:
government agencies
The _____ monitors state appraisal licensing and certification agencies. CORRECT
ANSWERS: ASC
Ethics concerns our obligation to consider CORRECT ANSWERS: the well-being of society as
a whole
the well-being of others
our own personal well-being
all of these
True or False? USPAP permits an appraiser to be biased in certain appraisal assignments, as long
as the bias is properly disclosed. CORRECT ANSWERS: False
What term is defined as "relating to what is good or bad; having to do with moral duty and
obligation"? CORRECT ANSWERS: Ethics
USPAP requires an appraiser to be CORRECT ANSWERS: objective
Which of these factors would result in a violation of USPAP if the appraiser based his or her
appraisal fee on it? CORRECT ANSWERS: The appraiser's value opinion
An appraiser pays a fee for the procurement of an assignment. Where in the appraisal report does
this payment have to be disclosed? CORRECT ANSWERS: In the certification and any
transmittal letter where conclusions are stated
When an appraiser discloses that she paid a fee for the procurement of an assignment, does
USPAP require her to disclose the AMOUNT of the fee? CORRECT ANSWERS: No
An appraiser states to a client that the appraisal fee will be $100 higher than the standard fee
because the appraiser's value opinion is for the property is over $500,000. Is it a violation of
USPAP for the appraiser to quote the fee in this manner? CORRECT ANSWERS: Yes
COMPLETE SOLUTIONS| 36 PAGES
The primary purpose of USPAP is to protect CORRECT ANSWERS: public trust
Normally the first step in highest and best use analysis is to research the uses that are
CORRECT ANSWERS: legally permissible
An appraiser is appraising a property with two structures on one tract of land. The client asks the
appraiser not to mention the second structure, as it is in poor condition. Which statement is
TRUE regarding this situation? CORRECT ANSWERS: If the appraiser complies with this
request, this would be an unethical act.
Which entity is responsible for establishing the requirements to become an appraiser?
CORRECT ANSWERS: the AQB
True or False: An applicant for Certified General appraiser must possess at least an associate's
degree from an accredited college or university. CORRECT ANSWERS: False
The requirements for state licensed and certified appraisers had their genesis in CORRECT
ANSWERS: FIRREA
An applicant who wishes to become a Certified Residential appraiser must have accumulated a
minimum of ______ hours of appraisal education. CORRECT ANSWERS: 200
True or False: The end of the U.S. housing boom meant that appraisal business dropped
significantly across the country. CORRECT ANSWERS: False
True or False: Of the required number of experience hours required for certified general
appraiser applicants, at least 1,500 hours must be in the appraisal of non-residential property.
CORRECT ANSWERS: True
According to the 2018 AQB Criteria, an applicant for Certified General Appraiser must obtain
_______ experience hours in no fewer than _____ months. CORRECT ANSWERS: 3,000, 18
True or False: Attorneys often engage appraisers to complete assignments for estates and
divorces. CORRECT ANSWERS: True
The continuing education requirement in the 2018 AQB Criteria (compared to the previous
criteria): CORRECT ANSWERS: remained unchanged
Which is a true statement regarding appraiser examinations? CORRECT ANSWERS: They are
the same in every state, with few exceptions
,If you have specific questions about appraisal certification or licensure requirements in your
state, you should CORRECT ANSWERS: contact the appraiser licensing and certification
agency in your state
Under the 2018 AQB Criteria, an applicant for a Certified Residential credential must hold a(n)
_____________. CORRECT ANSWERS: bachelor's degree, or alternative
The current AQB experience requirement for Licensed Residential Real Property Appraiser
applicants is CORRECT ANSWERS: 1,000 hours in no less than 6 months
The number of required classroom education hours for Certified Residential Appraisers under the
2018 AQB Criteria is ____ hours. CORRECT ANSWERS:
CORRECT ANSWERS: 200
To apply for an Appraiser Trainee license, an applicant must have _____ hours of qualifying
education courses and ______ creditable hours of experience. CORRECT ANSWERS: 75, 0
As the term is used in the definition of appraiser, _________ generally means a mental state that
does not favor one side over another. CORRECT ANSWERS: impartial
An appraisal report CORRECT ANSWERS: can be either written or oral
What event immediately preceded the Great Depression? CORRECT ANSWERS: Stock Market
Crash of 1929
In 1987, eight U.S. appraisal organizations formed CORRECT ANSWERS: The Appraisal
Foundation
True or False? The Board of Trustees acts as the executive board for The Appraisal Foundation.
CORRECT ANSWERS: True
The transfer of money from low interest-bearing accounts to higher interest-bearing accounts is
referred to as CORRECT ANSWERS: disintermediation
Which TAF advisory council consists of for-profit entities? CORRECT ANSWERS: IAC
True or False? Appraisal management companies (AMCs) are required to comply with the
requirements of USPAP. CORRECT ANSWERS: False
Which entity is responsible for appointing members to the ASB and AQB? CORRECT
ANSWERS: the Board of Trustees
True or False? Valuation Advisories, issued by The Appraisal Foundation, provide guidance that
is binding on real property appraisers. CORRECT ANSWERS: False
,True or False? The requirements of USPAP apply equally to appraisers and their clients
CORRECT ANSWERS: False
Who retains final authority over revisions to USPAP? CORRECT ANSWERS: the Appraisal
Standards Board
Which Foundation advisory council is made up of non-profit organizations and entities?
CORRECT ANSWERS: TAFAC
The Appraisal Foundation was established in CORRECT ANSWERS: 1987
What entity is responsible for appointing members to the ASB and the AQB? CORRECT
ANSWERS: the Board of Trustees of The Appraisal Foundation
Which of the agencies or institutions listed below are NOT directly involved in fair lending?
CORRECT ANSWERS: VA
The professional society that specializes in appraising personal property is the CORRECT
ANSWERS: American Society of Appraisers
The Uniform Standards of Professional Appraisal Practice (USPAP) was copyrighted by:
CORRECT ANSWERS: The Appraisal Foundation
The _________ monitors and reviews the practices, procedures, activities and organizational
structure of The Appraisal Foundation. CORRECT ANSWERS: ASC
The Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) is also known as
CORRECT ANSWERS: the Savings and Loan Bailout Bill
That is the familiar name for the FIRREA. CORRECT ANSWERS: ASB
Which is considered to be "other communications" provided by the ASB? CORRECT
ANSWERS: Advisory Opinions
Index
Q & As
All of the above
The first universally accepted appraisal report form appeared in the CORRECT ANSWERS:
1970s
The first organized appraisal groups appeared in the CORRECT ANSWERS: 1930s
The Savings and Loan Crisis happened in the CORRECT ANSWERS: Late 1980s
The secondary market came into prominence in mortgage lending in the CORRECT
ANSWERS: late 1970s
, The Fair Housing Act prohibits discrimination in housing because of all of the following statuses
EXCEPT CORRECT ANSWERS: Credit rating
The Uniform Standards of Professional Appraisal Practice (USPAP) was developed by the Ad
Hoc Committee and was copyrighted by The _________________. CORRECT ANSWERS:
Appraisal Foundation
The Uniform Standards of Professional Appraisal Practice (USPAP) was copyrighted by:.
CORRECT ANSWERS: The Appraisal Foundation
The appraisal standards and qualification criteria issued by The Appraisal Foundation's boards
achieve legal authority by adoption, citation or implementation by CORRECT ANSWERS:
government agencies
The _____ monitors state appraisal licensing and certification agencies. CORRECT
ANSWERS: ASC
Ethics concerns our obligation to consider CORRECT ANSWERS: the well-being of society as
a whole
the well-being of others
our own personal well-being
all of these
True or False? USPAP permits an appraiser to be biased in certain appraisal assignments, as long
as the bias is properly disclosed. CORRECT ANSWERS: False
What term is defined as "relating to what is good or bad; having to do with moral duty and
obligation"? CORRECT ANSWERS: Ethics
USPAP requires an appraiser to be CORRECT ANSWERS: objective
Which of these factors would result in a violation of USPAP if the appraiser based his or her
appraisal fee on it? CORRECT ANSWERS: The appraiser's value opinion
An appraiser pays a fee for the procurement of an assignment. Where in the appraisal report does
this payment have to be disclosed? CORRECT ANSWERS: In the certification and any
transmittal letter where conclusions are stated
When an appraiser discloses that she paid a fee for the procurement of an assignment, does
USPAP require her to disclose the AMOUNT of the fee? CORRECT ANSWERS: No
An appraiser states to a client that the appraisal fee will be $100 higher than the standard fee
because the appraiser's value opinion is for the property is over $500,000. Is it a violation of
USPAP for the appraiser to quote the fee in this manner? CORRECT ANSWERS: Yes
