MCKISSOCK BASIC APPRAISAL PRINCIPLES I FINAL EXAM LATEST 2025 WITH QUESTIONS AND
CORRECT VERIFIED ANSWERS GRADED A+ GUARANTEED PASS
grant deed - (ANSWER)deed containing, or having implied by law, some but not all of the usual
covenants of title
Appraiser - (ANSWER)One who is expected to perform valuation services competently and in a manner
that is independent, impartial, and objective.
report - (ANSWER)any communication, written or oral, of an appraisal or appraisal review that is
transmitted to the client or a party authorized by the client upon completion of an assignment.
narrative report - (ANSWER)A written communication of the results of a valuation or review assignment
presented to the client in narrative style rather than on a form or orally.
The AQB - (ANSWER)charged with establishing the qualifications that all the states must meet in
licensing, certification and re-certification of appraisers.
january 8th, 2008 - (ANSWER)Major changes to the Criteria went into effect
May 1, 2018 - (ANSWER)Additional revisions were made effective
four components of the Real Property Appraiser Qualification Criteria - (ANSWER)qualifying ed,
education, examinations, continuing ed
The Appraisal Foundation - (ANSWER)not-for-profit organization, established exclusively for educational
and scientific purposes.
After The Appraisal Foundation was formed, the Uniform Standards of Professional Appraisal Practice -
(ANSWER)was formally adopted by the Appraisal Standards Board (ASB) in January 1989.
The Appraisal Foundation has three principal boards: - (ANSWER)Board of Trustees (BOT)
1
, MCKISSOCK BASIC APPRAISAL PRINCIPLES I FINAL EXAM LATEST 2025 WITH QUESTIONS AND
CORRECT VERIFIED ANSWERS GRADED A+ GUARANTEED PASS
Appraisal Standards Board (ASB)
Appraiser Qualifications Board (AQB)
The BOT - (ANSWER)acts as an executive board for the Foundation.
The ASB - (ANSWER)responsible for creating standards for ethics and performance of appraisers.
Uniform Standards of Professional Appraisal Practice (USPAP) - (ANSWER)was developed by the Ad Hoc
Committee in 1986 and 1987 and was copyrighted in 1987 by The Appraisal Foundation.
At its first meeting in 1989, the Appraisal Standards Board (ASB) - (ANSWER)adopted USPAP as the
governing document.
USPAP may be - (ANSWER)amended, interpreted, supplemented, or retired only by the ASB.
Congress recognized USPAP - (ANSWER)as the generally recognized standards of practice in the
appraisal profession in Title XI of the Financial Institutions Reform
the Appraisal Subcommittee (ASC) - (ANSWER)is a federal entity with oversight authority over the state
licensing and certification agencies
AMCs - (ANSWER)appraisal management companies
The Board of Trustees - (ANSWER)omposed of 21 individuals responsible for funding The Appraisal
Foundation and appointing the members to The Appraisal Foundation's other boards - the Appraisal
Standards Board and the Appraiser Qualifications Board.
TAFAC - (ANSWER)Appraisal Foundation Advisory Council
2
, MCKISSOCK BASIC APPRAISAL PRINCIPLES I FINAL EXAM LATEST 2025 WITH QUESTIONS AND
CORRECT VERIFIED ANSWERS GRADED A+ GUARANTEED PASS
iac - (ANSWER)Industry Advisory Council
Appraisal Standards Board - (ANSWER)exercises all authority and power over the subject, style, content,
and substance of USPAP
Appraisal Practices Board (APB) - (ANSWER)its purpose was to create guidance to assist appraisers in
issues relating to recognized valuation methods and techniques.
Even though the APB no longer exists - (ANSWER)The Appraisal Foundation plans to continue to issue
these Valuation Advisories as it deems necessary.
Appraisal Subcommittee was created - (ANSWER)under Section 1103 of Title XI of FIRREA
HUD - (ANSWER)Department of Housing and Urban Development, only act on complaint with fair
lending
The Savings and Loan Crisis happened in the - (ANSWER)early 60's
the appraisal foundation was established in - (ANSWER)1987
The _________ monitors and reviews the practices, procedures, activities and organizational structure
of The Appraisal Foundation. - (ANSWER)ASC
the professional society that specializes in appraising personal property - (ANSWER)American Society of
appraisers
ECOA applies to all the following types of loans except - (ANSWER)Vacant land
3
CORRECT VERIFIED ANSWERS GRADED A+ GUARANTEED PASS
grant deed - (ANSWER)deed containing, or having implied by law, some but not all of the usual
covenants of title
Appraiser - (ANSWER)One who is expected to perform valuation services competently and in a manner
that is independent, impartial, and objective.
report - (ANSWER)any communication, written or oral, of an appraisal or appraisal review that is
transmitted to the client or a party authorized by the client upon completion of an assignment.
narrative report - (ANSWER)A written communication of the results of a valuation or review assignment
presented to the client in narrative style rather than on a form or orally.
The AQB - (ANSWER)charged with establishing the qualifications that all the states must meet in
licensing, certification and re-certification of appraisers.
january 8th, 2008 - (ANSWER)Major changes to the Criteria went into effect
May 1, 2018 - (ANSWER)Additional revisions were made effective
four components of the Real Property Appraiser Qualification Criteria - (ANSWER)qualifying ed,
education, examinations, continuing ed
The Appraisal Foundation - (ANSWER)not-for-profit organization, established exclusively for educational
and scientific purposes.
After The Appraisal Foundation was formed, the Uniform Standards of Professional Appraisal Practice -
(ANSWER)was formally adopted by the Appraisal Standards Board (ASB) in January 1989.
The Appraisal Foundation has three principal boards: - (ANSWER)Board of Trustees (BOT)
1
, MCKISSOCK BASIC APPRAISAL PRINCIPLES I FINAL EXAM LATEST 2025 WITH QUESTIONS AND
CORRECT VERIFIED ANSWERS GRADED A+ GUARANTEED PASS
Appraisal Standards Board (ASB)
Appraiser Qualifications Board (AQB)
The BOT - (ANSWER)acts as an executive board for the Foundation.
The ASB - (ANSWER)responsible for creating standards for ethics and performance of appraisers.
Uniform Standards of Professional Appraisal Practice (USPAP) - (ANSWER)was developed by the Ad Hoc
Committee in 1986 and 1987 and was copyrighted in 1987 by The Appraisal Foundation.
At its first meeting in 1989, the Appraisal Standards Board (ASB) - (ANSWER)adopted USPAP as the
governing document.
USPAP may be - (ANSWER)amended, interpreted, supplemented, or retired only by the ASB.
Congress recognized USPAP - (ANSWER)as the generally recognized standards of practice in the
appraisal profession in Title XI of the Financial Institutions Reform
the Appraisal Subcommittee (ASC) - (ANSWER)is a federal entity with oversight authority over the state
licensing and certification agencies
AMCs - (ANSWER)appraisal management companies
The Board of Trustees - (ANSWER)omposed of 21 individuals responsible for funding The Appraisal
Foundation and appointing the members to The Appraisal Foundation's other boards - the Appraisal
Standards Board and the Appraiser Qualifications Board.
TAFAC - (ANSWER)Appraisal Foundation Advisory Council
2
, MCKISSOCK BASIC APPRAISAL PRINCIPLES I FINAL EXAM LATEST 2025 WITH QUESTIONS AND
CORRECT VERIFIED ANSWERS GRADED A+ GUARANTEED PASS
iac - (ANSWER)Industry Advisory Council
Appraisal Standards Board - (ANSWER)exercises all authority and power over the subject, style, content,
and substance of USPAP
Appraisal Practices Board (APB) - (ANSWER)its purpose was to create guidance to assist appraisers in
issues relating to recognized valuation methods and techniques.
Even though the APB no longer exists - (ANSWER)The Appraisal Foundation plans to continue to issue
these Valuation Advisories as it deems necessary.
Appraisal Subcommittee was created - (ANSWER)under Section 1103 of Title XI of FIRREA
HUD - (ANSWER)Department of Housing and Urban Development, only act on complaint with fair
lending
The Savings and Loan Crisis happened in the - (ANSWER)early 60's
the appraisal foundation was established in - (ANSWER)1987
The _________ monitors and reviews the practices, procedures, activities and organizational structure
of The Appraisal Foundation. - (ANSWER)ASC
the professional society that specializes in appraising personal property - (ANSWER)American Society of
appraisers
ECOA applies to all the following types of loans except - (ANSWER)Vacant land
3
