McKissock Basic Appraisal Principles I Final Exam
with questions and Well detailed answers|| GRADED
A+||LATEST UPDATE 2025/26
grant deed -CORRECTANSWER deed containing, or having implied by law, some but
not all of the usual covenants of title
Appraiser -CORRECTANSWER One who is expected to perform valuation services
competently and in a manner that is independent, impartial, and objective.
report -CORRECTANSWER 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 -CORRECTANSWER 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 -CORRECTANSWER charged with establishing the qualifications that all the
states must meet in licensing, certification and re-certification of appraisers.
january 8th, 2008 -CORRECTANSWER Major changes to the Criteria went into effect
May 1, 2018 -CORRECTANSWER Additional revisions were made effective
,four components of the Real Property Appraiser Qualification Criteria -
CORRECTANSWER qualifying ed, education, examinations, continuing ed
The Appraisal Foundation -CORRECTANSWER not-for-profit organization, established
exclusively for educational and scientific purposes.
After The Appraisal Foundation was formed, the Uniform Standards of Professional
Appraisal Practice -CORRECTANSWER was formally adopted by the Appraisal
Standards Board (ASB) in January 1989.
The Appraisal Foundation has three principal boards: -CORRECTANSWER Board of
Trustees (BOT)
Appraisal Standards Board (ASB)
Appraiser Qualifications Board (AQB)
The BOT -CORRECTANSWER acts as an executive board for the Foundation.
The ASB -CORRECTANSWER responsible for creating standards for ethics and
performance of appraisers.
, Uniform Standards of Professional Appraisal Practice (USPAP) -CORRECTANSWER
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) -CORRECTANSWER
adopted USPAP as the governing document.
USPAP may be -CORRECTANSWER amended, interpreted, supplemented, or retired
only by the ASB.
Congress recognized USPAP -CORRECTANSWER as the generally recognized
standards of practice in the appraisal profession in Title XI of the Financial Institutions
Reform
the Appraisal Subcommittee (ASC) -CORRECTANSWER is a federal entity with
oversight authority over the state licensing and certification agencies
AMCs -CORRECTANSWER appraisal management companies
The Board of Trustees -CORRECTANSWER 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.
with questions and Well detailed answers|| GRADED
A+||LATEST UPDATE 2025/26
grant deed -CORRECTANSWER deed containing, or having implied by law, some but
not all of the usual covenants of title
Appraiser -CORRECTANSWER One who is expected to perform valuation services
competently and in a manner that is independent, impartial, and objective.
report -CORRECTANSWER 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 -CORRECTANSWER 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 -CORRECTANSWER charged with establishing the qualifications that all the
states must meet in licensing, certification and re-certification of appraisers.
january 8th, 2008 -CORRECTANSWER Major changes to the Criteria went into effect
May 1, 2018 -CORRECTANSWER Additional revisions were made effective
,four components of the Real Property Appraiser Qualification Criteria -
CORRECTANSWER qualifying ed, education, examinations, continuing ed
The Appraisal Foundation -CORRECTANSWER not-for-profit organization, established
exclusively for educational and scientific purposes.
After The Appraisal Foundation was formed, the Uniform Standards of Professional
Appraisal Practice -CORRECTANSWER was formally adopted by the Appraisal
Standards Board (ASB) in January 1989.
The Appraisal Foundation has three principal boards: -CORRECTANSWER Board of
Trustees (BOT)
Appraisal Standards Board (ASB)
Appraiser Qualifications Board (AQB)
The BOT -CORRECTANSWER acts as an executive board for the Foundation.
The ASB -CORRECTANSWER responsible for creating standards for ethics and
performance of appraisers.
, Uniform Standards of Professional Appraisal Practice (USPAP) -CORRECTANSWER
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) -CORRECTANSWER
adopted USPAP as the governing document.
USPAP may be -CORRECTANSWER amended, interpreted, supplemented, or retired
only by the ASB.
Congress recognized USPAP -CORRECTANSWER as the generally recognized
standards of practice in the appraisal profession in Title XI of the Financial Institutions
Reform
the Appraisal Subcommittee (ASC) -CORRECTANSWER is a federal entity with
oversight authority over the state licensing and certification agencies
AMCs -CORRECTANSWER appraisal management companies
The Board of Trustees -CORRECTANSWER 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.
