MCKISSOCK BASIC APPRAISAL PRINCIPLES 1 FINAL EXAM 2025/2026 ACTUAL
EXAM QUESTIONS AND CORRECT DETAILED ANSWERS/NEWEST UPDATE
Question 1
Which type of deed contains, or has implied by law, some but not all of the usual covenants of
title?
A) Quitclaim deed
B) General Warranty deed
C) Grant deed
D) Trust deed
E) Bargain and Sale deed
Correct Answer: C) Grant deed
Rationale: A grant deed is a legal document used to transfer ownership of real property that
includes certain implied covenants, such as the grantor having not previously conveyed the
property to another, but it does not contain all the warranties found in a general warranty
deed.
Question 2
How is an "Appraiser" defined in the context of professional valuation services?
A) An individual who determines the highest possible price for a seller
B) One who is expected to perform valuation services competently and in a manner that is
independent, impartial, and objective
C) A licensed real estate broker who provides a Broker Price Opinion (BPO)
D) A person who works exclusively for a lending institution to verify collateral
E) A government official who determines property taxes
Correct Answer: B) One who is expected to perform valuation services competently and in a
manner that is independent, impartial, and objective
Rationale: The definition of an appraiser hinges on the public trust, requiring the individual
to remain neutral (impartial), unbiased (independent), and skilled (competent).
Question 3
What is the definition of a "report" according to appraisal standards?
A) Any handwritten note taken during a property inspection
B) A verbal conversation between an appraiser and a homeowner
C) 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
D) A document filed only with the state licensing board
E) A contract signed at the beginning of an appraisal assignment
Correct Answer: C) 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
Rationale: A report is the final communication of the results of an assignment; it can be
either written or oral and must be delivered to the client.
, 2
Question 4
A written communication of the results of a valuation or review assignment presented to the
client in narrative style rather than on a form is called a:
A) Form report
B) Restricted appraisal report
C) Narrative report
D) Oral report
E) Letter of opinion
Correct Answer: C) Narrative report
Rationale: A narrative report provides the appraiser’s conclusions and reasoning in a
descriptive, essay-like format rather than using standard pre-printed forms.
Question 5
Which body is charged with establishing the qualifications that all states must meet in licensing,
certification, and re-certification of appraisers?
A) The ASB
B) The AQB
C) The BOT
D) The ASC
E) HUD
Correct Answer: B) The AQB
Rationale: The Appraiser Qualifications Board (AQB) sets the minimum requirements for
education, experience, and examinations for real property appraisers.
Question 6
When did major changes to the Real Property Appraiser Qualification Criteria officially go into
effect?
A) January 1, 2000
B) May 1, 2018
C) January 8, 2008
D) July 1, 2010
E) January 1, 1989
Correct Answer: C) January 8, 2008
Rationale: January 8, 2008, marked a significant shift in the criteria required for appraiser
licensing and certification across the United States.
Question 7
Following the 2008 changes, additional revisions to the Real Property Appraiser Qualification
Criteria became effective on:
A) January 1, 2015
B) May 1, 2018
, 3
C) December 31, 2019
D) June 1, 2020
E) January 8, 2010
Correct Answer: B) May 1, 2018
Rationale: The AQB implemented further revisions to the criteria on May 1, 2018, to
address evolving industry needs and barriers to entry.
Question 8
What are the four components of the Real Property Appraiser Qualification Criteria?
A) Experience, Ethics, Exams, and Fees
B) Qualifying education, Experience, Examinations, and Continuing education
C) College degree, Background check, Mentorship, and License fee
D) Narrative writing, Form filling, Field work, and Office management
E) USPAP, Law, Math, and Ethics
Correct Answer: B) Qualifying education, Experience, Examinations, and Continuing
education
Rationale: The AQB establishes standards across these four specific areas to ensure
appraisers are properly trained and maintained.
Question 9
What is The Appraisal Foundation (TAF)?
A) A government agency under the Department of Treasury
B) A for-profit corporation owned by major banks
C) A not-for-profit organization, established exclusively for educational and scientific purposes
D) A trade union for professional appraisers
E) A branch of the Appraisal Subcommittee (ASC)
Correct Answer: C) A not-for-profit organization, established exclusively for educational
and scientific purposes
Rationale: The Appraisal Foundation is a private, non-profit organization authorized by
Congress to set appraisal standards and qualifications.
Question 10
The Uniform Standards of Professional Appraisal Practice (USPAP) was formally adopted by the
Appraisal Standards Board (ASB) in:
A) 1987
B) 1970
C) January 1989
D) May 2018
E) August 1991
Correct Answer: C) January 1989
, 4
Rationale: While the Foundation was formed earlier, the ASB officially adopted USPAP as
the governing standards for the profession in January 1989.
Question 11
The Appraisal Foundation has three principal boards. Which of the following is NOT one of
them?
A) Board of Trustees (BOT)
B) Appraisal Standards Board (ASB)
C) Appraiser Qualifications Board (AQB)
D) Appraisal Subcommittee (ASC)
E) All of the above are principal boards of TAF
Correct Answer: D) Appraisal Subcommittee (ASC)
Rationale: The ASC is a federal government entity, not a board within the private Appraisal
Foundation. The three boards of TAF are the BOT, ASB, and AQB.
Question 12
Which board acts as an executive board for The Appraisal Foundation?
A) The ASB
B) The AQB
C) The BOT
D) The ASC
E) The APB
Correct Answer: C) The BOT
Rationale: The Board of Trustees (BOT) provides oversight and direction for the
Foundation and appoints members to the other boards.
Question 13
Which board is responsible for creating standards for ethics and performance of appraisers?
A) The AQB
B) The BOT
C) The ASB
D) The TAFAC
E) HUD
Correct Answer: C) The ASB
Rationale: The Appraisal Standards Board (ASB) is responsible for the development,
interpretation, and amendment of USPAP.
Question 14
The Uniform Standards of Professional Appraisal Practice (USPAP) was developed by:
A) The US Congress in 1989
B) An Ad Hoc Committee in 1986 and 1987 and copyrighted in 1987 by The Appraisal
EXAM QUESTIONS AND CORRECT DETAILED ANSWERS/NEWEST UPDATE
Question 1
Which type of deed contains, or has implied by law, some but not all of the usual covenants of
title?
A) Quitclaim deed
B) General Warranty deed
C) Grant deed
D) Trust deed
E) Bargain and Sale deed
Correct Answer: C) Grant deed
Rationale: A grant deed is a legal document used to transfer ownership of real property that
includes certain implied covenants, such as the grantor having not previously conveyed the
property to another, but it does not contain all the warranties found in a general warranty
deed.
Question 2
How is an "Appraiser" defined in the context of professional valuation services?
A) An individual who determines the highest possible price for a seller
B) One who is expected to perform valuation services competently and in a manner that is
independent, impartial, and objective
C) A licensed real estate broker who provides a Broker Price Opinion (BPO)
D) A person who works exclusively for a lending institution to verify collateral
E) A government official who determines property taxes
Correct Answer: B) One who is expected to perform valuation services competently and in a
manner that is independent, impartial, and objective
Rationale: The definition of an appraiser hinges on the public trust, requiring the individual
to remain neutral (impartial), unbiased (independent), and skilled (competent).
Question 3
What is the definition of a "report" according to appraisal standards?
A) Any handwritten note taken during a property inspection
B) A verbal conversation between an appraiser and a homeowner
C) 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
D) A document filed only with the state licensing board
E) A contract signed at the beginning of an appraisal assignment
Correct Answer: C) 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
Rationale: A report is the final communication of the results of an assignment; it can be
either written or oral and must be delivered to the client.
, 2
Question 4
A written communication of the results of a valuation or review assignment presented to the
client in narrative style rather than on a form is called a:
A) Form report
B) Restricted appraisal report
C) Narrative report
D) Oral report
E) Letter of opinion
Correct Answer: C) Narrative report
Rationale: A narrative report provides the appraiser’s conclusions and reasoning in a
descriptive, essay-like format rather than using standard pre-printed forms.
Question 5
Which body is charged with establishing the qualifications that all states must meet in licensing,
certification, and re-certification of appraisers?
A) The ASB
B) The AQB
C) The BOT
D) The ASC
E) HUD
Correct Answer: B) The AQB
Rationale: The Appraiser Qualifications Board (AQB) sets the minimum requirements for
education, experience, and examinations for real property appraisers.
Question 6
When did major changes to the Real Property Appraiser Qualification Criteria officially go into
effect?
A) January 1, 2000
B) May 1, 2018
C) January 8, 2008
D) July 1, 2010
E) January 1, 1989
Correct Answer: C) January 8, 2008
Rationale: January 8, 2008, marked a significant shift in the criteria required for appraiser
licensing and certification across the United States.
Question 7
Following the 2008 changes, additional revisions to the Real Property Appraiser Qualification
Criteria became effective on:
A) January 1, 2015
B) May 1, 2018
, 3
C) December 31, 2019
D) June 1, 2020
E) January 8, 2010
Correct Answer: B) May 1, 2018
Rationale: The AQB implemented further revisions to the criteria on May 1, 2018, to
address evolving industry needs and barriers to entry.
Question 8
What are the four components of the Real Property Appraiser Qualification Criteria?
A) Experience, Ethics, Exams, and Fees
B) Qualifying education, Experience, Examinations, and Continuing education
C) College degree, Background check, Mentorship, and License fee
D) Narrative writing, Form filling, Field work, and Office management
E) USPAP, Law, Math, and Ethics
Correct Answer: B) Qualifying education, Experience, Examinations, and Continuing
education
Rationale: The AQB establishes standards across these four specific areas to ensure
appraisers are properly trained and maintained.
Question 9
What is The Appraisal Foundation (TAF)?
A) A government agency under the Department of Treasury
B) A for-profit corporation owned by major banks
C) A not-for-profit organization, established exclusively for educational and scientific purposes
D) A trade union for professional appraisers
E) A branch of the Appraisal Subcommittee (ASC)
Correct Answer: C) A not-for-profit organization, established exclusively for educational
and scientific purposes
Rationale: The Appraisal Foundation is a private, non-profit organization authorized by
Congress to set appraisal standards and qualifications.
Question 10
The Uniform Standards of Professional Appraisal Practice (USPAP) was formally adopted by the
Appraisal Standards Board (ASB) in:
A) 1987
B) 1970
C) January 1989
D) May 2018
E) August 1991
Correct Answer: C) January 1989
, 4
Rationale: While the Foundation was formed earlier, the ASB officially adopted USPAP as
the governing standards for the profession in January 1989.
Question 11
The Appraisal Foundation has three principal boards. Which of the following is NOT one of
them?
A) Board of Trustees (BOT)
B) Appraisal Standards Board (ASB)
C) Appraiser Qualifications Board (AQB)
D) Appraisal Subcommittee (ASC)
E) All of the above are principal boards of TAF
Correct Answer: D) Appraisal Subcommittee (ASC)
Rationale: The ASC is a federal government entity, not a board within the private Appraisal
Foundation. The three boards of TAF are the BOT, ASB, and AQB.
Question 12
Which board acts as an executive board for The Appraisal Foundation?
A) The ASB
B) The AQB
C) The BOT
D) The ASC
E) The APB
Correct Answer: C) The BOT
Rationale: The Board of Trustees (BOT) provides oversight and direction for the
Foundation and appoints members to the other boards.
Question 13
Which board is responsible for creating standards for ethics and performance of appraisers?
A) The AQB
B) The BOT
C) The ASB
D) The TAFAC
E) HUD
Correct Answer: C) The ASB
Rationale: The Appraisal Standards Board (ASB) is responsible for the development,
interpretation, and amendment of USPAP.
Question 14
The Uniform Standards of Professional Appraisal Practice (USPAP) was developed by:
A) The US Congress in 1989
B) An Ad Hoc Committee in 1986 and 1987 and copyrighted in 1987 by The Appraisal
