MCKISSOCK FULL STUDY SHEET
QUESTIONS AND CORRECT ANSWERS
COLLECTION
●● 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. 2
●● Client
Answer: "The party or parties who engage, by employment or contract,
an appraiser in a specific assignment.Comment: The client may be an
individual, group, or entity, and may engage and communicate with the
appraiser directly or through an agent."3
●● Date of the Report
Answer: The date that the appraiser completed and transmitted the
appraisal report to the client. It is usually - but not always - different
from the effective date of value stated in the appraisal report.
●● Effective Date
Answer: The date to which the value applies. It can be current,
prospective, or retrospective. The effective date of value establishes the
viewpoint from which the appraiser viewed the appraisal problem.
,●● Intended use
Answer: "the use(s) of an appraiser's reported appraisal or appraisal
review assignment results, as identified by the appraiser based on
communication with the client at the time of the assignment."4
●● Intended User
Answer: "the client and any other party as identified, by name or type, as
users of the appraisal or appraisal review report by the appraiser, based
on communication with the client at the time of the assignment."5
●● Personal Property
Answer: "Identifiable tangible objects that are considered by the general
public as being 'personal' (e.g., furnishings, artwork, antiques, gems and
jewelry, collectibles, machinery and equipment; all tangible property
that is not classified as real estate."6
●● Real Estate
Answer: "An identified parcel or tract of land, including improvements,
if any."7
●● Real Property
Answer: "The interests, benefits and rights inherent in the ownership of
real estate".8
,●● This often is referred to as the "bundle of rights" associated with
owning real estate. These rights include:
Answer: The right to sell the property;
The right to lease or rent the property;
The right to use the property;
The right to give the property away;
The right to enter or leave the property; and
The right to refuse to do anything with the property.
●● To determine the appropriate scope of work for the individual
assignment, the appraiser must:
Answer: -Rely on the information gained in the first step of the appraisal
process. Proper identification of the problem is essential.
-Ensure that he or she has the knowledge, experience, and competency
to accomplish this assignment.
-Determine the client's expectations for this type of assignment.
-Not allow the assignment conditions to limit his or her ability to arrive
at a credible opinion of value, given the intended use of the appraisal.
-Be able to support the decision for the level of work to be
accomplished.
-Be prepared to defend the research and analysis he or she decided was
not required for this assignment's credible opinion of value.
, ●● Ethics Rule of USPAP
Answer: "An appraiser must promote and preserve the public trust
inherent in appraisal practice by observing the highest standards of
professional ethics. An appraiser must comply with USPAP when
obligated by law or regulation, or by agreement with the client or
intended users. In addition to these requirements, an individual should
comply any time that individual represents that he or she is performing
the service as an appraiser."1
●● Among the requirements, USPAP states:
Answer: "In reporting the results of a real property appraisal, an
appraiser must communicate each analysis, opinion, and conclusion in a
manner that is not misleading.
Comment: STANDARD 2 addresses the content and level of
information required in a report that communicates the results of a real
property appraisal.
STANDARD 2 does not dictate the form, format, or style of real
property appraisal reports. The form, format, and style of a report are
functions of the needs of intended users and appraisers. The substantive
content of a report determines its compliance.
●● Each written or oral real property report must include:
Answer: -clearly and accurately set forth the appraisal in a manner that
will not be misleading;
-contain sufficient information to enable the intended users of the
appraisal to understand the report properly; and
QUESTIONS AND CORRECT ANSWERS
COLLECTION
●● 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. 2
●● Client
Answer: "The party or parties who engage, by employment or contract,
an appraiser in a specific assignment.Comment: The client may be an
individual, group, or entity, and may engage and communicate with the
appraiser directly or through an agent."3
●● Date of the Report
Answer: The date that the appraiser completed and transmitted the
appraisal report to the client. It is usually - but not always - different
from the effective date of value stated in the appraisal report.
●● Effective Date
Answer: The date to which the value applies. It can be current,
prospective, or retrospective. The effective date of value establishes the
viewpoint from which the appraiser viewed the appraisal problem.
,●● Intended use
Answer: "the use(s) of an appraiser's reported appraisal or appraisal
review assignment results, as identified by the appraiser based on
communication with the client at the time of the assignment."4
●● Intended User
Answer: "the client and any other party as identified, by name or type, as
users of the appraisal or appraisal review report by the appraiser, based
on communication with the client at the time of the assignment."5
●● Personal Property
Answer: "Identifiable tangible objects that are considered by the general
public as being 'personal' (e.g., furnishings, artwork, antiques, gems and
jewelry, collectibles, machinery and equipment; all tangible property
that is not classified as real estate."6
●● Real Estate
Answer: "An identified parcel or tract of land, including improvements,
if any."7
●● Real Property
Answer: "The interests, benefits and rights inherent in the ownership of
real estate".8
,●● This often is referred to as the "bundle of rights" associated with
owning real estate. These rights include:
Answer: The right to sell the property;
The right to lease or rent the property;
The right to use the property;
The right to give the property away;
The right to enter or leave the property; and
The right to refuse to do anything with the property.
●● To determine the appropriate scope of work for the individual
assignment, the appraiser must:
Answer: -Rely on the information gained in the first step of the appraisal
process. Proper identification of the problem is essential.
-Ensure that he or she has the knowledge, experience, and competency
to accomplish this assignment.
-Determine the client's expectations for this type of assignment.
-Not allow the assignment conditions to limit his or her ability to arrive
at a credible opinion of value, given the intended use of the appraisal.
-Be able to support the decision for the level of work to be
accomplished.
-Be prepared to defend the research and analysis he or she decided was
not required for this assignment's credible opinion of value.
, ●● Ethics Rule of USPAP
Answer: "An appraiser must promote and preserve the public trust
inherent in appraisal practice by observing the highest standards of
professional ethics. An appraiser must comply with USPAP when
obligated by law or regulation, or by agreement with the client or
intended users. In addition to these requirements, an individual should
comply any time that individual represents that he or she is performing
the service as an appraiser."1
●● Among the requirements, USPAP states:
Answer: "In reporting the results of a real property appraisal, an
appraiser must communicate each analysis, opinion, and conclusion in a
manner that is not misleading.
Comment: STANDARD 2 addresses the content and level of
information required in a report that communicates the results of a real
property appraisal.
STANDARD 2 does not dictate the form, format, or style of real
property appraisal reports. The form, format, and style of a report are
functions of the needs of intended users and appraisers. The substantive
content of a report determines its compliance.
●● Each written or oral real property report must include:
Answer: -clearly and accurately set forth the appraisal in a manner that
will not be misleading;
-contain sufficient information to enable the intended users of the
appraisal to understand the report properly; and
