MCKISSOCK REAL ESTATE EDUCATION
TEST PAPER QUESTIONS AND SOLUTIONS
VERIFIED ANSWERS
●● 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)
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
●● 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)
TEST PAPER QUESTIONS AND SOLUTIONS
VERIFIED ANSWERS
●● 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)
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
●● 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)
