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MCKISSOCK USPAP EXAM QUESTIONS WITH 100% REVISED
CORRECT ANSWERS GRADED A+.
Which of these is considered an integral part of USPAP and has the same weight as the components they
address?
comments
In USPAP the appraisal process is divided into two distinct types of activity______ and ______?
Development and Reporting
The first step in the appraisal process is ?
Identify the problem
Which step in the appraisal process involves communication of the appraiser's opinions and
conclusions?
reporting
What is the stated purpose of USPAP
Promote and maintain a high level of public trust in appraisal practice
To which property types does USPAP apply
Both tangible and intangible property
The preamble states that USPAP intended to benefit
Appraisers and users of appraisal services
USPAP states that in a situation when an individual is not required by law, regulation, or agreement to
comply with USPAP:
The individual should still comply when he or she is acting as an appraiser
A valuation service that is premised upon advocacy:
It cannot be performed by an individual acting as an appraiser
A preference or inclination that precludes an appraiser's impartiality, independence, or objectivity is:
bias
If an appraiser assumes a condition to be true, that does not exist for the purpose of analysis, this is an
example of
A hypothetical condition
If an appraiser assumes a condition to be true, and evidence supports that belief, although that fact is
not certain, this is an example of:
An extraordinary assumption
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The monetary relationship between properties and those who buy sell or use those properties is the
definition of
value
An appraiser receives a copy of a signed sales agreement for an office building, which specifies the
agreed-upon amount of $950,000. What does this figure represent?
price
By using a published cost manual, an appraiser determines that the construction cost of a 2,500 square
foot dwelling is $400,000. This figure represents the dwelling's:
Cost
Currently, the boards within The Appraisal Foundation include:
Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
Which Foundation board is responsible for USPAP?
Appraisal Standards Board (ASB)
Which entity appoints members of the AQB and ASB?
Board of Trustees (BOT)
Qualification criteria for appraiser certification and recertification are disseminated to state appraisal
board by the?
Appraiser Qualifications Board
Which entity is responsible for establishing education and experience requirements for licensing and
certification of appraisers?
Appraiser Qualifications Board (AQB)
USPAP is written, amended, and interpreted by the:
Appraisal Standards Board (ASB)
Advisory Opinions are best described as
not part of USPAP, but included as reference material
Which entity maintains the official National Registry of state-certified and licensed appraisers?
Appraisal Subcommittee (ASC)
USPAP is enforced by:
State appraiser licensing/certification agencies
MCKISSOCK USPAP EXAM QUESTIONS WITH 100% REVISED
CORRECT ANSWERS GRADED A+.
Which of these is considered an integral part of USPAP and has the same weight as the components they
address?
comments
In USPAP the appraisal process is divided into two distinct types of activity______ and ______?
Development and Reporting
The first step in the appraisal process is ?
Identify the problem
Which step in the appraisal process involves communication of the appraiser's opinions and
conclusions?
reporting
What is the stated purpose of USPAP
Promote and maintain a high level of public trust in appraisal practice
To which property types does USPAP apply
Both tangible and intangible property
The preamble states that USPAP intended to benefit
Appraisers and users of appraisal services
USPAP states that in a situation when an individual is not required by law, regulation, or agreement to
comply with USPAP:
The individual should still comply when he or she is acting as an appraiser
A valuation service that is premised upon advocacy:
It cannot be performed by an individual acting as an appraiser
A preference or inclination that precludes an appraiser's impartiality, independence, or objectivity is:
bias
If an appraiser assumes a condition to be true, that does not exist for the purpose of analysis, this is an
example of
A hypothetical condition
If an appraiser assumes a condition to be true, and evidence supports that belief, although that fact is
not certain, this is an example of:
An extraordinary assumption
, Page 2 of 7
The monetary relationship between properties and those who buy sell or use those properties is the
definition of
value
An appraiser receives a copy of a signed sales agreement for an office building, which specifies the
agreed-upon amount of $950,000. What does this figure represent?
price
By using a published cost manual, an appraiser determines that the construction cost of a 2,500 square
foot dwelling is $400,000. This figure represents the dwelling's:
Cost
Currently, the boards within The Appraisal Foundation include:
Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
Which Foundation board is responsible for USPAP?
Appraisal Standards Board (ASB)
Which entity appoints members of the AQB and ASB?
Board of Trustees (BOT)
Qualification criteria for appraiser certification and recertification are disseminated to state appraisal
board by the?
Appraiser Qualifications Board
Which entity is responsible for establishing education and experience requirements for licensing and
certification of appraisers?
Appraiser Qualifications Board (AQB)
USPAP is written, amended, and interpreted by the:
Appraisal Standards Board (ASB)
Advisory Opinions are best described as
not part of USPAP, but included as reference material
Which entity maintains the official National Registry of state-certified and licensed appraisers?
Appraisal Subcommittee (ASC)
USPAP is enforced by:
State appraiser licensing/certification agencies
