MCKISSOCK USPAP EXAM QUESTIONS 200 QUESTIONS WITH
ANSWERS AND RATIONALES
1. The Appraisal Foundation was created as a result of which federal
legislation?
A) The Financial Institutions Reform, Recovery, and Enforcement Act of
1989
B) The Dodd-Frank Wall Street Reform and Consumer Protection Act
C) The Sarbanes-Oxley Act
D) The Gramm-Leach-Bliley Act
Answer: A
The Appraisal Foundation was established by Title XI of FIRREA in 1989
to develop standards and qualifications for real estate appraisers.
2. Which board within The Appraisal Foundation is responsible for
establishing the minimum education requirements for appraisers?
A) Appraisal Standards Board
B) Board of Trustees
C) Appraiser Qualifications Board
D) Appraisal Subcommittee
Answer: C
The Appraiser Qualifications Board (AQB) establishes the minimum
education, experience, and examination requirements for state
certification and licensing.
,3. The Appraisal Standards Board consists of how many members?
A) 5
B) 7
C) 9
D) 11
Answer: C
The ASB has 9 members who are appointed by the Board of Trustees
and serve five-year terms.
4. Which entity has the authority to suspend or revoke an appraiser's
certification?
A) The Appraisal Foundation
B) The Appraisal Subcommittee
C) State appraisal regulatory agencies
D) The Appraisal Standards Board
Answer: C
State appraisal regulatory agencies are responsible for enforcing USPAP
and have authority over individual appraiser credentials.
5. USPAP Advisory Opinions are issued to:
A) Provide mandatory rules that must be followed
B) Offer advice and clarification on USPAP application
C) Replace existing Standards Rules
D) Create new requirements for appraisers
,Answer: B
Advisory Opinions are issued to offer advice and provide clarification on
how USPAP applies to specific situations.
6. The official National Registry of state-certified and licensed
appraisers is maintained by which entity?
A) Appraisal Standards Board
B) Appraiser Qualifications Board
C) Appraisal Subcommittee
D) Board of Trustees
Answer: C
The Appraisal Subcommittee (ASC) maintains the National Registry of
state-certified and licensed appraisers.
7. The Preamble of USPAP states that the document is intended to
benefit:
A) Only appraisers
B) Only users of appraisal services
C) Appraisers and users of appraisal services
D) Only regulatory agencies
Answer: C
The Preamble explicitly states USPAP is intended to benefit appraisers
and users of appraisal services by promoting public trust.
, 8. Which rule within USPAP requires appraisers to maintain a workfile
for each assignment?
A) Ethics Rule
B) Competency Rule
C) Record Keeping Rule
D) Scope of Work Rule
Answer: C
The Record Keeping Rule establishes specific requirements for workfile
content and retention periods.
9. A hypothetical condition in an appraisal assignment is defined as:
A) An assumption that is supported by evidence but not certain
B) A condition that is contrary to what exists but is assumed for analysis
purposes
C) A condition that is known to be true
D) An assumption about future market conditions
Answer: B
A hypothetical condition is an assumption that is contrary to known
facts but is assumed to be true for the purpose of analysis.
10. USPAP is enforced by which entities?
A) The Appraisal Foundation
B) State appraiser licensing and certification agencies
C) The Appraisal Subcommittee
D) The Board of Trustees
ANSWERS AND RATIONALES
1. The Appraisal Foundation was created as a result of which federal
legislation?
A) The Financial Institutions Reform, Recovery, and Enforcement Act of
1989
B) The Dodd-Frank Wall Street Reform and Consumer Protection Act
C) The Sarbanes-Oxley Act
D) The Gramm-Leach-Bliley Act
Answer: A
The Appraisal Foundation was established by Title XI of FIRREA in 1989
to develop standards and qualifications for real estate appraisers.
2. Which board within The Appraisal Foundation is responsible for
establishing the minimum education requirements for appraisers?
A) Appraisal Standards Board
B) Board of Trustees
C) Appraiser Qualifications Board
D) Appraisal Subcommittee
Answer: C
The Appraiser Qualifications Board (AQB) establishes the minimum
education, experience, and examination requirements for state
certification and licensing.
,3. The Appraisal Standards Board consists of how many members?
A) 5
B) 7
C) 9
D) 11
Answer: C
The ASB has 9 members who are appointed by the Board of Trustees
and serve five-year terms.
4. Which entity has the authority to suspend or revoke an appraiser's
certification?
A) The Appraisal Foundation
B) The Appraisal Subcommittee
C) State appraisal regulatory agencies
D) The Appraisal Standards Board
Answer: C
State appraisal regulatory agencies are responsible for enforcing USPAP
and have authority over individual appraiser credentials.
5. USPAP Advisory Opinions are issued to:
A) Provide mandatory rules that must be followed
B) Offer advice and clarification on USPAP application
C) Replace existing Standards Rules
D) Create new requirements for appraisers
,Answer: B
Advisory Opinions are issued to offer advice and provide clarification on
how USPAP applies to specific situations.
6. The official National Registry of state-certified and licensed
appraisers is maintained by which entity?
A) Appraisal Standards Board
B) Appraiser Qualifications Board
C) Appraisal Subcommittee
D) Board of Trustees
Answer: C
The Appraisal Subcommittee (ASC) maintains the National Registry of
state-certified and licensed appraisers.
7. The Preamble of USPAP states that the document is intended to
benefit:
A) Only appraisers
B) Only users of appraisal services
C) Appraisers and users of appraisal services
D) Only regulatory agencies
Answer: C
The Preamble explicitly states USPAP is intended to benefit appraisers
and users of appraisal services by promoting public trust.
, 8. Which rule within USPAP requires appraisers to maintain a workfile
for each assignment?
A) Ethics Rule
B) Competency Rule
C) Record Keeping Rule
D) Scope of Work Rule
Answer: C
The Record Keeping Rule establishes specific requirements for workfile
content and retention periods.
9. A hypothetical condition in an appraisal assignment is defined as:
A) An assumption that is supported by evidence but not certain
B) A condition that is contrary to what exists but is assumed for analysis
purposes
C) A condition that is known to be true
D) An assumption about future market conditions
Answer: B
A hypothetical condition is an assumption that is contrary to known
facts but is assumed to be true for the purpose of analysis.
10. USPAP is enforced by which entities?
A) The Appraisal Foundation
B) State appraiser licensing and certification agencies
C) The Appraisal Subcommittee
D) The Board of Trustees
