Mckissock USPAP Exam Questions With 100% Correct Answers 2024

Mckissock USPAP Exam Questions With 100% Correct Answers 2024 Currently, the boards within The Appraisal Foundation include: - answer✔✔Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees Which Foundation board is responsible for USPAP? - answer✔✔Appraisal Standards Board (ASB) Which entity appoints members of the AQB and ASB? - answer✔✔Board of Trustees (BOT) Qualification criteria for appraiser certification and recertification are disseminated to state appraisal board by the? - answer✔✔Appraiser Q ualifications Board Which entity is responsible for establishing education and experience requirements for licensing and certification of appraisers? - answer✔✔Appraiser Qualifications Board (AQB) USPAP is written, amended, and interpreted by the: - answer✔✔Appraisal Standards Board (ASB) Advisory Opinions are best described as - answer✔✔not part of USPAP, but included as reference material Which entity maintains the official National Registry of state -certified and licensed appraisers? - answer✔✔Appraisal Subcommittee (ASC) USPAP is enforced by: - answer✔✔State appraiser licensing/certification agencies Who is responsible for issuing credentials to individual appraisers - answer✔✔State appraisal regulatory agencies Which is not a responsibility of the Appra isal Subcommittee - answer✔✔Writing, interpreting, and amending USPAP Which part of USPAP establishes the requirements for workfile content for an appraisal or appraisal review assignment? - answer✔✔RECORD KEEPING RULE Why are USPAP Advisory Opinions issued? - answer✔✔offer advice Which of these is considered an integral part of USPAP and has the same weight as the components they address? - answer✔✔comments In USPAP the appraisal process is divided into two distinct typ es of activity______ and ______? - answer✔✔Development and Reporting The first step in the appraisal process is ? - answer✔✔Identify the problem Which step in the appraisal process involves communication of the appraiser's opinions and conclusions? - answe r✔✔reporting What is the stated purpose of USPAP - answer✔✔Promote and maintain a high level of public trust in appraisal practice To which property types does USPAP apply - answer✔✔Both tangible and intangible property The preamble states that USPAP inten ded to benefit - answer✔✔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: - answer✔✔The individual should still comply when he or she is ac ting as an appraiser A valuation service that is premised upon advocacy: - answer✔✔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: - answer✔✔bias If an appraiser assumes a condition to be true, that does not exist for the purpose of analysis, this is an example of - answer✔✔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: - answer✔✔An extraordinary assumption The monetary relationship between properties and those who buy sell or use those properties is the definition of - answer✔✔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? - answer✔✔price By using a published cost manual, an appraiser determines that the construction cost of a 2,500 square foot dwelli ng is $400,000. This figure represents the dwelling's: - answer✔✔Cost According to USPAP, the party or parties who engage an appraiser in a specific assignment defines the: - answer✔✔client An appraiser performs an appraisal assignment and develops an opin ion of value. This value opinion is - answer✔✔an assignment result