McKissock Basic Appraisal Principles Exam QUESTIONS With Answers Latest 2024/2025 Graded A+.

McKissock Basic Appraisal Principles Exam QUESTIONS With Answers Latest 2024/2025 Graded A+. The primary purpose of USPAP is to protect CORRECT ANSWERS: public trust Normally the first step in highest and best use analysis is to research the uses that are CORRECT ANSWERS: legally permissible An appraiser is appraising a property with two structures on one tract of land. The client asks the appraiser not to mention the second structure, as it is in poor condition. Which statement is TRUE regarding this situation? CORRECT ANSWERS: If the appraiser complies with this request, this would be an unethical act. Which entity is responsible for establishing the requirements to become an appraiser? CORRECT ANSWERS: the AQB True or False: An applicant for Certified General appraiser must possess at least an associate's degree from an accredited college or university. CORRECT ANSWERS: False The requirements for state licensed and certified appraisers had their genesis in CORRECT ANSWERS: FIRREA An applicant who wishes to become a Certified Residential appraiser must have accumulated a minimum of ______ hours of appraisal education. CORRECT ANSWERS: 200 True or False: The end of the U.S. housing boom meant that appraisal business dropped significantly across the country. CORRECT ANSWERS: False True or False: Of the required number of experience hours required for certified general appraiser applicants, at least 1,500 hours must be in the appraisal of non-residential property. CORRECT ANSWERS: True According to the 2018 AQB Criteria, an applicant for Certified General Appraiser must obtain _______ experience hours in no fewer than _____ months. CORRECT ANSWERS: 3,000, 18 True or False: Attorneys often engage appraisers to complete assignments for estates and divorces. CORRECT ANSWERS: True The continuing education requirement in the 2018 AQB Criteria (compared to the previous criteria): CORRECT ANSWERS: remained unchanged Which is a true statement regarding appraiser examinations? CORRECT ANSWERS: They are the same in every state, with few exceptions McKissock Basic Appraisal Principles | 519 QUESTIONS With Answers Latest 2024/2025| Graded A+ If you have specific questions about appraisal certification or licensure requirements in your state, you should CORRECT ANSWERS: contact the appraiser licensing and certification agency in your state Under the 2018 AQB Criteria, an applicant for a Certified Residential credential must hold a(n) _____________. CORRECT ANSWERS: bachelor's degree, or alternative The current AQB experience requirement for Licensed Residential Real Property Appraiser applicants is CORRECT ANSWERS: 1,000 hours in no less than 6 months The number of required classroom education hours for Certified Residential Appraisers under the 2018 AQB Criteria is ____ hours. CORRECT ANSWERS: CORRECT ANSWERS: 200 To apply for an Appraiser Trainee license, an applicant must have _____ hours of qualifying education courses and ______ creditable hours of experience. CORRECT ANSWERS: 75, 0 As the term is used in the definition of appraiser, _________ generally means a mental state that does not favor one side over another. CORRECT ANSWERS: impartial An appraisal report CORRECT ANSWERS: can be either written or oral What event immediately preceded the Great Depression? CORRECT ANSWERS: Stock Market Crash of 1929 In 1987, eight U.S. appraisal organizations formed CORRECT ANSWERS: The Appraisal Foundation True or False? The Board of Trustees acts as the executive board for The Appraisal Foundation. CORRECT ANSWERS: True The transfer of money from low interest-bearing accounts to higher interest-bearing accounts is referred to as CORRECT ANSWERS: disintermediation Which TAF advisory council consists of for-profit entities? CORRECT ANSWERS: IAC True or False? Appraisal management companies (AMCs) are required to comply with the requirements of USPAP. CORRECT ANSWERS: False Which entity is responsible for appointing members to the ASB and AQB? CORRECT ANSWERS: the Board of Trustees True or False? Valuation Advisories, issued by The Appraisal Foundation, provide guidance that is binding on real property appraisers. CORRECT ANSWERS: False True or False? The requirements of USPAP apply equally to appraisers and their clients CORRECT ANSWERS: False Who retains final authority over revisions to USPAP? CORRECT ANSWERS: the Appraisal Standards Board Which Foundation advisory council is made up of non-profit organizations and entities? CORRECT ANSWERS: TAFAC The Appraisal Foundation was established in CORRECT ANSWERS: 1987 What entity is responsible for appointing members to the ASB and the AQB? CORRECT ANSWERS: the Board of Trustees of The Appraisal Foundation Which of the agencies or institutions listed below are NOT directly involved in fair lending? CORRECT ANSWERS: VA The professional society that specializes in appraising personal property is the CORRECT ANSWERS: American Society of Appraisers The Uniform Standards of Professional Appraisal Practice (USPAP) was copyrighted by: CORRECT ANSWERS: The Appraisal Foundation The _________ monitors and reviews the practices, procedures, activities and organizational structure of The Appraisal Foundation. CORRECT ANSWERS: ASC The Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) is also known as CORRECT ANSWERS: the Savings and Loan Bailout Bill That is the familiar name for the FIRREA. CORRECT ANSWERS: ASB Which is considered to be "other communications" provided by the ASB? CORRECT ANSWERS: Advisory Opinions Index Q & As All of the above The first universally accepted appraisal report form appeared in the CORRECT ANSWERS: 1970s The first organized appraisal groups appeared in the CORRECT ANSWERS: 1930s The Savings and Loan Crisis happened in the CORRECT ANSWERS: Late 1980s The secondary market came into prominence in mortgage lending in the CORRECT ANSWERS: late 1970s The Fair Housing Act prohibits discrimination in housing because of all of the following statuses EXCEPT CORRECT ANSWERS: Credit rating The Uniform Standards of Professional Appraisal Practice (USPAP) was developed by the Ad Hoc Committee and was copyrighted by The _________________. CORRECT ANSWERS: Appraisal Foundation The Uniform Standards of Professional Appraisal Practice (USPAP) was copyrighted by:. CORRECT ANSWERS: The Appraisal Foundation The appraisal standards and qualification criteria issued by The Appraisal Foundation's boards achieve legal authority by adoption, citation or implementation by CORRECT ANSWERS: government agencies The _____ monitors state appraisal licensing and certification agencies. CORRECT ANSWERS: ASC Ethics concerns our obligation to consider CORRECT ANSWERS: the well-being of society as a whole the well-being of others our own personal well-being all of these True or False? USPAP permits an appraiser to be biased in certain appraisal assignments, as long as the bias is properly disclosed. CORRECT ANSWERS: False What term is defined as "relating to what is good or bad; having to do with moral duty and obligation"? CORRECT ANSWERS: Ethics USPAP requires an appraiser to be CORRECT ANSWERS: objective Which of these factors would result in a violation of USPAP if the appraiser based his or her appraisal fee on it? CORRECT ANSWERS: The appraiser's value opinion An appraiser pays a fee for the procurement of an assignment. Where in the appraisal report does this payment have to be disclosed? CORRECT ANSWERS: In the certification and any transmittal letter where conclusions are stated When an appraiser discloses that she paid a fee for the procurement of an assignment, does USPAP require her to disclose the AMOUNT of the fee? CORRECT ANSWERS: No An appraiser states to a client that the appraisal fee will be $100 higher than the standard fee because the appraiser's value opinion is for the property is over $500,000. Is it a violation of USPAP for the appraiser to quote the fee in this manner? CORRECT ANSWERS: Yes True or False? If an appraiser does not charge a fee for an appraisal, he is not required to comply with USPAP in completing it. CORRECT ANSWERS: False A client has requested that an appraiser value a property that is improved with an old dilapidated single family home, and asks the appraiser not to mention the existence of the home in the appraisal report. Which statement is TRUE regarding this situation? CORRECT ANSWERS: It would be misleading if the appraiser did not disclose the presence of this structure in the appraisal report. Is it ethical for an appraiser to offer a reduced fee on an appraisal if the client's loan does not close? CORRECT ANSWERS: No When should an appraiser's compensation be dependent on reporting of a predetermined value conclusion? CORRECT ANSWERS: Never Under USPAP, an appraiser would be permitted to base the fee for a residential mortgage lending appraisal on: CORRECT ANSWERS: The GLA of the dwelling Appraiser Amy agrees to pay a fee to be included on Lender B's "approved appraiser" list. Which statement is TRUE regarding this situation? CORRECT ANSWERS: This is permissible under USPAP as long as it is disclosed. An appraiser finds that the pending sale price of the subject residential property is not supported by market data. To avoid causing a problem for the buyer and seller, the appraiser reconciles the value conclusion to meet the sale price anyway. Which statement is true regarding this situation? CORRECT ANSWERS: The appraiser has violated his ethical obligations by doing this. True or False? Webster's Dictionary defines ethics as relating to the principles established by the world's most common religions. CORRECT ANSWERS: False Is an appraiser permitted to base his or her appraisal fee on the owner's estimate of value of the subject property? CORRECT ANSWERS: Yes, this is permissible An appraiser finds out after completing an appraisal that the lender/client's loan did not close. What should the appraiser do regarding the appraisal fee? CORRECT ANSWERS: Charge the agreed-upon fee regardless of whether the loan closed USPAP addresses an appraiser's ethical obligations in: CORRECT ANSWERS: the ETHICS RULE May an appraiser disregard her USPAP obligations if she does not charge a fee for the assignment? CORRECT ANSWERS: No An appraiser paid a referral fee in conjunction with an assignment. Which statement is TRUE regarding this situation, according to USPAP? CORRECT ANSWERS: The appraiser must disclose that a fee was paid, but does not have to disclose the amount paid. The fact that the appraiser has previously appraised a property is: CORRECT ANSWERS: Not confidential information, and can be disclosed Webster's Dictionary defines ethics as relating to: CORRECT ANSWERS: what is good or bad The ETHICS RULE is the _____ of the Rules found in USPAP. CORRECT ANSWERS: first What does the abbreviation GIS stand for? CORRECT ANSWERS: Geographic Information Systems In a UAD-compliant appraisal report, what would be the WORST overall condition rating for the subject property? CORRECT ANSWERS: C6 What is the name of the portal that the lenders use to transmit loan documentation to the government-sponsored enterprises Fannie Mae and Freddie Mac? CORRECT ANSWERS: UCDP Which item of information for the subject property is an appraiser LEAST likely to find by searching on the internet? CORRECT ANSWERS: current sales agreement What is the name of the technology that allows the transmission of information from one computer application to another? CORRECT ANSWERS: EDI Which government website contains statistics on the average family size AND income levels of the residents within a census tract? CORRECT ANSWERS: U.S. Census Bureau Today, most appraisals are delivered to the client by CORRECT ANSWERS: sharing through a comprehensive electronic system A common language called _______ was developed and standardized so that most software companies produced a common language that could be read by most lending clients. CORRECT ANSWERS: XML Electronic Data Interchange became popular in the CORRECT ANSWERS: Late 1990s The type of EDI transmission that involves two computer systems connecting with no intermediary over the internet is known as CORRECT ANSWERS: Point-to point connections The web site with the largest amount of demographic information is CORRECT ANSWERS: C Fannie Mae and Freddie Mac created the Uniform Mortgage Data Program (UMDP) for the purpose of CORRECT ANSWERS: Standardizing appraisal data Standardizing lending data provided to Fannie Mae and Freddie Mac Protecting sensitive data All of these "An identified parcel or tract of land, including improvements, if any" is the definition of CORRECT ANSWERS: real estate An appraisal is best described as CORRECT ANSWERS: an opinion of value Property Owner A has the right to develop his property into 10 lots. He sells this right to nearby Property Owner B who wishes to develop his property into additional lots. This is an example of CORRECT ANSWERS: transferable development rights Modern definitions of the word "appraisal" have replaced the word _______ with ________. CORRECT ANSWERS: estimate, opinion Which of these items is LEAST likely to be considered part of the real estate? CORRECT ANSWERS: window air conditioner Land is a long lasting asset, and has a long economic life as compared to other assets. What characteristic of land does this refer to? CORRECT ANSWERS: durability "An identified parcel or tract of land, including improvements, if any" is the definition of"An identified parcel or tract of land, including improvements, if any" is the definition of CORRECT ANSWERS: real estate Which of the following would likely NOT be considered personal property? CORRECT ANSWERS: wall to wall carpet Which of the following would MOST LIKELY be considered personal property? CORRECT ANSWERS: window air conditioner "A document or a clause in a document in which the borrower accepts responsibility for the repayment of a debt" is the definition of CORRECT ANSWERS: mortgage note Trade fixtures are most commonly found in ___________ property. CORRECT ANSWERS: rented commercial property "A development right that cannot be used by the landowner, or that the owner chooses not to use, but can be sold to landowners in another location" are called ___________________ rights. CORRECT ANSWERS: transferable development An appraisal is a( n) ____________ of value. CORRECT ANSWERS: opinion Public limitations on private property rights include all of the following EXCEPT CORRECT ANSWERS: CC&Rs "A list of expressed assurances and limitations on land use; often found in contracts between a land subdivider and a lot purchaser" is the definition of CORRECT ANSWERS: C, C & R Which is NOT considered to be real estate? CORRECT ANSWERS: property rights Which is NOT a public restriction of private property rights? CORRECT ANSWERS: easement Physical land and appurtenances attached to the land is the definition of CORRECT ANSWERS: real estate The public restriction on property rights that allows the government to place a lien on a property is CORRECT ANSWERS: taxation Private restrictions on property rights include all of the following EXCEPT CORRECT ANSWERS: escheat An appraisal assignment is a valuation service provided as a consequence of an agreement between an ________ and a _________ CORRECT ANSWERS: appraiser, client Which would NOT be a characteristic of a good appraisal? CORRECT ANSWERS: unsupported