Mckissock Basic Appraisal Principles
UPDATED Exam Questions and
CORRECT Answers
grant deed - Correct Answer- deed containing, or having implied by law, some but not all of
the usual covenants of title
Appraiser - Correct Answer- One who is expected to perform valuation services competently
and in a manner that is independent, impartial, and objective.
report - Correct 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 - Correct 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 - Correct Answer- charged with establishing the qualifications that all the states
must meet in licensing, certification and re-certification of appraisers.
january 8th, 2008 - Correct Answer- Major changes to the Criteria went into effect
May 1, 2018 - Correct Answer- Additional revisions were made effective
four components of the Real Property Appraiser Qualification Criteria - Correct Answer-
qualifying ed, education, examinations, continuing ed
The Appraisal Foundation - Correct 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 - Correct Answer- was formally adopted by the Appraisal Standards Board
(ASB) in January 1989.
,The Appraisal Foundation has three principal boards: - Correct Answer- Board of Trustees
(BOT)
Appraisal Standards Board (ASB)
Appraiser Qualifications Board (AQB)
The BOT - Correct Answer- acts as an executive board for the Foundation.
The ASB - Correct Answer- responsible for creating standards for ethics and performance of
appraisers.
Uniform Standards of Professional Appraisal Practice (USPAP) - Correct 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) - Correct Answer- adopted
USPAP as the governing document.
USPAP may be - Correct Answer- amended, interpreted, supplemented, or retired only by the
ASB.
Congress recognized USPAP - Correct Answer- as the generally recognized standards of
practice in the appraisal profession in Title XI of the Financial Institutions Reform
the Appraisal Subcommittee (ASC) - Correct Answer- is a federal entity with oversight
authority over the state licensing and certification agencies
AMCs - Correct Answer- appraisal management companies
The Board of Trustees - Correct 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 - Correct Answer- Appraisal Foundation Advisory Council
, iac - Correct Answer- Industry Advisory Council
Appraisal Standards Board - Correct Answer- exercises all authority and power over the
subject, style, content, and substance of USPAP
Appraisal Practices Board (APB) - Correct Answer- its purpose was to create guidance to
assist appraisers in issues relating to recognized valuation methods and techniques.
Even though the APB no longer exists - Correct Answer- The Appraisal Foundation plans to
continue to issue these Valuation Advisories as it deems necessary.
Appraisal Subcommittee was created - Correct Answer- under Section 1103 of Title XI of
FIRREA
HUD - Correct Answer- Department of Housing and Urban Development, only act on
complaint with fair lending
The Savings and Loan Crisis happened in the - Correct Answer- early 60's
the appraisal foundation was established in - Correct Answer- 1987
The _________ monitors and reviews the practices, procedures, activities and organizational
structure of The Appraisal Foundation. - Correct Answer- ASC
the professional society that specializes in appraising personal property - Correct Answer-
American Society of appraisers
ECOA applies to all the following types of loans except - Correct Answer- Vacant land
The ________ maintains a national registry of licensed and certified appraisors - Correct
Answer- ASC
ethics - Correct Answer- relating to what is good or bad: having to do with moral duty and
obligation
UPDATED Exam Questions and
CORRECT Answers
grant deed - Correct Answer- deed containing, or having implied by law, some but not all of
the usual covenants of title
Appraiser - Correct Answer- One who is expected to perform valuation services competently
and in a manner that is independent, impartial, and objective.
report - Correct 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 - Correct 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 - Correct Answer- charged with establishing the qualifications that all the states
must meet in licensing, certification and re-certification of appraisers.
january 8th, 2008 - Correct Answer- Major changes to the Criteria went into effect
May 1, 2018 - Correct Answer- Additional revisions were made effective
four components of the Real Property Appraiser Qualification Criteria - Correct Answer-
qualifying ed, education, examinations, continuing ed
The Appraisal Foundation - Correct 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 - Correct Answer- was formally adopted by the Appraisal Standards Board
(ASB) in January 1989.
,The Appraisal Foundation has three principal boards: - Correct Answer- Board of Trustees
(BOT)
Appraisal Standards Board (ASB)
Appraiser Qualifications Board (AQB)
The BOT - Correct Answer- acts as an executive board for the Foundation.
The ASB - Correct Answer- responsible for creating standards for ethics and performance of
appraisers.
Uniform Standards of Professional Appraisal Practice (USPAP) - Correct 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) - Correct Answer- adopted
USPAP as the governing document.
USPAP may be - Correct Answer- amended, interpreted, supplemented, or retired only by the
ASB.
Congress recognized USPAP - Correct Answer- as the generally recognized standards of
practice in the appraisal profession in Title XI of the Financial Institutions Reform
the Appraisal Subcommittee (ASC) - Correct Answer- is a federal entity with oversight
authority over the state licensing and certification agencies
AMCs - Correct Answer- appraisal management companies
The Board of Trustees - Correct 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 - Correct Answer- Appraisal Foundation Advisory Council
, iac - Correct Answer- Industry Advisory Council
Appraisal Standards Board - Correct Answer- exercises all authority and power over the
subject, style, content, and substance of USPAP
Appraisal Practices Board (APB) - Correct Answer- its purpose was to create guidance to
assist appraisers in issues relating to recognized valuation methods and techniques.
Even though the APB no longer exists - Correct Answer- The Appraisal Foundation plans to
continue to issue these Valuation Advisories as it deems necessary.
Appraisal Subcommittee was created - Correct Answer- under Section 1103 of Title XI of
FIRREA
HUD - Correct Answer- Department of Housing and Urban Development, only act on
complaint with fair lending
The Savings and Loan Crisis happened in the - Correct Answer- early 60's
the appraisal foundation was established in - Correct Answer- 1987
The _________ monitors and reviews the practices, procedures, activities and organizational
structure of The Appraisal Foundation. - Correct Answer- ASC
the professional society that specializes in appraising personal property - Correct Answer-
American Society of appraisers
ECOA applies to all the following types of loans except - Correct Answer- Vacant land
The ________ maintains a national registry of licensed and certified appraisors - Correct
Answer- ASC
ethics - Correct Answer- relating to what is good or bad: having to do with moral duty and
obligation
