Mckissock Basic Appraisal Principles Questions With
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
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
