Mckissock Basic Appraisal Principles
UPDATED ACTUAL 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
UPDATED ACTUAL 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
