Mckissock Basic Appraisal Principles
Exam Questions with 100% Correct
Answers
grant deed - ✔✔deed containing, or having implied by law, some but not all of
the usual covenants of title
Appraiser - ✔✔One who is expected to perform valuation services competently
and in a manner that is independent, impartial, and objective.
report - ✔✔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 - ✔✔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 - ✔✔charged with establishing the qualifications that all the states
must meet in licensing, certification and re-certification of appraisers.
january 8th, 2008 - ✔✔Major changes to the Criteria went into effect
May 1, 2018 - ✔✔Additional revisions were made effective
1|Page
©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025.
,four components of the Real Property Appraiser Qualification Criteria -
✔✔qualifying ed, education, examinations, continuing ed
The Appraisal Foundation - ✔✔not-for-profit organization, established
exclusively for educational and scientific purposes.
After The Appraisal Foundation was formed, the Uniform Standards of
Professional Appraisal Practice - ✔✔was formally adopted by the Appraisal
Standards Board (ASB) in January 1989.
The Appraisal Foundation has three principal boards: - ✔✔Board of Trustees
(BOT)
Appraisal Standards Board (ASB)
Appraiser Qualifications Board (AQB)
The BOT - ✔✔acts as an executive board for the Foundation.
The ASB - ✔✔responsible for creating standards for ethics and performance of
appraisers.
Uniform Standards of Professional Appraisal Practice (USPAP) - ✔✔was
developed by the Ad Hoc Committee in 1986 and 1987 and was copyrighted in
1987 by The Appraisal Foundation.
2|Page
©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025.
, At its first meeting in 1989, the Appraisal Standards Board (ASB) - ✔✔adopted
USPAP as the governing document.
USPAP may be - ✔✔amended, interpreted, supplemented, or retired only by the
ASB.
Congress recognized USPAP - ✔✔as the generally recognized standards of
practice in the appraisal profession in Title XI of the Financial Institutions
Reform
the Appraisal Subcommittee (ASC) - ✔✔is a federal entity with oversight
authority over the state licensing and certification agencies
AMCs - ✔✔appraisal management companies
The Board of Trustees - ✔✔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 - ✔✔Appraisal Foundation Advisory Council
iac - ✔✔Industry Advisory Council
Appraisal Standards Board - ✔✔exercises all authority and power over the
subject, style, content, and substance of USPAP
3|Page
©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025.
Exam Questions with 100% Correct
Answers
grant deed - ✔✔deed containing, or having implied by law, some but not all of
the usual covenants of title
Appraiser - ✔✔One who is expected to perform valuation services competently
and in a manner that is independent, impartial, and objective.
report - ✔✔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 - ✔✔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 - ✔✔charged with establishing the qualifications that all the states
must meet in licensing, certification and re-certification of appraisers.
january 8th, 2008 - ✔✔Major changes to the Criteria went into effect
May 1, 2018 - ✔✔Additional revisions were made effective
1|Page
©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025.
,four components of the Real Property Appraiser Qualification Criteria -
✔✔qualifying ed, education, examinations, continuing ed
The Appraisal Foundation - ✔✔not-for-profit organization, established
exclusively for educational and scientific purposes.
After The Appraisal Foundation was formed, the Uniform Standards of
Professional Appraisal Practice - ✔✔was formally adopted by the Appraisal
Standards Board (ASB) in January 1989.
The Appraisal Foundation has three principal boards: - ✔✔Board of Trustees
(BOT)
Appraisal Standards Board (ASB)
Appraiser Qualifications Board (AQB)
The BOT - ✔✔acts as an executive board for the Foundation.
The ASB - ✔✔responsible for creating standards for ethics and performance of
appraisers.
Uniform Standards of Professional Appraisal Practice (USPAP) - ✔✔was
developed by the Ad Hoc Committee in 1986 and 1987 and was copyrighted in
1987 by The Appraisal Foundation.
2|Page
©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025.
, At its first meeting in 1989, the Appraisal Standards Board (ASB) - ✔✔adopted
USPAP as the governing document.
USPAP may be - ✔✔amended, interpreted, supplemented, or retired only by the
ASB.
Congress recognized USPAP - ✔✔as the generally recognized standards of
practice in the appraisal profession in Title XI of the Financial Institutions
Reform
the Appraisal Subcommittee (ASC) - ✔✔is a federal entity with oversight
authority over the state licensing and certification agencies
AMCs - ✔✔appraisal management companies
The Board of Trustees - ✔✔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 - ✔✔Appraisal Foundation Advisory Council
iac - ✔✔Industry Advisory Council
Appraisal Standards Board - ✔✔exercises all authority and power over the
subject, style, content, and substance of USPAP
3|Page
©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025.
