Mckissock Basic Appraisal Principles
2024/2025 Exam Questions and Answers
100% Guaranteed Success | Already
Rated A+
grant deed - 🧠ANSWER ✔✔deed containing, or having implied by law,
some but not all of the usual covenants of title
Appraiser - 🧠ANSWER ✔✔One who is expected to perform valuation
services competently and in a manner that is independent, impartial, and
objective.
report - 🧠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 - 🧠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.
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. 1
PRIVACY STATEMENT. ALL RIGHTS RESERVED
,The AQB - 🧠ANSWER ✔✔charged with establishing the qualifications that
all the states must meet in licensing, certification and re-certification of
appraisers.
january 8th, 2008 - 🧠ANSWER ✔✔Major changes to the Criteria went into
effect
May 1, 2018 - 🧠ANSWER ✔✔Additional revisions were made effective
four components of the Real Property Appraiser Qualification Criteria -
🧠ANSWER ✔✔qualifying ed, education, examinations, continuing ed
The Appraisal Foundation - 🧠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 - 🧠ANSWER ✔✔was formally adopted by
the Appraisal Standards Board (ASB) in January 1989.
The Appraisal Foundation has three principal boards: - 🧠ANSWER
✔✔Board of Trustees (BOT)
Appraisal Standards Board (ASB)
Appraiser Qualifications Board (AQB)
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. 2
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, The BOT - 🧠ANSWER ✔✔acts as an executive board for the Foundation.
The ASB - 🧠ANSWER ✔✔responsible for creating standards for ethics and
performance of appraisers.
Uniform Standards of Professional Appraisal Practice (USPAP) -
🧠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) -
🧠ANSWER ✔✔adopted USPAP as the governing document.
USPAP may be - 🧠ANSWER ✔✔amended, interpreted, supplemented, or
retired only by the ASB.
Congress recognized USPAP - 🧠ANSWER ✔✔as the generally recognized
standards of practice in the appraisal profession in Title XI of the Financial
Institutions Reform
the Appraisal Subcommittee (ASC) - 🧠ANSWER ✔✔is a federal entity with
oversight authority over the state licensing and certification agencies
AMCs - 🧠ANSWER ✔✔appraisal management companies
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. 3
PRIVACY STATEMENT. ALL RIGHTS RESERVED
2024/2025 Exam Questions and Answers
100% Guaranteed Success | Already
Rated A+
grant deed - 🧠ANSWER ✔✔deed containing, or having implied by law,
some but not all of the usual covenants of title
Appraiser - 🧠ANSWER ✔✔One who is expected to perform valuation
services competently and in a manner that is independent, impartial, and
objective.
report - 🧠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 - 🧠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.
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. 1
PRIVACY STATEMENT. ALL RIGHTS RESERVED
,The AQB - 🧠ANSWER ✔✔charged with establishing the qualifications that
all the states must meet in licensing, certification and re-certification of
appraisers.
january 8th, 2008 - 🧠ANSWER ✔✔Major changes to the Criteria went into
effect
May 1, 2018 - 🧠ANSWER ✔✔Additional revisions were made effective
four components of the Real Property Appraiser Qualification Criteria -
🧠ANSWER ✔✔qualifying ed, education, examinations, continuing ed
The Appraisal Foundation - 🧠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 - 🧠ANSWER ✔✔was formally adopted by
the Appraisal Standards Board (ASB) in January 1989.
The Appraisal Foundation has three principal boards: - 🧠ANSWER
✔✔Board of Trustees (BOT)
Appraisal Standards Board (ASB)
Appraiser Qualifications Board (AQB)
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. 2
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, The BOT - 🧠ANSWER ✔✔acts as an executive board for the Foundation.
The ASB - 🧠ANSWER ✔✔responsible for creating standards for ethics and
performance of appraisers.
Uniform Standards of Professional Appraisal Practice (USPAP) -
🧠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) -
🧠ANSWER ✔✔adopted USPAP as the governing document.
USPAP may be - 🧠ANSWER ✔✔amended, interpreted, supplemented, or
retired only by the ASB.
Congress recognized USPAP - 🧠ANSWER ✔✔as the generally recognized
standards of practice in the appraisal profession in Title XI of the Financial
Institutions Reform
the Appraisal Subcommittee (ASC) - 🧠ANSWER ✔✔is a federal entity with
oversight authority over the state licensing and certification agencies
AMCs - 🧠ANSWER ✔✔appraisal management companies
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. 3
PRIVACY STATEMENT. ALL RIGHTS RESERVED
