Mckissock USPAP Chapter 7 Exam Questions and Answers 100% pass

Mckissock USPAP Chapter 7 Exam Questions and Answers 100% pass What requirements are included in Standard 1? - Requirements that are specific to the development of real property appraisal assignments are found in Standard 1 General statement in beginning of standard 1 - In developing a real property appraisal, an appraiser must identify the problem to be solved, determine the scope of work necessary to solve the problem, and correctly complete research and analyses necessary to produce a credible appraisal How many rules are there in Standard 1? - Six Standard rule 1 - 1. Appraiser must be aware of, understand, and correctly employ those recognized methods and techniques that are necessary to produce a credible appraisal 2. Not commit a substantial error of omission or commission that significantly affects an appraisal 3. Not render appraisal services in a careless or negligent manner, such as by making a series or errors, that although individually might not significantly affect the results of an appraisal, in the aggregate affects the credibility of those results Standard Rule 1.2 (a) - An appraiser must identify the client and other intended users 2100% Pass Guarantee Emily Charlene All Rights Reserved © 2025 Standard Rule 1.2 (b) - An appraiser must identify the intended use of the appraiser's opinions and conclusions Standard Rule 1.2 (c) - An appraiser must identify the type and definition of value, and, if the value opinion to be developed is market value, ascertain whether the value or to be the most probable price in specific terms. Exposure Time - Estimated length of time the property interest being appraiser would have been offered on the market prior to a hypothetical consummation of a sale at market value on the effective date of the appraisal When does exposure time end? - Exposure time ends on the effective date of the appraisal When does marketing time begin? - Marketing time begins on the effective date of the appraisal and extends into the future Standard Rule 1-2 (d) - The appraiser must identify the effective date of the appraiser's opinions and conclusions Standard Rule 1-2 (e) - An appraiser must identify the characteristics of the property that are relevant to the type and definition of value and intended use of appraisal Purpose of inspection - To gather information about the characteristics of the property that are relevant to its value Minimum level of inspection - USPAP does not require an inspection Standard Rule 1-2 (f) - An Appraiser must identify any extraordinary assumptions necessary in the assignment When can you use an extraordinary assumption? - Can be used only if... 3100% Pass Guarantee Emily Charlene All Rights Reserved © 2025 -It is required to properly develop credible opinions and conclusions -The appraiser has reasonable basis for the extraordinary assumption -Use of the extraordinary assumption results in a credible analysis -The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary assumptions Standard Rule 1-2 (g) - An appraiser must identify any hypothetical conditions necessary to the assignment Standard Rule 1-2 (h) - An appraiser must determine the