Mckissock basic appraisal principles exam latest update

Mckissock Basic Appraisal principles Exam L
K K K K K




atest Update
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grantKdeedK- ANSWER
deedKcontaining,KorKhavingKimpliedKbyKlaw,KsomeKbutKnotKallKofKtheK
usualKcovenantsKofKtitle

AppraiserK- ANSWER
OneKwhoKisKexpectedKtoKperformKvaluationKservicesKcompeten
tlyKandKinKaKmannerKthatKisKindependent,Kimpartial,KandKobjective.

reportK- ANSWER
anyKcommunication,KwrittenKorKoral,KofKanKappraisalKorKappraisalKreview
KthatKisKtransmittedKtoKtheKclientKorKaKpartyKauthorizedKbyKtheKclientK
uponKcomplet
ionKofKanKassignment.

narrativeKreportK-ANSWER
AKwrittenKcommunicationKofKtheKresultsKofKaKvaluationKorKr
eviewKassignmentKpresentedKtoKtheKclientKinKnarrativeKstyleKratherKthanKonKaKf
ormKorKorally.

TheKAQBK- ANSWER
chargedKwithKestablishingKtheKqualificationsKthatKallKtheKstatesKmu
stKmeetKinKlicensing,KcertificationKandKre-certificationKofKappraisers.

januaryK8th,K2008K- ANSWER

MajorKchangesKtoKtheKCriteriaKwentKintoKeffectKMayK1,K2018K-

ANSWER AdditionalKrevisionsKwereKmadeKeffective

fourKcomponentsKofKtheKRealKPropertyKAppraiserKQualificationKCriteriaK-
ANSWER
qualifyingKed,Keducation,Kexaminations,KcontinuingKed
K




TheKAppraisalKFoundationK- ANSWER not-for-
profitKorganization,KestablishedKexclusivelyKforKeducationalKandKscientificKpurpo
ses.

AfterKTheKAppraisalKFoundationKwasKformed,KtheKUniformKStandardsKofKP
rofessionalKAppraisalKPracticeK- ANSWER
wasKformallyKadoptedKbyKtheKAppraisalK
StandardsKBoardK(ASB)KinKJanuaryK1989.

,TheKAppraisalKFoundationKhasKthreeKprincipalKboards:K- ANSWER
BoardKofKTrusteesK(
BOT)

AppraisalKStandardsKBoardK(ASB)KApp

raiserKQualificationsKBoardK(AQB)

TheKBOTK- ANSWER actsKasKanKexecutiveKboardKforKtheKFoundation.

,TheKASBK- ANSWER
responsibleKforKcreatingKstandardsKforKethicsKandKperforma
nceKofKappraisers.

UniformKStandardsKofKProfessionalKAppraisalKPracticeK(USPAP)K-
KANSWERKwasKdevelopedKbyKtheKAdKHocKCommitteeKinK1986KandK1987KandKwasKco


pyrightedKinK1987KbyKTheKAppraisalKFoundation.

AtKitsKfirstKmeetingKinK1989,KtheKAppraisalKStandardsKBoardK(ASB)K-
ANSWER
adoptedKUSPAPKasKtheKgoverningKdocument.
K




USPAPKmayKbeK- ANSWER
amended,Kinterpreted,Ksupplemented,KorKretiredKonlyKbyKtheKAS
B.

CongressKrecognizedKUSPAPK- ANSWER
asKtheKgenerallyKrecognizedKstandardsKofKpractice
KinKtheKappraisalKprofessionKinKTitleKXIKofKtheKFinancialKInstitutionsKReform




theKAppraisalKSubcommitteeK(ASC)K- ANSWER
isKaKfederalKentityKwithKoversightKauthorityK
overKtheKstateKlicensingKandKcertificationKagencies

AMCsK- ANSWER appraisalKmanagementKcompanies

TheKBoardKofKTrusteesK- ANSWER
omposedKofK21KindividualsKresponsibleKforKfundingKThe
KAppraisalKFoundationKandKappointingKtheKmembersKtoKTheKAppraisalK Foundatio
n'sKotherKboardsK-
KtheKAppraisalKStandardsKBoardKandKtheKAppraiserKQualificationsKBoard.




TAFACK- ANSWER

AppraisalKFoundationKAdvisoryKCouncilKiacK-

ANSWER IndustryKAdvisoryKCouncil

AppraisalKStandardsKBoardK- ANSWER
exercisesKallKauthorityKandKpowerKoverKtheKsubjec
t,Kstyle,Kcontent,KandKsubstanceKofKUSPAP

AppraisalKPracticesKBoardK(APB)K- ANSWER
itsKpurposeKwasKtoKcreateKguidanceKtoKassistKa
ppraisersKinKissuesKrelatingKtoKrecognizedKvaluationKmethodsKandKtechniques.

EvenKthoughKtheKAPBKnoKlongerKexistsK- ANSWER

, TheKAppraisalKFoundationKplansKtoKc
ontinueKtoKissueKtheseKValuationKAdvisoriesKasKitKdeemsKnecessary.

AppraisalKSubcommitteeKwasKcreatedK- ANSWER
underKSectionK1103KofKTitleKXIKofKFIRREA

HUDK-KKK ANSWERKKKK DepartmentKofKHousingKandKUrbanKDevelopment,KonlyKactKon