MCKISSOCK Basic Appraisal Principles
Questions With All Correct & Verified
Answers
1. grant deed deed containing, or having implied by law, some but not all of
the usual
covenants of title
2. Appraiser One who is expected to perform valuation services competently
and in a
manner that is independent, impartial, and objective.
3. 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.
4. narrative report A written communication of the results of a valuation or
review assign-
ment presented to the client in narrative style rather than on a
form or orally.
5. The AQB charged with establishing the qualifications that all the states
must meet
in licensing, certification and re-certification of appraisers.
6. january 8th, 2008 Major changes to the Criteria went into ettect
7. May 1, 2018 Additional revisions were made ettective
8. four components 10. After The Ap-
of the Real
Property Ap-
praiser
Qualification
Criteria
9. The Appraisal
Founda- tion
1/
34
, MCKISSOCK Basic Appraisal Principles
Questions With All Correct & Verified
qualifyingAnswers
ed, education,
examinations, continuing ed not-for-profit organization, established exclusively for
educational and scientific purposes.
was formally adopted by the Appraisal Standards Board (ASB)
in January
praisal Foundation was
1989. formed, the
Uniform Standards of
Profes-
2/
34
, MCKISSOCK Basic Appraisal Principles
Questions With All Correct & Verified
Answers
sional Appraisal
Prac- tice
11. The Appraisal Board of Trustees (BOT)
Founda-
3/
34
, MCKISSOCK Basic Appraisal Principles
Questions With All Correct & Verified
Answers
tion has three principal Appraisal Standards Board (ASB)
boards: Appraiser Qualifications Board (AQB)
12. The BOT acts as an executive board for the Foundation.
13. The ASB responsible for creating standards for ethics and
performance of ap- praisers.
14. Uniform Standards was developed by the Ad Hoc Committee in 1986 and 1987 and
of Professional was copyrighted in 1987 by The Appraisal Foundation.
Appraisal Practice
(USPAP)
adopted USPAP as the governing document.
15. At its first meeting
in 1989, the
Appraisal
Standards Board
(ASB)
16. USPAP may be amended, interpreted, supplemented, or retired only by the
ASB.
17. Congress as the generally recognized standards of practice in the
recognized USPAP appraisal profes- sion in Title XI of the Financial Institutions
Reform
18. the Appraisal
Subcom- mittee is a federal entity with oversight authority over the state
(ASC) licensing and certification agencies
19. AMCs appraisal management companies
20. The Board of Trustees omposed of 21 individuals responsible for funding The
Appraisal Foun-
dation and appointing the members to The Appraisal
Foundation's other boards - the Appraisal Standards Board and
4/
34
Questions With All Correct & Verified
Answers
1. grant deed deed containing, or having implied by law, some but not all of
the usual
covenants of title
2. Appraiser One who is expected to perform valuation services competently
and in a
manner that is independent, impartial, and objective.
3. 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.
4. narrative report A written communication of the results of a valuation or
review assign-
ment presented to the client in narrative style rather than on a
form or orally.
5. The AQB charged with establishing the qualifications that all the states
must meet
in licensing, certification and re-certification of appraisers.
6. january 8th, 2008 Major changes to the Criteria went into ettect
7. May 1, 2018 Additional revisions were made ettective
8. four components 10. After The Ap-
of the Real
Property Ap-
praiser
Qualification
Criteria
9. The Appraisal
Founda- tion
1/
34
, MCKISSOCK Basic Appraisal Principles
Questions With All Correct & Verified
qualifyingAnswers
ed, education,
examinations, continuing ed not-for-profit organization, established exclusively for
educational and scientific purposes.
was formally adopted by the Appraisal Standards Board (ASB)
in January
praisal Foundation was
1989. formed, the
Uniform Standards of
Profes-
2/
34
, MCKISSOCK Basic Appraisal Principles
Questions With All Correct & Verified
Answers
sional Appraisal
Prac- tice
11. The Appraisal Board of Trustees (BOT)
Founda-
3/
34
, MCKISSOCK Basic Appraisal Principles
Questions With All Correct & Verified
Answers
tion has three principal Appraisal Standards Board (ASB)
boards: Appraiser Qualifications Board (AQB)
12. The BOT acts as an executive board for the Foundation.
13. The ASB responsible for creating standards for ethics and
performance of ap- praisers.
14. Uniform Standards was developed by the Ad Hoc Committee in 1986 and 1987 and
of Professional was copyrighted in 1987 by The Appraisal Foundation.
Appraisal Practice
(USPAP)
adopted USPAP as the governing document.
15. At its first meeting
in 1989, the
Appraisal
Standards Board
(ASB)
16. USPAP may be amended, interpreted, supplemented, or retired only by the
ASB.
17. Congress as the generally recognized standards of practice in the
recognized USPAP appraisal profes- sion in Title XI of the Financial Institutions
Reform
18. the Appraisal
Subcom- mittee is a federal entity with oversight authority over the state
(ASC) licensing and certification agencies
19. AMCs appraisal management companies
20. The Board of Trustees omposed of 21 individuals responsible for funding The
Appraisal Foun-
dation and appointing the members to The Appraisal
Foundation's other boards - the Appraisal Standards Board and
4/
34
