15-hour National USPAP Course - McKissock EXAM 2025/2026
Actual Complete Real Exam Questions & Correct Answers /
Already Graded A+ | 2025 Latest EXAM!!
What are an appraiser's disclosure obligations? - ANSWER--
Must disclose current or prospective interest in the property or
parties involved.
- Whether or not they have performed ANY services on the
property in the past 3 years.
- Fees or commissions paid, or things of value given, in
connection with the assignment procurement.
What is the purpose of the reporting requirement? - ANSWER-
1) ensure that the client and other intended users can recognize
their relationship to the assignment and report
2) ensure that parties other than intended users will not
mistakenly assume that they are the client or an intended user.
What is the primary reason for an inspection? - ANSWER-To
gather information
about the characteristics of a property that are
relevant to its value
Mass appraisal - ANSWER-The process of valuing a universe
of properties as
,of a given date using standard methodology, employing
common data, and
allowing for statistical
testing
Business Enterprise - ANSWER-an entity pursuing an economic
activity
Business Equity - ANSWER-the interests, benefits, and rights
inherent in the ownership of a business enterprise or a part
thereof in any form (including, but not necessarily limited to,
capital stock, partnership interests, cooperatives, sole
proprietorships, options, and warrants).
Intangible Property - ANSWER-nonphysical assets, including
but not limited to franchises, trademarks, patents, copyrights,
goodwill, equities, securities, and contracts as distinguished
from physical assets such as facilities and equipment.
Which Foundation board is responsible for USPAP? -
ANSWER-Appraisal
Standards Board
(ASB)
,T or F. The appraisal foundation has the authority to enforce
the requirements
of USPAP - ANSWER-
False
Current boards within The Appraisal Foundation (TAF) -
ANSWER-1. Board of
Trustees
(BOT)
2. Appraisal Standards
Board (ASB)
3. Appraisal Qualifications
Board (AQB)
Which step in the appraisal process involves communication
of the appraiser's
opinions and conclusions? - ANSWER-
Reporting
In USPAP, the appraisal process is divided into two distinct
types of activity:
_________ and __________. - ANSWER-Development
and Reporting
, The first step in the appraisal process is to - ANSWER-Identify
the problem
USPAP is enforced by: - ANSWER-State appraiser
licensing/certification
agencies
Who is responsible for issuing credentials to individual
appraisers? - ANSWER-
State appraisal regulatory
agencies
Which entity maintains the official National Registry of
state-certified and
licensed appraisers? - ANSWER-Appraisal
Subcommittee (ASC)
USPAP is written, amended, and interpreted by the: -
ANSWER-Appraisal
Standards Board
(ASB)
Advisory Opinions are best described as - ANSWER-not part
of USPAP, but
included as reference
material
Actual Complete Real Exam Questions & Correct Answers /
Already Graded A+ | 2025 Latest EXAM!!
What are an appraiser's disclosure obligations? - ANSWER--
Must disclose current or prospective interest in the property or
parties involved.
- Whether or not they have performed ANY services on the
property in the past 3 years.
- Fees or commissions paid, or things of value given, in
connection with the assignment procurement.
What is the purpose of the reporting requirement? - ANSWER-
1) ensure that the client and other intended users can recognize
their relationship to the assignment and report
2) ensure that parties other than intended users will not
mistakenly assume that they are the client or an intended user.
What is the primary reason for an inspection? - ANSWER-To
gather information
about the characteristics of a property that are
relevant to its value
Mass appraisal - ANSWER-The process of valuing a universe
of properties as
,of a given date using standard methodology, employing
common data, and
allowing for statistical
testing
Business Enterprise - ANSWER-an entity pursuing an economic
activity
Business Equity - ANSWER-the interests, benefits, and rights
inherent in the ownership of a business enterprise or a part
thereof in any form (including, but not necessarily limited to,
capital stock, partnership interests, cooperatives, sole
proprietorships, options, and warrants).
Intangible Property - ANSWER-nonphysical assets, including
but not limited to franchises, trademarks, patents, copyrights,
goodwill, equities, securities, and contracts as distinguished
from physical assets such as facilities and equipment.
Which Foundation board is responsible for USPAP? -
ANSWER-Appraisal
Standards Board
(ASB)
,T or F. The appraisal foundation has the authority to enforce
the requirements
of USPAP - ANSWER-
False
Current boards within The Appraisal Foundation (TAF) -
ANSWER-1. Board of
Trustees
(BOT)
2. Appraisal Standards
Board (ASB)
3. Appraisal Qualifications
Board (AQB)
Which step in the appraisal process involves communication
of the appraiser's
opinions and conclusions? - ANSWER-
Reporting
In USPAP, the appraisal process is divided into two distinct
types of activity:
_________ and __________. - ANSWER-Development
and Reporting
, The first step in the appraisal process is to - ANSWER-Identify
the problem
USPAP is enforced by: - ANSWER-State appraiser
licensing/certification
agencies
Who is responsible for issuing credentials to individual
appraisers? - ANSWER-
State appraisal regulatory
agencies
Which entity maintains the official National Registry of
state-certified and
licensed appraisers? - ANSWER-Appraisal
Subcommittee (ASC)
USPAP is written, amended, and interpreted by the: -
ANSWER-Appraisal
Standards Board
(ASB)
Advisory Opinions are best described as - ANSWER-not part
of USPAP, but
included as reference
material
