MCKISSOCK USPAP STUDY GUIDE 2026
COMPLETE QUESTIONS AND ANSWERS
GUARANTEED TO PASS
◍ Advocacy . Answer: Representing the cause or interest of another,
even if that cause or interest does not necessarily coincide with one's
own beliefs, opinions, conclusions, or recommendations
◍ Impartiality . Answer: Conveys a mental state that does not favor one
side over another at the outset of an investigation
◍ Bias . Answer: A preference or inclination that precludes an
appraiser's impartiality, independence, or objectivity in an assignment
◍ Assumption . Answer: That which is taken to be true
◍ Extraordinary Assumption . Answer: An assumption, directly related
to a specific assignment, as of the effective date of the assignment
results, which, if found to be false, could alter the appraiser's opinions or
conclusions.
, Extraordinary assumptions presume as fact otherwise uncertain
information
◍ Hypothetical Condition . Answer: A condition, directly related to a
specific assignment, which is contrary to what is known by the appraiser
to exist on the effective date of the assignment results, but is used for the
purpose of analysis.
◍ Exposure Time . Answer: Estimated length of time that the property
interest being appraised would have been offered on the market prior to
the hypothetical consummation of a sale at market value on the effective
date of the appraisal.
Exposure time is a retrospective opinion based on an analysis of past
events assuming a competitive and open market
◍ Cost . Answer: The amount required to create, produce, or obtain a
property
◍ Price . Answer: the amount asked, offered, or paid for a property
◍ Value . Answer: The monetary relationship between properties and
those who buy, sell, or use those properties.
Value is ALWAYS an opinion, never a fact
COMPLETE QUESTIONS AND ANSWERS
GUARANTEED TO PASS
◍ Advocacy . Answer: Representing the cause or interest of another,
even if that cause or interest does not necessarily coincide with one's
own beliefs, opinions, conclusions, or recommendations
◍ Impartiality . Answer: Conveys a mental state that does not favor one
side over another at the outset of an investigation
◍ Bias . Answer: A preference or inclination that precludes an
appraiser's impartiality, independence, or objectivity in an assignment
◍ Assumption . Answer: That which is taken to be true
◍ Extraordinary Assumption . Answer: An assumption, directly related
to a specific assignment, as of the effective date of the assignment
results, which, if found to be false, could alter the appraiser's opinions or
conclusions.
, Extraordinary assumptions presume as fact otherwise uncertain
information
◍ Hypothetical Condition . Answer: A condition, directly related to a
specific assignment, which is contrary to what is known by the appraiser
to exist on the effective date of the assignment results, but is used for the
purpose of analysis.
◍ Exposure Time . Answer: Estimated length of time that the property
interest being appraised would have been offered on the market prior to
the hypothetical consummation of a sale at market value on the effective
date of the appraisal.
Exposure time is a retrospective opinion based on an analysis of past
events assuming a competitive and open market
◍ Cost . Answer: The amount required to create, produce, or obtain a
property
◍ Price . Answer: the amount asked, offered, or paid for a property
◍ Value . Answer: The monetary relationship between properties and
those who buy, sell, or use those properties.
Value is ALWAYS an opinion, never a fact
