MCKISSOCK USPAP FINAL PAPER 2026
QUESTIONS WITH SOLUTIONS VERIFIED 100%
CORRECT
◍ Report Answer:Any communication, written or oral, of an appraisal
or appraisal review that is transmitted to the client upon completion of
an assignment.
◍ What does standard 2 do? Answer:STANDARD 2 sets forth
minimum content requirements for written and oral real property
appraisal reports.
◍ Standard Rule Reporting requirements Answer:Each written or oral
real property appraisal report must:
(a) clearly and accurately set forth the appraisal in a manner that will not
be misleading;
(b) contain sufficient information to enable the intended users of the
appraisal to understand the report properly; and
, (c) clearly and accurately disclose all assumptions, extraordinary
assumptions, hypothetical conditions, and limiting conditions used in the
assignment
◍ Sufficient information Requirement Answer:The appraiser is not
required to include sufficient information so that anyone other than
intended users can understand the report.
◍ Standard Rule 2-2 Answer:Each written real property appraisal report
must be prepared under one of the following options and prominently
state which option is used: Appraisal Report or Restricted Appraisal
Report.
◍ Two real property reporting options defined in USPAP Answer:-
Appraisal Report
-Restricted Appraisal Report
◍ What is the difference between an appraisal report and a restricted
appraisal report? Answer:The level of detail
◍ Who is responsible for determining which reporting option to use?
Answer:The appraiser is responsible for the decision regarding which
reporting option to use
QUESTIONS WITH SOLUTIONS VERIFIED 100%
CORRECT
◍ Report Answer:Any communication, written or oral, of an appraisal
or appraisal review that is transmitted to the client upon completion of
an assignment.
◍ What does standard 2 do? Answer:STANDARD 2 sets forth
minimum content requirements for written and oral real property
appraisal reports.
◍ Standard Rule Reporting requirements Answer:Each written or oral
real property appraisal report must:
(a) clearly and accurately set forth the appraisal in a manner that will not
be misleading;
(b) contain sufficient information to enable the intended users of the
appraisal to understand the report properly; and
, (c) clearly and accurately disclose all assumptions, extraordinary
assumptions, hypothetical conditions, and limiting conditions used in the
assignment
◍ Sufficient information Requirement Answer:The appraiser is not
required to include sufficient information so that anyone other than
intended users can understand the report.
◍ Standard Rule 2-2 Answer:Each written real property appraisal report
must be prepared under one of the following options and prominently
state which option is used: Appraisal Report or Restricted Appraisal
Report.
◍ Two real property reporting options defined in USPAP Answer:-
Appraisal Report
-Restricted Appraisal Report
◍ What is the difference between an appraisal report and a restricted
appraisal report? Answer:The level of detail
◍ Who is responsible for determining which reporting option to use?
Answer:The appraiser is responsible for the decision regarding which
reporting option to use
