Mckissock Uspap Chapter 7
Questions & Answers With Complete Solutions
Graded A+
QUESTIONS AND ANSWERS
What requirements are included in Standard 1?. ANSWER -Requirements that are
specific to the development of real property appraisal assignments are found in
Standard 1
General statement in beginning of standard 1. ANSWER -In developing a real
property appraisal, an appraiser must identify the problem to be solved, determine the
scope of work necessary to solve the problem, and correctly complete research and
analyses necessary to produce a credible appraisal
How many rules are there in Standard 1?. ANSWER -Six
Standard rule 1. ANSWER -1. Appraiser must be aware of, understand, and correctly
employ those recognized methods and techniques that are necessary to produce a
credible appraisal
2. Not commit a substantial error of omission or commission that significantly affects
an appraisal
3. Not render appraisal services in a careless or negligent manner, such as by making
a series or errors, that although individually might not significantly affect the results
of an appraisal, in the aggregate affects the credibility of those results
Standard Rule 1.2 (a). ANSWER -An appraiser must identify the client and other
intended users
Standard Rule 1.2 (b). ANSWER -An appraiser must identify the intended use of the
appraiser's opinions and conclusions
, Standard Rule 1.2 (c). ANSWER -An appraiser must identify the type and definition
of value, and, if the value opinion to be developed is market value, ascertain whether
the value or to be the most probable price in specific terms.
Exposure Time. ANSWER -Estimated length of time the property interest being
appraiser would have been offered on the market prior to a hypothetical
consummation of a sale at market value on the effective date of the appraisal
When does exposure time end?. ANSWER -Exposure time ends on the effective date
of the appraisal
When does marketing time begin?. ANSWER -Marketing time begins on the
effective date of the appraisal and extends into the future
Standard Rule 1-2 (d). ANSWER -The appraiser must identify the effective date of the
appraiser's opinions and conclusions
Standard Rule 1-2 (e). ANSWER -An appraiser must identify the characteristics of the
property that are relevant to the type and definition of value and intended use of
appraisal
Purpose of inspection. ANSWER -To gather information about the characteristics of
the property that are relevant to its value
Minimum level of inspection. ANSWER -USPAP does not require an inspection
Questions & Answers With Complete Solutions
Graded A+
QUESTIONS AND ANSWERS
What requirements are included in Standard 1?. ANSWER -Requirements that are
specific to the development of real property appraisal assignments are found in
Standard 1
General statement in beginning of standard 1. ANSWER -In developing a real
property appraisal, an appraiser must identify the problem to be solved, determine the
scope of work necessary to solve the problem, and correctly complete research and
analyses necessary to produce a credible appraisal
How many rules are there in Standard 1?. ANSWER -Six
Standard rule 1. ANSWER -1. Appraiser must be aware of, understand, and correctly
employ those recognized methods and techniques that are necessary to produce a
credible appraisal
2. Not commit a substantial error of omission or commission that significantly affects
an appraisal
3. Not render appraisal services in a careless or negligent manner, such as by making
a series or errors, that although individually might not significantly affect the results
of an appraisal, in the aggregate affects the credibility of those results
Standard Rule 1.2 (a). ANSWER -An appraiser must identify the client and other
intended users
Standard Rule 1.2 (b). ANSWER -An appraiser must identify the intended use of the
appraiser's opinions and conclusions
, Standard Rule 1.2 (c). ANSWER -An appraiser must identify the type and definition
of value, and, if the value opinion to be developed is market value, ascertain whether
the value or to be the most probable price in specific terms.
Exposure Time. ANSWER -Estimated length of time the property interest being
appraiser would have been offered on the market prior to a hypothetical
consummation of a sale at market value on the effective date of the appraisal
When does exposure time end?. ANSWER -Exposure time ends on the effective date
of the appraisal
When does marketing time begin?. ANSWER -Marketing time begins on the
effective date of the appraisal and extends into the future
Standard Rule 1-2 (d). ANSWER -The appraiser must identify the effective date of the
appraiser's opinions and conclusions
Standard Rule 1-2 (e). ANSWER -An appraiser must identify the characteristics of the
property that are relevant to the type and definition of value and intended use of
appraisal
Purpose of inspection. ANSWER -To gather information about the characteristics of
the property that are relevant to its value
Minimum level of inspection. ANSWER -USPAP does not require an inspection
