National Mckissock USPAP Chapter
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What is USPAP? - Answer✅✅Uniform Standards of Professional Appraisal Practice
Why was USPAP developed? - Answer✅✅To promote and maintain a high level of
public trust as well as confidence in professional appraisal practice
What are the benefits of USPAP? - Answer✅✅1) Provides a common basis for
comparison (eg are we doing the appropriate work for the type of assignment?)
2) Provides a reference source for all users of the document.
3) Provides a basis for uniform enforcement for state regulatory agencies.
4) Provides a reason for clients, other intended users, and the public to place their
trust in the services performed by professional appraisers.
What is the role of the Appraisal Standards Board (ASB) of The Appraisal Foundation?
- Answer✅✅To develop, interpret, and amend the Uniform Standards of
Professional Appraisal Practice (USPAP).
What are the five sections of USPAP? - Answer✅✅Preamble
Definitions
Rules
,Standards (Including Standards Rules)
Statements on Appraisal Standards (currently no active statements)
Are the Advisory Opinions (AO) and the Frequently Asked Questions (FAQ) a part of
USPAP? - Answer✅✅NO. These are reference materials of "Other Communications".
They are for guidance only. These communications do not establish new Standards
or interpret existing Standards and are not a part of USPAP.
Who enforces the adherence and content of USPAP? - Answer✅✅State and Federal
Regulatory Authorities
Who appoints the ASB (Appraisal Standards Board)? - Answer✅✅Members are
appointed by the BOT (Board of Trustees)
What is the purpose of USPAP? - Answer✅✅The purpose is to promote and
maintain a high level of public trust in appraisal practice by establishing
requirements for appraisers.
Who does the ASB (Appraisal Standards Board) promulgate USPAP for? -
Answer✅✅It is promulgated for both appraisers and users of appraisal services.
What is the appraiser's responsibility? - Answer✅✅It is to protect the overall public
trust.
How does USPAP address the ethical and performance obligations of appraisers? -
Answer✅✅USPAP addresses the ethical and performance obligations of appraisers
through DEFINITIONS, RULES, STANDARDS, STANDARDS RULES, and STATEMENTS
(there are currently no active statements).
What do the DEFINITIONS portion of USPAP establish? - Answer✅✅The
DEFINITIONS establish the application of certain terminology in USPAP.
What is the purpose of the ETHICS RULE? - Answer✅✅The ETHICS RULE sets forth
the requirements for integrity, impartiality, objectivity, independent judgment, and
ethical conduct.
What does the RECORD KEEPING RULE establish? - Answer✅✅The RECORD
KEEPING RULE establishes the workfile requirements for appraisal and appraisal
review assignments.
What does the COMPETENCY RULE do? - Answer✅✅The COMPETENCY RULE
presents pre-assignment and assignment conditions for knowledge and experience.
Wat does the SCOPE OF WORK RULE do? - Answer✅✅The SCOPE OF WORK RULE
presents obligations related to problem identification, research, and analysis.
, What doe the JURISDICTIONAL EXCEPTION RULE do? - Answer✅✅The
JURISDICTIONAL EXCEPTION RULE preserves the balance of USPAP if a portion is
contrary to law or public policy of a jurisdiction.
What is the purpose of the STANDARDS? - Answer✅✅The STANDARDS establish
the requirements for appraisal and appraisal review and the manner in which each is
communicated.
What is the purpose of STANDARDS 1 and 2? - Answer✅✅STANDARDS 1 & 2
establishes requirements for the development and communication of a real property
appraisal.
What is the purpose of STANDARDS 3 and 4? - Answer✅✅STANDARDS 3 and 4
establishes requirements for the development and communication of an appraisal
review.
What is the purpose of STANDARDS 5 and 6? - Answer✅✅STANDARDS 5 & 6
establishes requirements for the development and communication of a mass
appraisal.
What is the purpose of STANDARDS 7 and 8? - Answer✅✅STANDARDS 7 and 8
establishes requirements for the development and communication of a personal
property appraisal.
What is the purpose of STANDARDS 9 and 10? - Answer✅✅STANDARDS 9 & 10
establishes requirements for the development and communication of a business or
intangible asset appraisal.
What is the purpose of the COMMENTS of USPAP? - Answer✅✅Comments are an
integral part of USPAP and have the same weight as the component they address.
These extensions of the DEFINITIONS, RULES, and STANDARDS RULES provide
interpretation and establish the context and conditions for application.
Does USPAP establish who or which assignments must comply? - Answer✅✅NO.
USPAP does not establish who or which assignments must comply.
What are the limitations of The Appraisal Foundation? - Answer✅✅The Appraisal
Foundation is not a government entity. It does not have the power to make, judge,
or enforce law.
What are the limitations of the Appraisal Standards Board? - Answer✅✅The
Appraisal Standards Board is not a government entity. It does not have the power to
make, judge, or enforce law.
When must an appraiser comply with USPAP? - Answer✅✅An appraiser must
comply with USPAP when either the service or the appraiser is required by law,
, regulation, or agreement with the client. Individuals may also choose to comply with
USPAP any time that individual is performing the service as an appraiser.
What must an appraiser do to comply with USPAP? - Answer✅✅- An appraiser
must act competently and in a manner that is independent, impartial, and objective.
- An appraiser must comply with the ETHICS RULE in all aspects of appraisal practice.
- An appraiser must maintain the data, information and analysis necessary to
support his or her opinions for appraisal and appraisal review assignments in
accordance with the RECORD KEEPING RULE.
- An appraiser must comply with the COMPETENCY RULE and the JURISDICTIONAL
EXCEPTION RULE for all assignments.
- When an appraiser provides an opinion of value in an assignment, the appraiser
must also comply with the SCOPE OF WORK RULE, the RECORD KEEPING RULE, the
applicable development and reporting Standards and applicable Statements (there
are currently no active Statements).
- When an appraiser provides an option about the quality of another appraiser's
work that was performed as part of an appraisal or appraisal review assignment, the
appraiser must also comply with the SCOPE OF WORK RULE, the RECORD KEEPING
RULE, applicable portions of STANDARDS 3 and 4, and applicable Statements (there
are currently no active Statements).
- When preparing an appraisal or appraisal review that is a component of a large
assignment with additional opinions, conclusions, or recommendations, the
appraisal or appraisal review component must comply with the applicable
development and reporting Standards and applicable Statements (there are
currently no active Statements), and the remaining component of the assignment
must comply with the ETHICS RULE, the COMPETENCY RULE, and the
JURISDICTIONAL EXCEPTION RULE.
APPRAISAL - Answer✅✅The act or process of developing an opinion of value; an
opinion of value. The act of or pertaining to appraising and related functions such as
appraisal practice or appraisal services.
APPRAISAL PRACTICE - Answer✅✅Valuation services performed by an individual
acting as an appraiser, including but not limited to appraisal and appraisal review.
APPRAISAL REVIEW - Answer✅✅The act or process of developing and an opinion
about the quality of another appraiser's work that was performed as part of an
appraisal or appraisal review assignment.
The Preamble states that USPAP is - Answer✅✅for appraisers and users of
appraisal services.
The stated purpose of USPAP - Answer✅✅Promote and maintain a high level of
public trust in appraisal practice.
When obligated by law or regulation an appraiser must - Answer✅✅comply with
USPAP.
1,2,3,4,5,6,7,8 and 9| Brand New
Exam Questions with 100% Correct
Clear Verified Answers| All Graded
A+|Latest Premium Update
2026|100% Guaranteed Success.
What is USPAP? - Answer✅✅Uniform Standards of Professional Appraisal Practice
Why was USPAP developed? - Answer✅✅To promote and maintain a high level of
public trust as well as confidence in professional appraisal practice
What are the benefits of USPAP? - Answer✅✅1) Provides a common basis for
comparison (eg are we doing the appropriate work for the type of assignment?)
2) Provides a reference source for all users of the document.
3) Provides a basis for uniform enforcement for state regulatory agencies.
4) Provides a reason for clients, other intended users, and the public to place their
trust in the services performed by professional appraisers.
What is the role of the Appraisal Standards Board (ASB) of The Appraisal Foundation?
- Answer✅✅To develop, interpret, and amend the Uniform Standards of
Professional Appraisal Practice (USPAP).
What are the five sections of USPAP? - Answer✅✅Preamble
Definitions
Rules
,Standards (Including Standards Rules)
Statements on Appraisal Standards (currently no active statements)
Are the Advisory Opinions (AO) and the Frequently Asked Questions (FAQ) a part of
USPAP? - Answer✅✅NO. These are reference materials of "Other Communications".
They are for guidance only. These communications do not establish new Standards
or interpret existing Standards and are not a part of USPAP.
Who enforces the adherence and content of USPAP? - Answer✅✅State and Federal
Regulatory Authorities
Who appoints the ASB (Appraisal Standards Board)? - Answer✅✅Members are
appointed by the BOT (Board of Trustees)
What is the purpose of USPAP? - Answer✅✅The purpose is to promote and
maintain a high level of public trust in appraisal practice by establishing
requirements for appraisers.
Who does the ASB (Appraisal Standards Board) promulgate USPAP for? -
Answer✅✅It is promulgated for both appraisers and users of appraisal services.
What is the appraiser's responsibility? - Answer✅✅It is to protect the overall public
trust.
How does USPAP address the ethical and performance obligations of appraisers? -
Answer✅✅USPAP addresses the ethical and performance obligations of appraisers
through DEFINITIONS, RULES, STANDARDS, STANDARDS RULES, and STATEMENTS
(there are currently no active statements).
What do the DEFINITIONS portion of USPAP establish? - Answer✅✅The
DEFINITIONS establish the application of certain terminology in USPAP.
What is the purpose of the ETHICS RULE? - Answer✅✅The ETHICS RULE sets forth
the requirements for integrity, impartiality, objectivity, independent judgment, and
ethical conduct.
What does the RECORD KEEPING RULE establish? - Answer✅✅The RECORD
KEEPING RULE establishes the workfile requirements for appraisal and appraisal
review assignments.
What does the COMPETENCY RULE do? - Answer✅✅The COMPETENCY RULE
presents pre-assignment and assignment conditions for knowledge and experience.
Wat does the SCOPE OF WORK RULE do? - Answer✅✅The SCOPE OF WORK RULE
presents obligations related to problem identification, research, and analysis.
, What doe the JURISDICTIONAL EXCEPTION RULE do? - Answer✅✅The
JURISDICTIONAL EXCEPTION RULE preserves the balance of USPAP if a portion is
contrary to law or public policy of a jurisdiction.
What is the purpose of the STANDARDS? - Answer✅✅The STANDARDS establish
the requirements for appraisal and appraisal review and the manner in which each is
communicated.
What is the purpose of STANDARDS 1 and 2? - Answer✅✅STANDARDS 1 & 2
establishes requirements for the development and communication of a real property
appraisal.
What is the purpose of STANDARDS 3 and 4? - Answer✅✅STANDARDS 3 and 4
establishes requirements for the development and communication of an appraisal
review.
What is the purpose of STANDARDS 5 and 6? - Answer✅✅STANDARDS 5 & 6
establishes requirements for the development and communication of a mass
appraisal.
What is the purpose of STANDARDS 7 and 8? - Answer✅✅STANDARDS 7 and 8
establishes requirements for the development and communication of a personal
property appraisal.
What is the purpose of STANDARDS 9 and 10? - Answer✅✅STANDARDS 9 & 10
establishes requirements for the development and communication of a business or
intangible asset appraisal.
What is the purpose of the COMMENTS of USPAP? - Answer✅✅Comments are an
integral part of USPAP and have the same weight as the component they address.
These extensions of the DEFINITIONS, RULES, and STANDARDS RULES provide
interpretation and establish the context and conditions for application.
Does USPAP establish who or which assignments must comply? - Answer✅✅NO.
USPAP does not establish who or which assignments must comply.
What are the limitations of The Appraisal Foundation? - Answer✅✅The Appraisal
Foundation is not a government entity. It does not have the power to make, judge,
or enforce law.
What are the limitations of the Appraisal Standards Board? - Answer✅✅The
Appraisal Standards Board is not a government entity. It does not have the power to
make, judge, or enforce law.
When must an appraiser comply with USPAP? - Answer✅✅An appraiser must
comply with USPAP when either the service or the appraiser is required by law,
, regulation, or agreement with the client. Individuals may also choose to comply with
USPAP any time that individual is performing the service as an appraiser.
What must an appraiser do to comply with USPAP? - Answer✅✅- An appraiser
must act competently and in a manner that is independent, impartial, and objective.
- An appraiser must comply with the ETHICS RULE in all aspects of appraisal practice.
- An appraiser must maintain the data, information and analysis necessary to
support his or her opinions for appraisal and appraisal review assignments in
accordance with the RECORD KEEPING RULE.
- An appraiser must comply with the COMPETENCY RULE and the JURISDICTIONAL
EXCEPTION RULE for all assignments.
- When an appraiser provides an opinion of value in an assignment, the appraiser
must also comply with the SCOPE OF WORK RULE, the RECORD KEEPING RULE, the
applicable development and reporting Standards and applicable Statements (there
are currently no active Statements).
- When an appraiser provides an option about the quality of another appraiser's
work that was performed as part of an appraisal or appraisal review assignment, the
appraiser must also comply with the SCOPE OF WORK RULE, the RECORD KEEPING
RULE, applicable portions of STANDARDS 3 and 4, and applicable Statements (there
are currently no active Statements).
- When preparing an appraisal or appraisal review that is a component of a large
assignment with additional opinions, conclusions, or recommendations, the
appraisal or appraisal review component must comply with the applicable
development and reporting Standards and applicable Statements (there are
currently no active Statements), and the remaining component of the assignment
must comply with the ETHICS RULE, the COMPETENCY RULE, and the
JURISDICTIONAL EXCEPTION RULE.
APPRAISAL - Answer✅✅The act or process of developing an opinion of value; an
opinion of value. The act of or pertaining to appraising and related functions such as
appraisal practice or appraisal services.
APPRAISAL PRACTICE - Answer✅✅Valuation services performed by an individual
acting as an appraiser, including but not limited to appraisal and appraisal review.
APPRAISAL REVIEW - Answer✅✅The act or process of developing and an opinion
about the quality of another appraiser's work that was performed as part of an
appraisal or appraisal review assignment.
The Preamble states that USPAP is - Answer✅✅for appraisers and users of
appraisal services.
The stated purpose of USPAP - Answer✅✅Promote and maintain a high level of
public trust in appraisal practice.
When obligated by law or regulation an appraiser must - Answer✅✅comply with
USPAP.
