15HR NATIONAL USPAP
MCKISSOCK EXAM QUESTIONS
AND ANSWERS
In order to determine the appropriate scope of work, the appraiser must ________ t
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he problem to be solved. - ANSWERS-Identify
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Appraisers have broad _________ and significant _________ in determining the ap
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propriate scope of work in an assignment. - ANSWERS-Flexibility, responsibility
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The credibility of assignment results is measured in the context of - ANSWERS-
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The intended use
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Which Foundation board is responsible for USPAP? - ANSWERS-
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Appraisal Standards Board (ASB) vz vz vz
The Appraisal Foundation has the authority to enforce the requirements of USPAP.
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- ANSWERS-False
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The first step in the appraisal process is: - ANSWERS-Identify the problem
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In USPAP, The appraisal process is divided into two distinct types of activity: ____
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____ and _______. - ANSWERS-Development, reporting
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Which step in the appraisal process involves communication of the appraiser's opin
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ions and conclusions? - ANSWERS-Reporting
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Which in tight city is responsible for establishing education and experience require
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ments for licensing and certification of appraisers? - ANSWERS-
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Appraiser Qualifications Board (AQB) vz vz vz
Qualification criteria for appraiser certification and recertification are disseminated t
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o State Appraisal boards by the: - ANSWERS-
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Appraiser Qualifications Board (AQB) vz vz vz
Which entitles the appoints members of the AQB and ASB? - ANSWERS-
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Board of Trustees (BOT) vz vz vz
USPAP is written, amended, and interpreted by the: - ANSWERS-
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Appraisal Standards Board (ASB) vz vz vz
Advisory Opinion are best described as - ANSWERS-
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not part of USPAP, but included as references material
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USPAP is enforced by: - ANSWERS-State appraiser licensing/certification agencies
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,Which entity maintains the official National Registry of state certified and license ap
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praisers? - ANSWERS-Appraisal Subcommittee (ASC)vz vz vz vz
Who is responsible for issuing credentials to individual appraisers? - ANSWERS-
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State appraisal regulatory agencies
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Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - ANSWERS-
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Writing, interpreting, and amending USPAPvz vz vz vz
Why are USPAP Advisory Opinions issued? - ANSWERS-offer advice
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Which of these is considered an integral part of USPAP and has the same weight a
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s the components the address? - ANSWERS-Comments
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Which part of USPAP establishes the requirements for workfile content for an appr
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aisal or appraisal review assignment? - ANSWERS-RECORD KEEPING RULE
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When obligated by law or regulation, an appraiser _______ comply with USPAP. -
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ANSWERS-must
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The PREAMBLE states that USPAP intended to benefit: - ANSWERS-
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Appraisers and users of appraisal services vz vz vz vz vz
To which property types does USPAP apply? - ANSWERS-
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Both tangible and intangible property
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What is the stated purpose of USPAP? - ANSWERS-
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Promote and maintain a high level of public trust in appraisal practice
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An appraiser has the professional responsibility to identify the capacity in which per
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forming. - ANSWERS-True vz vz
The requirement for USPAP compliance in an appraisal assignment could be the re
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sult of: - ANSWERS-vz vz vz
Any of these answers (agreement with the client, voluntary choice by the appraiser,
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law or regulation)
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USPAP States that in a situation when an individual is not required by law, regulati
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on, or agreement to comply with USPAP: - ANSWERS-
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The individual should still comply when he or she is acting as an appraiser
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A valuation service that is premised upon advocacy: - ANSWERS-
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It cannot be performed by an individual acting as an appraiser
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When performing valuation services outside of appraisal practice, an individual mus
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t be careful not to ______ the client and other intended users about his or her role.
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z- ANSWERS-mislead
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A preference or inclination that precludes an appraiser's impartiality, independence,
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or objectivity is: - ANSWERS-bias
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, An appraiser is permitted to be biased when performing an appraisal, as long as th
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e bias is properly disclosed. - ANSWERS-False
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If an appraiser assumes a condition to be true that does not exist for the purposes
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of analysis, this is an example of: - ANSWERS-A hypothetical condition
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if an appraiser assumes the condition to be true, and evidence supports that belief,
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zalthough that fact is not certain, this is an example of: - ANSWERS-
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An extraordinary assumption
vz vz
By using a published cost manual, an appraiser determines that the construction co
vz vz vz vz vz vz vz vz vz vz vz vz
st of a 2,500 square foot dwelling is $400,000. This figure represents the dwelling's
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: - ANSWERS-Cost
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An appraiser receives a copy of a signed sales agreement for an office building, wh
vz vz vz vz vz vz vz vz vz vz vz vz vz vz
ich specifies the agreed-
vz vz vz
upon amount of $950,000. What does the for fire represent? - ANSWERS-Price
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An appraiser performs an appraisal assignment and develops an opinion of value.
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This value opinion is - ANSWERS-an assignment result
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It is permissible for an appraiser to be engaged in an assignment by an agent, who
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zis acting on behalf of the client. - ANSWERS-True
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According to USPAP, the party or parties who engage an appraiser in a specific as
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signment defines the: - ANSWERS-client vz vz vz vz
Who is responsible for making the identification of the intended use in an assignme
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nt? - ANSWERS-appraiser
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An attended user is: - ANSWERS-
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A party who is identified by the appraiser based on communication with a client at t
vz vz vz vz vz vz vz vz vz vz vz vz vz vz vz
he time of the assignment
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A work file must be maintained for: - ANSWERS-
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Appraisal and appraisal review assignments only vz vz vz vz vz
Appraisal practice includes only: - ANSWERS- vz vz vz vz vz
Valuation services provided by an individual acting as an appraiser
vz vz vz vz vz vz vz vz vz
A real estate broker completes a Comparative Market Analysis (CMA) on a propert
vz vz vz vz vz vz vz vz vz vz vz vz
y that she wants to list for sale. What would this be considered? - ANSWERS-
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A valuation service
vz vz
Which is the broader category of services? - ANSWERS-valuation services
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In USPAP, each Standard is composed of: - ANSWERS-Standards Rules
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MCKISSOCK EXAM QUESTIONS
AND ANSWERS
In order to determine the appropriate scope of work, the appraiser must ________ t
vz vz vz vz vz vz vz vz vz vz vz vz vz
he problem to be solved. - ANSWERS-Identify
vz vz vz vz vz vz
Appraisers have broad _________ and significant _________ in determining the ap
vz vz vz vz vz vz vz vz vz vz
propriate scope of work in an assignment. - ANSWERS-Flexibility, responsibility
vz vz vz vz vz vz vz vz vz
The credibility of assignment results is measured in the context of - ANSWERS-
vz vz vz vz vz vz vz vz vz vz vz vz
The intended use
vz vz
Which Foundation board is responsible for USPAP? - ANSWERS-
vz vz vz vz vz vz vz vz
Appraisal Standards Board (ASB) vz vz vz
The Appraisal Foundation has the authority to enforce the requirements of USPAP.
vz vz vz vz vz vz vz vz vz vz vz v
- ANSWERS-False
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The first step in the appraisal process is: - ANSWERS-Identify the problem
vz vz vz vz vz vz vz vz vz vz vz
In USPAP, The appraisal process is divided into two distinct types of activity: ____
vz vz vz vz vz vz vz vz vz vz vz vz vz
____ and _______. - ANSWERS-Development, reporting
vz vz vz vz vz
Which step in the appraisal process involves communication of the appraiser's opin
vz vz vz vz vz vz vz vz vz vz vz
ions and conclusions? - ANSWERS-Reporting
vz vz vz vz
Which in tight city is responsible for establishing education and experience require
vz vz vz vz vz vz vz vz vz vz vz
ments for licensing and certification of appraisers? - ANSWERS-
vz vz vz vz vz vz vz vz
Appraiser Qualifications Board (AQB) vz vz vz
Qualification criteria for appraiser certification and recertification are disseminated t
vz vz vz vz vz vz vz vz vz
o State Appraisal boards by the: - ANSWERS-
vz vz vz vz vz vz vz
Appraiser Qualifications Board (AQB) vz vz vz
Which entitles the appoints members of the AQB and ASB? - ANSWERS-
vz vz vz vz vz vz vz vz vz vz vz
Board of Trustees (BOT) vz vz vz
USPAP is written, amended, and interpreted by the: - ANSWERS-
vz vz vz vz vz vz vz vz vz
Appraisal Standards Board (ASB) vz vz vz
Advisory Opinion are best described as - ANSWERS-
vz vz vz vz vz vz vz
not part of USPAP, but included as references material
vz vz vz vz vz vz vz vz
USPAP is enforced by: - ANSWERS-State appraiser licensing/certification agencies
vz vz vz vz vz vz vz vz
,Which entity maintains the official National Registry of state certified and license ap
vz vz vz vz vz vz vz vz vz vz vz vz
praisers? - ANSWERS-Appraisal Subcommittee (ASC)vz vz vz vz
Who is responsible for issuing credentials to individual appraisers? - ANSWERS-
vz vz vz vz vz vz vz vz vz vz
State appraisal regulatory agencies
vz vz vz
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - ANSWERS-
vz vz vz vz vz vz vz vz vz vz vz
Writing, interpreting, and amending USPAPvz vz vz vz
Why are USPAP Advisory Opinions issued? - ANSWERS-offer advice
vz vz vz vz vz vz vz vz
Which of these is considered an integral part of USPAP and has the same weight a
vz vz vz vz vz vz vz vz vz vz vz vz vz vz vz
s the components the address? - ANSWERS-Comments
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Which part of USPAP establishes the requirements for workfile content for an appr
vz vz vz vz vz vz vz vz vz vz vz vz
aisal or appraisal review assignment? - ANSWERS-RECORD KEEPING RULE
vz vz vz vz vz vz vz vz
When obligated by law or regulation, an appraiser _______ comply with USPAP. -
vz vz vz vz vz vz vz vz vz vz vz vz
ANSWERS-must
vz
The PREAMBLE states that USPAP intended to benefit: - ANSWERS-
vz vz vz vz vz vz vz vz vz
Appraisers and users of appraisal services vz vz vz vz vz
To which property types does USPAP apply? - ANSWERS-
vz vz vz vz vz vz vz vz
Both tangible and intangible property
vz vz vz vz
What is the stated purpose of USPAP? - ANSWERS-
vz vz vz vz vz vz vz vz
Promote and maintain a high level of public trust in appraisal practice
vz vz vz vz vz vz vz vz vz vz vz
An appraiser has the professional responsibility to identify the capacity in which per
vz vz vz vz vz vz vz vz vz vz vz vz
forming. - ANSWERS-True vz vz
The requirement for USPAP compliance in an appraisal assignment could be the re
vz vz vz vz vz vz vz vz vz vz vz vz
sult of: - ANSWERS-vz vz vz
Any of these answers (agreement with the client, voluntary choice by the appraiser,
vz vz vz vz vz vz vz vz vz vz vz vz
law or regulation)
vz vz vz
USPAP States that in a situation when an individual is not required by law, regulati
vz vz vz vz vz vz vz vz vz vz vz vz vz vz
on, or agreement to comply with USPAP: - ANSWERS-
vz vz vz vz vz vz vz vz
The individual should still comply when he or she is acting as an appraiser
vz vz vz vz vz vz vz vz vz vz vz vz vz
A valuation service that is premised upon advocacy: - ANSWERS-
vz vz vz vz vz vz vz vz vz
It cannot be performed by an individual acting as an appraiser
vz vz vz vz vz vz vz vz vz vz
When performing valuation services outside of appraisal practice, an individual mus
vz vz vz vz vz vz vz vz vz vz
t be careful not to ______ the client and other intended users about his or her role.
vz vz vz vz vz vz vz vz vz vz vz vz vz vz vz vz v
z- ANSWERS-mislead
vz
A preference or inclination that precludes an appraiser's impartiality, independence,
vz vz vz vz vz vz vz vz vz v
or objectivity is: - ANSWERS-bias
z vz vz vz vz
, An appraiser is permitted to be biased when performing an appraisal, as long as th
vz vz vz vz vz vz vz vz vz vz vz vz vz vz
e bias is properly disclosed. - ANSWERS-False
vz vz vz vz vz vz
If an appraiser assumes a condition to be true that does not exist for the purposes
vz vz vz vz vz vz vz vz vz vz vz vz vz vz vz vz
of analysis, this is an example of: - ANSWERS-A hypothetical condition
vz vz vz vz vz vz vz vz vz vz
if an appraiser assumes the condition to be true, and evidence supports that belief,
vz vz vz vz vz vz vz vz vz vz vz vz vz v
zalthough that fact is not certain, this is an example of: - ANSWERS-
vz vz vz vz vz vz vz vz vz vz vz vz
An extraordinary assumption
vz vz
By using a published cost manual, an appraiser determines that the construction co
vz vz vz vz vz vz vz vz vz vz vz vz
st of a 2,500 square foot dwelling is $400,000. This figure represents the dwelling's
vz vz vz vz vz vz vz vz vz vz vz vz vz
: - ANSWERS-Cost
vz vz
An appraiser receives a copy of a signed sales agreement for an office building, wh
vz vz vz vz vz vz vz vz vz vz vz vz vz vz
ich specifies the agreed-
vz vz vz
upon amount of $950,000. What does the for fire represent? - ANSWERS-Price
vz vz vz vz vz vz vz vz vz vz vz
An appraiser performs an appraisal assignment and develops an opinion of value.
vz vz vz vz vz vz vz vz vz vz vz vz
This value opinion is - ANSWERS-an assignment result
vz vz vz vz vz vz vz
It is permissible for an appraiser to be engaged in an assignment by an agent, who
vz vz vz vz vz vz vz vz vz vz vz vz vz vz vz v
zis acting on behalf of the client. - ANSWERS-True
vz vz vz vz vz vz vz vz
According to USPAP, the party or parties who engage an appraiser in a specific as
vz vz vz vz vz vz vz vz vz vz vz vz vz vz
signment defines the: - ANSWERS-client vz vz vz vz
Who is responsible for making the identification of the intended use in an assignme
vz vz vz vz vz vz vz vz vz vz vz vz vz
nt? - ANSWERS-appraiser
vz vz
An attended user is: - ANSWERS-
vz vz vz vz vz
A party who is identified by the appraiser based on communication with a client at t
vz vz vz vz vz vz vz vz vz vz vz vz vz vz vz
he time of the assignment
vz vz vz vz
A work file must be maintained for: - ANSWERS-
vz vz vz vz vz vz vz vz
Appraisal and appraisal review assignments only vz vz vz vz vz
Appraisal practice includes only: - ANSWERS- vz vz vz vz vz
Valuation services provided by an individual acting as an appraiser
vz vz vz vz vz vz vz vz vz
A real estate broker completes a Comparative Market Analysis (CMA) on a propert
vz vz vz vz vz vz vz vz vz vz vz vz
y that she wants to list for sale. What would this be considered? - ANSWERS-
vz vz vz vz vz vz vz vz vz vz vz vz vz vz
A valuation service
vz vz
Which is the broader category of services? - ANSWERS-valuation services
vz vz vz vz vz vz vz vz vz
In USPAP, each Standard is composed of: - ANSWERS-Standards Rules
vz vz vz vz vz vz vz vz vz
