McKissock USPAP Question and Answer [2026]
| UPDATED ACTUAL Exam | Ultimate Study Guide
• Why was USPAP developed? -✓✓ To promote and maintain a high level of
public trust as well as confidence in professional appraisal practice
• What are the benefits of USPAP? -✓✓ 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? -✓✓ To develop, interpret, and amend the Uniform Standards of
Professional Appraisal Practice (USPAP).
• What are the five sections of USPAP? -✓✓ 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? -✓✓ 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? -✓✓ State and Federal
Regulatory Authorities
• Who appoints the ASB (Appraisal Standards Board)? -✓✓ Members are
appointed by the BOT (Board of Trustees)
• What is the purpose of USPAP? -✓✓ 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? -✓✓ It
is promulgated for both appraisers and users of appraisal services.
• What is the appraiser's responsibility? -✓✓ It is to protect the overall public trust.
• How does USPAP address the ethical and performance obligations of appraisers?
-✓✓ 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? -✓✓ The
DEFINITIONS establish the application of certain terminology in USPAP.
• What is the purpose of the ETHICS RULE? -✓✓ The ETHICS RULE sets forth
the requirements for integrity, impartiality, objectivity, independent judgment, and
ethical conduct.
,• What does the RECORD KEEPING RULE establish? -✓✓ The RECORD
KEEPING RULE establishes the workfile requirements for appraisal and appraisal
review assignments.
• What does the COMPETENCY RULE do? -✓✓ The COMPETENCY RULE
presents pre-assignment and assignment conditions for knowledge and experience.
• Wat does the SCOPE OF WORK RULE do? -✓✓ The SCOPE OF WORK
RULE presents obligations related to problem identification, research, and
analysis.
• What doe the JURISDICTIONAL EXCEPTION RULE do? -✓✓ 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? -✓✓ 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? -✓✓ STANDARDS 1 & 2
establishes requirements for the development and communication of a real
property appraisal.
• What is the purpose of STANDARDS 3 and 4? -✓✓ STANDARDS 3 and 4
establishes requirements for the development and communication of an appraisal
review.
, • What is the purpose of STANDARDS 5 and 6? -✓✓ STANDARDS 5 & 6
establishes requirements for the development and communication of a mass
appraisal.
• What is the purpose of STANDARDS 7 and 8? -✓✓ 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? -✓✓ 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? -✓✓ 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? -✓✓ NO.
USPAP does not establish who or which assignments must comply.
• What are the limitations of The Appraisal Foundation? -✓✓ 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? -✓✓ The Appraisal
Standards Board is not a government entity. It does not have the power to make,
judge, or enforce law.
| UPDATED ACTUAL Exam | Ultimate Study Guide
• Why was USPAP developed? -✓✓ To promote and maintain a high level of
public trust as well as confidence in professional appraisal practice
• What are the benefits of USPAP? -✓✓ 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? -✓✓ To develop, interpret, and amend the Uniform Standards of
Professional Appraisal Practice (USPAP).
• What are the five sections of USPAP? -✓✓ 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? -✓✓ 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? -✓✓ State and Federal
Regulatory Authorities
• Who appoints the ASB (Appraisal Standards Board)? -✓✓ Members are
appointed by the BOT (Board of Trustees)
• What is the purpose of USPAP? -✓✓ 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? -✓✓ It
is promulgated for both appraisers and users of appraisal services.
• What is the appraiser's responsibility? -✓✓ It is to protect the overall public trust.
• How does USPAP address the ethical and performance obligations of appraisers?
-✓✓ 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? -✓✓ The
DEFINITIONS establish the application of certain terminology in USPAP.
• What is the purpose of the ETHICS RULE? -✓✓ The ETHICS RULE sets forth
the requirements for integrity, impartiality, objectivity, independent judgment, and
ethical conduct.
,• What does the RECORD KEEPING RULE establish? -✓✓ The RECORD
KEEPING RULE establishes the workfile requirements for appraisal and appraisal
review assignments.
• What does the COMPETENCY RULE do? -✓✓ The COMPETENCY RULE
presents pre-assignment and assignment conditions for knowledge and experience.
• Wat does the SCOPE OF WORK RULE do? -✓✓ The SCOPE OF WORK
RULE presents obligations related to problem identification, research, and
analysis.
• What doe the JURISDICTIONAL EXCEPTION RULE do? -✓✓ 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? -✓✓ 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? -✓✓ STANDARDS 1 & 2
establishes requirements for the development and communication of a real
property appraisal.
• What is the purpose of STANDARDS 3 and 4? -✓✓ STANDARDS 3 and 4
establishes requirements for the development and communication of an appraisal
review.
, • What is the purpose of STANDARDS 5 and 6? -✓✓ STANDARDS 5 & 6
establishes requirements for the development and communication of a mass
appraisal.
• What is the purpose of STANDARDS 7 and 8? -✓✓ 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? -✓✓ 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? -✓✓ 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? -✓✓ NO.
USPAP does not establish who or which assignments must comply.
• What are the limitations of The Appraisal Foundation? -✓✓ 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? -✓✓ The Appraisal
Standards Board is not a government entity. It does not have the power to make,
judge, or enforce law.
