MCKISSOCK BASIC APPRAISAL
PRINCIPLES I COMPREHENSIVE TEST
SCRIPT 2026 QUESTIONS WITH
SOLUTIONS 100% CORRECT.
✔ The BOT. Answer: acts as an executive board for the Foundation.
✔ The ASB. Answer: responsible for creating standards for ethics and
performance of appraisers.
✔ Uniform Standards of Professional Appraisal Practice (USPAP).
Answer: was developed by the Ad Hoc Committee in 1986 and 1987 and
was copyrighted in 1987 by The Appraisal Foundation.
✔ At its first meeting in 1989, the Appraisal Standards Board (ASB).
Answer: adopted USPAP as the governing document.
✔ USPAP may be. Answer: amended, interpreted, supplemented, or
retired only by the ASB.
,✔ Congress recognized USPAP. Answer: as the generally recognized
standards of practice in the appraisal profession in Title XI of the
Financial Institutions Reform
✔ the Appraisal Subcommittee (ASC). Answer: is a federal entity with
oversight authority over the state licensing and certification agencies
✔ AMCs. Answer: appraisal management companies
✔ The Board of Trustees. Answer: omposed of 21 individuals
responsible for funding The Appraisal Foundation and appointing the
members to The Appraisal Foundation's other boards - the Appraisal
Standards Board and the Appraiser Qualifications Board.
✔ TAFAC. Answer: Appraisal Foundation Advisory Council
✔ iac. Answer: Industry Advisory Council
✔ Appraisal Standards Board. Answer: exercises all authority and power
over the subject, style, content, and substance of USPAP
✔ Appraisal Practices Board (APB). Answer: its purpose was to create
guidance to assist appraisers in issues relating to recognized valuation
methods and techniques.
, ✔ Even though the APB no longer exists. Answer: The Appraisal
Foundation plans to continue to issue these Valuation Advisories as it
deems necessary.
✔ Appraisal Subcommittee was created. Answer: under Section 1103 of
Title XI of FIRREA
✔ HUD. Answer: Department of Housing and Urban Development, only
act on complaint with fair lending
✔ The Savings and Loan Crisis happened in the. Answer: early 60's
✔ the appraisal foundation was established in. Answer: 1987
✔ The _________ monitors and reviews the practices, procedures,
activities and organizational structure of The Appraisal Foundation..
Answer: ASC
✔ the professional society that specializes in appraising personal
property. Answer: American Society of appraisers
PRINCIPLES I COMPREHENSIVE TEST
SCRIPT 2026 QUESTIONS WITH
SOLUTIONS 100% CORRECT.
✔ The BOT. Answer: acts as an executive board for the Foundation.
✔ The ASB. Answer: responsible for creating standards for ethics and
performance of appraisers.
✔ Uniform Standards of Professional Appraisal Practice (USPAP).
Answer: was developed by the Ad Hoc Committee in 1986 and 1987 and
was copyrighted in 1987 by The Appraisal Foundation.
✔ At its first meeting in 1989, the Appraisal Standards Board (ASB).
Answer: adopted USPAP as the governing document.
✔ USPAP may be. Answer: amended, interpreted, supplemented, or
retired only by the ASB.
,✔ Congress recognized USPAP. Answer: as the generally recognized
standards of practice in the appraisal profession in Title XI of the
Financial Institutions Reform
✔ the Appraisal Subcommittee (ASC). Answer: is a federal entity with
oversight authority over the state licensing and certification agencies
✔ AMCs. Answer: appraisal management companies
✔ The Board of Trustees. Answer: omposed of 21 individuals
responsible for funding The Appraisal Foundation and appointing the
members to The Appraisal Foundation's other boards - the Appraisal
Standards Board and the Appraiser Qualifications Board.
✔ TAFAC. Answer: Appraisal Foundation Advisory Council
✔ iac. Answer: Industry Advisory Council
✔ Appraisal Standards Board. Answer: exercises all authority and power
over the subject, style, content, and substance of USPAP
✔ Appraisal Practices Board (APB). Answer: its purpose was to create
guidance to assist appraisers in issues relating to recognized valuation
methods and techniques.
, ✔ Even though the APB no longer exists. Answer: The Appraisal
Foundation plans to continue to issue these Valuation Advisories as it
deems necessary.
✔ Appraisal Subcommittee was created. Answer: under Section 1103 of
Title XI of FIRREA
✔ HUD. Answer: Department of Housing and Urban Development, only
act on complaint with fair lending
✔ The Savings and Loan Crisis happened in the. Answer: early 60's
✔ the appraisal foundation was established in. Answer: 1987
✔ The _________ monitors and reviews the practices, procedures,
activities and organizational structure of The Appraisal Foundation..
Answer: ASC
✔ the professional society that specializes in appraising personal
property. Answer: American Society of appraisers
