MCKISSOCK BASIC APPRAISAL PRINCIPLES
I PRACTICE TEST 2026 UPDATED
QUESTIONS WITH ACCURATE ANSWERS
GRADED A+
⩥ Appraiser.
Answer: One who is expected to perform valuation services competently
and in a manner that is independent, impartial, and objective.
⩥ report.
Answer: any communication, written or oral, of an appraisal or appraisal
review that is transmitted to the client or a party authorized by the client
upon completion of an assignment.
⩥ narrative report.
Answer: A written communication of the results of a valuation or review
assignment presented to the client in narrative style rather than on a form
or orally.
⩥ The AQB.
Answer: charged with establishing the qualifications that all the states
must meet in licensing, certification and re-certification of appraisers.
,⩥ january 8th, 2008.
Answer: Major changes to the Criteria went into effect
⩥ May 1, 2018.
Answer: Additional revisions were made effective
⩥ four components of the Real Property Appraiser Qualification
Criteria.
Answer: qualifying ed, education, examinations, continuing ed
⩥ The Appraisal Foundation.
Answer: not-for-profit organization, established exclusively for
educational and scientific purposes.
⩥ After The Appraisal Foundation was formed, the Uniform Standards
of Professional Appraisal Practice.
Answer: was formally adopted by the Appraisal Standards Board (ASB)
in January 1989.
⩥ The Appraisal Foundation has three principal boards:.
Answer: Board of Trustees (BOT)
Appraisal Standards Board (ASB)
Appraiser Qualifications Board (AQB)
,⩥ 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
I PRACTICE TEST 2026 UPDATED
QUESTIONS WITH ACCURATE ANSWERS
GRADED A+
⩥ Appraiser.
Answer: One who is expected to perform valuation services competently
and in a manner that is independent, impartial, and objective.
⩥ report.
Answer: any communication, written or oral, of an appraisal or appraisal
review that is transmitted to the client or a party authorized by the client
upon completion of an assignment.
⩥ narrative report.
Answer: A written communication of the results of a valuation or review
assignment presented to the client in narrative style rather than on a form
or orally.
⩥ The AQB.
Answer: charged with establishing the qualifications that all the states
must meet in licensing, certification and re-certification of appraisers.
,⩥ january 8th, 2008.
Answer: Major changes to the Criteria went into effect
⩥ May 1, 2018.
Answer: Additional revisions were made effective
⩥ four components of the Real Property Appraiser Qualification
Criteria.
Answer: qualifying ed, education, examinations, continuing ed
⩥ The Appraisal Foundation.
Answer: not-for-profit organization, established exclusively for
educational and scientific purposes.
⩥ After The Appraisal Foundation was formed, the Uniform Standards
of Professional Appraisal Practice.
Answer: was formally adopted by the Appraisal Standards Board (ASB)
in January 1989.
⩥ The Appraisal Foundation has three principal boards:.
Answer: Board of Trustees (BOT)
Appraisal Standards Board (ASB)
Appraiser Qualifications Board (AQB)
,⩥ 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
