USPAP MCKISSOCK EVALUATION SETS ANSWERS
AND QUESTIONS SET A+
✔✔By using a published cost manual, an appraiser determines that the construction
cost of a 2,500 square foot dwelling is $400,000. This figure represents the dwelling's: -
✔✔Cost
✔✔According to USPAP, the party or parties who engage an appraiser in a specific
assignment defines the: - ✔✔client
✔✔An appraiser performs an appraisal assignment and develops an opinion of value.
This value opinion is - ✔✔an assignment result
✔✔An intended user is: - ✔✔A party who is identified by the appraiser based on
communication with the client at the time of the assignment
✔✔Who is responsible for making the identification of the intended user in an
assignment - ✔✔The appraiser
✔✔Appraisal practice includes only: - ✔✔Valuation services provided by an individual
acting as an appraiser
✔✔A real estate broker completes a comparative market analysis on a property that she
wants to list for sale. What would this be considered? - ✔✔A valuation service
✔✔A workfile must be maintained for: - ✔✔Appraisal and appraisal review assignments
only
✔✔The type and extent of research and analysis in an appraisal review assignment is
the definition of - ✔✔Scope of work
, ✔✔An appraiser must disclose any services he or she provided regarding the subject
property for a period of a _____ prior to agreeing to perform the assignment - ✔✔Three
years
✔✔In a real property appraisal assignment prepared for a mortgage lender an appraiser
is permitted by USPAP to base his compensation for an appraisal assignment on -
✔✔Whether or not the report is transmitted to the client by the due date
✔✔The confidentiality section of the ethics rule prohibits an appraiser from disclosing
confidential information or ______ to unauthorized parties. - ✔✔Assignment results
✔✔In most cases an appraiser may share _______ from an appraisal assignment with
other appraisers without obtaining the clients consent - ✔✔physical characteristics
✔✔Is an appraiser permitted by USPAP to create a workfile after transmitting the report
to the client? - ✔✔No
✔✔An appraiser completes an appraisal and transmits the report to the client. The
report copy retained in the appraisers workfile does not have a significant affixed to it. Is
this permissible under USPAP? - ✔✔No, a true copy must include a signature
✔✔In order to perform an assignment for which the an appraiser initially lacks the
knowledge and experience to complete competently the appraiser must - ✔✔Disclose to
the client, prior to agreeing to perform the assignment, the lack of knowledge or
experience
✔✔The requirements to create and maintain a workfile for an appraisal or appraisal
review assignment applies to - ✔✔All appraisers regardless of credential level
✔✔The credibility of assignment results is measured in the context of - ✔✔intended use
✔✔In order to determine the appropriate scope of work the appraiser must ________
the problem to be solved - ✔✔Identify
✔✔Appraisers have broad _________ and significant _________ in determining the
appropriate scope of work in an assignment. - ✔✔Flexibility, responsibility
✔✔Identification of the intended use of an appraisers opinions and conclusions is -
✔✔Necessary for determining the appropriate scope of work
✔✔Intended use is - ✔✔Identified by the appraiser on the basis of communication with
the client
AND QUESTIONS SET A+
✔✔By using a published cost manual, an appraiser determines that the construction
cost of a 2,500 square foot dwelling is $400,000. This figure represents the dwelling's: -
✔✔Cost
✔✔According to USPAP, the party or parties who engage an appraiser in a specific
assignment defines the: - ✔✔client
✔✔An appraiser performs an appraisal assignment and develops an opinion of value.
This value opinion is - ✔✔an assignment result
✔✔An intended user is: - ✔✔A party who is identified by the appraiser based on
communication with the client at the time of the assignment
✔✔Who is responsible for making the identification of the intended user in an
assignment - ✔✔The appraiser
✔✔Appraisal practice includes only: - ✔✔Valuation services provided by an individual
acting as an appraiser
✔✔A real estate broker completes a comparative market analysis on a property that she
wants to list for sale. What would this be considered? - ✔✔A valuation service
✔✔A workfile must be maintained for: - ✔✔Appraisal and appraisal review assignments
only
✔✔The type and extent of research and analysis in an appraisal review assignment is
the definition of - ✔✔Scope of work
, ✔✔An appraiser must disclose any services he or she provided regarding the subject
property for a period of a _____ prior to agreeing to perform the assignment - ✔✔Three
years
✔✔In a real property appraisal assignment prepared for a mortgage lender an appraiser
is permitted by USPAP to base his compensation for an appraisal assignment on -
✔✔Whether or not the report is transmitted to the client by the due date
✔✔The confidentiality section of the ethics rule prohibits an appraiser from disclosing
confidential information or ______ to unauthorized parties. - ✔✔Assignment results
✔✔In most cases an appraiser may share _______ from an appraisal assignment with
other appraisers without obtaining the clients consent - ✔✔physical characteristics
✔✔Is an appraiser permitted by USPAP to create a workfile after transmitting the report
to the client? - ✔✔No
✔✔An appraiser completes an appraisal and transmits the report to the client. The
report copy retained in the appraisers workfile does not have a significant affixed to it. Is
this permissible under USPAP? - ✔✔No, a true copy must include a signature
✔✔In order to perform an assignment for which the an appraiser initially lacks the
knowledge and experience to complete competently the appraiser must - ✔✔Disclose to
the client, prior to agreeing to perform the assignment, the lack of knowledge or
experience
✔✔The requirements to create and maintain a workfile for an appraisal or appraisal
review assignment applies to - ✔✔All appraisers regardless of credential level
✔✔The credibility of assignment results is measured in the context of - ✔✔intended use
✔✔In order to determine the appropriate scope of work the appraiser must ________
the problem to be solved - ✔✔Identify
✔✔Appraisers have broad _________ and significant _________ in determining the
appropriate scope of work in an assignment. - ✔✔Flexibility, responsibility
✔✔Identification of the intended use of an appraisers opinions and conclusions is -
✔✔Necessary for determining the appropriate scope of work
✔✔Intended use is - ✔✔Identified by the appraiser on the basis of communication with
the client
