Principles of USPAP Mckissock Questions and Answers Graded A

Principles of USPAP Mckissock Questions and Answers Graded A Which independent board was created within The Appraisal Foundation in 2010? The Appraisal Practices Board (ADB) Which statement is TRUE regarding The Appraisal Foundation and USPAP enforcement authority? The Appraisal Foundation does not have the authority to enforce the requirements of USPAP Currently, the boards within the Appraisal Foundation include: Board of Trustees, Appraisal Practices Board, Appraiser Qualifications Board, Appraisal Standards Board What is the Appraisal Practices Board? The APB issues voluntary guidance on recognized valuation methods and techniques. Advisory Opinions are best described as: Not part of USPAP, but included as reference material. The guidance issued by the Appraisal Practices Board is considered: Voluntary USPAP is developed, interpreted, and amended by the: The Appraisal Standards Board (ASB) Which is NOT a responsibility of the Appraisal Subcommittee (ASC): Developing, amending, and interpreting USPAP Who is responsible for issuing credentials to individual appraisers? State appraisal regulatory agencies Which entity maintains the official national registry of state-certified and licensed appraisers? Appraisal Subcommittee (ASC) The first step in the appraisal process is: Identify the problem Which step in the appraisal process involves communication of the appraiser's opinions and conclusions? Reporting In USPAP, the appraisal process is divided into two distinct types of activity: _______ and ________. Developing, Reporting USPAP is developed, interpreted, and amended by the: The Appraisal Standards Board (ASB) Under FIRREA, USPAP is enforced by: State appraiser licensing/certification agencies An appraiser is not permitted to be __________ when performing an appraisal. An advocate A preference or inclination that precludes an appraiser's impartiality, independence, or objectivity is: Bias The terms extraordinary assumption and hypothetical condition: Have different meanings within USPAP If an appraiser assumes a condition to be true that does not exist for the purposes of analysis, this is an example of: Hypothetical assumption If an appraiser assumes a condition to be true, and evidence supports that belief, although that fact is not certain, this is an example of: Extraordinary assumption 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 "The monetary relationship between properties and those who buy, sell, or use those properties" is the definition of: Value According to USPAP, the party or parties who engage in a specific assignment defines the: Client Which of these statements is TRUE about the USPAP definition of client? The client may engage the appraiser through an agent Who makes the identification of the intended use in an assignment? The appraiser An intended user is: A party who is identified by the appraiser based on communication with the client at the time of the assignment. Which statement about intended users is TRUE? The client is always an intended user A real estate broker completes a Comparative Market Analysis