Mckissock Basic Appraisal Principles Exam Questions With 100% Correct Answers

Mckissock Basic Appraisal Principles Exam Questions With 100% Correct Answers grant deed - answerdeed containing, or having implied by law, some but not all of the usual covenants of title Appraiser - answerOne who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. report - answerany 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 - answerA 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 - answercharged with establishing the qualifications that all the states must meet in licensing, certification and re-certification of appraisers. january 8th, 2008 - answerMajor changes to the Criteria went into effect May 1, 2018 - answerAdditional revisions were made effective four components of the Real Property Appraiser Qualification Criteria - answerqualifying ed, education, examinations, continuing ed The Appraisal Foundation - answernot-for-profit organization, established exclusively for educational and scientific purposes. After The Appraisal Foundation was formed, the Uniform Standards of Professional Appraisal Practice - answerwas formally adopted by the Appraisal Standards Board (ASB) in January 1989. The Appraisal Foundation has three principal boards: - answerBoard of Trustees (BOT) Appraisal Standards Board (ASB) Appraiser Qualifications Board (AQB) The BOT - answeracts as an executive board for the Foundation. The ASB - answerresponsible for creating standards for ethics and performance of appraisers. Uniform Standards of Professional Appraisal Practice (USPAP) - answerwas 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) - answeradopted USPAP as the governing document. USPAP may be - answeramended, interpreted, supplemented, or retired only by the ASB. Congress recognized USPAP - answeras the generally recognized standards of practice in the appraisal profession in Title XI of the Financial Institutions Reform the Appraisal Subcommittee (ASC) - answeris a federal entity with oversight authority over the state licensing and certification agencies AMCs - answerappraisal management companies The Board of Trustees - answeromposed 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 - answerAppraisal Foundation Advisory Council iac - answerIndustry Advisory Council Appraisal Standards Board - answerexercises all authority and power over the subject, style, content, and substance of USPAP Appraisal Practices Board (APB) - answerits purpose was to create guidance to assist appraisers in issues relating to recognized valuation methods and techniques. Even though the APB no longer exists - answerThe Appraisal Foundation plans to continue to issue these Valuation Advisories as it deems necessary. Appraisal Subcommittee was created - answerunder Section 1103 of Title XI of FIRREA HUD - answerDepartment of Housing and Urban Development, only act on complaint with fair lending The Savings and Loan Crisis happened in the - answerearly 60's the appraisal foundation was established in - answer1987 The _________ monitors and reviews the practices, procedures, activities and organizational structure of The Appraisal Foundation. - answerASC the professional society that specializes in appraising personal property - answerAmerican Society of appraisers ECOA applies to all the following types of loans except - answerVacant land The ________ maintains a national registry of licensed and certified appraisors - answerASC ethics - answerrelating to what is good or bad: having to do with moral duty and obligation moral - answerrelating to the principle of right and wrong bias - answerA particular preference or point of view that is personal, rather than scientific. Appraisal - answerAn estimate of the current value of the property. assignment - answervaluation service that is provided by an appraiser as a consequence of an agreement with a client real estate - answerindentified parcel or tract of land, including improvements land - answersolid surface on earth as distinguished from water, one of four agents of production in economic theory Transferable Development Rights - answerdev. right that cannot be used by landowner, or that landowner chooses not to use but can be conveyed to landowners in another location or leased then back to the landowner fixture - answerAn article that was once personal property but has since been installed or attached to the land or building in a rather permanent manner so that it is regarded in law as part of the real estate." personal property - answerAll property not classified as real property trade fixtures - answerPersonal property used in a business and can be removed by the lessee when the lease terminates. real propert - answerinterest in real estate (what we appraise) public restrictions - answertaxation,eminent domain,police power,escheat eminent domain - answerPower of a government to take private property for public use. police power - answerprotect public interest (zoning, building codes, subdivision regs., electrical,plumbing,energy codes)