MCKISSOCK USPAP CHAPTER 7 QUESTIONS AND ANSWERS 2025

MCKISSOCK USPAP CHAPTER 7 QUESTIONS
AND ANSWERS 2025
What,requirements,are,included,in,Standard,1?,-
,ANSWER,Requirements,that,are,specific,to,the,development,of,real,property,appraisal,assignme
nts,are,found,in,Standard,1


General,statement,in,beginning,of,standard,1,-
,ANSWER,In,developing,a,real,property,appraisal,,an,appraiser,must,identify,the,problem,to,be,s
olved,,determine,the,scope,of,work,necessary,to,solve,the,problem,,and,correctly,complete,rese
arch,and,analyses,necessary,to,produce,a,credible,appraisal


How,many,rules,are,there,in,Standard,1?,-,ANSWER,Six


Standard,rule,1,-
,ANSWER,1.,Appraiser,must,be,aware,of,,understand,,and,correctly,employ,those,recognized,me
thods,and,techniques,that,are,necessary,to,produce,a,credible,appraisal
2.,Not,commit,a,substantial,error,of,omission,or,commission,that,significantly,affects,an,appraisa
l
3.,Not,render,appraisal,services,in,a,careless,or,negligent,manner,,such,as,by,making,a,series,or,e
rrors,,that,although,individually,might,not,significantly,affect,the,results,of,an,appraisal,,in,the,ag
gregate,affects,the,credibility,of,those,results


Standard,Rule,1.2,(a),-,ANSWER,An,appraiser,must,identify,the,client,and,other,intended,users


Standard,Rule,1.2,(b),-
,ANSWER,An,appraiser,must,identify,the,intended,use,of,the,appraiser's,opinions,and,conclusion
s


Standard,Rule,1.2,(c),-
,ANSWER,An,appraiser,must,identify,the,type,and,definition,of,value,,and,,if,the,value,opinion,to
,be,developed,is,market,value,,ascertain,whether,the,value,or,to,be,the,most,probable,price,in,s
pecific,terms.

, Exposure,Time,-
,ANSWER,Estimated,length,of,time,the,property,interest,being,appraiser,would,have,been,offere
d,on,the,market,prior,to,a,hypothetical,consummation,of,a,sale,at,market,value,on,the,effective,
date,of,the,appraisal


When,does,exposure,time,end?,-
,ANSWER,Exposure,time,ends,on,the,effective,date,of,the,appraisal



When,does,marketing,time,begin?,-
,ANSWER,Marketing,time,begins,on,the,effective,date,of,the,appraisal,and,extends,into,the,futur
e


Standard,Rule,1-2,(d),-
,ANSWER,The,appraiser,must,identify,the,effective,date,of,the,appraiser's,opinions,and,conclusio
ns


Standard,Rule,1-2,(e),-
,ANSWER,An,appraiser,must,identify,the,characteristics,of,the,property,that,are,relevant,to,the,t
ype,and,definition,of,value,and,intended,use,of,appraisal


Purpose,of,inspection,-
,ANSWER,To,gather,information,about,the,characteristics,of,the,property,that,are,relevant,to,its,
value


Minimum,level,of,inspection,-,ANSWER,USPAP,does,not,require,an,inspection


Standard,Rule,1-2,(f),-
,ANSWER,An,Appraiser,must,identify,any,extraordinary,assumptions,necessary,in,the,assignmen
t


When,can,you,use,an,extraordinary,assumption?,-,ANSWER,Can,be,used,only,if...