USPAP McKissock
A preference or inclination that precludes an appraiser's impartiality, independence, or
objectivity is: - ANS-bias
A real estate broker completes a comparative market analysis on a property that she wants to
list for sale. What would this be considered? - ANS-A valuation service
A reviewer is responsible for ensuring that there is __________ in a review report so that it can
be properly understood by __________. - ANS-Sufficient information; intended users
A valuation service that is premised upon advocacy: - ANS-It cannot be performed by an
individual acting as an appraiser
A workfile must be maintained for: - ANS-Appraisal and appraisal review assignments only
According to USPAP, any appraiser who signs any part of an appraisal report is required to -
ANS-sign a certification
According to USPAP, the party or parties who engage an appraiser in a specific assignment
defines the: - ANS-client
Advisory Opinions are best described as - ANS-not part of USPAP, but included as reference
material
All written appraisal reports must contain - ANS-a signed certification
An appraisal review report - ANS-must be separate from the work under review
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? - ANS-No, a true copy must include a signature
An appraiser is preparing a restricted appraisal report in a situation where there are intended
users in addition to the client. Which statement is true regarding this situation - ANS-These
additional intended users must be identified in the report by name.
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 - ANS-Three years
An appraiser performs an appraisal assignment and develops an opinion of value. This value
opinion is - ANS-an assignment result
An appraiser receives a copy of a signed sales agreement for an office building, which specifies
the agreed-upon amount of $950,000. What does this figure represent? - ANS-price
An appraiser's client wishes to remain anonymous, and asks the appraiser not to include client's
identity in an appraisal report. What should the appraiser do? - ANS-Omit the client's identity
from the report but document the client's identity in the workfile
An appraiser's peers are defined as other appraisers who: - ANS-Have expertise and
competency in a similar type of assignment
An appraiser's report must contain ____________ to allow intended users to understand the
scope of work performed. - ANS-Sufficient information
An extraordinary assumption may be used in an assignment only if: - ANS-Required to develop
credible results
A preference or inclination that precludes an appraiser's impartiality, independence, or
objectivity is: - ANS-bias
A real estate broker completes a comparative market analysis on a property that she wants to
list for sale. What would this be considered? - ANS-A valuation service
A reviewer is responsible for ensuring that there is __________ in a review report so that it can
be properly understood by __________. - ANS-Sufficient information; intended users
A valuation service that is premised upon advocacy: - ANS-It cannot be performed by an
individual acting as an appraiser
A workfile must be maintained for: - ANS-Appraisal and appraisal review assignments only
According to USPAP, any appraiser who signs any part of an appraisal report is required to -
ANS-sign a certification
According to USPAP, the party or parties who engage an appraiser in a specific assignment
defines the: - ANS-client
Advisory Opinions are best described as - ANS-not part of USPAP, but included as reference
material
All written appraisal reports must contain - ANS-a signed certification
An appraisal review report - ANS-must be separate from the work under review
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? - ANS-No, a true copy must include a signature
An appraiser is preparing a restricted appraisal report in a situation where there are intended
users in addition to the client. Which statement is true regarding this situation - ANS-These
additional intended users must be identified in the report by name.
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 - ANS-Three years
An appraiser performs an appraisal assignment and develops an opinion of value. This value
opinion is - ANS-an assignment result
An appraiser receives a copy of a signed sales agreement for an office building, which specifies
the agreed-upon amount of $950,000. What does this figure represent? - ANS-price
An appraiser's client wishes to remain anonymous, and asks the appraiser not to include client's
identity in an appraisal report. What should the appraiser do? - ANS-Omit the client's identity
from the report but document the client's identity in the workfile
An appraiser's peers are defined as other appraisers who: - ANS-Have expertise and
competency in a similar type of assignment
An appraiser's report must contain ____________ to allow intended users to understand the
scope of work performed. - ANS-Sufficient information
An extraordinary assumption may be used in an assignment only if: - ANS-Required to develop
credible results
