USPAP McKissock Questions and Answers
100% Correct
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: An extraordinary assumption
The monetary relationship between properties and those who buy sell or use those properties is
the definition of value
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? price
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
100% Correct
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: An extraordinary assumption
The monetary relationship between properties and those who buy sell or use those properties is
the definition of value
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? price
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
