©FYNDLAY 2025 ALL RIGHTS RESERVED
Appraisal Procedures - Mckissock Exam
Questions and Answers 100% Pass
True or False: An appraiser's client must always directly engage the appraiser. - ANS False
A step-by-step procedure that can be applied to any type of appraisal assignment is -
ANS The valuation process
True or False: The effective date of the valuation must be the date on which the appraiser
inspected the subject property. - ANS False
"An assignment-specific assumption, as of the effective date, which, if found to be false, could
alter the appraiser's opinions or conclusions" is the definition of - ANS extraordinary
assumption
In highest and best use analysis, which criterion is applied LAST? - ANS maximally productive
True or False: All three approaches to value must be used in every real property appraisal. -
ANS False
"Documentation necessary to support an appraiser's analyses, opinions, and conclusions" is the
appraiser's - ANS work file
What appraisal term is defined as "The type of data and the extent of research and analyses"? -
ANS Scope of work
©FYNDLAY 1
, ©FYNDLAY 2025 ALL RIGHTS RESERVED
According to USPAP, the credibility of assignment results is measured ______________. -
ANS within the context of intended use
An appraiser must comply with the SCOPE OF WORK RULE when completing: - ANS an
appraisal assignment
scope of work applies to - ANS Both appraisals and appraisal review assignments
The intended user of an appraisal is the ________ and any other user, as identified by
_________. - ANS client, name or type
Which is NOT an appropriate source for a legal description? - ANS postal address
The objective for an assignment is its - ANS purpose
The effective date of value can be - ANS a present, past, or future date
Each appraisal report must contain two dates, the ____________ and the ______________. -
ANS effective date of the appraisal, date of the report
The SCOPE OF WORK RULE says that "the appraiser must be prepared to demonstrate that the
scope of work is sufficient to produce _________________" - ANS credible assignment
results
What is the first step in the valuation process? - ANS define the problem
Professional or trade associations offering general data include all of the following EXCEPT -
ANS Federal National Mortgage Association
©FYNDLAY 2
, ©FYNDLAY 2025 ALL RIGHTS RESERVED
When completing an appraisal assignment, comparable sales information that the appraiser
gathers would be considered _________ data. - ANS specific
Information on employment and unemployment trends in an area would be considered -
ANS general
The largest source for demographic information is - ANS U.S. Bureau of the Census
Which influences typically exert the greatest pressure on property values? - ANS local
influences
True or False: Government data sources for general data are found on a national level only. -
ANS False
You check the FEMA flood map, and the subject property is located in Zone C. Is this a Special
Flood Hazard Area (SFHA)? - ANS No
True or False: The usefulness of MLS information can be dramatically increased through
verification with a selling or listing agent. - ANS True
Which of these items would NOT be typically found in the deed for the subject property? -
ANS zoning classification
It is important for an appraiser to research and understand what when doing an appraisal? -
ANS both the zoning map and the ordinance
Local and regional multiple listing services typically concentrate on ____________ properties. -
ANS single unit residential
BEA stands for - ANS Bureau of Economic Analysis
©FYNDLAY 3
Appraisal Procedures - Mckissock Exam
Questions and Answers 100% Pass
True or False: An appraiser's client must always directly engage the appraiser. - ANS False
A step-by-step procedure that can be applied to any type of appraisal assignment is -
ANS The valuation process
True or False: The effective date of the valuation must be the date on which the appraiser
inspected the subject property. - ANS False
"An assignment-specific assumption, as of the effective date, which, if found to be false, could
alter the appraiser's opinions or conclusions" is the definition of - ANS extraordinary
assumption
In highest and best use analysis, which criterion is applied LAST? - ANS maximally productive
True or False: All three approaches to value must be used in every real property appraisal. -
ANS False
"Documentation necessary to support an appraiser's analyses, opinions, and conclusions" is the
appraiser's - ANS work file
What appraisal term is defined as "The type of data and the extent of research and analyses"? -
ANS Scope of work
©FYNDLAY 1
, ©FYNDLAY 2025 ALL RIGHTS RESERVED
According to USPAP, the credibility of assignment results is measured ______________. -
ANS within the context of intended use
An appraiser must comply with the SCOPE OF WORK RULE when completing: - ANS an
appraisal assignment
scope of work applies to - ANS Both appraisals and appraisal review assignments
The intended user of an appraisal is the ________ and any other user, as identified by
_________. - ANS client, name or type
Which is NOT an appropriate source for a legal description? - ANS postal address
The objective for an assignment is its - ANS purpose
The effective date of value can be - ANS a present, past, or future date
Each appraisal report must contain two dates, the ____________ and the ______________. -
ANS effective date of the appraisal, date of the report
The SCOPE OF WORK RULE says that "the appraiser must be prepared to demonstrate that the
scope of work is sufficient to produce _________________" - ANS credible assignment
results
What is the first step in the valuation process? - ANS define the problem
Professional or trade associations offering general data include all of the following EXCEPT -
ANS Federal National Mortgage Association
©FYNDLAY 2
, ©FYNDLAY 2025 ALL RIGHTS RESERVED
When completing an appraisal assignment, comparable sales information that the appraiser
gathers would be considered _________ data. - ANS specific
Information on employment and unemployment trends in an area would be considered -
ANS general
The largest source for demographic information is - ANS U.S. Bureau of the Census
Which influences typically exert the greatest pressure on property values? - ANS local
influences
True or False: Government data sources for general data are found on a national level only. -
ANS False
You check the FEMA flood map, and the subject property is located in Zone C. Is this a Special
Flood Hazard Area (SFHA)? - ANS No
True or False: The usefulness of MLS information can be dramatically increased through
verification with a selling or listing agent. - ANS True
Which of these items would NOT be typically found in the deed for the subject property? -
ANS zoning classification
It is important for an appraiser to research and understand what when doing an appraisal? -
ANS both the zoning map and the ordinance
Local and regional multiple listing services typically concentrate on ____________ properties. -
ANS single unit residential
BEA stands for - ANS Bureau of Economic Analysis
©FYNDLAY 3
