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General Report Writing & Case Studies
(McKissock) Exam Questions and Answers
100% Pass
Appraisal - ANS The act or process of developing an opinion of value
Report - ANS Any 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
Date of the Report - ANS The date that the appraiser completed and transmitted the
appraisal report to the client. It is usually, but not always, different from the effective date of
value stated in the appraisal report.
Effective Date of Value - ANS The date to which the value applies. It can be current,
prospective, or retrospective. The effective date of value establishes the viewpoint from which
the appraiser viewed the appraisal problem.
Real Property - ANS The interests, benefits, and rights inherent in the ownership of real
estate.
Narrative Appraisal - ANS A written document that identifies & supports the development of
an appraiser's opinion of value. The goal of a well written narrative appraisal report is to explain
to the client and any other intended users all of the procedures, steps taken, market
investigations, calculations, conclusions, and final opinion of value of the real property
developed during the appraisal process. The use of words, as well as maps, photographs,
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, ©FYNDLAY 2025 ALL RIGHTS RESERVED
graphs, charts, grids, new articles, statistics, exhibits, and such may be considered and
employed by the appraiser to develop a narrative appraisal report to accomplish that goal.
Appraisers can be hired to perform & provide reports for the following types of appraisals: -
ANS -Real property Appraisal
-Review Appraisal
-Mass Appraisal
-Personal property appraisal
-Appraisal of a business
The Appraisal Process - ANS 1) Identification of the problem
2) Determination of the Scope of Work
3) Collection & analysis of the data
4) Determination of highest & best use
5) Application of the approaches to value
6) Reconciliation
7) Reporting of the appraisal
Steps to Determine Scope of Work - ANS 1) Rely on the information gained in the first step of
the appraisal process. Proper identification of the problem is essential.
2) Ensure that he or she has the knowledge, experience, and competency to accomplish this
assignment.
3) Determine the client's expectations for this type of assignment.
4) Not allow the assignment conditions to limit his or her ability to arrive at a credible opinion
of value, given the intended use of the appraisal.
5) Be able to support the decision for the level of work to be accomplished.
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, ©FYNDLAY 2025 ALL RIGHTS RESERVED
6) Be prepared to defend the research and analysis he or she decided was not required for this
assignment's credible opinion of value.
Each written or oral real property appraisal report must: - ANS -Clearly & accurately set forth
the appraisal in a manner that will not be misleading
-Contain sufficient information to enable the intended users of the appraisal to understand the
report properly
-Clearly & accurately disclose all assumptions, extraordinary assumptions, hypothetical
conditions, & limiting conditions used in the assignment
Exposure Time - ANS An opinion, based on supporting market data, of the length of time that
the property interest being appraised would have been offered on the market prior to the
hypothetical consummation of a sale at the market value of the effective date of the appraisal
It is the appraiser's opinion of the amount of time the property would have been on the market
before the effective date.
Scope of work includes, but is not limited to: - ANS -the extent to which the property is
identified;
-the extent to which tangible property is inspected;
-the type and extent of data researched; and
-the type and extent of analyses applied to arrive at opinions or conclusions.
Appraisal Report - ANS Includes a summary presentation of the information. Not all of the
information in the appraiser's workfile will appear in an Appraisal Report; for example certain
supporting data might remain in the workfile, ready to be provided if necessary.
Restricted Appraisal Report - ANS This type of report contains even less information than an
Appraisal Report. This report option is the least detailed. Much of the information in the report
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, ©FYNDLAY 2025 ALL RIGHTS RESERVED
can be simply stated, as opposed to explaining it in summary form. Many industry participants
think that the Restricted Appraisal Report takes the place of the former one- or two-page
"letter(s) opinion of value" that was often provided by appraisers before the existence of
USPAP. It is true that this report option was intended to allow appraisers the option of setting
forth an appraisal report with minimal detail and explanation, while still meeting USPAP
minimum content requirements. A major difference between the use of a Restricted Appraisal
Report and an Appraisal Report is that the Restricted Appraisal Report is intended for situations
in which the client is the only intended user of the report.
However, a change in the 2020-2021 USPAP does state in the Comment to SR 2-2 (b) (ii) that "A
Restricted Appraisal Report may be provided when the client is the only intended user; or,
when additional intended users are identified by name."1
What are the primary differences between Appraisal Reports and Restricted Appraisal Reports?
- ANS Restricted Appraisal Reports contain much less detail and narrative description
Which of the following describes what is meant by the date of the appraisal report? -
ANS The date the appraisal report was completed
Which of the following defines the intended use of an appraisal report? - ANS The uses of an
appraiser's reported appraisal or appraisal review assignment results as identified by the
appraiser based on communication with the client at the time of assignment
Which of the following describes or explains what is meant by "the effective date of value" of
an appraisal? - ANS The date that the opinion of value applies to
Which of the following best meets the definition of an appraisal? - ANS The act or process of
developing an opinion of value
USPAP Scope of Work Rule and Standards Rule 1-2; The basic elements for the appraiser's
consideration are: - ANS -Identify the client & any additional intended users
-Determine the intended use of the appraiser's opinions & conclusions
-Identify the type & definition of value
-Determine the effective date of the appraiser's opinions & conclusions
©FYNDLAY 4
General Report Writing & Case Studies
(McKissock) Exam Questions and Answers
100% Pass
Appraisal - ANS The act or process of developing an opinion of value
Report - ANS Any 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
Date of the Report - ANS The date that the appraiser completed and transmitted the
appraisal report to the client. It is usually, but not always, different from the effective date of
value stated in the appraisal report.
Effective Date of Value - ANS The date to which the value applies. It can be current,
prospective, or retrospective. The effective date of value establishes the viewpoint from which
the appraiser viewed the appraisal problem.
Real Property - ANS The interests, benefits, and rights inherent in the ownership of real
estate.
Narrative Appraisal - ANS A written document that identifies & supports the development of
an appraiser's opinion of value. The goal of a well written narrative appraisal report is to explain
to the client and any other intended users all of the procedures, steps taken, market
investigations, calculations, conclusions, and final opinion of value of the real property
developed during the appraisal process. The use of words, as well as maps, photographs,
©FYNDLAY 1
, ©FYNDLAY 2025 ALL RIGHTS RESERVED
graphs, charts, grids, new articles, statistics, exhibits, and such may be considered and
employed by the appraiser to develop a narrative appraisal report to accomplish that goal.
Appraisers can be hired to perform & provide reports for the following types of appraisals: -
ANS -Real property Appraisal
-Review Appraisal
-Mass Appraisal
-Personal property appraisal
-Appraisal of a business
The Appraisal Process - ANS 1) Identification of the problem
2) Determination of the Scope of Work
3) Collection & analysis of the data
4) Determination of highest & best use
5) Application of the approaches to value
6) Reconciliation
7) Reporting of the appraisal
Steps to Determine Scope of Work - ANS 1) Rely on the information gained in the first step of
the appraisal process. Proper identification of the problem is essential.
2) Ensure that he or she has the knowledge, experience, and competency to accomplish this
assignment.
3) Determine the client's expectations for this type of assignment.
4) Not allow the assignment conditions to limit his or her ability to arrive at a credible opinion
of value, given the intended use of the appraisal.
5) Be able to support the decision for the level of work to be accomplished.
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, ©FYNDLAY 2025 ALL RIGHTS RESERVED
6) Be prepared to defend the research and analysis he or she decided was not required for this
assignment's credible opinion of value.
Each written or oral real property appraisal report must: - ANS -Clearly & accurately set forth
the appraisal in a manner that will not be misleading
-Contain sufficient information to enable the intended users of the appraisal to understand the
report properly
-Clearly & accurately disclose all assumptions, extraordinary assumptions, hypothetical
conditions, & limiting conditions used in the assignment
Exposure Time - ANS An opinion, based on supporting market data, of the length of time that
the property interest being appraised would have been offered on the market prior to the
hypothetical consummation of a sale at the market value of the effective date of the appraisal
It is the appraiser's opinion of the amount of time the property would have been on the market
before the effective date.
Scope of work includes, but is not limited to: - ANS -the extent to which the property is
identified;
-the extent to which tangible property is inspected;
-the type and extent of data researched; and
-the type and extent of analyses applied to arrive at opinions or conclusions.
Appraisal Report - ANS Includes a summary presentation of the information. Not all of the
information in the appraiser's workfile will appear in an Appraisal Report; for example certain
supporting data might remain in the workfile, ready to be provided if necessary.
Restricted Appraisal Report - ANS This type of report contains even less information than an
Appraisal Report. This report option is the least detailed. Much of the information in the report
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, ©FYNDLAY 2025 ALL RIGHTS RESERVED
can be simply stated, as opposed to explaining it in summary form. Many industry participants
think that the Restricted Appraisal Report takes the place of the former one- or two-page
"letter(s) opinion of value" that was often provided by appraisers before the existence of
USPAP. It is true that this report option was intended to allow appraisers the option of setting
forth an appraisal report with minimal detail and explanation, while still meeting USPAP
minimum content requirements. A major difference between the use of a Restricted Appraisal
Report and an Appraisal Report is that the Restricted Appraisal Report is intended for situations
in which the client is the only intended user of the report.
However, a change in the 2020-2021 USPAP does state in the Comment to SR 2-2 (b) (ii) that "A
Restricted Appraisal Report may be provided when the client is the only intended user; or,
when additional intended users are identified by name."1
What are the primary differences between Appraisal Reports and Restricted Appraisal Reports?
- ANS Restricted Appraisal Reports contain much less detail and narrative description
Which of the following describes what is meant by the date of the appraisal report? -
ANS The date the appraisal report was completed
Which of the following defines the intended use of an appraisal report? - ANS The uses of an
appraiser's reported appraisal or appraisal review assignment results as identified by the
appraiser based on communication with the client at the time of assignment
Which of the following describes or explains what is meant by "the effective date of value" of
an appraisal? - ANS The date that the opinion of value applies to
Which of the following best meets the definition of an appraisal? - ANS The act or process of
developing an opinion of value
USPAP Scope of Work Rule and Standards Rule 1-2; The basic elements for the appraiser's
consideration are: - ANS -Identify the client & any additional intended users
-Determine the intended use of the appraiser's opinions & conclusions
-Identify the type & definition of value
-Determine the effective date of the appraiser's opinions & conclusions
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