MCKISSOCK BASIC APPRAISAL PRINCIPLES FINAL EXAM 2025 | ALL QUE
TIONS AND CORRECT ANSWERS | NEWEST EXAM | GRADED A+ | VERIFI
ANSWERS
deed containing, or having implied by
law, some but not all of the usual grant deed
covenants of title
One who is expected to perform valua-
tion services competently and in a man-
Appraiser
ner that is independent, impartial, and
objective.
any communication, written or oral, of
an appraisal or appraisal review that is
transmitted to the client or a party autho- report
rized by the client upon completion of an
assignment.
A written communication of the results
of a valuation or review assignment pre-
narrative report
sented to the client in narrative style
rather than on a form or orally.
charged with establishing the qualifica-
tions that all the states must meet in li-
The AQB
censing, certification and re-certification
of appraisers.
Major changes to the Criteria went into
january 8th, 2008
effect
Additional revisions were made effective May 1, 2018
qualifying ed, education, examinations, four components of the Real Property
continuing ed Appraiser Qualification Criteria
not-for-profit organization, established
exclusively for educational and scientific The Appraisal Foundation
purposes.
After The Appraisal Foundation was
was formally adopted by the Appraisal
formed, the Uniform Standards of Pro-
Standards Board (ASB) in January 1989.
fessional Appraisal Practice
, MCKISSOCK BASIC APPRAISAL PRINCIPLES FINAL EXAM 2025 | ALL QUE
TIONS AND CORRECT ANSWERS | NEWEST EXAM | GRADED A+ | VERIFI
ANSWERS
Board of Trustees (BOT)
The Appraisal Foundation has three prin-
Appraisal Standards Board (ASB)
cipal boards:
Appraiser Qualifications Board (AQB)
acts as an executive board for the Foun-
The BOT
dation.
responsible for creating standards for
The ASB
ethics and performance of appraisers.
was developed by the Ad Hoc Commit-
Uniform Standards of Professional Ap-
tee in 1986 and 1987 and was copyright-
praisal Practice (USPAP)
ed in 1987 by The Appraisal Foundation.
adopted USPAP as the governing docu- At its first meeting in 1989, the Appraisal
ment. Standards Board (ASB)
amended, interpreted, supplemented, or
USPAP may be
retired only by the ASB.
as the generally recognized standards of
practice in the appraisal profession in Ti- Congress recognized USPAP
tle XI of the Financial Institutions Reform
is a federal entity with oversight authority
over the state licensing and certification the Appraisal Subcommittee (ASC)
agencies
appraisal management companies AMCs
omposed of 21 individuals responsible
for funding The Appraisal Foundation
and appointing the members to The Ap-
The Board of Trustees
praisal Foundation's other boards - the
Appraisal Standards Board and the Ap-
praiser Qualifications Board.
Appraisal Foundation Advisory Council TAFAC
Industry Advisory Council iac
exercises all authority and power over
the subject, style, content, and sub- Appraisal Standards Board
stance of USPAP
, MCKISSOCK BASIC APPRAISAL PRINCIPLES FINAL EXAM 2025 | ALL QUE
TIONS AND CORRECT ANSWERS | NEWEST EXAM | GRADED A+ | VERIFI
ANSWERS
its purpose was to create guidance to
assist appraisers in issues relating to
Appraisal Practices Board (APB)
recognized valuation methods and tech-
niques.
The Appraisal Foundation plans to con-
tinue to issue these Valuation Advisories Even though the APB no longer exists
as it deems necessary.
under Section 1103 of Title XI of FIRREA Appraisal Subcommittee was created
Department of Housing and Urban De-
velopment, only act on complaint with fair HUD
lending
The Savings and Loan Crisis happened
early 60's
in the
the appraisal foundation was established
1987
in
The _________ monitors and reviews
the practices, procedures, activities and
ASC
organizational structure of The Appraisal
Foundation.
the professional society that specializes
American Society of appraisers
in appraising personal property
ECOA applies to all the following types of
Vacant land
loans except
The ________ maintains a national reg-
ASC
istry of licensed and certified appraisors
relating to what is good or bad: having to
ethics
do with moral duty and obligation
relating to the principle of right and
moral
wrong
A particular preference or point of view
bias
that is personal, rather than scientific.
TIONS AND CORRECT ANSWERS | NEWEST EXAM | GRADED A+ | VERIFI
ANSWERS
deed containing, or having implied by
law, some but not all of the usual grant deed
covenants of title
One who is expected to perform valua-
tion services competently and in a man-
Appraiser
ner that is independent, impartial, and
objective.
any communication, written or oral, of
an appraisal or appraisal review that is
transmitted to the client or a party autho- report
rized by the client upon completion of an
assignment.
A written communication of the results
of a valuation or review assignment pre-
narrative report
sented to the client in narrative style
rather than on a form or orally.
charged with establishing the qualifica-
tions that all the states must meet in li-
The AQB
censing, certification and re-certification
of appraisers.
Major changes to the Criteria went into
january 8th, 2008
effect
Additional revisions were made effective May 1, 2018
qualifying ed, education, examinations, four components of the Real Property
continuing ed Appraiser Qualification Criteria
not-for-profit organization, established
exclusively for educational and scientific The Appraisal Foundation
purposes.
After The Appraisal Foundation was
was formally adopted by the Appraisal
formed, the Uniform Standards of Pro-
Standards Board (ASB) in January 1989.
fessional Appraisal Practice
, MCKISSOCK BASIC APPRAISAL PRINCIPLES FINAL EXAM 2025 | ALL QUE
TIONS AND CORRECT ANSWERS | NEWEST EXAM | GRADED A+ | VERIFI
ANSWERS
Board of Trustees (BOT)
The Appraisal Foundation has three prin-
Appraisal Standards Board (ASB)
cipal boards:
Appraiser Qualifications Board (AQB)
acts as an executive board for the Foun-
The BOT
dation.
responsible for creating standards for
The ASB
ethics and performance of appraisers.
was developed by the Ad Hoc Commit-
Uniform Standards of Professional Ap-
tee in 1986 and 1987 and was copyright-
praisal Practice (USPAP)
ed in 1987 by The Appraisal Foundation.
adopted USPAP as the governing docu- At its first meeting in 1989, the Appraisal
ment. Standards Board (ASB)
amended, interpreted, supplemented, or
USPAP may be
retired only by the ASB.
as the generally recognized standards of
practice in the appraisal profession in Ti- Congress recognized USPAP
tle XI of the Financial Institutions Reform
is a federal entity with oversight authority
over the state licensing and certification the Appraisal Subcommittee (ASC)
agencies
appraisal management companies AMCs
omposed of 21 individuals responsible
for funding The Appraisal Foundation
and appointing the members to The Ap-
The Board of Trustees
praisal Foundation's other boards - the
Appraisal Standards Board and the Ap-
praiser Qualifications Board.
Appraisal Foundation Advisory Council TAFAC
Industry Advisory Council iac
exercises all authority and power over
the subject, style, content, and sub- Appraisal Standards Board
stance of USPAP
, MCKISSOCK BASIC APPRAISAL PRINCIPLES FINAL EXAM 2025 | ALL QUE
TIONS AND CORRECT ANSWERS | NEWEST EXAM | GRADED A+ | VERIFI
ANSWERS
its purpose was to create guidance to
assist appraisers in issues relating to
Appraisal Practices Board (APB)
recognized valuation methods and tech-
niques.
The Appraisal Foundation plans to con-
tinue to issue these Valuation Advisories Even though the APB no longer exists
as it deems necessary.
under Section 1103 of Title XI of FIRREA Appraisal Subcommittee was created
Department of Housing and Urban De-
velopment, only act on complaint with fair HUD
lending
The Savings and Loan Crisis happened
early 60's
in the
the appraisal foundation was established
1987
in
The _________ monitors and reviews
the practices, procedures, activities and
ASC
organizational structure of The Appraisal
Foundation.
the professional society that specializes
American Society of appraisers
in appraising personal property
ECOA applies to all the following types of
Vacant land
loans except
The ________ maintains a national reg-
ASC
istry of licensed and certified appraisors
relating to what is good or bad: having to
ethics
do with moral duty and obligation
relating to the principle of right and
moral
wrong
A particular preference or point of view
bias
that is personal, rather than scientific.
