MCKISSOCK USPAP FINAL EXAM SCRIPT 2026
COMPLETE QUESTIONS AND ANSWERS
GRADED A+
◉ Report . Answer: Any communication, written or oral, of an appraisal
or appraisal review that is transmitted to the client upon completion of
an assignment.
◉ What does standard 2 do? . Answer: STANDARD 2 sets forth
minimum content requirements for written and oral real property
appraisal reports.
◉ Standard Rule Reporting requirements . Answer: Each written or oral
real property appraisal report must:
(a) clearly and accurately set forth the appraisal in a manner that will not
be misleading;
(b) contain sufficient information to enable the intended users of the
appraisal to understand the report properly; and
, (c) clearly and accurately disclose all assumptions, extraordinary
assumptions, hypothetical conditions, and limiting conditions used in the
assignment
◉ Sufficient information Requirement . Answer: The appraiser is not
required to include sufficient information so that anyone other than
intended users can understand the report.
◉ Standard Rule 2-2 . Answer: Each written real property appraisal
report must be prepared under one of the following options and
prominently state which option is used: Appraisal Report or Restricted
Appraisal Report.
◉ Two real property reporting options defined in USPAP . Answer: -
Appraisal Report
-Restricted Appraisal Report
◉ What is the difference between an appraisal report and a restricted
appraisal report? . Answer: The level of detail
◉ Who is responsible for determining which reporting option to use? .
Answer: The appraiser is responsible for the decision regarding which
reporting option to use
COMPLETE QUESTIONS AND ANSWERS
GRADED A+
◉ Report . Answer: Any communication, written or oral, of an appraisal
or appraisal review that is transmitted to the client upon completion of
an assignment.
◉ What does standard 2 do? . Answer: STANDARD 2 sets forth
minimum content requirements for written and oral real property
appraisal reports.
◉ Standard Rule Reporting requirements . Answer: Each written or oral
real property appraisal report must:
(a) clearly and accurately set forth the appraisal in a manner that will not
be misleading;
(b) contain sufficient information to enable the intended users of the
appraisal to understand the report properly; and
, (c) clearly and accurately disclose all assumptions, extraordinary
assumptions, hypothetical conditions, and limiting conditions used in the
assignment
◉ Sufficient information Requirement . Answer: The appraiser is not
required to include sufficient information so that anyone other than
intended users can understand the report.
◉ Standard Rule 2-2 . Answer: Each written real property appraisal
report must be prepared under one of the following options and
prominently state which option is used: Appraisal Report or Restricted
Appraisal Report.
◉ Two real property reporting options defined in USPAP . Answer: -
Appraisal Report
-Restricted Appraisal Report
◉ What is the difference between an appraisal report and a restricted
appraisal report? . Answer: The level of detail
◉ Who is responsible for determining which reporting option to use? .
Answer: The appraiser is responsible for the decision regarding which
reporting option to use
