MCKISSOCK USPAP EXAM (ACTUAL 2025/2026) QUESTIONS
WITH 100% VERIFIED CORRECT ANSWERS .
The Appraisal Foundation has the authority to enforce the
requirements of USPAP.
False; The Appraisal Foundation is a private entity. The Foundation
and its boards have no enforcement authority in any jurisdiction.
Which Foundation board is responsible for USPAP?
Appraisal Standards Board (ASB)
An appraiser is permitted to be biased when performing an appraisal,
as long as the bias is properly disclosed.
False
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
If an appraiser assumes a condition to be true that does not exist for
the purposes of analysis, this is an example of:
,A hypothetical condition
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
"The monetary relationship between properties and those who buy,
sell or use those properties" is the definition of:
Value
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
It is permissible for an appraiser to be engaged in an assignment by an
agent, who is acting on behalf of the client.
True
,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 use
in an assignment?
The appraiser
Which is the broader category of services?
Valuation Services
A real estate broker completes a Comparative Market Analysis
(CMA) 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
Appraisal practice includes only:
Valuation services provided by an individual acting as an appraiser
In USPAP, each Standard is composed of:
Standards Rules
"The type and extent of research and analyses in an appraisal or
appraisal review assignment" is the definition of ___________.
Scope of Work
In appraisal practice, advocating the cause or interest of any party or
issue is:
Not permitted
WITH 100% VERIFIED CORRECT ANSWERS .
The Appraisal Foundation has the authority to enforce the
requirements of USPAP.
False; The Appraisal Foundation is a private entity. The Foundation
and its boards have no enforcement authority in any jurisdiction.
Which Foundation board is responsible for USPAP?
Appraisal Standards Board (ASB)
An appraiser is permitted to be biased when performing an appraisal,
as long as the bias is properly disclosed.
False
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
If an appraiser assumes a condition to be true that does not exist for
the purposes of analysis, this is an example of:
,A hypothetical condition
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
"The monetary relationship between properties and those who buy,
sell or use those properties" is the definition of:
Value
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
It is permissible for an appraiser to be engaged in an assignment by an
agent, who is acting on behalf of the client.
True
,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 use
in an assignment?
The appraiser
Which is the broader category of services?
Valuation Services
A real estate broker completes a Comparative Market Analysis
(CMA) 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
Appraisal practice includes only:
Valuation services provided by an individual acting as an appraiser
In USPAP, each Standard is composed of:
Standards Rules
"The type and extent of research and analyses in an appraisal or
appraisal review assignment" is the definition of ___________.
Scope of Work
In appraisal practice, advocating the cause or interest of any party or
issue is:
Not permitted
