Mckissock basic appraisal principles exam questions and answers

Mckissock Basic Appraisal Principles Ex
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am Questions And Answers
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grantkdeedk-
kEastondeedkcontaining,korkhavingkimpliedkbyklaw,ksomekbutknotkallkofkthek
usualkcoven
antskofktitle

Appraiserk-
kEastonOnekwhokiskexpectedktokperformkvaluationkserviceskcompetentlykandkink
akmannerkth
atkiskindependent,kimpartial,kandkobjective.

reportk-
kEastonanykcommunication,kwrittenkorkoral,kofkankappraisalkorkappraisalkreview kthatkisktra

nsmittedktokthekclientkorkakpartykauthorizedkbykthekclientkuponkcompletionkofkankassignme
nt.

narrativekreportk-
kEastonAkwrittenkcommunicationkofkthekresultskofkakvaluationkorkreviewkassignmentkprese
ntedktokthekclientkinknarrativekstylekratherkthankonkakformkorkorally.

ThekAQBk-
kEastonchargedkwithkestablishingkthekqualificationskthatkallkthekstateskmustk
meetkinklicensi
ng,kcertificationkandkre-certificationkofkappraisers.

januaryk8th,k2008k-

EastonMajorkchangesktokthekCriteriakwentkintokeffectkMayk1,k2018k-
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EastonAdditionalkrevisionskwerekmadekeffective
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fourkcomponentskofkthekRealkPropertykAppraiserkQualificationkCriteriak-
kEastonqualifyingk
ed,keducation,kexaminations,kcontinuingked

ThekAppraisalkFoundationk-kEastonnot-for-
profitkorganization,kestablishedkexclusivelykforkeducationalkandkscientifickpurposes.

AfterkThekAppraisalkFoundationkwaskformed,kthekUniformkStandardskofkProfessionalkAppra
isalkPracticek-
kEastonwaskformallykadoptedkbykthek AppraisalkStandardskBoardk(ASB)k
inkJanuaryk1989.

ThekAppraisalkFoundationkhaskthreekprincipalkboards:k-

EastonBoardkofkTrusteesk(BOT)kAppraisalkStandardskBoardk(ASB)
k



AppraiserkQualificationskBoardk(AQB)

ThekBOTk-kEastonactskaskankexecutivekboardkforkthekFoundation.

,ThekASBk-
kEastonresponsiblekforkcreatingkstandardskforkethicskandkperformancekofk
appraisers
.

, UniformkStandardskofkProfessionalkAppraisalkPracticek(USPAP)k-
kEastonwaskdevelopedkbykthekAdkHockCommitteekink1986kandk1987kandkwaskcopyrightedkink
1987kbykThekAppraisalkFoundation.

Atkitskfirstkmeetingkink1989,kthekAppraisalkStandardskBoardk(ASB)k-
kEastonadoptedkUSPAPk askthekgoverningkdocument.

USPAPkmaykbek-kEastonamended,kinterpreted,ksupplemented,korkretiredkonlykbykthekASB.

CongresskrecognizedkUSPAPk-
kEastonaskthekgenerallykrecognizedkstandardskofkpracticek
inkthekappraisalkprofessionkinkT
itlekXIkofkthekFinancialkInstitutionskReform

thekAppraisalkSubcommitteek(ASC)k-
kEastoniskakfederalkentitykwithkoversightkauthorityk
overkthekstateklicensingkandkcertifica
tionkagencies

AMCsk-kEastonappraisalkmanagementkcompanies

ThekBoardkofkTrusteesk-
kEastonomposedkofk21kindividualskresponsiblekforkfundingkThek AppraisalkFoundationkan

dkappointingkthekmembersktokThekAppraisalkFoundation'skotherkboardsk-
kthekAppraisalkStandardskBoardkandkthek AppraiserkQualificationskBoard.



TAFACk-

EastonAppraisalkFoundationkAdvisorykCouncilkiack-
k



EastonIndustrykAdvisorykCouncil
k



AppraisalkStandardskBoardk-
kEastonexerciseskallkauthoritykandkpowerkoverktheksubject,k
style,kcontent,kandksubstancekof
kUSPAP



AppraisalkPracticeskBoardk(APB)k-
kEastonitskpurposekwasktokcreatekguidancektokassistk
appraiserskinkissueskrelatingktokrec
ognizedkvaluationkmethodskandktechniques.



EvenkthoughkthekAPBknoklongerkexistsk-
kEastonThek AppraisalkFoundationkplansktok
continuektokissuekthesekValuationkAdvis
orieskaskitkdeemsknecessary.



AppraisalkSubcommitteekwaskcreatedk-kEastonunderkSectionk1103kofkTitlekXIkofkFIRREA



HUDk-
kEastonDepartmentkofkHousingkandkUrbankDevelopment,konlykactkonkcomplaintkwithk
fairklen
ding