15-hour National USPAP Course – McKissock
Questions and Answers Verified 100% Correct
Report - ANSWER -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.
Signature - ANSWER -Personalized evidence indicating authentication of the
work performed by the appraiser and the acceptance of the responsibility for
content, analyses, and the conclusions in the report.
Workfile - ANSWER -Data, information, and documentation necessary to support
the appraiser's opinions and conclusions and to show compliance with USPAP.
Exposure Time - ANSWER -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 market value on
the effective date of the appraisal.
Cost - ANSWER -The actual or estimated amount required to create, reproduce,
replace or obtain a property.
Cost is a fact, or an estimate of the fact.
Price - ANSWER -The amount asked, offered, or paid for a property.
,Value - ANSWER -The monetary relationship between properties and those who
buy, sell or use those properties, expressed as an opinion of the worth of a property
at a given time.
Client - ANSWER -The party or parties who engage an appraiser by employment
or contract in a specific assignment, whether directly or through an agent.
Intended Use - ANSWER -The use(s) 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 the assignment.
Intended User - ANSWER -The client and any other party as identified, by name
or type, as users of the appraisal or appraisal review report by the appraiser, based
on communication with the client at the time of the assignment
Scope of Work - ANSWER -The type and extent of research and analyses in an
appraisal or appraisal review assignment.
The ethics rule is composed of what 3 sections? - ANSWER -1. Conduct
2. Management
3. Confidentiality
Conduct in the Ethics Rule is composed of what 4 subparts? - ANSWER -1.
General Conduct
2. Development
3. Communication
4. Disclosure
, What are an appraiser's disclosure obligations? - ANSWER -- Must disclose
current or prospective interest in the property or parties involved. - Whether or not they have
performed ANY services on the property in the past 3
years. - Fees or commissions paid, or things of value given, in connection with the
assignment procurement.
Bias - ANSWER -A preference or inclination that precludes an appraiser's
impartiality, independence, or objectivity in an assignment.
Extraordinary Assumption - ANSWER -an assignment-specific assumption as of
the effective date regarding uncertain information used in an analysis which, if
found to be false, could alter the appraiser's opinions or conclusions.
Hypothetical Condition - ANSWER -A condition, directly related to a specific
assignment, which is contrary to what is known by the appraiser to exist on the
effective date of the assignment results, but is used for the purpose of analysis.
Workfiles must include... - ANSWER -- Name of the client and ID of other
intended users - True copies of all written reports (with signatures) - Summaries of oral
reports/testimony, or a transcript of testimony, with signed and
dated certification - All other data, information & documentation necessary to support the opinions
and conclusions and compliance with USPAP (or where the references are located)
The Competency Rule - ANSWER -An appraiser must (1) be competent to
perform the assignment; (2) acquire the necessary competency to perform the
assignment; or (3) decline or withdraw from the assignment.
Perfection is impossible to attain ... this rule requires an appraiser to use due
diligence and due care.
Questions and Answers Verified 100% Correct
Report - ANSWER -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.
Signature - ANSWER -Personalized evidence indicating authentication of the
work performed by the appraiser and the acceptance of the responsibility for
content, analyses, and the conclusions in the report.
Workfile - ANSWER -Data, information, and documentation necessary to support
the appraiser's opinions and conclusions and to show compliance with USPAP.
Exposure Time - ANSWER -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 market value on
the effective date of the appraisal.
Cost - ANSWER -The actual or estimated amount required to create, reproduce,
replace or obtain a property.
Cost is a fact, or an estimate of the fact.
Price - ANSWER -The amount asked, offered, or paid for a property.
,Value - ANSWER -The monetary relationship between properties and those who
buy, sell or use those properties, expressed as an opinion of the worth of a property
at a given time.
Client - ANSWER -The party or parties who engage an appraiser by employment
or contract in a specific assignment, whether directly or through an agent.
Intended Use - ANSWER -The use(s) 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 the assignment.
Intended User - ANSWER -The client and any other party as identified, by name
or type, as users of the appraisal or appraisal review report by the appraiser, based
on communication with the client at the time of the assignment
Scope of Work - ANSWER -The type and extent of research and analyses in an
appraisal or appraisal review assignment.
The ethics rule is composed of what 3 sections? - ANSWER -1. Conduct
2. Management
3. Confidentiality
Conduct in the Ethics Rule is composed of what 4 subparts? - ANSWER -1.
General Conduct
2. Development
3. Communication
4. Disclosure
, What are an appraiser's disclosure obligations? - ANSWER -- Must disclose
current or prospective interest in the property or parties involved. - Whether or not they have
performed ANY services on the property in the past 3
years. - Fees or commissions paid, or things of value given, in connection with the
assignment procurement.
Bias - ANSWER -A preference or inclination that precludes an appraiser's
impartiality, independence, or objectivity in an assignment.
Extraordinary Assumption - ANSWER -an assignment-specific assumption as of
the effective date regarding uncertain information used in an analysis which, if
found to be false, could alter the appraiser's opinions or conclusions.
Hypothetical Condition - ANSWER -A condition, directly related to a specific
assignment, which is contrary to what is known by the appraiser to exist on the
effective date of the assignment results, but is used for the purpose of analysis.
Workfiles must include... - ANSWER -- Name of the client and ID of other
intended users - True copies of all written reports (with signatures) - Summaries of oral
reports/testimony, or a transcript of testimony, with signed and
dated certification - All other data, information & documentation necessary to support the opinions
and conclusions and compliance with USPAP (or where the references are located)
The Competency Rule - ANSWER -An appraiser must (1) be competent to
perform the assignment; (2) acquire the necessary competency to perform the
assignment; or (3) decline or withdraw from the assignment.
Perfection is impossible to attain ... this rule requires an appraiser to use due
diligence and due care.
