MCKISSOCK BASIC APPRAISAL PRINCIPLES QUESTIONS AND ANSWERS 2025

MCKISSOCK BASIC APPRAISAL PRINCIPLES
QUESTIONS AND ANSWERS 2025
grant,deed,-
,ANSWER,deed,containing,,or,having,implied,by,law,,some,but,not,all,of,the,usual,covenants,of,ti
tle


Appraiser,-
,ANSWER,One,who,is,expected,to,perform,valuation,services,competently,and,in,a,manner,that,i
s,independent,,impartial,,and,objective.


report,-
,ANSWER,any,communication,,written,or,oral,,of,an,appraisal,or,appraisal,review,that,is,transmit
ted,to,the,client,or,a,party,authorized,by,the,client,upon,completion,of,an,assignment.


narrative,report,-
,ANSWER,A,written,communication,of,the,results,of,a,valuation,or,review,assignment,presented,
to,the,client,in,narrative,style,rather,than,on,a,form,or,orally.


The,AQB-
ANSWER,charged,with,establishing,the,qualifications,that,all,the,states,must,meet,in,licensing,,c
ertification,and,re-certification,of,appraisers.


january,8th,,2008,-,ANSWER,Major,changes,to,the,Criteria,went,into,effect


May,1,,2018,-,ANSWER,Additional,revisions,were,made,effective


four,components,of,the,Real,Property,Appraiser,Qualification,Criteria,-
,ANSWER,qualifying,ed,,education,,examinations,,continuing,ed



The,Appraisal,Foundation,-,ANSWER,not-for-
profit,organization,,established,exclusively,for,educational,and,scientific,purposes.

,After,The,Appraisal,Foundation,was,formed,,the,Uniform,Standards,of,Professional,Appraisal,Pra
ctice,-,ANSWER,was,formally,adopted,by,the,Appraisal,Standards,Board,(ASB),in,January,1989.


The,Appraisal,Foundation,has,three,principal,boards:,-,ANSWER,Board,of,Trustees,(BOT)
Appraisal,Standards,Board,(ASB)
Appraiser,Qualifications,Board,(AQB)


The,BOT,-,ANSWER,acts,as,an,executive,board,for,the,Foundation.


The,ASB,-,ANSWER,responsible,for,creating,standards,for,ethics,and,performance,of,appraisers.


Uniform,Standards,of,Professional,Appraisal,Practice,(USPAP),-
,ANSWER,was,developed,by,the,Ad,Hoc,Committee,in,1986,and,1987,and,was,copyrighted,in,19
87,by,The,Appraisal,Foundation.


At,its,first,meeting,in,1989,,the,Appraisal,Standards,Board,(ASB),-
,ANSWER,adopted,USPAP,as,the,governing,document.



USPAP,may,be,-,ANSWER,amended,,interpreted,,supplemented,,or,retired,only,by,the,ASB.


Congress,recognized,USPAP,-
,ANSWER,as,the,generally,recognized,standards,of,practice,in,the,appraisal,profession,in,Title,XI,
of,the,Financial,Institutions,Reform


the,Appraisal,Subcommittee,(ASC),-
,ANSWER,is,a,federal,entity,with,oversight,authority,over,the,state,licensing,and,certification,age
ncies


AMCs,-,ANSWER,appraisal,management,companies

, The,Board,of,Trustees,-
,ANSWER,omposed,of,21,individuals,responsible,for,funding,The,Appraisal,Foundation,and,appoi
nting,the,members,to,The,Appraisal,Foundation's,other,boards,-
,the,Appraisal,Standards,Board,and,the,Appraiser,Qualifications,Board.



TAFAC,-,ANSWER,Appraisal,Foundation,Advisory,Council


iac,-,ANSWER,Industry,Advisory,Council


Appraisal,Standards,Board,-
,ANSWER,exercises,all,authority,and,power,over,the,subject,,style,,content,,and,substance,of,US
PAP


Appraisal,Practices,Board,(APB),-
,ANSWER,its,purpose,was,to,create,guidance,to,assist,appraisers,in,issues,relating,to,recognized,
valuation,methods,and,techniques.


Even,though,the,APB,no,longer,exists,-
,ANSWER,The,Appraisal,Foundation,plans,to,continue,to,issue,these,Valuation,Advisories,as,it,de
ems,necessary.


Appraisal,Subcommittee,was,created,-,ANSWER,under,Section,1103,of,Title,XI,of,FIRREA


HUD,-
,ANSWER,Department,of,Housing,and,Urban,Development,,only,act,on,complaint,with,fair,lendi
ng


The,Savings,and,Loan,Crisis,happened,in,the,-,ANSWER,early,60's


the,appraisal,foundation,was,established,in,-,ANSWER,1987