Mckissock USPAP Chapter 7
fully solved & verified for
accuracy(latest updated
version)
What requirements are included in Standard 1? - answer
Requirements that are specific to the development of real
property appraisal assignments are found in Standard 1
General statement in beginning of standard 1 - answer In
developing a real property appraisal, an appraiser must
identify the problem to be solved, determine the scope of
work necessary to solve the problem, and correctly
complete research and analyses necessary to produce a
credible appraisal
How many rules are there in Standard 1? - answer Six
Standard rule 1 - answer 1. Appraiser must be aware of,
understand, and correctly employ those recognized
methods and techniques that are necessary to produce a
credible appraisal
2. Not commit a substantial error of omission or
commission that significantly affects an appraisal
3. Not render appraisal services in a careless or negligent
manner, such as by making a series or errors, that
although individually might not significantly affect the
results of an appraisal, in the aggregate affects the
credibility of those results
, Standard Rule 1.2 (a) - answer An appraiser must identify
the client and other intended users
Standard Rule 1.2 (b) - answer An appraiser must identify
the intended use of the appraiser's opinions and
conclusions
Standard Rule 1.2 (c) - answer An appraiser must identify
the type and definition of value, and, if the value opinion
to be developed is market value, ascertain whether the
value or to be the most probable price in specific terms.
Exposure Time - answer Estimated length of time the
property interest being appraiser would have been offered
on the market prior to a hypothetical consummation of a
sale at market value on the effective date of the appraisal
When does exposure time end? - answer Exposure time
ends on the effective date of the appraisal
When does marketing time begin? - answer Marketing
time begins on the effective date of the appraisal and
extends into the future
Standard Rule 1-2 (d) - answer The appraiser must identify
the effective date of the appraiser's opinions and
conclusions
fully solved & verified for
accuracy(latest updated
version)
What requirements are included in Standard 1? - answer
Requirements that are specific to the development of real
property appraisal assignments are found in Standard 1
General statement in beginning of standard 1 - answer In
developing a real property appraisal, an appraiser must
identify the problem to be solved, determine the scope of
work necessary to solve the problem, and correctly
complete research and analyses necessary to produce a
credible appraisal
How many rules are there in Standard 1? - answer Six
Standard rule 1 - answer 1. Appraiser must be aware of,
understand, and correctly employ those recognized
methods and techniques that are necessary to produce a
credible appraisal
2. Not commit a substantial error of omission or
commission that significantly affects an appraisal
3. Not render appraisal services in a careless or negligent
manner, such as by making a series or errors, that
although individually might not significantly affect the
results of an appraisal, in the aggregate affects the
credibility of those results
, Standard Rule 1.2 (a) - answer An appraiser must identify
the client and other intended users
Standard Rule 1.2 (b) - answer An appraiser must identify
the intended use of the appraiser's opinions and
conclusions
Standard Rule 1.2 (c) - answer An appraiser must identify
the type and definition of value, and, if the value opinion
to be developed is market value, ascertain whether the
value or to be the most probable price in specific terms.
Exposure Time - answer Estimated length of time the
property interest being appraiser would have been offered
on the market prior to a hypothetical consummation of a
sale at market value on the effective date of the appraisal
When does exposure time end? - answer Exposure time
ends on the effective date of the appraisal
When does marketing time begin? - answer Marketing
time begins on the effective date of the appraisal and
extends into the future
Standard Rule 1-2 (d) - answer The appraiser must identify
the effective date of the appraiser's opinions and
conclusions
