Mckissock USPAP Chapter 7 Exam
Questions and Answers 100% Pass
What requirements are included in Standard 1? - ✔✔Requirements that are specific to
the development of real property appraisal assignments are found in Standard 1
General statement in beginning of standard 1 - ✔✔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? - ✔✔Six
Standard rule 1 - ✔✔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
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, 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) - ✔✔An appraiser must identify the client and other intended
users
Standard Rule 1.2 (b) - ✔✔An appraiser must identify the intended use of the
appraiser's opinions and conclusions
Standard Rule 1.2 (c) - ✔✔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 - ✔✔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? - ✔✔Exposure time ends on the effective date of the
appraisal
When does marketing time begin? - ✔✔Marketing time begins on the effective date of
the appraisal and extends into the future
Standard Rule 1-2 (d) - ✔✔The appraiser must identify the effective date of the
appraiser's opinions and conclusions
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Questions and Answers 100% Pass
What requirements are included in Standard 1? - ✔✔Requirements that are specific to
the development of real property appraisal assignments are found in Standard 1
General statement in beginning of standard 1 - ✔✔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? - ✔✔Six
Standard rule 1 - ✔✔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
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, 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) - ✔✔An appraiser must identify the client and other intended
users
Standard Rule 1.2 (b) - ✔✔An appraiser must identify the intended use of the
appraiser's opinions and conclusions
Standard Rule 1.2 (c) - ✔✔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 - ✔✔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? - ✔✔Exposure time ends on the effective date of the
appraisal
When does marketing time begin? - ✔✔Marketing time begins on the effective date of
the appraisal and extends into the future
Standard Rule 1-2 (d) - ✔✔The appraiser must identify the effective date of the
appraiser's opinions and conclusions
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