Mckissock USPAP Chapter 2
(Definitions) Exam Questions and
Answers 100% Pass
Market Value - ✔✔USPAP does not define a specific definitions, but rather the
components of the term market value
There are a number of definitions of market value, each is unique. USPAP does not
endorse any specific definition.
Advocacy - ✔✔Representing the cause or interest of another, even if that cause or
interest does not necessarily coincide with one's own beliefs, opinions, conclusions, or
recommendations
Impartiality - ✔✔Conveys a mental state that does not favor one side over another at
the outset of an investigation
Bias - ✔✔A preference or inclination that precludes an appraiser's impartiality,
independence, or objectivity in an assignment
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, Assumption - ✔✔That which is taken to be true
Extraordinary Assumption - ✔✔An assumption, directly related to a specific
assignment, as of the effective date of the assignment results, which, if found to be false,
could alter the appraiser's opinions or conclusions.
Extraordinary assumptions presume as fact otherwise uncertain information
Hypothetical Condition - ✔✔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.
Exposure Time - ✔✔Estimated 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.
Exposure time is a retrospective opinion based on an analysis of past events assuming a
competitive and open market
Cost - ✔✔The amount required to create, produce, or obtain a property
Price - ✔✔the amount asked, offered, or paid for a property
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(Definitions) Exam Questions and
Answers 100% Pass
Market Value - ✔✔USPAP does not define a specific definitions, but rather the
components of the term market value
There are a number of definitions of market value, each is unique. USPAP does not
endorse any specific definition.
Advocacy - ✔✔Representing the cause or interest of another, even if that cause or
interest does not necessarily coincide with one's own beliefs, opinions, conclusions, or
recommendations
Impartiality - ✔✔Conveys a mental state that does not favor one side over another at
the outset of an investigation
Bias - ✔✔A preference or inclination that precludes an appraiser's impartiality,
independence, or objectivity in an assignment
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, Assumption - ✔✔That which is taken to be true
Extraordinary Assumption - ✔✔An assumption, directly related to a specific
assignment, as of the effective date of the assignment results, which, if found to be false,
could alter the appraiser's opinions or conclusions.
Extraordinary assumptions presume as fact otherwise uncertain information
Hypothetical Condition - ✔✔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.
Exposure Time - ✔✔Estimated 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.
Exposure time is a retrospective opinion based on an analysis of past events assuming a
competitive and open market
Cost - ✔✔The amount required to create, produce, or obtain a property
Price - ✔✔the amount asked, offered, or paid for a property
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