Mckissock Basic Appraisal principles Exam L
K K K K K
atest Update
K
grantKdeedK- ANSWER
deedKcontaining,KorKhavingKimpliedKbyKlaw,KsomeKbutKnotKallKofKtheK
usualKcovenantsKofKtitle
AppraiserK- ANSWER
OneKwhoKisKexpectedKtoKperformKvaluationKservicesKcompeten
tlyKandKinKaKmannerKthatKisKindependent,Kimpartial,KandKobjective.
reportK- ANSWER
anyKcommunication,KwrittenKorKoral,KofKanKappraisalKorKappraisalKreview
KthatKisKtransmittedKtoKtheKclientKorKaKpartyKauthorizedKbyKtheKclientK
uponKcomplet
ionKofKanKassignment.
narrativeKreportK-ANSWER
AKwrittenKcommunicationKofKtheKresultsKofKaKvaluationKorKr
eviewKassignmentKpresentedKtoKtheKclientKinKnarrativeKstyleKratherKthanKonKaKf
ormKorKorally.
TheKAQBK- ANSWER
chargedKwithKestablishingKtheKqualificationsKthatKallKtheKstatesKmu
stKmeetKinKlicensing,KcertificationKandKre-certificationKofKappraisers.
januaryK8th,K2008K- ANSWER
MajorKchangesKtoKtheKCriteriaKwentKintoKeffectKMayK1,K2018K-
ANSWER AdditionalKrevisionsKwereKmadeKeffective
fourKcomponentsKofKtheKRealKPropertyKAppraiserKQualificationKCriteriaK-
ANSWER
qualifyingKed,Keducation,Kexaminations,KcontinuingKed
K
TheKAppraisalKFoundationK- ANSWER not-for-
profitKorganization,KestablishedKexclusivelyKforKeducationalKandKscientificKpurpo
ses.
AfterKTheKAppraisalKFoundationKwasKformed,KtheKUniformKStandardsKofKP
rofessionalKAppraisalKPracticeK- ANSWER
wasKformallyKadoptedKbyKtheKAppraisalK
StandardsKBoardK(ASB)KinKJanuaryK1989.
,TheKAppraisalKFoundationKhasKthreeKprincipalKboards:K- ANSWER
BoardKofKTrusteesK(
BOT)
AppraisalKStandardsKBoardK(ASB)KApp
raiserKQualificationsKBoardK(AQB)
TheKBOTK- ANSWER actsKasKanKexecutiveKboardKforKtheKFoundation.
,TheKASBK- ANSWER
responsibleKforKcreatingKstandardsKforKethicsKandKperforma
nceKofKappraisers.
UniformKStandardsKofKProfessionalKAppraisalKPracticeK(USPAP)K-
KANSWERKwasKdevelopedKbyKtheKAdKHocKCommitteeKinK1986KandK1987KandKwasKco
pyrightedKinK1987KbyKTheKAppraisalKFoundation.
AtKitsKfirstKmeetingKinK1989,KtheKAppraisalKStandardsKBoardK(ASB)K-
ANSWER
adoptedKUSPAPKasKtheKgoverningKdocument.
K
USPAPKmayKbeK- ANSWER
amended,Kinterpreted,Ksupplemented,KorKretiredKonlyKbyKtheKAS
B.
CongressKrecognizedKUSPAPK- ANSWER
asKtheKgenerallyKrecognizedKstandardsKofKpractice
KinKtheKappraisalKprofessionKinKTitleKXIKofKtheKFinancialKInstitutionsKReform
theKAppraisalKSubcommitteeK(ASC)K- ANSWER
isKaKfederalKentityKwithKoversightKauthorityK
overKtheKstateKlicensingKandKcertificationKagencies
AMCsK- ANSWER appraisalKmanagementKcompanies
TheKBoardKofKTrusteesK- ANSWER
omposedKofK21KindividualsKresponsibleKforKfundingKThe
KAppraisalKFoundationKandKappointingKtheKmembersKtoKTheKAppraisalK Foundatio
n'sKotherKboardsK-
KtheKAppraisalKStandardsKBoardKandKtheKAppraiserKQualificationsKBoard.
TAFACK- ANSWER
AppraisalKFoundationKAdvisoryKCouncilKiacK-
ANSWER IndustryKAdvisoryKCouncil
AppraisalKStandardsKBoardK- ANSWER
exercisesKallKauthorityKandKpowerKoverKtheKsubjec
t,Kstyle,Kcontent,KandKsubstanceKofKUSPAP
AppraisalKPracticesKBoardK(APB)K- ANSWER
itsKpurposeKwasKtoKcreateKguidanceKtoKassistKa
ppraisersKinKissuesKrelatingKtoKrecognizedKvaluationKmethodsKandKtechniques.
EvenKthoughKtheKAPBKnoKlongerKexistsK- ANSWER
, TheKAppraisalKFoundationKplansKtoKc
ontinueKtoKissueKtheseKValuationKAdvisoriesKasKitKdeemsKnecessary.
AppraisalKSubcommitteeKwasKcreatedK- ANSWER
underKSectionK1103KofKTitleKXIKofKFIRREA
HUDK-KKK ANSWERKKKK DepartmentKofKHousingKandKUrbanKDevelopment,KonlyKactKon
K K K K K
atest Update
K
grantKdeedK- ANSWER
deedKcontaining,KorKhavingKimpliedKbyKlaw,KsomeKbutKnotKallKofKtheK
usualKcovenantsKofKtitle
AppraiserK- ANSWER
OneKwhoKisKexpectedKtoKperformKvaluationKservicesKcompeten
tlyKandKinKaKmannerKthatKisKindependent,Kimpartial,KandKobjective.
reportK- ANSWER
anyKcommunication,KwrittenKorKoral,KofKanKappraisalKorKappraisalKreview
KthatKisKtransmittedKtoKtheKclientKorKaKpartyKauthorizedKbyKtheKclientK
uponKcomplet
ionKofKanKassignment.
narrativeKreportK-ANSWER
AKwrittenKcommunicationKofKtheKresultsKofKaKvaluationKorKr
eviewKassignmentKpresentedKtoKtheKclientKinKnarrativeKstyleKratherKthanKonKaKf
ormKorKorally.
TheKAQBK- ANSWER
chargedKwithKestablishingKtheKqualificationsKthatKallKtheKstatesKmu
stKmeetKinKlicensing,KcertificationKandKre-certificationKofKappraisers.
januaryK8th,K2008K- ANSWER
MajorKchangesKtoKtheKCriteriaKwentKintoKeffectKMayK1,K2018K-
ANSWER AdditionalKrevisionsKwereKmadeKeffective
fourKcomponentsKofKtheKRealKPropertyKAppraiserKQualificationKCriteriaK-
ANSWER
qualifyingKed,Keducation,Kexaminations,KcontinuingKed
K
TheKAppraisalKFoundationK- ANSWER not-for-
profitKorganization,KestablishedKexclusivelyKforKeducationalKandKscientificKpurpo
ses.
AfterKTheKAppraisalKFoundationKwasKformed,KtheKUniformKStandardsKofKP
rofessionalKAppraisalKPracticeK- ANSWER
wasKformallyKadoptedKbyKtheKAppraisalK
StandardsKBoardK(ASB)KinKJanuaryK1989.
,TheKAppraisalKFoundationKhasKthreeKprincipalKboards:K- ANSWER
BoardKofKTrusteesK(
BOT)
AppraisalKStandardsKBoardK(ASB)KApp
raiserKQualificationsKBoardK(AQB)
TheKBOTK- ANSWER actsKasKanKexecutiveKboardKforKtheKFoundation.
,TheKASBK- ANSWER
responsibleKforKcreatingKstandardsKforKethicsKandKperforma
nceKofKappraisers.
UniformKStandardsKofKProfessionalKAppraisalKPracticeK(USPAP)K-
KANSWERKwasKdevelopedKbyKtheKAdKHocKCommitteeKinK1986KandK1987KandKwasKco
pyrightedKinK1987KbyKTheKAppraisalKFoundation.
AtKitsKfirstKmeetingKinK1989,KtheKAppraisalKStandardsKBoardK(ASB)K-
ANSWER
adoptedKUSPAPKasKtheKgoverningKdocument.
K
USPAPKmayKbeK- ANSWER
amended,Kinterpreted,Ksupplemented,KorKretiredKonlyKbyKtheKAS
B.
CongressKrecognizedKUSPAPK- ANSWER
asKtheKgenerallyKrecognizedKstandardsKofKpractice
KinKtheKappraisalKprofessionKinKTitleKXIKofKtheKFinancialKInstitutionsKReform
theKAppraisalKSubcommitteeK(ASC)K- ANSWER
isKaKfederalKentityKwithKoversightKauthorityK
overKtheKstateKlicensingKandKcertificationKagencies
AMCsK- ANSWER appraisalKmanagementKcompanies
TheKBoardKofKTrusteesK- ANSWER
omposedKofK21KindividualsKresponsibleKforKfundingKThe
KAppraisalKFoundationKandKappointingKtheKmembersKtoKTheKAppraisalK Foundatio
n'sKotherKboardsK-
KtheKAppraisalKStandardsKBoardKandKtheKAppraiserKQualificationsKBoard.
TAFACK- ANSWER
AppraisalKFoundationKAdvisoryKCouncilKiacK-
ANSWER IndustryKAdvisoryKCouncil
AppraisalKStandardsKBoardK- ANSWER
exercisesKallKauthorityKandKpowerKoverKtheKsubjec
t,Kstyle,Kcontent,KandKsubstanceKofKUSPAP
AppraisalKPracticesKBoardK(APB)K- ANSWER
itsKpurposeKwasKtoKcreateKguidanceKtoKassistKa
ppraisersKinKissuesKrelatingKtoKrecognizedKvaluationKmethodsKandKtechniques.
EvenKthoughKtheKAPBKnoKlongerKexistsK- ANSWER
, TheKAppraisalKFoundationKplansKtoKc
ontinueKtoKissueKtheseKValuationKAdvisoriesKasKitKdeemsKnecessary.
AppraisalKSubcommitteeKwasKcreatedK- ANSWER
underKSectionK1103KofKTitleKXIKofKFIRREA
HUDK-KKK ANSWERKKKK DepartmentKofKHousingKandKUrbanKDevelopment,KonlyKactKon
