MCKISSOCK BASIC APPRAISAL PRINCIPLES FINAL EXAM
2025 | ALL QUESTIONS AND CORRECT ANSWERS |
NEWEST EXAM | GRADED A+ | VERIFIED ANSWERS
grant deed - deed containing, or having implied by law, some but not all of the usual
covenants of title
Appraiser - One who is expected to perform valuation services competently and in a
manner that is independent, impartial, and objective.
report - any communication, written or oral, of an appraisal or appraisal review that is
transmitted to the client or a party authorized by the client upon completion of an
assignment.
narrative report - 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 - charged with establishing the qualifications that all the states must meet in
licensing, certification and re-certification of appraisers.
january 8th, 2008 - Major changes to the Criteria went into effect
May 1, 2018 - Additional revisions were made effective
COPYRIGHT © 2025 BY OLIVIA GREENWAYS, ALL RIGHTS RESERVED 1
,four components of the Real Property Appraiser Qualification Criteria - qualifying ed,
education, examinations, continuing ed
The Appraisal Foundation - not-for-profit organization, established exclusively for
educational and scientific purposes.
After The Appraisal Foundation was formed, the Uniform Standards of Professional
Appraisal Practice - was formally adopted by the Appraisal Standards Board (ASB) in
January 1989.
The Appraisal Foundation has three principal boards: - Board of Trustees (BOT)
Appraisal Standards Board (ASB)
Appraiser Qualifications Board (AQB)
The BOT - acts as an executive board for the Foundation.
The ASB - responsible for creating standards for ethics and performance of appraisers.
Uniform Standards of Professional Appraisal Practice (USPAP) - was developed by the
Ad Hoc Committee in 1986 and 1987 and was copyrighted in 1987 by The Appraisal
Foundation.
At its first meeting in 1989, the Appraisal Standards Board (ASB) - adopted USPAP as
the governing document.
USPAP may be - amended, interpreted, supplemented, or retired only by the ASB.
COPYRIGHT © 2025 BY OLIVIA GREENWAYS, ALL RIGHTS RESERVED 2
, Congress recognized USPAP - as the generally recognized standards of practice in the
appraisal profession in Title XI of the Financial Institutions Reform
the Appraisal Subcommittee (ASC) - is a federal entity with oversight authority over the
state licensing and certification agencies
AMCs - appraisal management companies
The Board of Trustees - omposed of 21 individuals responsible for funding The
Appraisal Foundation and appointing the members to The Appraisal Foundation's
other boards - the Appraisal Standards Board and the Appraiser Qualifications Board.
TAFAC - Appraisal Foundation Advisory Council
iac - Industry Advisory Council
Appraisal Standards Board - exercises all authority and power over the subject, style,
content, and substance of USPAP
Appraisal Practices Board (APB) - 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 - The Appraisal Foundation plans to continue to
issue these Valuation Advisories as it deems necessary.
Appraisal Subcommittee was created - under Section 1103 of Title XI of FIRREA
COPYRIGHT © 2025 BY OLIVIA GREENWAYS, ALL RIGHTS RESERVED 3
2025 | ALL QUESTIONS AND CORRECT ANSWERS |
NEWEST EXAM | GRADED A+ | VERIFIED ANSWERS
grant deed - deed containing, or having implied by law, some but not all of the usual
covenants of title
Appraiser - One who is expected to perform valuation services competently and in a
manner that is independent, impartial, and objective.
report - any communication, written or oral, of an appraisal or appraisal review that is
transmitted to the client or a party authorized by the client upon completion of an
assignment.
narrative report - 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 - charged with establishing the qualifications that all the states must meet in
licensing, certification and re-certification of appraisers.
january 8th, 2008 - Major changes to the Criteria went into effect
May 1, 2018 - Additional revisions were made effective
COPYRIGHT © 2025 BY OLIVIA GREENWAYS, ALL RIGHTS RESERVED 1
,four components of the Real Property Appraiser Qualification Criteria - qualifying ed,
education, examinations, continuing ed
The Appraisal Foundation - not-for-profit organization, established exclusively for
educational and scientific purposes.
After The Appraisal Foundation was formed, the Uniform Standards of Professional
Appraisal Practice - was formally adopted by the Appraisal Standards Board (ASB) in
January 1989.
The Appraisal Foundation has three principal boards: - Board of Trustees (BOT)
Appraisal Standards Board (ASB)
Appraiser Qualifications Board (AQB)
The BOT - acts as an executive board for the Foundation.
The ASB - responsible for creating standards for ethics and performance of appraisers.
Uniform Standards of Professional Appraisal Practice (USPAP) - was developed by the
Ad Hoc Committee in 1986 and 1987 and was copyrighted in 1987 by The Appraisal
Foundation.
At its first meeting in 1989, the Appraisal Standards Board (ASB) - adopted USPAP as
the governing document.
USPAP may be - amended, interpreted, supplemented, or retired only by the ASB.
COPYRIGHT © 2025 BY OLIVIA GREENWAYS, ALL RIGHTS RESERVED 2
, Congress recognized USPAP - as the generally recognized standards of practice in the
appraisal profession in Title XI of the Financial Institutions Reform
the Appraisal Subcommittee (ASC) - is a federal entity with oversight authority over the
state licensing and certification agencies
AMCs - appraisal management companies
The Board of Trustees - omposed of 21 individuals responsible for funding The
Appraisal Foundation and appointing the members to The Appraisal Foundation's
other boards - the Appraisal Standards Board and the Appraiser Qualifications Board.
TAFAC - Appraisal Foundation Advisory Council
iac - Industry Advisory Council
Appraisal Standards Board - exercises all authority and power over the subject, style,
content, and substance of USPAP
Appraisal Practices Board (APB) - 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 - The Appraisal Foundation plans to continue to
issue these Valuation Advisories as it deems necessary.
Appraisal Subcommittee was created - under Section 1103 of Title XI of FIRREA
COPYRIGHT © 2025 BY OLIVIA GREENWAYS, ALL RIGHTS RESERVED 3
