MCKISSOCK APPRAISAL PROCEDURES EXAM 2025/2026
QUESTIONS WITH ANSWERS MARKED A+
✔✔standards rule 2-2a in USPAP - ✔✔summarize the scope of work used to develop
the appraisal
✔✔workfile - ✔✔documentation necessary to support an appraiser's analyses, opinions,
and conclusions
✔✔record keeping rule - ✔✔an appraiser must prepare a workfile for each appraisal or
appraisal review assignment
✔✔workfile must include - ✔✔name of client and identity by name or type of any other
users; true copies of all written reports, documented on any type of media; summaries
of any oral reports or testimony, or a transcript of testimony, including the appraiser's
signed and dated certification; all other data, information, and documentation necessary
to support the appraiser's opinions and conclusions and to show compliance with
USPAP
✔✔how long does an appraiser have to keep his workfile - ✔✔at least 5 hyears after
peperation or at least two years after final disposition of any judicial proceeding in which
had to testify
✔✔workfile custody access and retrieval - ✔✔An appraiser must have custody of his or
her workfile, or make appropriate workfile retention, access, and retrieval arrangements
with the party having custody of the workfile
✔✔verify - ✔✔to prove the truth of by the presentation of evidence or testimony
✔✔verification - ✔✔process of validating or estab. the truth about info from another
source which is critical to credibility
✔✔the highest and best use of a property must be: - ✔✔legally permissible, physically,
possible, financially feasible, and maximally productive
✔✔applicable approaches to value - ✔✔cost, sales comp, income and capitalization
appraoches
✔✔reconciliation - ✔✔come to one reasoned opinion of value at the effective date
✔✔general data - ✔✔data that relates to the four forces that affect real property values
social economic governmental and environmental forces (macr0-level data)
✔✔specific data - ✔✔details about property's being appraised
, ✔✔national association of homebuilders - ✔✔does extensive research on current
construction trends and figures
✔✔National Association of REALTORS - ✔✔trade association for real estate agents
and brokers who subscribe to a code of ethics
✔✔common sources of specific data: - ✔✔deeds, location maps, tax maps, flood maps,
assessors records, title companies, zoning, MLS
✔✔deed will provide - ✔✔The legal description of the property
The owners of record
Easements of record
Deed restrictions
Chain of title
✔✔land - ✔✔in law the solid surface on the earth, as distinguished from water.
✔✔site - ✔✔Improved land or a lot in a finished state so that it is ready to be used for a
specific purpose
✔✔brownfield - ✔✔real property for which the expansion redevelopment of the real
estate may be complicated by the presence of environmental contamination that needs
to be remediated to standards
✔✔sales comparison - ✔✔compares recent sales
✔✔extraction - ✔✔subtracts estimated improvement value to arrive at land value
✔✔allocation - ✔✔land to value ratios based on improved sales comparables
✔✔subdivision development - ✔✔subtracts estimated development costs from
discounted sale proceeds
✔✔land residual - ✔✔divides up and capitalizes the income between land and
improvements
✔✔ground rent capitalization - ✔✔capitalizes income from leased land
✔✔extraction method - ✔✔estimating land value in which the depreciated cost of the
improvements on an improved property is calculated and deducted from the total sale
price to arrive at an estimated sale price for the land
QUESTIONS WITH ANSWERS MARKED A+
✔✔standards rule 2-2a in USPAP - ✔✔summarize the scope of work used to develop
the appraisal
✔✔workfile - ✔✔documentation necessary to support an appraiser's analyses, opinions,
and conclusions
✔✔record keeping rule - ✔✔an appraiser must prepare a workfile for each appraisal or
appraisal review assignment
✔✔workfile must include - ✔✔name of client and identity by name or type of any other
users; true copies of all written reports, documented on any type of media; summaries
of any oral reports or testimony, or a transcript of testimony, including the appraiser's
signed and dated certification; all other data, information, and documentation necessary
to support the appraiser's opinions and conclusions and to show compliance with
USPAP
✔✔how long does an appraiser have to keep his workfile - ✔✔at least 5 hyears after
peperation or at least two years after final disposition of any judicial proceeding in which
had to testify
✔✔workfile custody access and retrieval - ✔✔An appraiser must have custody of his or
her workfile, or make appropriate workfile retention, access, and retrieval arrangements
with the party having custody of the workfile
✔✔verify - ✔✔to prove the truth of by the presentation of evidence or testimony
✔✔verification - ✔✔process of validating or estab. the truth about info from another
source which is critical to credibility
✔✔the highest and best use of a property must be: - ✔✔legally permissible, physically,
possible, financially feasible, and maximally productive
✔✔applicable approaches to value - ✔✔cost, sales comp, income and capitalization
appraoches
✔✔reconciliation - ✔✔come to one reasoned opinion of value at the effective date
✔✔general data - ✔✔data that relates to the four forces that affect real property values
social economic governmental and environmental forces (macr0-level data)
✔✔specific data - ✔✔details about property's being appraised
, ✔✔national association of homebuilders - ✔✔does extensive research on current
construction trends and figures
✔✔National Association of REALTORS - ✔✔trade association for real estate agents
and brokers who subscribe to a code of ethics
✔✔common sources of specific data: - ✔✔deeds, location maps, tax maps, flood maps,
assessors records, title companies, zoning, MLS
✔✔deed will provide - ✔✔The legal description of the property
The owners of record
Easements of record
Deed restrictions
Chain of title
✔✔land - ✔✔in law the solid surface on the earth, as distinguished from water.
✔✔site - ✔✔Improved land or a lot in a finished state so that it is ready to be used for a
specific purpose
✔✔brownfield - ✔✔real property for which the expansion redevelopment of the real
estate may be complicated by the presence of environmental contamination that needs
to be remediated to standards
✔✔sales comparison - ✔✔compares recent sales
✔✔extraction - ✔✔subtracts estimated improvement value to arrive at land value
✔✔allocation - ✔✔land to value ratios based on improved sales comparables
✔✔subdivision development - ✔✔subtracts estimated development costs from
discounted sale proceeds
✔✔land residual - ✔✔divides up and capitalizes the income between land and
improvements
✔✔ground rent capitalization - ✔✔capitalizes income from leased land
✔✔extraction method - ✔✔estimating land value in which the depreciated cost of the
improvements on an improved property is calculated and deducted from the total sale
price to arrive at an estimated sale price for the land
