McKissock Basic Appraisal Principles I FinalEXAM
2025 QUESTIONS AND ANSWERS 100 %
PASS SOLUTION A+ GRADE
grant deed - ANSWER>>deed containing, or having implied by law, some
but not all of the usual covenants of title
Appraiser - ANSWER>>One who is expected to perform valuation services
competently and in a manner that is independent, impartial, and objective.
report - ANSWER>>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 - ANSWER>>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 - ANSWER>>charged with establishing the qualifications that all
the states must meet in licensing, certification and re-certification of
appraisers.
january 8th, 2008 - ANSWER>>Major changes to the Criteria went into
effect
May 1, 2018 - ANSWER>>Additional revisions were made effective
four components of the Real Property Appraiser Qualification Criteria -
ANSWER>>qualifying ed, education, examinations, continuing ed
The Appraisal Foundation - ANSWER>>not-for-profit organization,
established exclusively for educational and scientific purposes.
After The Appraisal Foundation was formed, the Uniform Standards of
Professional Appraisal Practice - ANSWER>>was formally adopted by the
Appraisal Standards Board (ASB) in January 1989.
,The Appraisal Foundation has three principal boards: - ANSWER>>Board
of Trustees (BOT)
Appraisal Standards Board (ASB)
Appraiser Qualifications Board (AQB)
The BOT - ANSWER>>acts as an executive board for the Foundation.
The ASB - ANSWER>>responsible for creating standards for ethics and
performance of appraisers.
Uniform Standards of Professional Appraisal Practice (USPAP) -
ANSWER>>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) -
ANSWER>>adopted USPAP as the governing document.
USPAP may be - ANSWER>>amended, interpreted, supplemented, or
retired only by the ASB.
Congress recognized USPAP - ANSWER>>as the generally recognized
standards of practice in the appraisal profession in Title XI of the Financial
Institutions Reform
the Appraisal Subcommittee (ASC) - ANSWER>>is a federal entity with
oversight authority over the state licensing and certification agencies
AMCs - ANSWER>>appraisal management companies
The Board of Trustees - ANSWER>>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 - ANSWER>>Appraisal Foundation Advisory Council
iac - ANSWER>>Industry Advisory Council
, Appraisal Standards Board - ANSWER>>exercises all authority and power
over the subject, style, content, and substance of USPAP
Appraisal Practices Board (APB) - ANSWER>>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 - ANSWER>>The Appraisal
Foundation plans to continue to issue these Valuation Advisories as it
deems necessary.
Appraisal Subcommittee was created - ANSWER>>under Section 1103 of
Title XI of FIRREA
HUD - ANSWER>>Department of Housing and Urban Development, only
act on complaint with fair lending
The Savings and Loan Crisis happened in the - ANSWER>>early 60's
the appraisal foundation was established in - ANSWER>>1987
The _________ monitors and reviews the practices, procedures, activities
and organizational structure of The Appraisal Foundation. -
ANSWER>>ASC
the professional society that specializes in appraising personal property -
ANSWER>>American Society of appraisers
ECOA applies to all the following types of loans except -
ANSWER>>Vacant land
The ________ maintains a national registry of licensed and certified
appraisors - ANSWER>>ASC
ethics - ANSWER>>relating to what is good or bad: having to do with moral
duty and obligation
2025 QUESTIONS AND ANSWERS 100 %
PASS SOLUTION A+ GRADE
grant deed - ANSWER>>deed containing, or having implied by law, some
but not all of the usual covenants of title
Appraiser - ANSWER>>One who is expected to perform valuation services
competently and in a manner that is independent, impartial, and objective.
report - ANSWER>>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 - ANSWER>>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 - ANSWER>>charged with establishing the qualifications that all
the states must meet in licensing, certification and re-certification of
appraisers.
january 8th, 2008 - ANSWER>>Major changes to the Criteria went into
effect
May 1, 2018 - ANSWER>>Additional revisions were made effective
four components of the Real Property Appraiser Qualification Criteria -
ANSWER>>qualifying ed, education, examinations, continuing ed
The Appraisal Foundation - ANSWER>>not-for-profit organization,
established exclusively for educational and scientific purposes.
After The Appraisal Foundation was formed, the Uniform Standards of
Professional Appraisal Practice - ANSWER>>was formally adopted by the
Appraisal Standards Board (ASB) in January 1989.
,The Appraisal Foundation has three principal boards: - ANSWER>>Board
of Trustees (BOT)
Appraisal Standards Board (ASB)
Appraiser Qualifications Board (AQB)
The BOT - ANSWER>>acts as an executive board for the Foundation.
The ASB - ANSWER>>responsible for creating standards for ethics and
performance of appraisers.
Uniform Standards of Professional Appraisal Practice (USPAP) -
ANSWER>>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) -
ANSWER>>adopted USPAP as the governing document.
USPAP may be - ANSWER>>amended, interpreted, supplemented, or
retired only by the ASB.
Congress recognized USPAP - ANSWER>>as the generally recognized
standards of practice in the appraisal profession in Title XI of the Financial
Institutions Reform
the Appraisal Subcommittee (ASC) - ANSWER>>is a federal entity with
oversight authority over the state licensing and certification agencies
AMCs - ANSWER>>appraisal management companies
The Board of Trustees - ANSWER>>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 - ANSWER>>Appraisal Foundation Advisory Council
iac - ANSWER>>Industry Advisory Council
, Appraisal Standards Board - ANSWER>>exercises all authority and power
over the subject, style, content, and substance of USPAP
Appraisal Practices Board (APB) - ANSWER>>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 - ANSWER>>The Appraisal
Foundation plans to continue to issue these Valuation Advisories as it
deems necessary.
Appraisal Subcommittee was created - ANSWER>>under Section 1103 of
Title XI of FIRREA
HUD - ANSWER>>Department of Housing and Urban Development, only
act on complaint with fair lending
The Savings and Loan Crisis happened in the - ANSWER>>early 60's
the appraisal foundation was established in - ANSWER>>1987
The _________ monitors and reviews the practices, procedures, activities
and organizational structure of The Appraisal Foundation. -
ANSWER>>ASC
the professional society that specializes in appraising personal property -
ANSWER>>American Society of appraisers
ECOA applies to all the following types of loans except -
ANSWER>>Vacant land
The ________ maintains a national registry of licensed and certified
appraisors - ANSWER>>ASC
ethics - ANSWER>>relating to what is good or bad: having to do with moral
duty and obligation
