6/27/25, 12:14 PM Mckissock USPAP Chapter 7 Exam Questions and Answers Latest Update 2024/2025 | Graded A+. Flashcards | Quizlet
Mckissock USPAP Chapter 7 Exam Questions
and Answers Latest Update 2024/2025 |
Graded A+.
What requirements are Requirements that are specific to the development of real
included in Standard 1? property appraisal assignments are found in Standard 1
In developing a real property appraisal, an appraiser
General statement in
must identify the problem to be solved, determine the
beginning of standard 1
scope of work necessary to solve the problem, and
correctly complete research and analyses necessary to
produce a credible appraisal
How many rules are there in Six
Standard 1?
1. Appraiser must be aware of, understand, and
correctly employ those recognized methods and
techniques that are necessary to produce a credible
Standard rule 1 appraisal
2. Not commit a substantial error of omission or
commission that significantly affects an appraisal
3. Not render appraisal services in a careless or negligent
manner, such as by making a series or errors, that
although individually might not significantly affect the
results of an appraisal, in the aggregate affects the
credibility of those results
Standard Rule 1.2 (a) An appraiser must identify the client and other intended users
An appraiser must identify the intended use of the
Standard Rule 1.2 (b)
appraiser's opinions and conclusions
An appraiser must identify the type and definition of
Standard Rule 1.2 (c) value, and, if the value opinion to be developed is
market value, ascertain whether the value or to be the
most
probable price in specific terms.
… 1/5
, 6/27/25, 12:14 PM Mckissock USPAP Chapter 7 Exam Questions and Answers Latest Update 2024/2025 | Graded A+. Flashcards | Quizlet
Estimated length of time the property interest being appraiser
Exposure Time would have been
offered on the market prior to a hypothetical
consummation of a sale at market value on the
effective date of the appraisal
When does exposure time Exposure time ends on the effective date of the appraisal
end?
Marketing time begins on the effective date of the
When does marketing time
begin? appraisal and extends into the future
The appraiser must identify the effective date of the
Standard Rule 1-2 (d)
appraiser's opinions and conclusions
An appraiser must identify the characteristics of the
Standard Rule 1-2 (e)
property that are relevant to the type and definition of
value and intended use of appraisal
To gather information about the characteristics of the
Purpose of inspection
property that are relevant to its value
Minimum level of inspection USPAP does not require an inspection
An Appraiser must identify any extraordinary
Standard Rule 1-2 (f)
assumptions necessary in the assignment
Can be used only if...
-It is required to properly develop credible opinions and
When can you use an conclusions
extraordinary assumption? -The appraiser has reasonable basis for the extraordinary
assumption
-Use of the extraordinary assumption results in a credible
analysis
-The appraiser complies with the disclosure
requirements set forth in USPAP for extraordinary
assumptions
Standard Rule 1-2 (g) An appraiser must identify any hypothetical conditions necessary
to the assignment
An appraiser must determine the scope of work
Standard Rule 1-2 (h)
necessary to produce credible assignment results in
accordance with the scope of work rule
… 2/5
Mckissock USPAP Chapter 7 Exam Questions
and Answers Latest Update 2024/2025 |
Graded A+.
What requirements are Requirements that are specific to the development of real
included in Standard 1? property appraisal assignments are found in Standard 1
In developing a real property appraisal, an appraiser
General statement in
must identify the problem to be solved, determine the
beginning of standard 1
scope of work necessary to solve the problem, and
correctly complete research and analyses necessary to
produce a credible appraisal
How many rules are there in Six
Standard 1?
1. Appraiser must be aware of, understand, and
correctly employ those recognized methods and
techniques that are necessary to produce a credible
Standard rule 1 appraisal
2. Not commit a substantial error of omission or
commission that significantly affects an appraisal
3. Not render appraisal services in a careless or negligent
manner, such as by making a series or errors, that
although individually might not significantly affect the
results of an appraisal, in the aggregate affects the
credibility of those results
Standard Rule 1.2 (a) An appraiser must identify the client and other intended users
An appraiser must identify the intended use of the
Standard Rule 1.2 (b)
appraiser's opinions and conclusions
An appraiser must identify the type and definition of
Standard Rule 1.2 (c) value, and, if the value opinion to be developed is
market value, ascertain whether the value or to be the
most
probable price in specific terms.
… 1/5
, 6/27/25, 12:14 PM Mckissock USPAP Chapter 7 Exam Questions and Answers Latest Update 2024/2025 | Graded A+. Flashcards | Quizlet
Estimated length of time the property interest being appraiser
Exposure Time would have been
offered on the market prior to a hypothetical
consummation of a sale at market value on the
effective date of the appraisal
When does exposure time Exposure time ends on the effective date of the appraisal
end?
Marketing time begins on the effective date of the
When does marketing time
begin? appraisal and extends into the future
The appraiser must identify the effective date of the
Standard Rule 1-2 (d)
appraiser's opinions and conclusions
An appraiser must identify the characteristics of the
Standard Rule 1-2 (e)
property that are relevant to the type and definition of
value and intended use of appraisal
To gather information about the characteristics of the
Purpose of inspection
property that are relevant to its value
Minimum level of inspection USPAP does not require an inspection
An Appraiser must identify any extraordinary
Standard Rule 1-2 (f)
assumptions necessary in the assignment
Can be used only if...
-It is required to properly develop credible opinions and
When can you use an conclusions
extraordinary assumption? -The appraiser has reasonable basis for the extraordinary
assumption
-Use of the extraordinary assumption results in a credible
analysis
-The appraiser complies with the disclosure
requirements set forth in USPAP for extraordinary
assumptions
Standard Rule 1-2 (g) An appraiser must identify any hypothetical conditions necessary
to the assignment
An appraiser must determine the scope of work
Standard Rule 1-2 (h)
necessary to produce credible assignment results in
accordance with the scope of work rule
… 2/5
