USPAP McKissock Exam Questions With
Correct Answers
Currently, the boards within The Appraisal Foundation include: - CORRECT
| | | | | | | | | |
ANSWER✔✔-Appraisal Standards Board, Appraiser Qualifications Board, Board of | | | | | | |
Trustees
|
Which Foundation board is responsible for USPAP? - CORRECT ANSWER✔✔-
| | | | | | | | |
Appraisal Standards Board (ASB)
| | |
Which entity appoints members of the AQB and ASB? - CORRECT ANSWER✔✔-
| | | | | | | | | | |
Board of Trustees (BOT)
| | |
Qualification criteria for appraiser certification and recertification are
| | | | | | | |
disseminated to state appraisal board by the? - CORRECT ANSWER✔✔-Appraiser
| | | | | | | | | |
Qualifications Board |
Which entity is responsible for establishing education and experience
| | | | | | | | |
requirements for licensing and certification of appraisers? - CORRECT
| | | | | | | | |
ANSWER✔✔-Appraiser Qualifications Board (AQB) | | |
USPAP is written, amended, and interpreted by the: - CORRECT ANSWER✔✔-
| | | | | | | | | |
Appraisal Standards Board (ASB)
| | |
Advisory Opinions are best described as - CORRECT ANSWER✔✔-not part of
| | | | | | | | | | |
USPAP, but included as reference material
| | | | |
Which entity maintains the official National Registry of state-certified and
| | | | | | | | | |
licensed appraisers? - CORRECT ANSWER✔✔-Appraisal Subcommittee (ASC)
| | | | | |
, USPAP is enforced by: - CORRECT ANSWER✔✔-State appraiser
| | | | | | |
licensing/certification agencies
| |
Who is responsible for issuing credentials to individual appraisers - CORRECT
| | | | | | | | | | |
ANSWER✔✔-State appraisal regulatory agencies | | |
Which is not a responsibility of the Appraisal Subcommittee - CORRECT
| | | | | | | | | | |
ANSWER✔✔-Writing, interpreting, and amending USPAP | | | |
Which part of USPAP establishes the requirements for workfile content for an
| | | | | | | | | | | |
appraisal or appraisal review assignment? - CORRECT ANSWER✔✔-RECORD
| | | | | | | |
KEEPING RULE |
Why are USPAP Advisory Opinions issued? - CORRECT ANSWER✔✔-offer advice
| | | | | | | | |
Which of these is considered an integral part of USPAP and has the same weight
| | | | | | | | | | | | | | |
as the components they address? - CORRECT ANSWER✔✔-comments
| | | | | | |
In USPAP the appraisal process is divided into two distinct types of activity______
| | | | | | | | | | | |
|and ______? - CORRECT ANSWER✔✔-Development and Reporting
| | | | | |
The first step in the appraisal process is ? - CORRECT ANSWER✔✔-Identify the
| | | | | | | | | | | | |
problem
Which step in the appraisal process involves communication of the appraiser's
| | | | | | | | | | |
opinions and conclusions? - CORRECT ANSWER✔✔-reporting
| | | | |
What is the stated purpose of USPAP - CORRECT ANSWER✔✔-Promote and
| | | | | | | | | | |
maintain a high level of public trust in appraisal practice
| | | | | | | | |
Correct Answers
Currently, the boards within The Appraisal Foundation include: - CORRECT
| | | | | | | | | |
ANSWER✔✔-Appraisal Standards Board, Appraiser Qualifications Board, Board of | | | | | | |
Trustees
|
Which Foundation board is responsible for USPAP? - CORRECT ANSWER✔✔-
| | | | | | | | |
Appraisal Standards Board (ASB)
| | |
Which entity appoints members of the AQB and ASB? - CORRECT ANSWER✔✔-
| | | | | | | | | | |
Board of Trustees (BOT)
| | |
Qualification criteria for appraiser certification and recertification are
| | | | | | | |
disseminated to state appraisal board by the? - CORRECT ANSWER✔✔-Appraiser
| | | | | | | | | |
Qualifications Board |
Which entity is responsible for establishing education and experience
| | | | | | | | |
requirements for licensing and certification of appraisers? - CORRECT
| | | | | | | | |
ANSWER✔✔-Appraiser Qualifications Board (AQB) | | |
USPAP is written, amended, and interpreted by the: - CORRECT ANSWER✔✔-
| | | | | | | | | |
Appraisal Standards Board (ASB)
| | |
Advisory Opinions are best described as - CORRECT ANSWER✔✔-not part of
| | | | | | | | | | |
USPAP, but included as reference material
| | | | |
Which entity maintains the official National Registry of state-certified and
| | | | | | | | | |
licensed appraisers? - CORRECT ANSWER✔✔-Appraisal Subcommittee (ASC)
| | | | | |
, USPAP is enforced by: - CORRECT ANSWER✔✔-State appraiser
| | | | | | |
licensing/certification agencies
| |
Who is responsible for issuing credentials to individual appraisers - CORRECT
| | | | | | | | | | |
ANSWER✔✔-State appraisal regulatory agencies | | |
Which is not a responsibility of the Appraisal Subcommittee - CORRECT
| | | | | | | | | | |
ANSWER✔✔-Writing, interpreting, and amending USPAP | | | |
Which part of USPAP establishes the requirements for workfile content for an
| | | | | | | | | | | |
appraisal or appraisal review assignment? - CORRECT ANSWER✔✔-RECORD
| | | | | | | |
KEEPING RULE |
Why are USPAP Advisory Opinions issued? - CORRECT ANSWER✔✔-offer advice
| | | | | | | | |
Which of these is considered an integral part of USPAP and has the same weight
| | | | | | | | | | | | | | |
as the components they address? - CORRECT ANSWER✔✔-comments
| | | | | | |
In USPAP the appraisal process is divided into two distinct types of activity______
| | | | | | | | | | | |
|and ______? - CORRECT ANSWER✔✔-Development and Reporting
| | | | | |
The first step in the appraisal process is ? - CORRECT ANSWER✔✔-Identify the
| | | | | | | | | | | | |
problem
Which step in the appraisal process involves communication of the appraiser's
| | | | | | | | | | |
opinions and conclusions? - CORRECT ANSWER✔✔-reporting
| | | | |
What is the stated purpose of USPAP - CORRECT ANSWER✔✔-Promote and
| | | | | | | | | | |
maintain a high level of public trust in appraisal practice
| | | | | | | | |
