MCKISSOCK USPAP CHAPTER 1
REAL ESTATE EXAM QUESTIONS
AND ANSWERS
Responsibilities of the Appraisal Subcommittee (ASC) - Answer--Has authority to
monitor the Appraisal Foundation
- Oversee the activities of state licensure and certification agencies
Who establishes the minimum qualifications criteria for appraisers and standards for
practice? - Answer-The AQB and the ASB
10 USPAP Standards (4 and 5 are gone) - Answer-1. Real Property Appraisal,
Development
2. Real Property Appraisal, Reporting
3. Appraisal Review, Development and Reporting
6. Mass Appraisal, Development and Reporting
7. Personal Property Appraisal, Development
8. Personal Property Appraisal, Reporting
9. Business Appraisal, Development
10. Business Appraisal, Reporting
Advisory Options - Answer-36 have been published
31 Remain Active
USPAP Provides... - Answer-1. A common basis for comparison
2. A reference source for all users of the document
3. A basis for uniform enforcement for state regulatory agencies
4. A reason for clients, other intended users, and the public to place their trust in the
services performed by professional appraisers
USPAP Stands for - Answer-Uniform Standards of Professional Appraisal Practice
Year Appraisal Foundation formed - Answer-1987
3 Boards of Appraisal Foundation - Answer-- Board of Trustees (BOT)
- The Appraiser Qualifications Board (AQB)
- The Appraisal Standards Board (ASB)
- Appraisal Practices Board (APB)
REAL ESTATE EXAM QUESTIONS
AND ANSWERS
Responsibilities of the Appraisal Subcommittee (ASC) - Answer--Has authority to
monitor the Appraisal Foundation
- Oversee the activities of state licensure and certification agencies
Who establishes the minimum qualifications criteria for appraisers and standards for
practice? - Answer-The AQB and the ASB
10 USPAP Standards (4 and 5 are gone) - Answer-1. Real Property Appraisal,
Development
2. Real Property Appraisal, Reporting
3. Appraisal Review, Development and Reporting
6. Mass Appraisal, Development and Reporting
7. Personal Property Appraisal, Development
8. Personal Property Appraisal, Reporting
9. Business Appraisal, Development
10. Business Appraisal, Reporting
Advisory Options - Answer-36 have been published
31 Remain Active
USPAP Provides... - Answer-1. A common basis for comparison
2. A reference source for all users of the document
3. A basis for uniform enforcement for state regulatory agencies
4. A reason for clients, other intended users, and the public to place their trust in the
services performed by professional appraisers
USPAP Stands for - Answer-Uniform Standards of Professional Appraisal Practice
Year Appraisal Foundation formed - Answer-1987
3 Boards of Appraisal Foundation - Answer-- Board of Trustees (BOT)
- The Appraiser Qualifications Board (AQB)
- The Appraisal Standards Board (ASB)
- Appraisal Practices Board (APB)
