3/16/25, 3:10 AM Basic Appraisal Principles Study Guide for Final Exam
Social Science Economics
Basic Appraisal Principles Study Guide for Final Exam
MCKISSOCK BASIC APPRAISAL PRINCIPLES FINAL NEWEST 2025
ACTUAL EXAM COMPLETE QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND
NEW VERSION!!
Terms in this set (285)
Appraiser Must be impartial and objective, provide an opinion of value
Four components of Qualifying Education, Experience, Examinations, Continuing
Real Property Education
Appraisal
Qualification Criteria
Uniform Standards of Professional Appraisal Practice
USPAP stands for It was adopted in 1989 by the ASB for the purpose of
promoting and preserving public trust
Certified Residential Appraiser 200 hours of appraisal education and training
Certified General Appraiser 300 hours of appraisal education and training
Board of Trustees appoints members and provides financial support and oversight
to AQB and ASB
Responsible for writing, amending, and interpreting
ASB (Appraisal Standards
Board) USPAP, creating standards of ethics and performance
establishes education, experience and requirements,
AQB (Appraiser Qualifications
Board) they give guidance to state agencies and the public
maintains a national registry of state certified and
ASC (Appraisal
Subcommittee) licensed appraisers who are eligible to perform
appraisals in federally related transactions
/ 1/27
,3/16/25, 3:10 AM Basic Appraisal Principles Study Guide for Final Exam
The first group of organized 1930s
appraisers appeared in the
_____________
In the 1970s the secondary Fannie Mae and Freddie Mac
mortgage market emerged and
_________________________
developed uniform rules for
underwriting
The Appraisal Foundation was 1987, educational and scientific purposes
formed in
_ __to develop standards and
common
definitions and provide
________________________
Board of Trustees (BOT), Appraisal Standards Board
Who makes up the Appraisal
(ASB), Appraiser Qualifications Board (AQB)
Foundation (TAF)?
(Individuals cannot join TAF as a member)
Financial Institutions legislation passed in 1989 that required each state to
Reform, Recovery & establish an agency for the licensing and certification
Enforcement Act (FIRREA), of real property appraisers
also known as "the Savings
and Loan Bailout Bill"
USPAP Standard 1 establishes requirements for development of a real property
appraisal
USPAP Standard 2 addresses the reporting of a real property appraisal
TAP is _ a government TAP is NOT and has no
agency, the enforcement authority ASC IS
ASC __ a government agency
and has significant enforcement
authority
Prohibits discrimination in Fair Housing Act
housing because of Race or
Color, National origin,
religion, sex, familial
status and handicap
Everyone should have equal Fair Lending Act
access to credit based only
on their financial
characteristics
/ 2/27
, 3/16/25, 3:10 AM Basic Appraisal Principles Study Guide for Final Exam
Federal Financial Institution Department of the Treasury (OCC, FDIC,
agencies FRB, NCUA) Department of Housing and
directly involved in fair
Urban Development, HUD
lending include:
regulates mortgage bankers and mortgage brokers in
Housing and Urban
Development (HUD) matters dealing with fair lending
the principles of right and wrong that guide an
Ethics
individual in making decisions, being OBJECTIVE,
IMPARTIAL and INDEPENDENT
A client would like the Misleading and breaks ethic rules in the conduct section.
appraiser to not disclose all
structures on the property.
An appraiser pays a fee to This must be disclosed both in the certification and in
be included on a list. any transmittal letter in which conclusions are stated.
Can an appriser offer a client No. It is a violation of an ethics rule in the management section.
a reduced fee on an
appraisal if the loan does
not close?
Fee can be stated based on an OWNER'S estimate, but
Appraiser Fees
NEVER based on an appraiser's opinion of value.
_ ________ created the Fannie Mae and Freddie Mac (intended to standardize data
Uniform provided by lenders)
Mortgage Data Program
(UMDP)
Created in 2011 by Fannie Mae & Freddie Mac. Provides
for standardized formats and responses for many of
Uniform Appraisal Dataset
(UAD) the fields on the most popular residential appraisal
report forms. (Only applies to mortgages sold to
Fannie Mae and Freddie Mac, or are
insured by FHA or guaranteed by VA)
allows transmission of information from one computer
Electronic Data Interchange
(EDI) application to another; data can be shared rapidly.
Required for use in March 2012
Geographic Information A computer system that stores, organizes, analyzes, and displays
System (GIS) geographic data.
the act or process of developing an opinion of value,
Appraisal
this replaces earlier definitions where "estimate" was
/ 3/27
Social Science Economics
Basic Appraisal Principles Study Guide for Final Exam
MCKISSOCK BASIC APPRAISAL PRINCIPLES FINAL NEWEST 2025
ACTUAL EXAM COMPLETE QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND
NEW VERSION!!
Terms in this set (285)
Appraiser Must be impartial and objective, provide an opinion of value
Four components of Qualifying Education, Experience, Examinations, Continuing
Real Property Education
Appraisal
Qualification Criteria
Uniform Standards of Professional Appraisal Practice
USPAP stands for It was adopted in 1989 by the ASB for the purpose of
promoting and preserving public trust
Certified Residential Appraiser 200 hours of appraisal education and training
Certified General Appraiser 300 hours of appraisal education and training
Board of Trustees appoints members and provides financial support and oversight
to AQB and ASB
Responsible for writing, amending, and interpreting
ASB (Appraisal Standards
Board) USPAP, creating standards of ethics and performance
establishes education, experience and requirements,
AQB (Appraiser Qualifications
Board) they give guidance to state agencies and the public
maintains a national registry of state certified and
ASC (Appraisal
Subcommittee) licensed appraisers who are eligible to perform
appraisals in federally related transactions
/ 1/27
,3/16/25, 3:10 AM Basic Appraisal Principles Study Guide for Final Exam
The first group of organized 1930s
appraisers appeared in the
_____________
In the 1970s the secondary Fannie Mae and Freddie Mac
mortgage market emerged and
_________________________
developed uniform rules for
underwriting
The Appraisal Foundation was 1987, educational and scientific purposes
formed in
_ __to develop standards and
common
definitions and provide
________________________
Board of Trustees (BOT), Appraisal Standards Board
Who makes up the Appraisal
(ASB), Appraiser Qualifications Board (AQB)
Foundation (TAF)?
(Individuals cannot join TAF as a member)
Financial Institutions legislation passed in 1989 that required each state to
Reform, Recovery & establish an agency for the licensing and certification
Enforcement Act (FIRREA), of real property appraisers
also known as "the Savings
and Loan Bailout Bill"
USPAP Standard 1 establishes requirements for development of a real property
appraisal
USPAP Standard 2 addresses the reporting of a real property appraisal
TAP is _ a government TAP is NOT and has no
agency, the enforcement authority ASC IS
ASC __ a government agency
and has significant enforcement
authority
Prohibits discrimination in Fair Housing Act
housing because of Race or
Color, National origin,
religion, sex, familial
status and handicap
Everyone should have equal Fair Lending Act
access to credit based only
on their financial
characteristics
/ 2/27
, 3/16/25, 3:10 AM Basic Appraisal Principles Study Guide for Final Exam
Federal Financial Institution Department of the Treasury (OCC, FDIC,
agencies FRB, NCUA) Department of Housing and
directly involved in fair
Urban Development, HUD
lending include:
regulates mortgage bankers and mortgage brokers in
Housing and Urban
Development (HUD) matters dealing with fair lending
the principles of right and wrong that guide an
Ethics
individual in making decisions, being OBJECTIVE,
IMPARTIAL and INDEPENDENT
A client would like the Misleading and breaks ethic rules in the conduct section.
appraiser to not disclose all
structures on the property.
An appraiser pays a fee to This must be disclosed both in the certification and in
be included on a list. any transmittal letter in which conclusions are stated.
Can an appriser offer a client No. It is a violation of an ethics rule in the management section.
a reduced fee on an
appraisal if the loan does
not close?
Fee can be stated based on an OWNER'S estimate, but
Appraiser Fees
NEVER based on an appraiser's opinion of value.
_ ________ created the Fannie Mae and Freddie Mac (intended to standardize data
Uniform provided by lenders)
Mortgage Data Program
(UMDP)
Created in 2011 by Fannie Mae & Freddie Mac. Provides
for standardized formats and responses for many of
Uniform Appraisal Dataset
(UAD) the fields on the most popular residential appraisal
report forms. (Only applies to mortgages sold to
Fannie Mae and Freddie Mac, or are
insured by FHA or guaranteed by VA)
allows transmission of information from one computer
Electronic Data Interchange
(EDI) application to another; data can be shared rapidly.
Required for use in March 2012
Geographic Information A computer system that stores, organizes, analyzes, and displays
System (GIS) geographic data.
the act or process of developing an opinion of value,
Appraisal
this replaces earlier definitions where "estimate" was
/ 3/27
