MCKISSOCK USPAP DEFINATIONS CHAPTER 2 EXAM REVIEW QUESTIONS AND ANSWERS
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MCKISSOCK USPAP DEFINATIONS
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MCKISSOCK USPAP DEFINATIONS
MCKISSOCK USPAP DEFINATIONS CHAPTER 2 EXAM REVIEW QUESTIONS AND ANSWERS
Workfile - Answer-Documentation necessary to support an appraiser's analysis, opinions, and conclusions.
Valuation Services - Answer-Services pertaining to aspects of property value
Appraisal Practice - Answer-Valuation ...
MCKISSOCK USPAP DEFINATIONS
CHAPTER 2 EXAM REVIEW
QUESTIONS AND ANSWERS
Workfile - Answer-Documentation necessary to support an appraiser's analysis,
opinions, and conclusions.
Valuation Services - Answer-Services pertaining to aspects of property value
Appraisal Practice - Answer-Valuation services performed by an individual acting as an
appraiser, including but not limited to appraisal and appraisal review.
Appraisal Practice is a subset of... - Answer-Valuation Services
Appraisal - Answer-The act or process of developing an opinion of value, an opinion of
value
Appraisal Review - Answer-The act or process of developing and communication an
opinion about the quality of another appraiser's work that was performed as part of an
appraisal or appraisal review assignment.
Scope of work - Answer-The type and extent of research and analyses in an appraisal
or appraisal review assignment
Requirements for an appraisal or appraisal review - Answer-- Identify the problem to be
solved
- Determine and perform the scope of work necessary to develop credible assignment
results, for the intended use
- Disclose the scope of work performed in the report
Market Value - Answer-USPAP does not define a specific definitions, but rather the
components of the term market value
There are a number of definitions of market value, each is unique. USPAP does not
endorse any specific definition.
Advocacy - Answer-Representing the cause or interest of another, even if that cause or
interest does not necessarily coincide with one's own beliefs, opinions, conclusions, or
recommendations
Impartiality - Answer-Conveys a mental state that does not favor one side over another
at the outset of an investigation
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