MCKISSOCK TERM CHAPTER 1 40 HOUR TRAINING EXAM QUESTIONS AND ANSWERS
Paramount within USPAP is an appraiser's obligation to promote and preserve what? - Answer-a. adequate compensation for appraisers.
b. public trust in appraisal practice.
c. appraisal as an honorable profession.
d. his right ...
MCKISSOCK TERM CHAPTER 1 40
HOUR TRAINING EXAM
QUESTIONS AND ANSWERS
Paramount within USPAP is an appraiser's obligation to promote and preserve what? -
Answer-a. adequate compensation for appraisers.
b. public trust in appraisal practice.
c. appraisal as an honorable profession.
d. his right to advocate for his client.
Within the definition of an appraiser, which is NOT one of the expectations of an
appraiser's performance? - Answer-a. objectivity
b. impartiality
c. advocacy
d. independence
Which is required in order to establish a person or entity as the appraiser's client in an
assignment? - Answer-a. employment contract signed by all parties.
b. exchange of confidential information.
c. engagement of the appraiser's services.
d. payment for the appraiser's services.
Which is an obligation of the COMPETENCY RULE of USPAP? - Answer-A. decline all
assignments for which the appraiser does not initially possess competency.
B. keep the lack of knowledge and experience confidential in the appraisal report.
C. disclose the lack of competency to the client prior to agreeing to perform the
assignment.
D. refer the assignment to an appraiser who possesses competency.
Give a few examples of professionals who renders valuation services other than
appraisers. - Answer--real estate brokers -insurance agents
-accountants -attorneys
-builders -automobile dealers
The USPAP expects an appraiser to always perform valuation services competently and
in what manner? - Answer--Impractical
-Independent
-Objective
Scope of Work - Answer-The type and extent of research and analyses in an
assignment
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