Mckissock USPAP Exam Questions With 100% Correct Answers 2024
35 views 4 purchases
Course
Mckissock USPAP
Institution
Mckissock USPAP
Mckissock USPAP Exam Questions With
100% Correct Answers 2024
Currently, the boards within The Appraisal Foundation include: - answerAppraisal Standards
Board, Appraiser Qualifications Board, Board of Trustees
Which Foundation board is responsible for USPAP? - answerAppraisal Standards Board
(...
Mckissock USPAP Exam Questions With 100% Correct Answers 2024 Currently, the boards within The Appraisal Foundation include: - answer✔✔Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees Which Foundation board is responsible for USPAP? - answer✔✔Appraisal Standards Board (ASB) Which entity appoints members of the AQB and ASB? - answer✔✔Board of Trustees (BOT) Qualification criteria for appraiser certification and recertification are disseminated to state appraisal board by the? - answer✔✔Appraiser Q ualifications Board Which entity is responsible for establishing education and experience requirements for licensing and certification of appraisers? - answer✔✔Appraiser Qualifications Board (AQB) USPAP is written, amended, and interpreted by the: - answer✔✔Appraisal Standards Board (ASB) Advisory Opinions are best described as - answer✔✔not part of USPAP, but included as reference material Which entity maintains the official National Registry of state -certified and licensed appraisers? - answer✔✔Appraisal Subcommittee (ASC) USPAP is enforced by: - answer✔✔State appraiser licensing/certification agencies Who is responsible for issuing credentials to individual appraisers - answer✔✔State appraisal regulatory agencies Which is not a responsibility of the Appra isal Subcommittee - answer✔✔Writing, interpreting, and amending USPAP Which part of USPAP establishes the requirements for workfile content for an appraisal or appraisal review assignment? - answer✔✔RECORD KEEPING RULE Why are USPAP Advisory Opinions issued? - answer✔✔offer advice Which of these is considered an integral part of USPAP and has the same weight as the components they address? - answer✔✔comments In USPAP the appraisal process is divided into two distinct typ es of activity______ and ______? - answer✔✔Development and Reporting The first step in the appraisal process is ? - answer✔✔Identify the problem Which step in the appraisal process involves communication of the appraiser's opinions and conclusions? - answe r✔✔reporting What is the stated purpose of USPAP - answer✔✔Promote and maintain a high level of public trust in appraisal practice To which property types does USPAP apply - answer✔✔Both tangible and intangible property The preamble states that USPAP inten ded to benefit - answer✔✔Appraisers and users of appraisal services USPAP states that in a situation when an individual is not required by law, regulation, or agreement to comply with USPAP: - answer✔✔The individual should still comply when he or she is ac ting as an appraiser A valuation service that is premised upon advocacy: - answer✔✔It cannot be performed by an individual acting as an appraiser A preference or inclination that precludes an appraiser's impartiality, independence, or objectivity is: - answer✔✔bias If an appraiser assumes a condition to be true, that does not exist for the purpose of analysis, this is an example of - answer✔✔A hypothetical condition If an appraiser assumes a condition to be true, and evidence supports that belief, although that fact is not certain, this is an example of: - answer✔✔An extraordinary assumption The monetary relationship between properties and those who buy sell or use those properties is the definition of - answer✔✔value An appraiser receives a copy of a signed sales agreement for an office building, which specifies the agreed -upon amount of $950,000. What does this figure represent? - answer✔✔price By using a published cost manual, an appraiser determines that the construction cost of a 2,500 square foot dwelli ng is $400,000. This figure represents the dwelling's: - answer✔✔Cost According to USPAP, the party or parties who engage an appraiser in a specific assignment defines the: - answer✔✔client An appraiser performs an appraisal assignment and develops an opin ion of value. This value opinion is - answer✔✔an assignment result
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TheStar. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
