Exam (elaborations)
15-hour National USPAP Course – McKissock Questions and Answers 100% Correct | Updated 2024 A+
- Course
- Institution
15-hour National USPAP Course – McKissock Questions and Answers 100% Correct | Updated 2024 A+
[Show more]
Seller
Follow
ASolution
Reviews received
Content preview
Created by: A+ Solution15-hour National USPAP Course – McKissock Questions and
Answers 100% Correct | Updated 2024 A+
The concept of public trust means that an appraiser must act: - Correct Answer-in the public's
interest
USPAP establishes standards that are applicable in the appraisal of: - Correct Answer- real
property, intangible property, and personal property
Which statement is TRUE regarding The Appraisal Foundation and USPAP enforcement
authority? - Correct Answer-The Appraisal Foundation does not have the authority to enforce the
requirements of USPAP.
Which entity is responsible for establishing education and experience requirements for licensing
and certification of appraisers? - Correct Answer-Appraiser Qualifications Board (AQB)
Qualification criteria for appraiser certification and recertification are disseminated to state
appraisal boards by the: - Correct Answer-Appraiser Qualifications Board (AQB)
Which entity appoints members of the Foundation's independent Boards? - Correct Answer-
Board of Trustees (BOT)
USPAP is developed, interpreted, and amended by the: - Correct Answer-Appraisal Standards
Board (ASB)
Advisory Opinions are best described as - Correct Answer-Not part of USPAP, but included as
reference material
www.mytestbank.com
,Created by: A+ Solution
The ASB is considering comment letters written by members of the public regarding a proposed
revision to USPAP. When reviewing these comment letters, the ASB focuses on: - Correct
Answer-The reasoning and insight presented in the letter
Which is NOT a responsibility of the Appraisal Subcommittee (ASC)? - Correct Answer-
Developing, amending, and interpreting USPAP
Who is responsible for issuing credentials to individual appraisers? - Correct Answer- State
appraisal regulatory agencies
Under FIRREA, USPAP is enforced by: - Correct Answer-State appraiser licensing/certification
agencies
Which entity maintains the official national registry of state-certified and licensed appraisers? -
Correct Answer-Appraisal Subcommittee (ASC)
In USPAP, the appraisal process is divided into two distinct types of activity: and .-
Correct Answer-development, reporting
Which step in the appraisal process involves communication of the appraiser's opinions and
conclusions? - Correct Answer-reporting
The first step in the appraisal process is: - Correct Answer-Identify the problem
A preference or inclination that precludes an appraiser's impartiality, independence, or
objectivity is: - Correct Answer-bias
An appraiser is not permitted to be when performing an appraisal. - Correct Answer-an
advocate
www.mytestbank.com
, Created by: A+ Solution
conveys a mental state that does not favor one side over another at the outset of an investigation
is what? - Correct Answer-impartiality
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 is what? - Correct
Answer-advocacy
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: - Correct Answer-an extraordinary assumption
If an appraiser assumes a condition to be true that does not exist for the purposes of analysis, this
is an example of: - Correct Answer-hypothetical condition
The terms extraordinary assumption and hypothetical condition: - Correct Answer-Have different
meanings within USPAP
By using a published cost manual, an appraiser determines that the construction cost of a 2,500
square foot dwelling is $400,000. This figure represents the dwelling's: - Correct Answer-cost
"The monetary relationship between properties and those who buy, sell or use those properties"
is the definition of: - Correct Answer-value
Which of these statements is TRUE about the USPAP definition of client? - Correct Answer-The
client may engage the appraiser through an agent.
Which statement about intended users is TRUE? - Correct Answer-The client is always an
intended user
Who makes the identification of the intended use in an assignment? - Correct Answer- the
appraiser
www.mytestbank.com
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 ASolution. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81531 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
Recently viewed by you
