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15-hour National USPAP Course – McKissock Questions and Answers 100% Correct | Updated 2024 A+
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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
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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
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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
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