What is uspap - Study guides, Class notes & Summaries

Which of the following conditions is a review appraiser NOT permitted to accept in an appraisal review assignment? Requiring an effective date of value different than the effective date in the appraisal under review Reviewing an appraisal of a property in a state in which the reviewer is not currently licensed An attorney wants to use the review to assist in formatting questions to attack the appraisal in cross-examination of the appraiser Requiring the use of a highly improbable hypothetica...

McKissock Basic Appraisal Principles Exam Questions With Correct Answers Latest 2024/2025 (Graded A+) Which entity is responsible for establishing the requirements to become an appraiser? CORRECT ANSWERS: the AQB True or False: An applicant for Certified General appraiser must possess at least an associate's degree from an accredited college or university. CORRECT ANSWERS: False The requirements for state licensed and certified appraisers had their genesis in CORRECT ANSWERS: FIRREA An ap...

What is appraisal? Correct Answer-The act or process of developing an opinion of value of an asset What is USPAP? Correct Answer-Uniform Standards of Professional Appraisal Practice What is real estate? Correct Answer-An identified parcel or tract of land, including imporvements, if any. The physical land and appurtenances affixed to the land What is real property? Correct Answer-The interests, benefits, and rights inherent in the ownership of real estate (land, buildings, fixtures) ...

McKissock Basic Appraisal Principles | 519 QUESTIONS With Answers Latest 2024/2025 Graded A+. The primary purpose of USPAP is to protect CORRECT ANSWERS: public trust Normally the first step in highest and best use analysis is to research the uses that are CORRECT ANSWERS: legally permissible An appraiser is appraising a property with two structures on one tract of land. The client asks the appraiser not to mention the second structure, as it is in poor condition. Which statement is TRUE re...

McKissock Liberty University -Sales Comparison Approach McKissock Class with correct answers What is created in the mind of an individual or market participant? - correct answer Value What is the motivation of an individual, group of persons, or business entity involving the purchase of an item? - correct answer Desire As the term applies to appraisal, transferability refers to the number of goods and services that can be purchased with a unit of currency. (T/F) - correct answer True W...

What did review appraiser Larry Anderson mean when he said that a review appraiser needed to have a split personality? correct answers The review appraiser has to be both a technician and a diplomat What is the primary function of the appraisal reviewer? correct answers Form an opinion regarding the adequacy and appropriateness of the appraisal report The scope of work of an appraisal review assignment can involve: correct answers Checking the mathematical accuracy Determining regulatory ...

15 HR NATIONAL USPAP EXAM 2024 ACTUAL UPDATE What is USPAP? - Uniform Standards of Professional Appraisal Practice

USPAP Mckissock Exam Questions and Answers Latest Update 2024/2025 | Graded A+. Which Foundation board is responsible for USPAP? - correct answer Appraisal Standards Board (ASB) Which entity appoints members of the AQB and ASB? - correct answer Board of Trustees (BOT) Qualification criteria for appraiser certification and recertification are disseminated to state appraisal board by the? - correct answer Appraiser Qualifications Board Which entity is responsible for establishing education and...

What is USPAP? correct answers Uniform Standards of Professional Appraisal Practice Why was USPAP developed? correct answers To promote and maintain a high level of public trust as well as confidence in professional appraisal practice What are the benefits of USPAP? correct answers 1) Provides a common basis for comparison (eg are we doing the appropriate work for the type of assignment?) 2) Provides a reference source for all users of the document. 3) Provides a basis for uniform enfor...

Florida Real Estate U Final Exam Questions And Revised Correct Answers An appraisal can be completed by which of the following? A home inspector A real estate broker A licensed appraiser using USPAP standards A mortgage loan originator A licensed appraiser using USPAP standards What is a BPO? Broker Price Opinion Best Practice Organization Best Prospective Offer Beyond Present Opportunities Broker Price Opinion Which of the following is incorrect? Farming methods include Direct ...