Mckissock USPAP Exam Questions With 100% Correct Answers 2024 /2025 {GRADED A }
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Mckissock USPAP
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Mckissock USPAP
Mckissock USPAP Exam Questions With 100% Correct
Answers 2024 /2025 {GRADED A }
Financial chaos began in the US during the - CORRECT ANSWER 1929
stock market crash after the great depression
In the 1950s-70s double continued with - CORRECT ANSWER -Works
related areas
-Property taxation
-F...
Mckissock USPAP Exam Questions With 100% Correct
Answers 2024 /2025 {GRADED A }
Financial chaos began in the US during the - CORRECT ANSWER 1929
stock market crash after the great depression
In the 1950s-70s double continued with - CORRECT ANSWER -Works
related areas
-Property taxation
-Federal housing programs
1990s trouble was because of... - CORRECT ANSWER Mortgage scams
and illegal house flipping.
When an appraiser uses a hypothetical condition in an appraisal,
USPAP requires the appraiser to: - CORRECT ANSWER Clearly and
conspicuously state the use of the hypothetical condition in the report
Which term is defined as an assignment condition established by
applicable law or regulation, which precludes an appraiser from
complying with a part of USPAP? - CORRECT ANSWER Jurisdictional
exception
Which of these actions would be considered significant appraisal
assistance when performed by an appraiser? - CORRECT ANSWER
Research and selection of comparable sales
An appraiser develops a value opinion on a single-unit dwelling and
does not develop the income approach. In the Appraisal Report
prepared for the assignment, the appraiser: - CORRECT ANSWER Must
state the reason for excluding the income approach
According to USPAP, what is the primary reason for inspecting a
property that is the subject of an appraisal? - CORRECT ANSWER To
gather information about the characteristics of a property that are
relevant to its value
,Robert agrees to appraise a split-level home in a town 100 miles south
of his office. While he is not generally familiar with that area, Robert
rationalizes: "I have appraised houses like this one for 20 years. How
hard could it be?"
When Robert pulls up to the house, he notices the subject is in a gated
community. Robert had never appraised a property in a gated
community. As Robert inspected the interior of the subject he noted
several items and finishes with which he was not familiar: marble floor
coverings; upscale, built-in freezers; and a wine cellar. As Robert exits
the back door, he notices the subject property fronts on a river. While
this river does not connect directly with the ocean, it does connect
with a network of streams that do, ultimately lead to the ocean.
Robert is quite concerned. He has had no experience appraising a
house with some of the features he has seen; and he has never
appraised wat - CORRECT ANSWER Robert should contact the client
as soon as possible and explain that he lacks the knowledge and
experience to complete the assignment competently. If he feels he
can obtain the required level of competency, and the client allows him,
then Robert may proceed with the assignment.
The SCOPE OF WORK RULE states that an appraisal or appraisal
review report must contain sufficient information so that: - CORRECT
ANSWER The client and other intended users understand the scope of
work performed by the appraiser
You have reviewed the appraisal of a house in a suburban area that
was performed for an estate. The effective date was the date of
inspection. You note in your review report that the proper effective
date should have been the date of death of the deceased, and submit
the review to your client. Two weeks later the client calls you. They
thank you for the review, and note that they cannot reach the original
appraiser. They need the appraisal very soon, and ask that, as part of
the review process, you alter the appraisal report under review to
change the effective date, and then sign the report certification. What
should you do? - CORRECT ANSWER Do not sign the report, and
explain that the review process is separate and distinct from the
appraisal under review
,If an appraiser has agreed with a client to keep the existence of an
assignment confidential, how long must the appraiser wait before
agreeing to perform another assignment on the same property? -
CORRECT ANSWER Three years
A trainee appraiser provides significant appraisal assistance to a
senior appraiser. The trainee appraiser does not sign the certification,
but instead the trainee appraiser's name is listed in the certification
as having provided significant assistance. What else is the senior
appraiser required to do in order to meet USPAP requirements for
disclosing significant appraisal assistance in an Appraisal Report? -
CORRECT ANSWER Summarize the extent of the assistance
somewhere in the report
An individual is both a real estate appraiser and a kitchen designer. He
has been asked to appraise a property in which he designed the
kitchen one year ago. Regarding this situation, which statement is
TRUE? - CORRECT ANSWER The kitchen design service performed on
the property must be disclosed.
You are a certified residential appraiser, and are working with a
supervising certified general appraiser on an industrial appraisal. Your
supervisor is a certified general appraiser with 25 years' experience
appraising shopping centers, industrial facilities, and office buildings.
You and the supervisor sign the commercial reports you have been
working on. While inspecting the subject property you note a patch of
blackened grass behind the building. The black patch is near some
overturned, open barrels. You made detailed notes and took several
photos. Your report has a detailed section about your concerns.Your
supervisor is concerned about your report. She told you the client, a
major bank, would not be happy about a report that details dying
grass. The supervisor tells you to remove that section of the
report.You have trepidations, but your supervisor threatened not to
work with you anymore unless you "remove t - CORRECT ANSWER Do
not sign the report because deleting the section about possible
contamination will create a misleading report
, A client makes several requests of an appraiser who is completing an
appraisal assignment. Which of these client requests is an assignment
condition as defined by USPAP? - CORRECT ANSWER The appraiser
must, at minimum, develop the sales comparison and the cost
approach
Which entity has final authority over USPAP and any changes to
USPAP? - CORRECT ANSWER The Appraisal Standards Board
Which statement is TRUE about the effective date of an appraisal? -
CORRECT ANSWER It establishes the context of the value opinion.
In order for an appraiser to use a hypothetical condition in the
development of an appraisal, USPAP requires which of the following
conditions to be met? - CORRECT ANSWER The use of the hypothetical
condition must result in a credible analysis
Which of these would be an assignment result in a residential
appraisal assignment? - CORRECT ANSWER Site value
An appraiser does not use the cost approach in the appraisal of a 100-
year-old duplex dwelling. What must the appraiser include in the
Appraisal Report prepared for the assignment, with regard to the
exclusion of the cost approach? - CORRECT ANSWER A statement of
the reason for excluding the approach
An appraiser has agreed to perform an appraisal on a small residential
income property. The appraiser analyzes the assignment elements and
establishes a planned scope of work. Once established, the
appraiser's scope of work - CORRECT ANSWER Is flexible and can
change as needed in the course of the assignment
An individual is both an appraiser and a real estate broker. What are
the USPAP obligations for this individual when performing valuation
services outside of appraisal practice? - CORRECT ANSWER The
individual is required not to misrepresent his or her role in performing
this service
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