PRINCIPLES OF USPAP MCKISSOK QUESTIONS
AND ANSWERS 2025
The,Appraisal,Practices,Board,(ADB),-
,ANSWER,Which,independent,board,was,created,within,The,Appraisal,Foundation,in,2010?
The,Appraisal,Foundation,does,not,have,the,authority,to,enforce,the,requirements,of,USPAP,-
,ANSWER,Which,statement,is,TRUE,regarding,The,Appraisal,Foundation,and,USPAP,enforcement,
authority?
Board,of,Trustees,,Appraisal,Practices,Board,,Appraiser,Qualifications,Board,,Appraisal,Standards
,Board,-,ANSWER,Currently,,the,boards,within,the,Appraisal,Foundation,include:
The,APB,issues,voluntary,guidance,on,recognized,valuation,methods,and,techniques.,-
,ANSWER,What,is,the,Appraisal,Practices,Board?
Not,part,of,USPAP,,but,included,as,reference,material.,-
,ANSWER,Advisory,Opinions,are,best,described,as:
Voluntary,-,ANSWER,The,guidance,issued,by,the,Appraisal,Practices,Board,is,considered:
The,Appraisal,Standards,Board,(ASB),-
,ANSWER,USPAP,is,developed,,interpreted,,and,amended,by,the:
Developing,,amending,,and,interpreting,USPAP,-
,ANSWER,Which,is,NOT,a,responsibility,of,the,Appraisal,Subcommittee,(ASC):
State,appraisal,regulatory,agencies,-
,ANSWER,Who,is,responsible,for,issuing,credentials,to,individual,appraisers?
,Appraisal,Subcommittee,(ASC),-
,ANSWER,Which,entity,maintains,the,official,national,registry,of,state-
certified,and,licensed,appraisers?
Identify,the,problem,-,ANSWER,The,first,step,in,the,appraisal,process,is:
Reporting,-
,ANSWER,Which,step,in,the,appraisal,process,involves,communication,of,the,appraiser's,opinion
s,and,conclusions?
Developing,,Reporting,-
,ANSWER,In,USPAP,,the,appraisal,process,is,divided,into,two,distinct,types,of,activity:,_______,a
nd,________.
The,Appraisal,Standards,Board,(ASB),-
,ANSWER,USPAP,is,developed,,interpreted,,and,amended,by,the:
State,appraiser,licensing/certification,agencies,-,ANSWER,Under,FIRREA,,USPAP,is,enforced,by:
An,advocate,-
,ANSWER,An,appraiser,is,not,permitted,to,be,__________,when,performing,an,appraisal.
Bias,-
,ANSWER,A,preference,or,inclination,that,precludes,an,appraiser's,impartiality,,independence,,or
,objectivity,is:
Have,different,meanings,within,USPAP,-
,ANSWER,The,terms,extraordinary,assumption,and,hypothetical,condition:
, Hypothetical,assumption,-
,ANSWER,If,an,appraiser,assumes,a,condition,to,be,true,that,does,not,exist,for,the,purposes,of,a
nalysis,,this,is,an,example,of:
Extraordinary,assumption,-
,ANSWER,If,an,appraiser,assumes,a,condition,to,be,true,,and,evidence,supports,that,belief,,altho
ugh,that,fact,is,not,certain,,this,is,an,example,of:
Cost,-
,ANSWER,By,using,a,published,cost,manual,,an,appraiser,determines,that,the,construction,cost,o
f,a,$2,500,square,foot,dwelling,is,$400,000.,This,figure,represents,the,dwelling's:
Value,-
,ANSWER,"The,monetary,relationship,between,properties,and,those,who,buy,,sell,,or,use,those,
properties",is,the,definition,of:
Client,-
,ANSWER,According,to,USPAP,,the,party,or,parties,who,engage,in,a,specific,assignment,defines,t
he:
The,client,may,engage,the,appraiser,through,an,agent,-
,ANSWER,Which,of,these,statements,is,TRUE,about,the,USPAP,definition,of,client?
The,appraiser,-,ANSWER,Who,makes,the,identification,of,the,intended,use,in,an,assignment?
A,party,who,is,identified,by,the,appraiser,based,on,communication,with,the,client,at,the,time,of,
the,assignment.,-,ANSWER,An,intended,user,is:
The,client,is,always,an,intended,user,-,ANSWER,Which,statement,about,intended,users,is,TRUE?
