USPAP McKissock bunded exams with correct multiple choices 2024

Valuation process correct answersA systematic procedure used in the valuation of real property. Client correct answersThe party or parties who engage, by employment or contract, an appraiser in a specific assignment. Steps in Defining the problem correct answersIdentification and location of t...

"A document or a clause in a document in which the borrower accepts responsibility for the repayment of a debt" is the definition of: A) CC&R B) bond C) mortgage note D) debt correct answersmortgage note "The earth's surface, both land and water, and anything that is attached to it whether by...

ASC (Appraisal Subcommittee) correct answersThe _____ has oversight authority over state appraisal boards. consideration, in writing and signed, and lawful objective correct answersWhich of the below is a requirement of a valid real estate contract? capital correct answers"The interaction of ...

Appraisal correct answers"(noun) The act or process of developing an opinion of value. an opinion of value; (adjective) of or pertaining to appraising and related functions such as appraisal practice or appraisal services."1 Report correct answersany communication, written or oral, of an apprai...

"A document or a clause in a document in which the borrower accepts responsibility for the repayment of a debt" is the definition of: A) CC&R B) bond C) mortgage note D) debt correct answersmortgage note "The earth's surface, both land and water, and anything that is attached to it whether by...

"A document or a clause in a document in which the borrower accepts responsibility for the repayment of a debt" is the definition of: A) CC&R B) bond C) mortgage note D) debt correct answersmortgage note "The earth's surface, both land and water, and anything that is attached to it whether by...

Currently, the boards within The Appraisal Foundation include: correct answersAppraisal Standards Board, Appraiser Qualifications Board, Board of Trustees Which Foundation board is responsible for USPAP? correct answersAppraisal Standards Board (ASB) Which entity appoints members of the AQB an...

An appraiser paid a referral fee in conjunction with an assignment. Which statement is TRUE regarding this situation, according to USPAP? correct answersThe appraiser must disclose that a fee was paid, but does not have to disclose the amount paid. An appraiser finds out after completing an appra...

What does the ethics rule establish? correct answersEstablishes fundamental obligations of an appraiser as part of the profession Ethics Rule correct answersAn appraiser must promote and preserve the public trust inherent in professional appraisal practice by observing the highest standards of pr...

What does the ethics rule establish? correct answersEstablishes fundamental obligations of an appraiser as part of the profession Ethics Rule correct answersAn appraiser must promote and preserve the public trust inherent in professional appraisal practice by observing the highest standards of pr...

_________ is one of the four agents of production in economic theory. correct answersLand Which is NOT a true statement? correct answersThe "Land Appraisal Report" is a Fannie Mae form. Land, as a physical entity, includes all of the following components EXCEPT: correct answersProperty right...

_________ is one of the four agents of production in economic theory. correct answersLand Which is NOT a true statement? correct answersThe "Land Appraisal Report" is a Fannie Mae form. Land, as a physical entity, includes all of the following components EXCEPT: correct answersProperty right...

2) Definitions 3) Rules 4) Standards USPAP Provides... correct answers1. A common basis for comparison 2. A reference source for all users of the document 3. A basis for uniform enforcement for state regulatory agencies 4. A reason for clients, other intended users, and the public to place t...

True or False: An appraiser's client must always directly engage the appraiser. correct answersFalse A step-by-step procedure that can be applied to any type of appraisal assignment is correct answersThe valuation process True or False: The effective date of the valuation must be the date on ...