Mckissock USPAP Chapter 7 Exam Questions With 100% Correct Answers AGraded
What requirements are included in Standard 1? - Answer-Requirements that are specific to the development of real property appraisal assignments are found in Standard 1
/.General statement in beginning of standard 1 - ...
Mckissock USPAP Chapter 7 Exam
Questions With 100% Correct Answers
AGraded
What requirements are included in Standard 1? - Answer-Requirements that are
specific to the development of real property appraisal assignments are found in
Standard 1
/.General statement in beginning of standard 1 - Answer-In developing a real property
appraisal, an appraiser must identify the problem to be solved, determine the scope of
work necessary to solve the problem, and correctly complete research and analyses
necessary to produce a credible appraisal
/.How many rules are there in Standard 1? - Answer-Six
/.Standard rule 1 - Answer-1. Appraiser must be aware of, understand, and correctly
employ those recognized methods and techniques that are necessary to produce a
credible appraisal
2. Not commit a substantial error of omission or commission that significantly affects an
appraisal
3. Not render appraisal services in a careless or negligent manner, such as by making a
series or errors, that although individually might not significantly affect the results of an
appraisal, in the aggregate affects the credibility of those results
/.Standard Rule 1.2 (a) - Answer-An appraiser must identify the client and other
intended users
/.Standard Rule 1.2 (b) - Answer-An appraiser must identify the intended use of the
appraiser's opinions and conclusions
/.Standard Rule 1.2 (c) - Answer-An appraiser must identify the type and definition of
value, and, if the value opinion to be developed is market value, ascertain whether the
value or to be the most probable price in specific terms.
/.Exposure Time - Answer-Estimated length of time the property interest being appraiser
would have been offered on the market prior to a hypothetical consummation of a sale
at market value on the effective date of the appraisal
/.When does exposure time end? - Answer-Exposure time ends on the effective date of
the appraisal
/.When does marketing time begin? - Answer-Marketing time begins on the effective
date of the appraisal and extends into the future
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller kartelodoc. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.49. You're not tied to anything after your purchase.
