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As part of your appraisal scope of work, you decided not to perform certain research or take actions that you felt inappropriate, but that may be expected by an intended user. Where would you explain that in your narrative report? - ANSWER In the scope of work When explaining the kitchen featured in an apartment unit, what should the appraiser summarize? - ANSWER All of the appliances, if the cooking is gas or electric, the cabinetry, the countertops and back splash, the sink and faucet Wh...

What is created in the mind of an individual or market participant? - ANSWER Value What is the motivation of an individual, group of persons, or business entity involving the purchase of an item? - 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) - ANSWER True What does not include physical mobility, but rather the control and possession of all the rights of ownership? - ANSWER...

Appraisal - ANSWER "(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 - ANSWER any communication, written or oral, of an appraisal or appraisal review that is transmitted to the client or a party authorized by the client upon completion of an assignment. 2 Client - ANSWER "The party or parties who engage, by employment or contr...

What does not include physical mobility, but rather the control and possession of all the rights of ownership? - ANSWER Purchasing Power If an appraiser is valuing real property by sales comparison, whose actions is he or she LEAST likely to consider? - ANSWER Government Agencies Which value characteristic implies the presence of a need or demand, which considers the monetary power to fill that need? - ANSWER Desire The rights and benefits inherent in the ownership of a parcel of land w...

MCKISSOCK USPAP CHAPTER 11 QUESTINS AND ANSWERS 2025

MCKISSOCK USPAP CHAPTER 9 QUESTIONS AND ANSWERS 2025

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 Sta...

Which Foundation board is responsible for USPAP? - ANSWER ASB Advisory Opinions are best described as - ANSWER not part of USPAP, but included as reference material USPAP is written, amended, and interpreted by the: - ANSWER Appraisal Standards Board (ASB) Why are USPAP Advisory Opinions issued? - ANSWER To offer advice Which of these is considered an integral part of USPAP and has the same weight as the components they address? - ANSWER comments A valuation service that is premis...

Standard 2 States... - ANSWER In reporting the results of a real property appraisal, an appraiser must communicate each analysis, opinion, and conclusion in a manner that is not misleading. Report - ANSWER Any communication, written or oral, of an appraisal or appraisal review that is transmitted to the client upon completion of an assignment. What does standard 2 do? - ANSWER STANDARD 2 sets forth minimum content requirements for written and oral real property appraisal reports. Standa...

What does the ethics rule establish? - ANSWER Establishes fundamental obligations of an appraiser as part of the profession Ethics Rule - ANSWER An appraiser must promote and preserve the public trust inherent in professional appraisal practice by observing the highest standards of professional ethics. Requirements of the ethics rule - ANSWER An Appraiser Must: -Not misrepresent his or her role when providing valuation services that are outside of appraisal practice -Certify complian...