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McKissock Learning - Basic Appraisal Principles Question and answers verified to passMcKissock Basic Appraisal Principles 
 
 
An appraiser paid a referral fee in conjunction with an assignment. Which statement is TRUE regarding this situation, according to USPAP? - correct answer The appraiser must disclose that a fee was paid, but does not have to disclose the amount paid. 
 
An appraiser finds out after completing an appraisal that the lender/client's loan did not close. What should the appr...
McKissock USPAP Chapter 1 Question and answers already passed McKissock USPAP Chapter 1 
 
 
USPAP Provides... - correct answer 1. 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 their trust in the services performed by professional appraisers 
 
USPAP Stands for - correct answer Uniform Standards of Professional Appraisal Pr...
McKissock USPAP Chapter 4 Question and answers 100% correct McKissock USPAP Chapter 4 
 
 
What does the ethics rule establish? - correct answer Establishes fundamental obligations of an appraiser as part of the profession 
 
Ethics Rule - correct 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 - correct answer An Appraiser Must: 
 
-Not misrep...
McKissock USPAP Chapter 8 Question and answers 100% correct McKissock USPAP Chapter 8 
 
 
Standard 2 States... - correct 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 - correct 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? - correct answ...
McKissock-Land and Site Valuation Question and answers rated A+ McKissock-Land and Site Valuation 
 
 
_________ is one of the four agents of production in economic theory. - correct answer Land 
 
Which is NOT a true statement? - correct answer The "Land Appraisal Report" is a Fannie Mae form. 
 
Land, as a physical entity, includes all of the following components EXCEPT: - correct answer Property rights 
 
For any economic good to have value, all of the following must be present EXCEPT - c...
Principles of USPAP McKissok Questions with complete solution Principles of USPAP McKissok 
 
 
The Appraisal Practices Board (ADB) - correct 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 - correct answer Which statement is TRUE regarding The Appraisal Foundation and USPAP enforcement authority? 
 
Board of Trustees, Appraisal Practices Board, Appraiser Qualification...
Real estate appraisal principles and procedures Question and answers correctly solved Real estate appraisal principles and procedures 
 
 
REAL ESTATE 
 
Is the physical land and improvements 
 
 
Real property 
 
Is "the interest, benefits, and rights inherent to the ownership of real estate". These include the land, anything permanently attached or affixed to the land, anything incidental or appurtenant to the land, and anything immovable by law. 
 
 
 
Bundle of rights 
 
Bundle of rights i...
Reconciliation Key Terms - McKissock Question and answers verified to passReconciliation Key Terms - McKissock 
 
 
the process of considering the quantity and quality of data available. It is required in all appraisal assignments, and it is not a simple matter of averaging or checking the work for errors. - correct answer reconciliation 
 
An appraiser has completed the three approaches to value. The results are: sales comparison approach: $200,000. Cost approach: $190,000. Income approach: $21...
Residential Market Analysis and Highest & Best Use Question and answers already pass Residential Market Analysis and Highest & Best Use 
 
 
A property owner constructs a six-car garage at a cost of $80,000. It only adds $40,000 in value to the property. What economic principle does this best demonstrate? - correct answer Contribution 
 
What are the four agents of production? - correct answer land, labor, capital, coordination 
 
The principle of contribution is most closely associated with: -...
Sales Comparison Approach McKissock Class Question and answers already passed Sales Comparison Approach McKissock Class 
 
What is created in the mind of an individual or market participant? - correct answer Value 
 
What is the motivation of an individual, group of persons, or business entity involving the purchase of an item? - correct 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/...