What is uspap Study guides, Class notes & Summaries
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Basic Appraisal Procedures – McKissock test questions with verified solutions 2024.
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Valuation process 
A systematic procedure used in the valuation of real property. 
 
Steps: 
1: Define the problem 
 
2:Determine scope of work 
 
3:Gather, record, and verify the data 
 
4:Determine the highest and best use 
 
5:Estimate the land value 
 
6:Estimate value by each of the three approaches (if applicable) 
 
7:Reconcile the estimated values into the final opinion of value 
 
8:Report the final opinion of value 
 
 
 
Client 
The party or parties who engage, by employment or contra...
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McKissock Basic Appraisal Principles All Possible Questions and Answers 100% Solved
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McKissock Basic Appraisal Principles 
All Possible Questions and Answers 
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An appraiser paid a referral fee in conjunction with an assignment. Which statement is TRUE 
regarding this situation, according to USPAP? 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 appraiser do regarding the appraisal fee? Charge the agre...
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National USPAP Course Exam with 100% Correct Answers 2023
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National USPAP Course Exam 
The Appraisal Foundation has the authority to enforce the requirements of USPAP. - 
Correct answer-False 
Currently, the boards within the Appraisal Foundation include: - Correct answerAppraisal Standards Board, Appraisal Qualifications Board, Board of Trustees 
Which Foundation board is responsible for USPAP? - Correct answer-Appraisal 
Standards Board 
Qualification criteria for appraiser certification and recertification are disseminated to 
state appraisal boards ...
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Mckissock Residential Market Analysis and Highest & Best Use| 324 QUESTIONS| WITH COMPLETE SOLUTIONS
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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 ANSWERS: Contribution 
 
What are the four agents of production? CORRECT ANSWERS: land, labor, capital, coordination 
 
The principle of contribution is most closely associated with: CORRECT ANSWERS: the Sales Comparison Approach (The contributory value of a given amenity is the public's perception of its actual contribu...
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USPAP 2024 Questions with 100% correct answers
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What is USPAP? - correct answer Uniform Standards of Professional Appraisal Practice 
 
Why was USPAP developed? - correct answer To promote and maintain a high level of public trust as well as confidence in professional appraisal practice 
 
What are the benefits of USPAP? - correct answer 1) Provides a common basis for comparison (eg are we doing the appropriate work for the type of assignment?) 
2) Provides a reference source for all users of the document. 
3) Provides a basis for uniform en...
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IAAO 300: Complete Course Review Questions and Answers 100% Pass
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IAAO 300: Complete Course Review Questions and Answers 100% Pass What is the main difference between single property appraisal and mass appraisal? 1. Group vs Particular 2. Mass Appraisal emphasizes standardized and statistical quality control features 
In the Appraisal Process, "Define the valuation problem" does not include which of the following: 
a. Define the Value to be developed 
b. Identify limiting conditions or limitations 
c. Date of the value 
d. Competitive properties 
e. Identify...
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15 HR National USPAP 2020-2021, USPAP 15-Hour Course, 15-Hour USPAP Course, Mckissock USPAP Chapter 1, Mckissock USPAP Chapter 2 (Definitions), McKissock USPAP Chapter 4, Mckissock USPAP Chapter 7, Mckissock USPAP Chapter 8, Mckissock USPAP Chapter 9...
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What is USPAP? CORRECT ANSWERS: Uniform Standards of Professional Appraisal Practice 
 
Why was USPAP developed? CORRECT ANSWERS: To promote and maintain a high level of public trust as well as confidence in professional appraisal practice 
 
What are the benefits of USPAP? CORRECT ANSWERS: 1) Provides a common basis for comparison (eg are we doing the appropriate work for the type of assignment?) 
2) Provides a reference source for all users of the document. 
3) Provides a basis for uniform...
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USPAP 15-hour course Questions and Answers 100% Pass
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USPAP 15-hour course Questions and Answers 100% Pass The concept of public trust means that an appraiser must act: in the public's interest 
USPAP establishes standards that are applicable in the appraisal of: real property, intangible property, and personal property 
Which statement is TRUE regarding The Appraisal Foundation and USPAP enforcement authority? The Appraisal Foundation does not have the authority to enforce the requirements of USPAP. 
Which entity is responsible for establishing e...
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National USPAP Course Exam 172 Questions with Answers,100% CORRECT
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National USPAP Course Exam 172 Questions with Answers 
 
The Appraisal Foundation has the authority to enforce the requirements of USPAP. - CORRECT ANSWER False 
 
Currently, the boards within the Appraisal Foundation include: - CORRECT ANSWER Appraisal Standards Board, Appraisal Qualifications Board, Board of Trustees 
 
Which Foundation board is responsible for USPAP? - CORRECT ANSWER Appraisal Standards Board 
 
Qualification criteria for appraiser certification and recertification are dissem...
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15-hour National USPAP Course – McKissock| 134 questions| with complete solutions
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USPAP contains what 4 sections? CORRECT ANSWERS: 1) The Preamble 
2) Definitions 
3) Rules 
4) Standards 
 
USPAP Provides... CORRECT ANSWERS: 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 
 
What year was The Appraisal Foundation formed? CORRECT ANSWERS...
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Aceable Agent - Principles of Real Estate II Exam Notes with complete solutions 2023
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Aceable Agent - Principles of Real Estate II Exam Notes with complete solutions 2023TOTAL = PART/PERCENTAGE 
PART = TOTAL x PERCENTAGE 
PERCENTAGE = PART/ TOTAL 
Formulas to calculate commission? 
 
 
 
PRINCIPAL 
What is the term that describes the money that is lent? 
 
 
 
CASH TO CLOSE 
Down payment minus earnest money? 
 
 
 
TOTAL SALES PRICE 
Loan payment + loan principal? 
 
 
 
ORIGINATION POINTS 
Loan points/fees charged 1% to compensate loan officers for underwriting and administering...