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McKissock Exam Actual Questions and
Answers 2026
USPAP contains what 4 sections? - correct answer ✅1) The Preamble
- Definitions
- Rules
- Standards USPAP Provides... - correct answer ✅1. A common basis for comparison
- A reference source for all users of the document
- A basis for uniform enforcement for state regulatory agencies
- 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 answer ✅ 1987 What are the 3 boards of The Appraisal Foundation? - correct answer ✅- Board of Trustees (BOT)
- Appraiser Qualifications Board (AQB)
McKissock Exam Actual Questions and
Answers 2026
- Appraisal Standards Board (ASB) FIRREA - correct answer ✅Financial Institutions Reform, Recovery, and Enforcement Act of 1989 Title XI created the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC). An Appraiser must act with ... - correct answer ✅- Independence
- Impartiality
- Objectivity
- Competency
- Integrity Where does USPAP's legal authority come from? - correct answer ✅Adoption, citation, or implementation by government agencies through regulation or administrative actions, or by private enterprise in the form of contract requirements.
McKissock Exam Actual Questions and
Answers 2026
Board of Trustees (BOT) - correct answer ✅- Appoints members to its independent boards
- Secures funding for TAF operations
- Monitors performance and oversight of TAF and its Boards and Advisory Councils The Appraiser Qualifications Board (AQB) - correct answer ✅Establishes the minimum education, experience, and examination requirements an individual must meet in order to become a licensed or certified appraiser. The Appraisal Standards Board (ASB) - correct answer ✅Develops, interprets, and amends the Uniform Standards of Professional Appraisal Practice (USPAP). FFIEC - correct answer ✅The US Federal Financial Institutions Examination Council.
McKissock Exam Actual Questions and
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FFIEC is a formal interagency body empowered to prescribe uniform principles, standards, and report forms, and to make recommendations to promote uniformity in the supervision of financial institutions. Composition of the ASC - correct answer ✅7 members, each appointed by the head of their respective agency, representing:
- Board of Governors of the Federal Reserve System (FRB)
- Office of the Comptroller of the Currency (OCC)
- Federal Deposit Insurance Corporation (FDIC)
- National Credit Union Administration (NCUA)
- Department of Housing and Urban Development (HUD)
- Federal Housing Finance Agency (FHFA)
- Consumer Financial Protection Bureau (CFPB) Advisory Opinions in USPAP - correct answer ✅Offer guidance and advice, but do not establish new standards or interpret existing standards.
McKissock Exam Actual Questions and
Answers 2026
individual acting as an appraiser, including but not limited to appraisal and appraisal review. Appraisal Review - correct answer ✅The act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal or appraisal review assignment. Appraisal - correct answer ✅The act or process of developing an opinion of value. Appraiser - correct answer ✅One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. Assignment - correct answer ✅A valuation service that is provided by an appraiser as a consequence of an agreement with a client.
McKissock Exam Actual Questions and
Answers 2026
Assignment Conditions - correct answer ✅Assumptions, extraordinary assumptions, hypothetical conditions, laws and regulations, jurisdictional exceptions, and other conditions that affect the scope of work. Assignment Results - correct answer ✅An appraiser's opinions or conclusions, not limited to value, that were developed when performing an appraisal assignment, an appraisal review assignment, or a valuation service other than an appraisal or appraisal review. Confidential Information - correct answer ✅Information that is either identified by the client as confidential when providing it to an appraiser and that is not available from any other source; or classified as confidential or private by applicable law or regulation Bias - correct answer ✅A preference or inclination that
McKissock Exam Actual Questions and
Answers 2026
Cost - correct answer ✅The actual or estimated amount required to create, reproduce, replace or obtain a property. Cost is a fact, or an estimate of the fact. Price - correct answer ✅The amount asked, offered, or paid for a property. Value - correct answer ✅The monetary relationship between properties and those who buy, sell or use those properties, expressed as an opinion of the worth of a property at a given time. Client - correct answer ✅The party or parties who engage an appraiser by employment or contract in a specific assignment, whether directly or through an agent.
McKissock Exam Actual Questions and
Answers 2026
Intended Use - correct answer ✅The use(s) of an appraiser's reported appraisal or appraisal review assignment results, as identified by the appraiser based on communication with the client at the time of the assignment. Intended User - correct answer ✅The client and any other party as identified, by name or type, as users of the appraisal or appraisal review report by the appraiser, based on communication with the client at the time of the assignment Report - correct 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. Signature - correct answer ✅Personalized evidence indicating authentication of the work performed by the appraiser
McKissock Exam Actual Questions and
Answers 2026
- Development
- Communication
- Disclosure What are an appraiser's disclosure obligations? - correct answer ✅- Must disclose current or prospective interest in the property or parties involved.
- Whether or not they have performed ANY services on the property in the past 3 years.
- Fees or commissions paid, or things of value given, in connection with the assignment procurement. Workfiles must include... - correct answer ✅- Name of the client and ID of other intended users
- True copies of all written reports (with signatures)
- Summaries of oral reports/testimony, or a transcript of testimony, with signed and dated certification
- All other data, information & documentation necessary to support the opinions and conclusions and compliance with USPAP (or where the references are located)
McKissock Exam Actual Questions and
Answers 2026
The Competency Rule - correct answer ✅An appraiser must (1) be competent to perform the assignment; (2) acquire the necessary competency to perform the assignment; or (3) decline or withdraw from the assignment. Perfection is impossible to attain ... this rule requires an appraiser to use due diligence and due care. What are the three sections of the Competency Rule? - correct answer ✅1) Being Competent
- Acquiring Competency
- Lack of Competency The Being Competent section states - correct answer ✅An appraiser must determine, prior to agreeing to perform an assignment, that he or she can perform the assignment competently. Competency requires:
- the ability to properly identify the problem to be addressed;
McKissock Exam Actual Questions and
Answers 2026
Jurisdictional Exception - correct answer ✅An assignment condition established by applicable law or regulation, which precludes an appraiser from complying with a part of USPAP 4 Requirements of Judicial Exception - correct answer ✅1) ID the law or regulation that precludes USPAP compliance
- Comply with law/regulation
- Clearly and conspicuously disclose in the report which part of USPAP was not followed
- Cite in the report the law/regulation What is the purpose of the reporting requirement? - correct answer ✅1) ensure that the client and other intended users can recognize their relationship to the assignment and report
- ensure that parties other than intended users will not mistakenly assume that they are the client or an intended user.
McKissock Exam Actual Questions and
Answers 2026
What is the primary reason for an inspection? - correct answer ✅To gather information about the characteristics of a property that are relevant to its value Mass appraisal - correct answer ✅The process of valuing a universe of properties as of a given date using standard methodology, employing common data, and allowing for statistical testing Business Enterprise - correct answer ✅an entity pursuing an economic activity Business Equity - correct answer ✅the interests, benefits, and rights inherent in the ownership of a business enterprise or a part thereof in any form (including, but not necessarily limited to, capital stock, partnership interests, cooperatives, sole proprietorships, options, and warrants).
McKissock Exam Actual Questions and
Answers 2026
conclusions? - correct answer ✅Reporting In USPAP, the appraisal process is divided into two distinct types of activity: _________ and __________. - correct answer ✅Development and Reporting The first step in the appraisal process is to - correct answer ✅Identify the problem USPAP is enforced by: - correct answer ✅State appraiser licensing/certification agencies Who is responsible for issuing credentials to individual appraisers? - correct answer ✅State appraisal regulatory agencies Which entity maintains the official National Registry of state-certified and licensed appraisers? - correct answer ✅Appraisal Subcommittee (ASC)
McKissock Exam Actual Questions and
Answers 2026
USPAP is written, amended, and interpreted by the: - correct answer ✅Appraisal Standards Board (ASB) Advisory Opinions are best described as - correct answer ✅not part of USPAP, but included as reference material When obligated by law or regulation, an appraiser _______ comply with USPAP. - correct answer ✅Must What is the stated purpose of USPAP? - correct answer ✅Promote and maintain a high level of public trust in appraisal practice The PREAMBLE states that USPAP is intended to benefit: - correct answer ✅Appraisers and users of appraisal services To which property types does USPAP apply? - correct answer ✅Both tangible and intangible property
