Appraisal practice includes only which type of services under USPAP?

Unlock all questions

This demo includes only 20 questions. Upgrade to access hundreds of questions, flashcards, exam simulations, and disable ads.

Full question bankExam simulationsFlashcards
From $24.99Unlock all

Study for the McKissock 15hr National USPAP Test. Use flashcards and multiple-choice questions with hints and explanations. Get ahead in your appraisal career!

Multiple Choice

Appraisal practice includes only which type of services under USPAP?

Explanation:
USPAP defines appraisal practice as the performance of valuation services by an individual acting as an appraiser. In other words, only the valuation work done in the capacity of an appraiser—developing an opinion or conclusion of value—falls under USPAP's appraisal practice. Real estate brokerage, mortgage lending services, and property management are not valuation services performed by an appraiser, so they’re outside the scope of appraisal practice under USPAP. The correct choice captures exactly what USPAP covers: valuation services provided by an individual acting as an appraiser.

USPAP defines appraisal practice as the performance of valuation services by an individual acting as an appraiser. In other words, only the valuation work done in the capacity of an appraiser—developing an opinion or conclusion of value—falls under USPAP's appraisal practice. Real estate brokerage, mortgage lending services, and property management are not valuation services performed by an appraiser, so they’re outside the scope of appraisal practice under USPAP. The correct choice captures exactly what USPAP covers: valuation services provided by an individual acting as an appraiser.

More Multiple Choice Questions
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy