Who is responsible for approving education courses for licensing, certification, and re-certification of appraisers?
Individual states
Under the 2018 criteria, college level courses are required for
Certified Residential and Certified General classifications
The current AQB experience requirement for Licensed Residential Real Property Appraiser applicants is
1,000 hours in no less than 6 months
The current AQB Real Property Appraiser Qualification Criteria went into effect
May 1, 2018
An appraiser is "One who is expected to perform valuation services competently and in a manner that is independent, ___________, and ____________.
impartial, objective
The basic requirements for state licensed and state certified appraisers had their genesis in Title ___ of FIRREA.
XI
The Certified General Real Property Appraiser classification requires ____ hours of experience in no fewer than ___ months.
3,000, 18
Which of the following situations would NOT normally require an appraisal?
life insurance
An appraisal report
can be either written or oral
The Licensed Residential Real Property Appraiser classification applies to the appraisal of non-complex one to four residential units having a transaction value __________ and complex one to four residential units having a transaction value ____________.
Less than $1,000,000, less than $250,000
As part of the overall requirement for continuing education, appraisers must complete the 7-Hour National USPAP Update Course or its equivalent ________ calendar year(s).
every 2
Which of the following situations would NOT normally require an appraisal?
title insurance
The number of required classroom education hours for Certified Residential Appraisers under the 2018 AQB Criteria is ____ hours.
200
Under the 2018 AQB Criteria, an applicant for a Certified Residential credential must hold a(n) _____________.
bachelor's degree, or alternative
As the term is used in the definition of appraiser, _________ generally means a mental state that does not favor one side over another.
impartial
The _____ is charged with establishing the qualifications that all the states must adopt in licensing, certification and re-certification of appraisers.
AQB
The continuing education requirement in the 2018 AQB Criteria (compared to the previous criteria):
remained unchanged
The number of required classroom hours for Certified General Appraisers under the current AQB criteria is ____ hours.
300
The transfer of money from low interest-bearing accounts to higher interest-bearing accounts is referred to as
disintermediation
True or False? The Appraisal Foundation has significant legal authority to enforce USPAP.
False
In the 1970s, who developed uniform rules for mortgage underwriting?
Fannie Mae and Freddie Mac
What event immediately preceded the Great Depression?
Stock Market Crash of 1929
True or False? The Board of Trustees acts as the executive board for The Appraisal Foundation.
True
Which TAF advisory council consists of for-profit entities?
IAC
Which Foundation advisory council is made up of non-profit organizations and entities?
TAFAC
True or False? Valuation Advisories, issued by The Appraisal Foundation, provide guidance that is binding on real property appraisers.
False
Who retains final authority over revisions to USPAP?
the Appraisal Standards Board
True or False? Appraisal management companies (AMCs) are required to comply with the requirements of USPAP.
False
True or False? The requirements of USPAP apply equally to appraisers and their clients.
False
Which board of The Appraisal Foundation is responsible for revising and editing USPAP?
ASB
True or False? The Dodd-Frank Act gave the ASC the authority to create a National Registry of appraisal management companies.
True
True or False? The ASC is responsible for maintaining a National Registry of appraisers.
True
Which entity is responsible for monitoring state appraiser licensing and certification agencies?
the Appraisal Subcommittee
Which of these entities is NOT a member of the Appraisal Subcommittee?
The Appraisal Foundation
The Appraisal Foundation is a ___________ organization.
not-for-profit
The AQB and the ASB were created for the express purpose of promoting and maintaining a high level of ____________
public trust
Which is considered to be "other communications" provided by the ASB?
All
The _________ monitors and reviews the practices, procedures, activities and organizational structure of The Appraisal Foundation.
ASC
The first organized appraisal groups appeared in the
1930s
The _____ monitors state appraisal licensing and certification agencies.
ASC
The first universally accepted appraisal report form appeared in the
1970s
What entity is responsible for appointing members to the ASB and the AQB?
the Board of Trustees of The Appraisal Foundation
The professional society that specializes in appraising personal property is the
American Society of Appraisers
The Appraisal Foundation is a _________ entity and has _____ legal enforcement authority in any jurisdiction.
private, no
The federal agencies directly involved in fair lending include all of the following EXCEPT
VA
Only the _______ has the authority to amend or interpret USPAP.
ASB
The Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) is also known as
the Savings and Loan Bailout Bill
Within The Appraisal Foundation, there are ________ advisory councils that provide research and advice to the Foundation.
2
True or False? An appraiser who selects only the data that supports the contract sale price in an appraisal has violated USPAP.
True
An appraiser states to a client that the appraisal fee will be $100 higher than the standard fee because the appraiser's value opinion is for the property is over $500,000. Is it a violation of USPAP for the appraiser to quote the fee in this manner?
yes
An appraiser pays a fee for the procurement of an assignment. Where in the appraisal report does this payment have to be disclosed?
In the certification and any transmittal letter where conclusions are stated
Is it ethical for an appraiser to offer a reduced fee on an appraisal if the client's loan does not close?
NO
Which of these factors would result in a violation of USPAP if the appraiser based his or her appraisal fee on it?
The appraiser's value opinion
An appraiser is appraising a property with two structures on one tract of land. The client asks the appraiser not to mention the second structure, as it is in poor condition. Which statement is TRUE regarding this situation?
If the appraiser complies with this request, this would be an unethical act.
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 agreed-upon fee regardless of whether the loan closed
USPAP addresses an appraiser's ethical obligations in:
the ETHICS RULE
Appraiser Amy agrees to pay a fee to be included on Lender B's "approved appraiser" list. Which statement is TRUE regarding this situation?
This is permissible under USPAP as long as it is disclosed.
When should an appraiser's compensation be dependent on reporting of a predetermined value conclusion?
Never
When clients began asking for faxed copies of appraisal reports
appraisers typically still had to mail hard copies of reports anyway
As it pertains to appraisers, what does the abbreviation UAD stand for?
Uniform Appraisal Dataset
True or False? Printers are obsolete and are unnecessary in today's appraisal office.
False
What is the biggest issue when creating GIS maps?
the maps must all be of the same scale
Electronic Data Interchange became popular in the
late 90s
The website that serves as a portal for almost any federal agency is
usa.gov
In a UAD-compliant appraisal report, what would be the WORST overall condition rating for the subject property?
C6
The fastest growing group of online users in the U.S. is people ________ years old.
65+
A common language called _______ was developed and standardized so that most software companies produced a common language that could be read by most lending clients.
XML
Land is a long lasting asset, and has a long economic life as compared to other assets. What characteristic of land does this refer to?
durability
Which of the following would MOST LIKELY be considered personal property?
window air conditioner
The process of eminent domain is administered through
condemnation
Private restrictions on property rights include all of the following EXCEPT
escheat
Which is NOT a public restriction of private property rights?
easement
Which is NOT considered to be real estate?
property rights
Physical land and appurtenances attached to the land is the definition of
real estate
Which is NOT a characteristic of land?
mobility
Public limitations on private property rights include all of the following EXCEPT
CC&Rs