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Appraisal Terminology > Appraisal > Flashcards

Appraisal Flashcards

1
Q

True or False: All appraisals are performed for mortgage lending purposes?

A

False

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2
Q

True or False: A course in sociology would probably not be beneficial to an appraiser?

A

False

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3
Q

An appraiser is defined as “one who is expected to perform valuation services ___________, and in a manner that is independent, impartial and objective.

Realistically
Promptly
Obediently
Competently

A

Competently

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4
Q

Attributes of a good appraiser?

A 
Competent 
Independent 
Impartial
Objective 
Prompt 
Articulate 
Logical 
Organized 
Well Educated 
Good Communicator 
Problem Solver 
Honest 
Diligent 
Current
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5
Q

Why appraisers are needed?

A 
Set asking price 
Establish offering prices 
Settle Estates 
Mortgage 
Refinance
Divorce 
Condemnation 
Set Rental Rates 
Re-negotiate a lease 
Valuation of business interest 
Valuation of casualty loss
Foreclosure 
Separation of business interests-partnerships or corporations 
Determination of insurable value 
Estimation of taxable depreciation
Value interests in tax free exchange 
Property tax appeal 
Valuation for gift or inheritance 
Valuation of trusts
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6
Q

An appraiser is defined as:

A

One who is expected to perform valuation services competently and in a manner that is independent, impartial and objective.

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7
Q

An appraiser must be an _________ observer and reporter of market facts.

A

Independent

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8
Q

Appraisers do not create or influence ______; we just develop and report _______ of value that are based on our analysis of market forces.

A

Value

Opinions

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9
Q

_______ generally means a mental state that does not favor one side over another.

A

Impartial

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10
Q

An appraiser must be __________ he or she not permitted to be an advocate for one party or another. We have to avoid ___________ and _______ when providing appraisal services.

A

Objective

Favoritism

Bias

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11
Q

What situations may involve two differing interests below have in common?

Tax appeal
Divorce
Relocation appraisals
Appraisals for casualty losses (fire, foods, etc)
Partnership breakups
Division of business assets
Negotiation of leases (landlord vs tenant)
Condemnation appraisals (homeowner vs condemning authority)
Estate settlements (property vs IRS)

A

ADVERSARIAL SITUATIONS

TWO DIFFERING INTERESTS
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12
Q

Categories

There are 4 components of Real Appraiser Qualification Criteria: they are?

A

Qualifying Education
Experience
Examinations
Continuing Education

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13
Q

The purpose of continuing _________ is to ensure that appraisers participate in a program that maintains and increases their skill, knowledge and competency in real property appraising.

A

Education

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14
Q

Continue Education

How many class hours is required for your continued education? How often 1, 2, 3, or 4 years?

A

14 hours

7 hours of the 14, comes from USPAP update course every 2 years.

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15
Q

Category Continue Education

Real property appraiser qualification criteria is on the _______site. This site you’ll find continue education approval topics for continuing education credits.

A

Website

The Appraisal Foundations Website

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16
Q

Category Examination

To become a State Licensed Residential, State Certified Residential or State Certified General Appraiser, you must pass a comprehensive uniform examination developed by the _______.

A

AQB which is administered by a testing contractor in your state.

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17
Q

Examination

True or false: are all exams pulled from the same bank no matter what state you are in?

A

True: “this means that, for example, the certified residential exam would be the same whether you take it in California, Florida, New York or Utah. Although the same, a small number of states have chosen to add to the uniform exam per state laws and regulations within that state.

18
Q

Category Experience

What must be accumulated in order to become an experienced appraiser trainee?

A

Experienced Hours

19
Q

The quantitative experience requirements must be satisfied by time spent on the appraisal process. The appraisal process consists of of 6?

A

Analyzing….factors that affect value
Defining….the problems
Gathering….and analyzing data
Applying….the appropriate analysis and methodology
Arriving….at an opinion and correctly reporting the opinion in compliance with USPAP.

20
Q

Does an appraiser require a client in a traditional sense to be hired to appraise a real property?

A

No (ie client hiring an appraiser for a business purpose) in order for appraisal to qualify for experience but experience gained for work without a traditional client cannot exceed 50% of the total experience requirement.

21
Q

Category Experience

Documentation in the form of reports, certifications or the memoranda or if such reports and memoranda are unavailable for good cause other evidence at the credentialing authority’s discretion that the work is compliant with _______ must be provided as part of the state experience verification process to support the experienced claimed.

A

USPAP

22
Q

True or False: has AQB set a maximum time limit during and have some states established a maximum time period that an individual may hold a trainee license?

A

True and False

False AQB does not have a set maximum time
True: some states have set maximum time you can be a trainee.

23
Q

True or False: Every states appraiser examination is different.

A

False

24
Q

A certified residential appraiser needs ____ hours of continuing education per year to renew his her certification.

A

14

25
Q 
The requirements for state licensed and certified appraisers had their genesis in. 
HVACC
THE DODD FRANK ACT 
VARIOUS FEDERAL FAIR HOUSING LAWS
FIRREA
A

FIRREA

26
Q

True or False: an applicant for Certified General appraiser must possess at least an associate degree from an accredited college or university.

A

False

27
Q 
A licensed or certified appraiser must take a 7 hour USAPAP Update course. 
Every year 
Every 2 years 
Every 3 years 
Only at the time of initial license
A

Every 2 years

28
Q

True or False: Every states appraiser certification examinations is different?

A

False

29
Q

An appraiser who wishes to become a certified residential appraiser must have accumulated a minimum of _____ hours of education.

A

150

30
Q

A certified residential appraiser needs ____ hours of continuing education per year to renew his or her certification.

A

14

31
Q 
Which entity is responsible for establishing the requirements to become an appraiser. 
the AQB
the ASB
HUD/FHA 
the APB
A

the AQB Appraisers qualifications board

32
Q

True or False: some states agencies employ full time staff appraisers?

A

True

33
Q

The appraisal of what type of property is more likely to be affecred by a local neighborhood conditions?

A shopping center
A single family home

A

A single family home

Residences are more likely to be subject to local nieghborhood cpnditions, and as such, are typically apprasied by local apprasiers who are experts in their market area.

34
Q

True or False: a state licensed residential appraiser may not supervise an appraisal trainee.

A

True

The apprasier trainee shall be subject to direct supervision by a supervisoring apprasier in good standings who shall be state certified. A state licensed appraiser is not permitted to supervise a trainee.

35
Q

How many experience hours are required to become a certified residential appraiser, according to the 2018 AQB Criteria.

1000 hours in no fewer than 12 months

1500 hours in no fewer than 12 months

2000 hours in no fewer than 24 months

3000 hours which included 1500 hours in non residential appraisal.

A

1500 hours in no fewer than 12 months

The AQB experience requirements for residential certification is 1500 hours obtained in no fewer than 12 months.
Note: that many states have higher requirements.

36
Q

True or False: of the required number of experience hours required for certified general appraiser applications at least 1500 hours must be in the appraisal of non residential property.

A

True

3000 hours of experience obtained during no fewer than 30 months is required of which 1500 hours must be in non residential apprasial work.

37
Q

True or False: attorneys often engage apprasiers to complete assignments for estates and divorses.

A

True

38
Q

True or False: the end of the US housing boom meant that apprasial businss dropped significantly across the country.

A

False

39
Q

True or False? Valuation Advisories, issued by The Appraisal Foundation, provide a guidance that is binding on real property appraisers.

A

False

40
Q

Who retains final authority over revisions to USPAP?

The Appraisal Practices Board
the Appraisal Subcommittee
the Appraisal Standard ls Board
the Appraisal Qualifications Board

A

the Appraisal Standard ls Board

41
Q

Which entity is responsible for appointing memebers to the ASB and AQB?

the Board of Trustees
the Appraisal Sucommittee
Fannie Mae
the Bureau of Consumer Financial Protection

A

the Board of Trustees

42
Q

True or False? The requirements of USPAP apply equally to appraisers and their clients.

A

False

Appraisal Terminology (1 decks)

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