Appraisal Flashcards
True or False: All appraisals are performed for mortgage lending purposes?
False
True or False: A course in sociology would probably not be beneficial to an appraiser?
False
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
Competently
Attributes of a good appraiser?
Competent Independent Impartial Objective Prompt Articulate Logical Organized Well Educated Good Communicator Problem Solver Honest Diligent Current
Why appraisers are needed?
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
An appraiser is defined as:
One who is expected to perform valuation services competently and in a manner that is independent, impartial and objective.
An appraiser must be an _________ observer and reporter of market facts.
Independent
Appraisers do not create or influence ______; we just develop and report _______ of value that are based on our analysis of market forces.
Value
Opinions
_______ generally means a mental state that does not favor one side over another.
Impartial
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.
Objective
Favoritism
Bias
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)
ADVERSARIAL SITUATIONS
TWO DIFFERING INTERESTS
Categories
There are 4 components of Real Appraiser Qualification Criteria: they are?
Qualifying Education
Experience
Examinations
Continuing Education
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.
Education
Continue Education
How many class hours is required for your continued education? How often 1, 2, 3, or 4 years?
14 hours
7 hours of the 14, comes from USPAP update course every 2 years.
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.
Website
The Appraisal Foundations Website
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 _______.
AQB which is administered by a testing contractor in your state.
Examination
True or false: are all exams pulled from the same bank no matter what state you are in?
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.
Category Experience
What must be accumulated in order to become an experienced appraiser trainee?
Experienced Hours
The quantitative experience requirements must be satisfied by time spent on the appraisal process. The appraisal process consists of of 6?
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.
Does an appraiser require a client in a traditional sense to be hired to appraise a real property?
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.
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.
USPAP
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?
True and False
False AQB does not have a set maximum time
True: some states have set maximum time you can be a trainee.
True or False: Every states appraiser examination is different.
False
A certified residential appraiser needs ____ hours of continuing education per year to renew his her certification.
14
The requirements for state licensed and certified appraisers had their genesis in. HVACC THE DODD FRANK ACT VARIOUS FEDERAL FAIR HOUSING LAWS FIRREA
FIRREA
True or False: an applicant for Certified General appraiser must possess at least an associate degree from an accredited college or university.
False
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
Every 2 years
True or False: Every states appraiser certification examinations is different?
False
An appraiser who wishes to become a certified residential appraiser must have accumulated a minimum of _____ hours of education.
150
A certified residential appraiser needs ____ hours of continuing education per year to renew his or her certification.
14
Which entity is responsible for establishing the requirements to become an appraiser. the AQB the ASB HUD/FHA the APB
the AQB Appraisers qualifications board
True or False: some states agencies employ full time staff appraisers?
True
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 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.
True or False: a state licensed residential appraiser may not supervise an appraisal trainee.
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.
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.
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.
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.
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.
True or False: attorneys often engage apprasiers to complete assignments for estates and divorses.
True
True or False: the end of the US housing boom meant that apprasial businss dropped significantly across the country.
False
True or False? Valuation Advisories, issued by The Appraisal Foundation, provide a guidance that is binding on real property appraisers.
False
Who retains final authority over revisions to USPAP?
The Appraisal Practices Board
the Appraisal Subcommittee
the Appraisal Standard ls Board
the Appraisal Qualifications Board
the Appraisal Standard ls Board
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
the Board of Trustees
True or False? The requirements of USPAP apply equally to appraisers and their clients.
False
