APPRAISAL CHP1

Question 1

An appraisal is a
a. determination of value
b. guarantee of value
c. opinion of value
d. projection of future value

Answer 1

c. opinion of value

Question 2

Which is recognized throughout the US as the accepted standards of appraisal practice
a. Appraisal Foundation
b. Appraisal Institute
c. FIRREA
d. USPAP

Answer 2

d. USPAP

Question 3

The primary purpose for the passage of FIRREA was to
a. bailout the savings and loan industry and try to prevent future insolvency
b. develop, interpret, amend, and publish the Uniform Standards
c. establish the Appraisal Foundation
d. establish professional standards in real estate appraisal

Answer 3

a. bailout the savings and loan industry and try to prevent future insolvency

Question 4

An appraiser develops an opinion of value of a property
a. based on an assessment of future events
b. based on calculated assumptions
c. based on the gathering and analysis of objective facts and data
d. consistent with the value needed by a client

Answer 4

c. based on the gathering and analysis of objective facts and data

Question 5

Which USPAP rule contains obligations of an appraiser in determining the extent and level of research and analysis that must be performed in a particular assignment in order to achieve credible results
a. Competency Rule
b. Ethics rule
c. Jurisdictional Exception Rule
d. Scope of Work Rule

Answer 5

d. Scope of Work Rule

Question 6

Which USPAP rule requires appraisers to avoid actions that could be considered misleading or fraudulent
a. Competency Rule
b. Ethics Rule
c. Jurisdictional Exception Rule
d. Scope of Work Rule

Answer 6

b. Ethics Rule

Question 7

Which USPAP rule provides guidance and obligations for appraisers when law or public policy contradicts an obligation or prohibition of USPAP
a. Competency Rule
b. Ethics Rule
c. Jurisdictional Exception Rule
d. Scope of Work Rule

Answer 7

c. Jurisdictional Exception Rule

Question 8

Which USPAP Rule requires appraisers to have the knowledge and experience necessary to complete an assignment
a. Competency Rule
b. Ethics Rule
c. Jurisdictional Exception Rule
d. Scope of Work Rule

Answer 8

a. Competency Rule

Question 9

Which statement about appraiser licensing in Ohio is FALSE
a. it is voluntary but may be required for some assignments
b. it requires prelicensing education and passing written exams
c. it requires a minimum two years of apprenticeship
d. it allows an appraiser to take on any type of assignment

Answer 9

d. it allows an appraiser to take on any type of assignment