Ch 1 Quiz Flashcards
True or False: Of the required number of experience hours required for certified general appraiser applicants, at least 1,500 hours must be in the appraisal of non-residential property.
TRUE
The number of required classroom hours for Certified General Appraisers under the current AQB criteria is ____ hours.
300
True or False: All appraisals are performed for mortgage lending purposes.
FALSE
Which college-level course would probably be helpful to an appraiser?
Urban planning and land use, English composition, Statistics
An applicant who wishes to become a Certified Residential appraiser must have accumulated a minimum of ______ hours of appraisal education.
200
True or False: All appraisals are performed for mortgage lending purposes.
FALSE
Which entity is responsible for establishing the requirements to become an appraiser?
the AQB
For licensed and certified real property appraisers, _____ class hours of continuing education are required xx xx.
14
each year
An appraiser is defined as “one who is expected to perform valuation services _________, and in a manner that is xxx xxx xxx .”
competently
independent, impartial, and objective
( i-i-O )
True or False: A state licensed residential appraiser may not supervise an appraisal trainee.
TRUE
A certified residential appraiser needs ____ hours of continuing education x to renew his or her certification.
14
per year
Under the 2018 criteria, college level courses are required for
Certified Residential and Certified General classifications
Who is responsible for approving education courses for licensing, certification, and re-certification of appraisers?
Individual states
The four components of the Appraiser Qualification Criteria include ____________.
Continuing Education, Examination,
Experience and Qualifying Education
The number of required classroom education hours for Licensed Residential Appraisers under the 2018 AQB Criteria is ____ hours.
150
An appraisal report can be
either written or oral
As part of the overall requirement for continuing education, appraisers must complete the x-Hour National USPAP Update Course or its equivalent ________ calendar year(s).
7
every 2
How many experience hours are required as a prerequisite for Appraiser Trainee classification?
There is no experience prerequisite for Appraiser Trainee classification
The basic requirements for state licensed and state certified appraisers had their genesis in Title ___ of FIRREA.
XI
True or False: A course in sociology would probably not be beneficial to an appraiser.
FALSE
The requirements for state licensed and certified appraisers had their genesis in
FIRREA
The nationally recognized ethical and performance standards for appraisers are known as
Uniform Standards of Professional Appraisal Practice
True or False: Appraiser examinations are the same in every state, with few exceptions.
True.
True or False: Every state’s appraiser certification examination is different.
FALSE
According to the 2018 AQB Criteria, an applicant for Certified General Appraiser must obtain _______ experience hours in no fewer than _____ months.
3,000, 18
A licensed or certified appraiser must take the 7 hour USPAP Update course
every 2 years
The _____ is charged with establishing the qualifications that all the states must adopt in licensing, certification and re-certification of appraisers.
AQB
An appraiser is one who is expected to perform valuation services competently and in a manner that is independent, ___________, and ____________.
impartial, objective
The document transmitted to the client upon completion of an appraisal assignment is the
appraisal report
As the term is used in the definition of appraiser, _________ generally means a mental state that does not favor one side over another.
impartial
True or False: Some state agencies employ full-time staff appraisers.
TRUE
How many experience hours are required to become a certified residential appraiser, according to the 2018 AQB Criteria?
1,500 hours in no fewer than 12 months
What College degree or coursework is required for Trainee?
No college degree or coursework is required per AQB.
Licensed Residential credential is xx to complete any college-level coursework, as per the AQB Criteria.
not required
Under the 2018 AQB Criteria, an applicant for a Certified General license must hold ___________ degree.
a bachelor’s
True or False: All appraisals are performed for mortgage lending purposes.
FALSE
Which characteristics would be associated with a good appraiser?
diligent, competent, honest
If you have specific questions about appraisal certification or licensure requirements in your state, you should
contact the appraiser licensing and certification agency in your state
To apply for an Appraiser Trainee license, an applicant must have _____ hours of qualifying education courses and ______ creditable hours of experience.
75, 0
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 nationally recognized ethical and performance standards for appraisers are known as
Uniform Standards of Professional Appraisal Practice
True or False: A course in sociology would probably not be beneficial to an appraiser.
FALSE
The appraisal of what type of property is more likely to be affected by local neighborhood conditions?
a single-family residence
The current requirements for real property appraiser licensing and certification went into effect on
May 1, 2018
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
True or False: When completing an appraisal assignment, an appraiser may be an advocate for one party’s interest
FALSE
