Ch 2 Quiz Flashcards
The professional society that specializes in appraising personal property is the
American Society of Appraisers
The Savings and Loan Crisis happened in the
Late 1980s
Within The Appraisal Foundation, there are ________ advisory councils that provide research and advice to the Foundation.
two. They are TAFAC and IAC. The IAC frequently identifies and recommends candidates to be considered for appointment to the ASB and the AQB. The IAC also assists the Foundation in identifying and cultivating potential corporate funding sources.
True or False? The Appraisal Subcommittee’s mission is to ensure that real estate appraisers who perform appraisals in federally-related transactions are sufficiently trained and tested to assure competency and independent judgment.
True (The Appraisal Subcommittee’s mission is to ensure that real estate appraisers, who perform appraisals in real estate transactions that could expose the United States government to financial loss, are sufficiently trained and tested to assure competency and independent judgment according to uniform high professional standards and ethics.)
The transfer of money from low interest-bearing accounts to higher interest-bearing accounts is referred to as
disintermediation (By the end of the 70’s, there was record inflation and record high interest rates. We were introduced to such things as disintermediation (the transfer of money from low interest-bearing accounts to higher interest-bearing accounts).)
True or False? The Dodd-Frank Act gave the ASC the authority to create a National Registry of appraisal management companies.
True The Dodd-Frank Act, passed in 2010, gave additional powers and responsibilities to the ASC. Among them, the ASC is now responsible for maintaining a National Registry of appraisal management companies (AMCs).)
True or False? Episodes of economic turmoil have occurred throughout U.S. history.
TRUE
The Appraisal Foundation is a ___________ organization.
not-for-profit
The Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) is also known as
the Savings and Loan Bailout Bill, That is the familiar name for the FIRREA.
The AQB and the ASB were created for the express purpose of promoting and maintaining a high level of ____________
public trust
Only the _______ has the authority to amend or interpret USPAP.
ASB
The appraisal standards and qualification criteria issued by The Appraisal Foundation’s boards achieve legal authority by adoption, citation or implementation by
government agencies
Who retains final authority over revisions to USPAP?
the Appraisal Standards Board
Which board of The Appraisal Foundation is responsible for revising and editing USPAP?
ASB
True or False? Appraisal management companies (AMCs) are required to comply with the requirements of USPAP.
FALSE
The Appraiser is required.
The Uniform Standards of Professional Appraisal Practice (USPAP) was developed by the Ad Hoc Committee and was copyrighted by The _________________.
Appraisal Foundation
In 1987, eight U.S. appraisal organizations formed
The Appraisal Foundation
The first universally accepted appraisal report form appeared in the
1970s
True or False? The requirements of the Equal Credit Opportunity Act do NOT apply to residential second mortgages.
FALSE
The Uniform Standards of Professional Appraisal Practice (USPAP) was copyrighted by:
The Appraisal Foundation
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 TAF advisory council consists of for-profit entities?
IAC
How is the Appraisal Subcommittee funded?
through a National Registry fee charged to each appraiser (The Appraisal Subcommittee is funded by an annual National Registry fee that is charged to each certified and licensed appraiser. It is collected by each state, as part of each appraiser’s license fee, and submitted to the ASC.)
Which is considered to be “other communications” provided by the ASB?
Advisory Opinions, Index, Q & As
________ has regulatory authority in enforcing the housing requirements in most civil rights legislation.
HUD
True or False? The ASC is responsible for maintaining a National Registry of appraisers.
TRUE
When did the first groups of organized appraisers appear in the U.S.?
the 1930s. (The National Association of REALTORS has been in existence since 1908, with a Code of Ethics adopted in 1913. In the 1930s the first groups of organized appraisers appeared.)
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
The largest professional appraisal society in the U.S. is the
Appraisal Institute
What organization has 3 principal boards and what are they?
The Appraisal Foundation has three principal boards:
* Board of Trustees (BOT)
* Appraisal Standards Board (ASB)
* Appraiser Qualifications Board (AQB)
Which of these entities is NOT a member of the Appraisal Subcommittee?
The Appraisal Foundation
Handicap is defined as
a physical or mental impairment
True or False? Valuation Advisories, issued by The Appraisal Foundation, provide guidance that is binding on real property appraisers.
FALSE
The _________ monitors and reviews the practices, procedures, activities and organizational structure of The Appraisal Foundation.
ASC
The secondary market came into prominence in mortgage lending in the
late 1970s
Which entity is responsible for appointing members to the ASB and AQB?
the Board of Trustees
In the 1970s, who developed uniform rules for mortgage underwriting?
Fannie Mae and Freddie Mac (During the latter part of the 70s, the secondary market emerged to smooth out the uneven flow of loan funds. Fannie Mae and Freddie Mac developed uniform rules for underwriting, and banking regulators imposed reserve requirements on the lending institutions.)
True or False? Valuation Advisories, issued by The Appraisal Foundation, provide guidance that is binding on real property appraisers.
FALSE
True or False? The requirements of the Equal Credit Opportunity Act do NOT apply to residential second mortgages.
FALSE
The _________ monitors and reviews the practices, procedures, activities and organizational structure of The Appraisal Foundation.
ASC
The _____ monitors state appraisal licensing and certification agencies.
ASC
