Chapter 1 Flashcards
What are the four qualification criteria for real property appraisers?
Qualifying education
Experience
Examinations
Continuing Education
The required number of classroom hours in appraisal educationincreased significantly in all three licensure classifications when?
2008
College course requirements for a Trainee?
No college degree required
Course requirements for certified residential appraiser?
Bachelor’s degree or associates degree with specific focus
Course requirements for a certified general appraiser?
Bachelor’s degree or higher
Which is a true statement regarding appraiser examinations?
- They are administered directly by the AQB
- The exams are the same regardless of the level of licensing or certification desired
- They are the same in every state, with few exceptions
- They are different in every state
They are the same in every state, with a few exceptions
As part of the overall requirement for continuing education, appraisers must complete the 7-Hour National USPAP Update Course or its equivalent ________ calendar year(s).
Every 2
The continuing education requirement in the 2018 AQB Criteria (compared to the previous criteria):
- remained unchanged
- tripled
- increased by 8 hours
- decreased by 10%
Remained unchanged
Which of the following situations would NOT normally require an appraisal?
- condemnation
- employee relocation
- life insurance
- foreclosure
Life insurance
If you have specific questions about appraisal certification or licensure requirements in your state, you should
- contact the National Appraiser Licensing and Certification Agency (NALCA)
- contact HUD’s appraiser helpline at 1-800-CALL-FHA
- contact the appraiser licensing and certification agency in your state
- contact The Appraisal Foundation
Contact the appraiser licensing and certification agency in your state
Who is responsible for approving education courses for licensing, certification, and re-certification of appraisers?
-FHA
-HUD
-The Appraisal Standards
Board
-Individual states
Individual States
Under the 2018 criteria, college level courses are required for
- none of the licensing or certification classifications
- Certified Residential and Certified General classifications
- Appraisal Trainees only
- Only the Certified General classification
Certified residential and Certified General classifications
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 ____________.
- No more than $500,000, less than $250,000
- Less than $1,000,000, less than $250,000
- Less than $1,000,000, less than $500,000
- No limits
Less than $1,000,000 and less than $250,000
Under the 2018 AQB Criteria, an applicant for a Certified General license must hold ___________ degree.
- any type of
- an associate’s
- a master’s
- a bachelor’s
A bachlor’s
The _____ is charged with establishing the qualifications that all the states must adopt in licensing, certification and re-certification of appraisers.
- ASB
- AQB
- HUD
- DEP
AQB
