Chapter 1 Mastery Quiz

Question 1

The first step in the appraisal process is:
Identify the problem
Perform market analysis and highest and best use
Determine scope of work
Reconcile the value indicators

Answer 1

Identify the problem

Question 2

Who is responsible for issuing credentials to individual appraisers?
State appraisal regulatory agencies
Appraisal Practices Board (APB)
Appraiser Qualifications Board (AQB)
Appraisal Subcommittee (ASC)

Answer 2

State Appraisal Regulatory Agencies

Question 3

Which is NOT a responsibility of the Appraisal Subcommittee (ASC)?

• Overseeing each state’s appraiser licensing and certification program
• Maintaining a National Registry of licensed and certified appraisers
• Monitoring the practices, procedures, and activities of -The Appraisal Foundation
• Writing, interpreting, and amending USPAP

Answer 3

Writing, Interpreting, and Amending USPAP

Question 4

Why are USPAP Advisory Opinions issued?
To offer advice
To interpret existing standards
To revise existing standards
To establish new appraisal standards

Answer 4

To offer advice

Question 5

USPAP is enforced by:

State appraiser licensing/certification agencies
The Federal Financial Institutions Examination Council (FFIEC)
Appraisal Standards Board (ASB)
Appraisal Subcommittee (ASC)

Answer 5

State appraiser licensing/certification agencies