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V_Basic Appraisal Principles > Chapter 1 - The Appraisal Profession > Flashcards

Chapter 1 - The Appraisal Profession Flashcards

1
Q

The four components of the Real Property Appraiser Qualification Criteria are:

A
  • Qualifying education
  • Experience
  • Examinations
  • Continuing Education
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2
Q

The required number of classroom hours in appraisal education increased significantly in all three licensure classifications when?

A

2008

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3
Q

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 desire
  • They are the same in every state, with few exceptions
  • They are different in every state
A

They are the same in every state, with a few exceptions

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4
Q

The continuing education requirement is ____________ classroom hours each year. As part of the overall fourteen-hour requirement, you must complete the 7-Hour National USPAP Update Course or its equivalent every _________________.

A

fourteen
two calendar years.

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5
Q

The continuing education requirement in the 2018 AQB Criteria (compared to the previous criteria):

  • remained unchanged
  • tripled
  • increased by 8 hours
  • decreased by 10%
A

Remained unchanged

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6
Q

Which of the following situations would NOT normally require an appraisal?

  • condemnation
  • employee relocation
  • life insurance
  • foreclosure
A

Life insurance

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7
Q

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
  • contact the appraiser licensing and certification agency in your state
  • contact The Appraisal Foundation
A

Contact the appraiser licensing and certification agency in your state

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8
Q

Who is responsible for approving education courses for licensing, certification, and re-certification of appraisers?

  • FHA
  • The Appraisal Standards Board
  • Individual states
A

Individual States

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9
Q

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
A

Certified residential and Certified General classifications

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10
Q

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 ____________.

A

Less than $1,000,000 and less than $250,000

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11
Q

Under the 2018 AQB Criteria, an applicant for a Certified General license must hold ___________ degree.

  • any type of
  • an associate’s
  • a bachelor’s
  • a master’s
A

A bachlor’s or higher

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12
Q

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
A

AQB

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13
Q

An appraiser is defined as:

A

One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective.

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14
Q

The __________ is charged with establishing the qualifications that all the states must meet in licensing, certification and re-certification of appraisers.

A

Appraiser Qualifications Board (AQB), which is part of The Appraisal Foundation (TAF)

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15
Q

Real Property Appraiser Qualification Criteria (the Criteria)
Major changes to the Criteria went into effect on_________ . The AQB substantially increased_________________ that appraisers must complete prior to being licensed or upgrading to a higher level of a license or certification. The individual states must, at a minimum, meet the threshold levels set by the AQB, but some may decide to exceed those levels.

A

January 1, 2008
increased the number of courses and number of hours

(AQB = Appraiser Qualifications Board)

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16
Q

The basic requirements for state licensed and state certified appraisers had their genesis in Title _______of the ___________.__________ was passed by the U.S. Congress in 1989, and the law became effective on July 31, 1991

A

Title XI
Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA). FIRREA

17
Q

To become a State Licensed Residential, State Certified Residential, or State Certified General appraiser, you must pass a comprehensive uniform examinations developed by the AQB, which is administered by a testing contractor in your state.

The exams are ____________ for the level of licensure or certification desired

A

uniform
,which means the exam questions are pulled from the same bank no matter what state you are in.

18
Q

Qualifying Education
Significant changes were made in the Criteria related to qualifying education, college-level education, and experience.

1) The required number of classroom hours in appraisal education increased significantly in all three licensure classifications in _____. This also required a minimum number of classroom hours of coverage requirements for specific topic areas, which are known as modules.
2) There are now college-level coursework requirements for the Certified Residential and Certified General classifications, which went into effect in _______.
3) The experience hour requirements were decreased for Licensed Residential and Certified Residential applicants in ____, and the minimum experience period was decreased for all three recognized classifications. College-level coursework requirements for Licensed Residential applicants were also removed.

A

2008
2015
2018

(Note that the 2018 revisions were a decrease in the requirements. Not all states adopted these revised requirements.)

19
Q

CLASSIFICATION - 2008 Education hours

Licensed Residential - ?
Certified Residential - ?
Certified General - ?

A

Licensed Residential - 150
Certified Residential - 200
Certified General - 300

20
Q

College Coursework Requirements
Trainee Appraiser -?
Licensed Residential Appraiser - ?
Certified Residential - ?
Certified General - ?

A

College Coursework Requirements
Trainee Appraiser - No college degree or coursework is required.

Licensed Residential Appraiser - Effective May 1, 2018, college-level coursework not required.

Certified Residential - Effective May 1, 2018, an applicant for a Certified Residential credential is required to hold a bachelor’s degree or higher (As an alternative, an applicant may hold an associate’s degree in a focused field of study (such as business, real estate, finance, accounting, or economics). As another alternative, an applicant may complete 30 semester credit hours of college-level coursework in specific subject areas, and/or complete College-Level Examination Program (CLEP) exams equivalent to 30 semester credit hours of college-level coursework.

Certified General - a bachelor’s degree or higher (in any field)

21
Q

Core Curriculum
The 2008 AQB criteria changed that by requiring applicants to obtain a certain number of hours in ____________.

A

Different appraisal topic modules

“There is now a Required Core Curriculum for each appraiser classification. These curricula are essential subject topic modules, such as Basic Appraisal Principles, Basic Appraisal Procedures, Residential Market Analysis and Highest and Best Use, and the National USPAP Course.”

22
Q

Supervisory appraisers must have been state certified for a minimum of ____ years before supervising a trainee, and must not have been subject to any disciplinary action within the last _____ years that affects the supervisory appraiser’s legal ability to appraise

A

three
three

23
Q

2018 Changes
In February 2018, the AQB voted to adopt revisions to the Real Property Appraiser Qualification Criteria that would become effective on May 1, 2018.

  • The previous college coursework requirement for the Licensed Residential Appraiser credential was removed.
  • Alternatives to the bachelor’s degree requirement for the Certified Residential Appraiser credential were adopted. As an alternative to a bachelor’s degree, an individual may now possess an associate’s degree in a focused area of study (e.g., business, accounting, real estate, finance) or may complete 30 semester credit hours of college coursework in specific topic areas, and/or complete College Level Examination Program (CLEP) exams in these topic areas.
  • The experience hour requirement for the Licensed Residential Appraiser credential was reduced to _______ hours in a minimum period of _____ months.
  • The experience hour requirement for the Certified Residential Appraiser credential was reduced to ______ hours in a minimum period of ______ months.
  • The experience hour requirement for the Certified General Appraiser credential was unchanged and remains at _______hours, but the minimum time period for accumulating the experience was reduced to _________ months.
A

Licensed Residential Appraiser credential 1,000 hours in a minimum period of 6 months.

Certified Residential Appraiser credential 1,500 hours in a minimum period of 12 months.

Certified General Appraiser credential was unchanged and remains at 3,000 hours, but the minimum time period for accumulating the experience was reduced to 18 months.

24
Q

The requirements for state licensed and certified appraisers had their genesis in

  • the HVCC
  • the Dodd-Frank Act
  • various federal fair housing laws
  • FIRREA
A

FIRREA - Title XI
passed by the U.S. Congress in 1989, and the law became effective on July 31, 1991

25
Q

The supervising appraiser shall keep copies of appraisal reports for a period of _______ years, or at least ____ years after final disposition of any judicial proceedings in which the appraiser gave testimony related to the assignment, whichever period expires last.

A

five
two

26
Q

TRAINEE APPRAISER
Scope of practice:
Qualifying Education:
Experience:

A

The scope of practice for the Appraiser Trainee classification is the appraisal of those properties which the supervising certified appraiser is permitted by his/her current credential

Qualifying Education: completed 75 creditable class hours as specified in the required Core Curriculum Appendix. Additionally, applicants must pass the Core Curriculum examinations and pass the 15-Hour National USPAP Course and examination as part of the 75 creditable hours. All qualifying education must be completed within the five year period prior to the date of submission of a Trainee Appraiser application.

Experience: No experience is required

27
Q

LICENSED RESIDENTIAL APPRAISER
Scope of practice:
Qualifying Education:
Experience:

A

Scope of Practice: non-complex one- to four residential units having a transaction value less than $1,000,000 and complex one- to four residential units having a transaction value less than $250,000.

According to federal law: Complex one- to four-family residential property appraisal means one in which the property to be appraised, the form of ownership, or the market conditions are atypical.

Qualifying Education: completion of 150 creditable class hours as specified in the required Core Curriculum Appendix. The applicant shall complete the 15-hour National USPAP Course and examination.

Experience: a minimum of 1,000 hours of experience are required to be obtained in no fewer than 6 months.

28
Q

CERTIFIED RESIDENTIAL APPRAISER
Scope of practice:
Qualifying Education:
Experience:

A

Scope of Practice: to appraise one to four residential units without regard to transaction value or complexity.

The classification includes the appraisal of vacant or unimproved land that is utilized for one to four family purposes or for which the highest and best use is for one to four family purposes.

Education: bachelor’s degree from an accredited college or university in any field of study or alternative (30-semester credit hours, associate’s degree in field of study)

Completion of 200 creditable class hours as specified in the required Core Curriculum Appendix.

Experience: 1,500 hours of appraisal experience in no fewer than 12 months.

29
Q

CERTIFIED GENERAL APPRAISER
Scope of practice:
Qualifying Education:
Experience:

A

Scope of practice: to appraise all types of real estate.

Qualifying Education: bachelor’s degree or higher

Completion of 300 creditable class hours as specified in the required Core Curriculum Appendix.

Experience: 3,000 hours of experience obtained during no fewer than 18 months, of which at least 1,500 hours must be in non-residential appraisal work.

30
Q

The appraisal of what type of property is more likely to be affected by local neighborhood conditions?

  • a shopping center
  • a single-family residence
A

a single-family residence

31
Q

As the term is used in the definition of appraiser, _________ generally means a mental state that does not favor one side over another.

  • impartial
  • competent
  • neutral
  • balanced
A

impartial

32
Q

An appraiser is “One who is expected to perform valuation services competently and in a manner that is independent, ___________, and ____________.

  • reasonable, subjective
  • impartial, objective
  • objective, inexpensive
  • honest, forthright
A

impartial, objective

33
Q

The current AQB Real Property Appraiser Qualification Criteria went into effect:

  • January 1, 2012
  • July 1, 2015
  • May 1, 2018
  • June 30, 2008
A

May 1, 2018

34
Q

The nationally recognized ethical and performance standards for appraisers are known as

  • The Appraisal Code of Ethical Performance
  • Uniform Standards of Professional Appraisal Practice
  • Appraisal Standards of Ethics and Performance
  • HUD Standards
A

Uniform Standards of Professional Appraisal Practice

35
Q

Which of the following situations would NOT normally require an appraisal?

  • mortgage finance
  • title insurance
  • estate settlement
  • condemnation
A

title insurance

V_Basic Appraisal Principles (19 decks)

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