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Basic Appraisal Principles > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

In 1987, eight US appraisal organizations formed…

A

The Appraisal Foundation

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2
Q

True or False? The Appraisal Foundation has significant legal authority to enforce USPAP.

A

False.

The appraisal Foundation is a private entity and has no enforcement authority in any jurisdiction.

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3
Q

In the 1970’s, who developed uniform rules for mortgage underwriting?

  • professional appraisal organizations
  • The Appraisal Foundation
  • Fannie Mae and Freddie Mac
  • The Appraisal Subcommittee
A

Fannie Mae and Freddie Mac

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4
Q

The transfer of money from low interest-bearing accounts to higher interest-bearing accounts is referred to as

  • disintermediation
  • recession
  • surplus productivity
  • profiteering
A

Disintermediation

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5
Q

What’s the Appraisal Fioundation?

A

The Appraisal Foundation is a not-for-profit organization, established exclusively for educational and scientific purposes.

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6
Q

The appraisal foundation consists of what 3 principal boards?

A

Board of Trustees (BOT)

Appraisal Standards Board (ASB)

Appraiser Qualifications Board (AQB)

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7
Q

What is the board of trustees and what are they responsible for?

A

Acts as an executive board for the Foundation. It is responsible for, among other things, appointing members of the ASB, AQB, and APB.

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8
Q

What is the ASB responsible for?

A

Responsible for creating standards for ethics and performance of appraisers. This is accomplished through the Uniform Standards of Professional Appraisal Practice (USPAP). In short, the ASB is responsible for USPAP.

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9
Q

What is the AQB responsible for?

A

AQB is responsible for creating requirements for licensure, certification, and recertification of appraisers, which the states adopt and enforce.

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10
Q

What was the Appraisal Practices Board (APB) responsible for?

A

The Appraisal Practices Board (APB) was responsible for issuing voluntary guidance on recognized valuation methods and techniques. This board was disbanded in 2017 and no longer exists.

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11
Q

Who first developed USPAP in 1986?

A

The Ad Hoc Committee

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12
Q

When and who adopted USPAP?

A

The ASB in 1989

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13
Q

True or false: The Appraisal Foundation has legal authority

A

False. It’s a private entity with no enforcement authority in any jurisdiction.

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14
Q

What year and why was FIREEA passed?

A
  1. As a result for the Savings and Loan Crisis of the 1980’s
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15
Q

What is FIRREEA often called?

A

The Savings and Loan Bailout Bill

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16
Q

What does FIREEA require?

A

Required each state to establish an agency for the licensing and certification of real property appraisers.

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17
Q

Which of these entities is NOT a member of the Appraisal Subcommittee?

  • The Appraisal Foundation
  • Department of Housing and -Urban Development
  • Federal Housing Finance Agency
  • Office of the Comptroller of the Currency
A

The Appraisal Foundation

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18
Q

Which of these is NOT a protected class, according to the Fair Housing Act?

  • religion
  • political party affiliation
  • familial status
  • national origin
A

Political party affiliation

19
Q

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.

A

True

20
Q

True or False? The Dodd-Frank Act gave the ASC the authority to create a National Registry of appraisal management companies.

A

True

21
Q

The _________ monitors and reviews the practices, procedures, activities and organizational structure of The Appraisal Foundation.

  • AQB
  • Dep’t of HUD
  • ASC
  • FIRREA
A

ASC

22
Q

The first universally accepted appraisal report form appeared in the

  • 1920s
  • 1950s
  • 1970s
  • 1990s
A

1970’s

23
Q

The ______ maintains a National Registry of licensed and certified appraisers.

AQB
ASB
ASC
FIRREA

A

ASC

24
Q

The Uniform Standards of Professional Appraisal Practice (USPAP) was copyrighted by:

The American Society of Appraisers
The Appraisal Qualifications Board
The Appraisal Foundation
The Appraisal Subcommittee

A

The Appraisal Foundation.

The Uniform Standards of Professional Appraisal Practice (USPAP) was developed by the Ad Hoc Committee in 1986 and 1987 and was copyrighted in 1987 by the Appraisal Foundation.

25
Q

The Uniform Standards of Professional Appraisal Practice (USPAP) was developed by the Ad Hoc Committee and was copyrighted by The _________________.

Appraisal Foundation
Appraisal Subcommittee
Royal Institution of Chartered Surveyors
Appraisal Qualifications Board

A

Appraisal Foundation

26
Q

The first organized appraisal groups appeared in the

1910s
1930s
1950s
1980s

A

1930’s

27
Q

ECOA applies to all the following types of loans EXCEPT

Condominiums
Manufactured homes
Junior liens
Vacant land

A

Vacant Land

28
Q

The Appraisal Foundation is a _________ entity and has _____ legal enforcement authority in any jurisdiction.

government, no
private, full
private, no
quasi-judicial, full

A

Private, no

29
Q

The Appraisal Foundation is a ___________ organization.

congressional
for-profit
not-for-profit
professional appraisal

A

Not-for-profit

30
Q

________ has regulatory authority in enforcing the housing requirements in most civil rights legislation.

Fannie Mae
VA
HUD
FDIC

A

HUD

31
Q

The largest professional appraisal society in the U.S. is the

American Society of Appraisers
Appraisal Institute
American Society of Farm Managers and Rural Appraisers
International Right of Way Association

A

Appraisal Institute

32
Q

The federal agencies directly involved in fair lending include all of the following EXCEPT

VA
The Federal Reserve
FDIC
OCC

A

VA

33
Q

The Savings and Loan Crisis happened in the

Great Depression
Early 1960s
Late 1970s
Late 1980s

A

Late 1980’s

34
Q

The Appraisal Foundation was established in

1984
1987
1991
1995

A

1987

35
Q

Mortgage interest rates peaked in the U.S. in the

late 1960s
early 1980s
early 1990s
late 2000s

A

Early 1980’s

36
Q

Handicap is defined as

a physical impairment only
a mental impairment only
a physical or mental impairment
someone with both physical and mental impairments

A

A physical or mental impairment

37
Q

Which is considered to be “other communications” provided by the ASB?

Advisory Opinions
Index
Q & As
All of the above

A

All of the above

38
Q 
The secondary market came into prominence in mortgage lending in the
mid 1950s
early 1960s
late 1970s
late 1990s
A

Late 1970’s.

During the latter part of the 1970s, the secondary market emerged, and served to smooth out the uneven flow of loan funds.

39
Q

The AQB and the ASB were created for the express purpose of promoting and maintaining a high level of ____________

public consciousness
education for appraisers
public trust
appraiser independence

A

Public Trust

40
Q

Within The Appraisal Foundation, there are ________ advisory councils that provide research and advice to the Foundation.

two
three
four
five

A

Two

41
Q

The professional society that specializes in appraising personal property is the
American Society of Appraisers
Appraisal Institute
American Society of Farm Managers and Rural Appraisers
National Association of Appraisers

A

American Society of Appraisers

42
Q

The appraisal standards and qualification criteria issued by The Appraisal Foundation’s boards achieve legal authority by adoption, citation or implementation by

government agencies
individual appraisers
appraisal management companies
clients

A

Government Agencies

43
Q

________ has regulatory authority in enforcing the housing requirements in most civil rights legislation.

Fannie Mae
VA
HUD
FDIC

A

HUD

Basic Appraisal Principles (19 decks)

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