Chapter 3 Qualifications for Appraisal Credentials

Question 1

The requirements established by the AQB Real Property Appraiser Qualification Criteria can be placed in three general categories:

Answer 1

Education
Experience
Examination

Question 2

Significant revisions to the Criteria went into effect on

Answer 2

January 1, 2015

Question 3

Prior to the 2015 revisions, the most recent revisions to the Criteria went into effect on

Answer 3

January 1, 2008.

Question 4

The AQB also made revisions to the Criteria effective when? These revisions primarily addressed college-level education requirements and experience requirements.

Answer 4

May 1, 2018

Question 5

The material in this course is based on the

Answer 5

2018 revisions

Question 6

Before applying for a Trainee Appraiser credential, an applicant must have completed how many hours of credible qualifying education?

Answer 6

75 hours

Basic Appraisal Principles (30 hours)
Basic Appraisal Procedures (30 hours)
15-Hour National USPAP Course or AQB-approved equivalent (15 hours)

Question 7

Please note that some states ____ require a Trainee Appraiser applicant to pass an exam; however this is not an AQB requirement.

Answer 7

do

Question 8

The Licensed Residential Real Property Appraiser classification applies to the appraisal of

Answer 8

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.”

Question 9

Licensed Residential Appraiser credential are required to obtain how many creditable hours of qualifying education

Answer 9

150 hours

Basic Appraisal Principles (30 hours)
Basic Appraisal Procedures (30 hours)
15-Hour National USPAP Course or AQB approved equivalent (15 hours)
Residential Market Analysis and Highest and Best Use (15 hours)
Residential Appraiser Site Valuation and Cost Approach (15 hours)
Residential Sales Comparison and Income Approaches (30 hours)
Residential Report Writing and Case Studies (15 hours)

Question 10

Applicants for a Licensed Residential Appraiser credential must obtain how many hours of appraisal experience in no fewer than 6 months.

Answer 10

1,000

Question 11

This appraiser classification qualifies the appraiser to appraise one-to-four residential units without regard to value or complexity.”

Answer 11

The Certified Residential Real Property Appraiser

Question 12

Applicants for a Certified Residential Appraiser credential are required to obtain how many creditable hours of qualifying education

Answer 12

200

Question 13

Applicants who hold a valid Trainee Appraiser credential may satisfy the appraisal education requirement by completing an additional how many hours of coursework,

Answer 13

125

Question 14

Applicants who hold a valid Licensed Residential Real Property Appraiser credential may satisfy the appraisal education requirement by completing an additional how many hours

Answer 14

50

Question 15

Applicants for a Certified Residential Appraiser credential are also required to hold a

Answer 15

bachelor’s degree

Question 16

An applicant for a Certified Residential Appraiser credential must obtain _______ hours of appraisal experience during no fewer than __ months.

Answer 16

1500, 12

Question 17

Applicants for a Certified General Appraiser credential are required to obtain how many creditable hours of qualifying education

Answer 17

300

Question 18

An applicant who holds a valid Trainee Appraiser credential may satisfy the education requirements for a Certified General Appraiser credential by obtaining how many hours of additional education

Answer 18

225

Question 19

An applicant who holds a valid Licensed Real Property Appraiser credential may satisfy the education requirements for a Certified General Appraiser credential by completing how many hours of additional education

Answer 19

150

Question 20

An applicant who holds a valid Certified Residential Appraiser credential may satisfy the education requirements for the Certified General Appraiser credential by completing how many hours of additional education

Answer 20

100

Question 21

Applicants for a Certified General Appraiser credential are also required to hold a

Answer 21

bachelor’s degree

Question 22

An applicant for a Certified General Appraiser credential must obtain ______ hours of experience during no fewer than ___ months. At least ______ of the 3,000 experience hours must be in non-residential appraisal work (i.e., properties that are not one-to-four family residential properties).

Answer 22

3,000; 18; 1500

Question 23

Qualifying education hours for a course may be obtained only if:

Answer 23

The minimum length of the educational offering is at least 15 hours; and
The individual successfully completes a proctored, closed-book final examination pertinent to the course.

Question 24

One of the changes from the 2008 AQB Criteria to the 2015 Criteria was a requirement for formal

Answer 24

criminal background checks for applicants for appraisal credentials.

Question 25

In order to perform as a supervisory appraiser, an individual must have been state-certified for a minimum of

Answer 25

3 years

Question 26

To obtain a Licensed Residential Appraiser credential, an applicant must obtain \_\_\_\_\_\_ creditable hours of appraisal education, according to the AQB Criteria.
120
150
200
2,000

Answer 26

150

Question 27

An applicant for a Certified Residential Appraiser credential must have completed how many hours of appraisal education?
75
120
150
200

Answer 27

200

Question 28

According to the AQB Criteria, an applicant for a Licensed Residential Appraiser credential must obtain \_\_\_\_\_\_\_ experience hours in no fewer than \_\_\_\_\_\_\_ months.
1,000; 6
1,000; 12
1,500; 12
2,000; 24

Answer 28

1,000 ; 6

Question 29

Which type of appraisal credential allows an appraiser to appraise all types of real property?
Licensed Residential Appraiser
Certified Residential Appraiser
Certified General Appraiser
Both Certified Residential Appraiser and Certified General Appraiser

Answer 29

Certified General Appraiser

Question 30

Appraiser Marie holds a valid Licensed Residential Appraiser Credential, and she wants to upgrade to a Certified Residential Appraiser credential. How many additional hours of appraisal education does she need, according to the AQB?
50
75
100
125

Answer 30

50