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Supervisor Trainee Course > Chapter 7 Jurisdictional Requirements > Flashcards

Chapter 7 Jurisdictional Requirements Flashcards

1
Q

The law that created licensing and certification for appraisers in Indiana is known as

A

P.L 186-1990. We will refer to this law simply as “the license law”

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2
Q

(1) represents the final opinion of the value of real property that is the subject of a real estate transaction; and
(2) serves as the basis for the extension of credit, in the case of a real estate transaction involving the making, refinancing, or consolidation of a mortgage loan.
(b) The term may include any of the following:
(1) The results of an automated valuation model.
(2) A broker’s price opinion.

A

Appraisal

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3
Q

a sole proprietorship, firm, corporation, partnership, limited liability company, limited liability partnership, joint venture, trust, or other business unit or association that:

(1) performs appraisals on a regular basis for compensation through one (1) or more owners, officers, employees, or agents; or
(2) holds itself out to the public as performing appraisals.

A

Appraisal Company

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4
Q

a person who prepares the appraisal for a real estate transaction in Indiana, regardless of whether the person is licensed or certified, or required to be licensed or certified, under the real estate appraiser licensure and certification program established under IC 25-34.1-3-8.

A

Real Estate Appraiser

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5
Q

a transaction that involves one (1) or both of the following:

(1) The sale or lease of any legal or equitable interest in real estate located in Indiana.
(2) The making, refinancing, or consolidation of a mortgage loan

A

Real Estate Transaction

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6
Q

The License law also sets forth general powers and duties of the Real Estate Appraiser Licensure and Certification Board (the board), some of which include:

A

Approve and disapprove applications for licensure and certification
Issue licenses and certificates

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7
Q

The Board also has the legal authority to submit recommendations to the Indiana Real Estate Commission concerning the following:

A

Implementation and operation of the real estate appraiser licensure and certification program
Rules governing licensed and certified real estate appraisers
Establishing a fee to fund the investigative fund
Rules governing the administration of the investigative fund

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8
Q

Indiana is slightly different than some other states in that the Appraisal Board cannot

A

independently make administrative rules

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9
Q

the Commission actually promulgates

A

the rules

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10
Q

The Commission is not permitted to promulgate rules without the

A

Board’s approval

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11
Q

The real estate appraiser licensure and certification requirements established by the commission under this section must require a person to meet the standards for real estate appraiser certification and licensure established:

A

under the federal act;
by federal regulations; and
under any other requirements established by the commission as recommended by the board, including requirements for education, experience, examination, reciprocity, and temporary practice.

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12
Q

f a person performs the acts of a licensed real estate appraiser without a license or the acts of a certified real estate appraiser without a certificate…

A

that person commits a Class B infraction.

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13
Q

1) Indiana licensed trainee appraiser.
(2) Indiana licensed residential appraiser.
(3) Indiana certified residential appraiser.
(4) Indiana certified general appraiser.

A

License

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14
Q

he real estate appraiser licensure and certification board established under IC 25-34.1-8-1.

A

Board

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15
Q

The Commission’s rules allow the Board to issue three (3) types of licenses, specifically:

A

Indiana Licensed Trainee Appraiser
Indiana Certified Residential Appraiser
Indiana Certified General Appraiser

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16
Q

To qualify for a Trainee Appraiser license in Indiana, an applicant must:

A

Must have completed 75 hours of qualifying education (more on this on the next page); and
Complete a Supervisor-Trainee orientation conducted in compliance with AQB requirements (i.e., this course)
Pass an examination

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17
Q

To qualify for a Trainee Appraiser license in Indiana, an individual must complete 75 classroom hours in the AQB Core Curriculum of appraisal qualifying education courses, specifically:

A

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

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18
Q

An applicant for a Trainee license in Indiana must submit to PLA:

A

A completed application form, including a section to be filled out by the Trainee’s prospective supervisor
A $100 application fee
Certificates of completion for the required appraisal coursework
Fingerprint background report

19
Q

An applicant for a Certified Residential Appraiser credential must complete 200 hours of qualifying education based on the AQB’s Required Core Curriculum, as follows:

A

Basic Appraisal Principles (30 hours)
Basic Appraisal Procedures (30 hours)
15-Hour National USPAP Course or equivalent (15 hours)
Residential Market Analysis & Highest and Best Use (15 hours)
Residential Appraiser Site Valuation & Cost Approach (15 hours)
Residential Sales Comparison and Income Approaches (30 hours)
Residential Report Writing and Case Studies (15 hours)
Statistics, Modeling, and Finance (15 hours)
Advanced Residential Applications and Case Studies (15 hours)
Appraisal Subject Matter Electives (20 hours)

20
Q

An applicant for a Certified Residential Appraiser credential in Indiana must demonstrate completion of

A

2,500 hours of appraisal experience over a period of not less than 24 months.

21
Q

At least 50% of the appraisals claimed for experience credit must have been performed within the prior

A

60 months.

22
Q

An applicant for a Certified General Appraiser credential must complete 300 hours of qualifying education based on the AQB’s Required Core Curriculum, as follows:

A

Basic Appraisal Principles (30 hours)
Basic Appraisal Procedures (30 hours)
15-Hour National USPAP Course or equivalent (15 hours)
General Appraiser Market Analysis & Highest and Best Use (30 hours)
Statistics, Modeling, and Finance (15 hours)
General Appraiser Sales Comparison Approach (30 hours)
General Appraiser Site Valuation & Cost Approach (30 hours)
General Appraiser Income Approach (60 hours)
General Appraiser Report Writing and Case Studies (30 hours)
Appraisal Subject Matter Electives (30 hours)

23
Q

An applicant for a Certified General Appraiser credential in Indiana must demonstrate completion of

A

3,000 hours of appraisal experience over a period of not less than 30 months. At least 2,000 of the experience hours must be in the performance of non-residential appraisals.

24
Q

At least 50% of the appraisals claimed for experience credit must have been performed within the prior

A

60 months

25
Q

here are some ways in which the Indiana requirements exceed the AQB minimum requirements.

A

Trainee license applicants must pass an exam; no exam is required by the AQB.
At least 50% of an applicant’s experience must have been obtained within the prior 60 months. The AQB does not establish this requirement.
Applicants for a Certified General Appraiser credential must have 2,000 hours of experience in non-residential appraisals, which is more than the 1,500 minimum specified by the AQB.

26
Q

A Trainee has several duties and responsibilities:

A

Working under the supervision of a state certified appraiser (certified residential or certified general)
Completing a course oriented toward the requirements and responsibilities of supervisory appraisers and trainee appraisers prior to obtaining a Trainee credential
Maintaining an experience log

27
Q

There are also several prohibited acts included in the Indiana administrative rules. A Trainee may not:

A

Work independently
Hold himself or herself out as a licensed or certified appraiser
Have their own clients
Accept payment directly from clients for appraisal work
Review appraisals submitted by others
Hold himself or herself out as a review appraiser

28
Q

The requirements for an individual who wishes to act as a supervisory appraiser include:

A

Be a certified appraiser (Certified Residential or Certified General)
Be certified in Indiana for a minimum of three (3) years
Be in good standing with the Board and not subject to any disciplinary action affecting the supervisor’s legal eligibility to appraise within the previous three (3) years

29
Q

A supervisory appraiser in Indiana must:

A

Provide direct supervision of the work performed by the Trainee and sign and certify that the report is in compliance with USPAP
Not supervise more than three (3) Trainees at one time
Maintain, with the Trainee, an experience log (we will go over the log requirements later)
Review and sign the Trainee’s log annually
Provide the log to the Trainee
Provide access to workfiles for the Trainee on assignments with which the Trainee assisted
Maintain original records (reports and workfiles) for the appraisals on which the Trainee assisted
Personally accompany the Trainee on property inspections until the Trainee demonstrates competency to inspect the property unsupervised (see additional limitations on next page)
Meet with the Trainee on a “reasonable schedule” to interact about the appraisal work of the Trainee

30
Q

The Indiana administrative regulations also state that the supervisor must accompany the Trainee and inspect the subject and comparable properties on:

A

The first fifty (50) assignments performed by the Trainee where the scope of work includes a physical inspection of the property
During the first year in which the Trainee holds an active license, all assignments located more than fifty (50) miles from the supervising appraiser’s office

31
Q

According to the Indiana administrative code, the appraisal log must, at minimum, include the following information:

A 
Client name
Address of appraised property
Description of work performed and scope of review and supervision by the supervising appraiser
Number of work hours
Type of property
Date of report
32
Q

The experience log form requires the Trainee to indicate the scope of the review by the supervising appraiser, as well as the

A

level or supervision

33
Q

the most common type of residential appraisal assignment prepared for mortgage lending, has a maximum of

A

9 hours

34
Q

In order to receive experience credit, the Trainee must spend time on the

A

appraisal process

35
Q

The Indiana Administrative Code states that the appraisal process consists of:

A

Analyzing factors that affect value
Defining the problem
Gathering and analyzing data
Applying the appropriate analysis and methodology
Arriving at an opinion of value in compliance with USPAP

36
Q

No credit may be claimed by a person who performs less than

A

75% of the work on an appraisal.

37
Q

The total credit given for appraisal work consisting of Restricted Appraisal Reports shall not exceed

A

500 hours

38
Q

The administrative rules state that the following types of appraisal assignments are unacceptable as experience:

A

Market value appraisals performed by real estate licensees for listing or sale of real property
Business appraisals
Personal property appraisals
Feasibility or market analysis, except if market value of a proposed real estate project is being estimated

39
Q

The application form states that the following items must be submitted with the application in order for the application to be processed:

A

Non-refundable application fee
Certificates of completion for the required courses
College transcript (official sealed transcript)
Experience logs
The application must be signed and dated.

40
Q

A Trainee is sending copies of appraisal reports to the Indiana Board as part of an application for certification. These reports copies must be:
Appropriately redacted so that confidential information is protected
Signed in blue ink with a watermark to verify authenticity
No more than three years old
Exact, non-redacted copies of the report delivered to the client

A

Exact, non-redacted copies of the report delivered to the client

41
Q 
A certified appraiser is suspended by the Board in July 2017. He completes his suspension and is reinstated in September 2017. Assuming Board approval, when is the soonest that he will be permitted to supervise a Trainee?
Immediately
July 2020
September 2020
Never
A

September 2020

42
Q

A Trainee in Indiana wants to become a Certified Residential Appraiser. When may this person take the national appraiser licensing examination?
Any time after receiving his/her Trainee license
After completing all of the required education hours
After completing 50% of the required experience hours
After completing both the education and experience requirements

A

After completing both the education and experience requirements

43
Q

Which of these individuals would be permitted to act as a supervisory appraiser for a Trainee in Indiana?
A Licensed Appraiser in good standing with 20 years’ experience
A Certified General Appraiser who had disciplinary action against him 4 years ago but is now in good standing
A Certified Residential Appraiser with two years’ experience
All of these would be permitted to act as supervisory appraisers

A

A Certified General Appraiser who had disciplinary action against him 4 years ago but is now in good standing

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