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Appraisal > Principals Chapter One > Flashcards

Principals Chapter One Flashcards

1
Q

What make a good appraiser?

A 
History
Sociology
Psychology
Economics
Construction
Urban planning and land use
Math / Accounting
Computers
Ethics
English compositiion
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2
Q

Appraiser

A

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

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3
Q

Appraisal Report

A

The written or oral communication of an appraisal.

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4
Q

Narrative Report

A

A written report presented in narrative style.

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5
Q

Which characteristics would NOT be associated with a good appraiser?

Diligent
Biased
Competent
Honest

A

Biased

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6
Q

True or False: When completing an appraisal assignment, an appraiser may be an advocate for one party’s interest.

A

False

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7
Q

True or False: A couse in socialogy would probably not be beneficial to an appraiser.

A

False

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8
Q

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

A

Passed by congress in 1989

Became law on July 31, 1991

Became effective ten years later

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9
Q

4 Components of the Real Property Appraiser Qualification Criteria:

A
  1. Qualifying Education
  2. Experience
  3. Examinations
  4. Continuing Education
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10
Q

Continuing Education

A 
14 class hours each year are required
which includes, 7 - Hour National USPAP Update Course or its equivalent every two years
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11
Q

Examination

A

To become State Licensed, State Certified Residential or State Certified General Appraiser you mush pass a comprehensive uniform exam developed by the AQB with additional exam questions on state laws and regulations added by state.

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12
Q

Experience

A

Experience requirments changed in 2008 for Licensed Residential Real Property Appraisers to 2,000 hours in no less than 12 months.

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13
Q

Qualifying Education

A
  1. The required number of classroom hours in appraisal education has increased significantly in all three licensure classifications.
  2. There are now college-level couse requirements for the Certified Residential and Certified General classifications.
  3. There are now minimum classroom hours of coverage requirements for specific topic areas, which are known as modules.
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14
Q

Changes:

A

Classification Pre-2008 Hrs 2008 Hrs

Licensed Res 90 150

Cert Res 120 200

Cert Gen 180 300

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15
Q

A licensed or certified appraiser must take the 7-hour USPAP Update course

Every year
Every 2 years
Every 3 years
Only at the time of initial licensure or cert

A

Every 2 years

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16
Q

Which entity is responsible for establishing the requirements to become an appraiser?

the AQB
the ASB
HUD/FHA
the APB

A

AQB

17
Q

An applicant who wishes to become a Certified Residential appraiser must have accumulated a minimum of ______ hours of appraisal education.

A

200

18
Q

The current requirements for real property appraiser licensing and certification went into effect on

July 1, 2011
July 1, 1991
January 1, 2008
January 1, 2012

A

January 1, 2008

19
Q

Some state agencies employ full-time staff appraisers.

A

True

20
Q

A Certified General Appraiser applicant must obtain ______ experience hours in no fewer than ______ months.

A

3,000; 30

21
Q

A State licensed residential appraiser may not supervise an appraiser trainee.

A

True

22
Q

True or False: The end of the U.S. housing boom meant that appraisal business dropped significantly all across the country.

A

False

23
Q

True or False: Of the required number of experience hours required for certified general appraiser applicants, at least 1,500 hours must be in the appraisal of non-residential property.

A

True

24
Q

How many experience hours are required to become a certified residential appraiser?

A

2,500; 24

25
Q

How many experience hours are required as a prerequisite for Appraiser Trainee classification?

A

There is no experience prerequisite for Appraiser Trainee classification.

26
Q

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

A

a single-family residence

27
Q

True or False: A state licensed residential appraiser may not supervise an appraisal trainee.

A

True

28
Q

The current AQB Real Property Appraiser Qualification Criteria went into effect

Immediately upon its adoption
January 1, 2007
January 1, 2008
June 30, 2008

A

January 1, 2008

29
Q

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

Mortgage finance
Title insurance
Estate settlement
Condemnation

A

Title Insurance

30
Q

An appraisal report

Must be in writing
Must be delivered orally
Can be either written or oral
Must be delivered orally and then followed
       up in writing
A

Can be either written or oral

31
Q

The number of required classroom hours for Certified General Appraisers under 2008 criteria is _____ hours.

150
200
250
300

A

300

32
Q

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

Condemnation
Employee relocation
Life insurance
Foreclosure

A

Life insurance

33
Q

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

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

A

Uniform Standards of Professional Appraisal Practice (USPAP)

34
Q

Under the 2008 criteria, an applicant for a Certified General license must hold a(n) __________ degree or _______ semester hours in certain selected college level courses.

Associate, 21
Associate, 30
Masters, 30
Bachelors, 30

A

Bachelors, 30

35
Q

The number of required classroom hours for Licensed Residential Appraisers under the 2008 criteria is ______ hours.

150
200
180
300

A

150

Appraisal (7 decks)

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