Principals Chapter One Flashcards
What make a good appraiser?
History Sociology Psychology Economics Construction Urban planning and land use Math / Accounting Computers Ethics English compositiion
Appraiser
One who is expected to perform valution services competently and in a manner that is independent, impartial and objective.
Appraisal Report
The written or oral communication of an appraisal.
Narrative Report
A written report presented in narrative style.
Which characteristics would NOT be associated with a good appraiser?
Diligent
Biased
Competent
Honest
Biased
True or False: When completing an appraisal assignment, an appraiser may be an advocate for one party’s interest.
False
True or False: A couse in socialogy would probably not be beneficial to an appraiser.
False
Title XI of the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA)
Passed by congress in 1989
Became law on July 31, 1991
Became effective ten years later
4 Components of the Real Property Appraiser Qualification Criteria:
- Qualifying Education
- Experience
- Examinations
- Continuing Education
Continuing Education
14 class hours each year are required which includes, 7 - Hour National USPAP Update Course or its equivalent every two years
Examination
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.
Experience
Experience requirments changed in 2008 for Licensed Residential Real Property Appraisers to 2,000 hours in no less than 12 months.
Qualifying Education
- The required number of classroom hours in appraisal education has increased significantly in all three licensure classifications.
- There are now college-level couse requirements for the Certified Residential and Certified General classifications.
- There are now minimum classroom hours of coverage requirements for specific topic areas, which are known as modules.
Changes:
Classification Pre-2008 Hrs 2008 Hrs
Licensed Res 90 150
Cert Res 120 200
Cert Gen 180 300
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
Every 2 years
Which entity is responsible for establishing the requirements to become an appraiser?
the AQB
the ASB
HUD/FHA
the APB
AQB
An applicant who wishes to become a Certified Residential appraiser must have accumulated a minimum of ______ hours of appraisal education.
200
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
January 1, 2008
Some state agencies employ full-time staff appraisers.
True
A Certified General Appraiser applicant must obtain ______ experience hours in no fewer than ______ months.
3,000; 30
A State licensed residential appraiser may not supervise an appraiser trainee.
True
True or False: The end of the U.S. housing boom meant that appraisal business dropped significantly all across the country.
False
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.
True
How many experience hours are required to become a certified residential appraiser?
2,500; 24
How many experience hours are required as a prerequisite for Appraiser Trainee classification?
There is no experience prerequisite for Appraiser Trainee classification.
The appraisal of what type of property is more likely to be affected by local neighborhood conditions?
a single-family residence
True or False: A state licensed residential appraiser may not supervise an appraisal trainee.
True
The current AQB Real Property Appraiser Qualification Criteria went into effect
Immediately upon its adoption
January 1, 2007
January 1, 2008
June 30, 2008
January 1, 2008
Which of the following situations would NOT normally require an appraisal?
Mortgage finance
Title insurance
Estate settlement
Condemnation
Title Insurance
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
Can be either written or oral
The number of required classroom hours for Certified General Appraisers under 2008 criteria is _____ hours.
150
200
250
300
300
Which of the following situations would NOT normally require an appraisal?
Condemnation
Employee relocation
Life insurance
Foreclosure
Life insurance
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
Uniform Standards of Professional Appraisal Practice (USPAP)
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
Bachelors, 30
The number of required classroom hours for Licensed Residential Appraisers under the 2008 criteria is ______ hours.
150
200
180
300
150
